DBA vs SPY
Invesco DB Agriculture Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | DBA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.88% | 0.09% | |
| AUM | $1.2B | $789.1B | |
| Dividend Yield | 3.42% | 1.01% | |
| Holdings | 17 | 505 | |
| YTD Return | +8.06% | +13.79% | |
| 1Y Return | +9.02% | +23.66% | |
| 3Y Return (annualized) | +11.78% | +21.40% | |
| 5Y Return (annualized) | +9.91% | +13.37% | |
| Volatility (annualized) | 15.3% | 15.3% | |
| Max Drawdown | -68.0% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Commodity | Equity | |
| Inception | Jan 5, 2007 | Jan 22, 1993 |
DBA vs SPY Performance
Invesco DB Agriculture Fund (DBA) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DBA returned +9.02% while SPY returned +23.66%. Year to date, DBA is up 8.06% versus a gain of 13.79% for SPY.
Over three years, DBA compounded at +11.78% per year against +21.40% for SPY; over five years the annualized figures are +9.91% and +13.37% respectively. Across the full 20-year window we track, SPY has the edge at +8.85% annualized vs +1.25%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DBA has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -68.0% for DBA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.28. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DBA charges 0.88% per year while SPY charges 0.09%. On a $10,000 position that is $88 vs $9 annually, a gap of $79 per year that compounds over a long holding period. On income, DBA currently yields 3.42% against 1.01% for SPY.
Holdings Overlap
DBA and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DBA or SPY?
DBA has an expense ratio of 0.88% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $79 per year of difference.
Which performed better, DBA or SPY?
Over the past year DBA returned +9.02% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), DBA annualized +1.25% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, DBA or SPY?
DBA has been the more volatile fund at 15.3% annualized versus 15.3% for SPY. Worst drawdown: DBA -68.0% vs SPY -56.5%.
Should I hold both DBA and SPY?
DBA and SPY have a monthly-return correlation of 0.28, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DBA and SPY?
DBA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, DBA or SPY?
DBA yields 3.42% while SPY yields 1.01%, so DBA currently pays the higher dividend yield.
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