DBA vs SPY
Invesco DB Agriculture Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DBA or SPY?
Agriculture against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DBA | SPY |
|---|---|---|
| Expense Ratio | 0.88% | 0.09%Best |
| AUM | $1.4B | $804.7B |
| Dividend Yield | 3.11% | 0.98% |
| Holdings | 34 | 505 |
| YTD Return | +12.21% | +13.82%Best |
| 1Y Return | +10.67% | +16.96%Best |
| 3Y Return (annualized) | +12.45% | +22.97%Best |
| 5Y Return (annualized) | +11.16% | +13.73%Best |
| Volatility (annualized) | 15.4%Tie | 15.4%Tie |
| Max Drawdown | -68.0% | -56.5%Best |
| $10,000 over 5 years | $16,972 | $19,027Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Commodity | Equity |
| Style | Agriculture | Large Cap Blend |
| Inception | Jan 5, 2007 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 5, 2007 to Sep 21, 2026 (19.7 years).
DBA vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 19.7 years both funds cover.
DBA vs SPY Performance
Invesco DB Agriculture Fund (DBA) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DBA returned +10.67% while SPY returned +16.96%. Year to date, DBA is up 12.21% versus a gain of 13.82% for SPY.
Over three years, DBA compounded at +12.45% per year against +22.97% for SPY; over five years the annualized figures are +11.16% and +13.73% respectively. Across the full 20-year window we track, SPY has the edge at +9.45% annualized vs +1.43%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DBA and SPY have been equally volatile, both at 15.4% annualized.
The deepest peak-to-trough decline in our data was -68.0% for DBA and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.28. They move largely independently of each other.
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 3.11% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 2 holdings in DBA and 504 in SPY, totalling 98.7% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 2 positions we hold weights for in DBA and 504 in SPY, against full books of 34 and 505.
You are not choosing between two funds in isolation.
Whichever of DBA and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $79 a year on a $10,000 investment.
Which performed better, DBA or SPY?
Over the past year DBA returned +10.67% vs +16.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), DBA annualized +1.43% vs +9.45% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DBA or SPY?
DBA and SPY have been equally volatile, both at 15.4% annualized. 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DBA or SPY?
DBA yields 3.11% while SPY yields 0.98%, so DBA currently pays the higher dividend yield.
Is SPY better than DBA?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.