DBB vs SPY
Invesco DB Base Metals Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. DBB delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | DBB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.75% | 0.09% | |
| AUM | $365M | $789.1B | |
| Dividend Yield | 2.49% | 1.01% | |
| Holdings | 10 | 505 | |
| YTD Return | +10.26% | +13.79% | |
| 1Y Return | +33.23% | +23.66% | |
| 3Y Return (annualized) | +15.03% | +21.40% | |
| 5Y Return (annualized) | +6.92% | +13.37% | |
| Volatility (annualized) | 20.8% | 15.3% | |
| Max Drawdown | -60.2% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Commodity | Equity | |
| Inception | Jan 5, 2007 | Jan 22, 1993 |
DBB vs SPY Performance
Invesco DB Base Metals Fund (DBB) 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 DBB returned +33.23% while SPY returned +23.66%. Year to date, DBB is up 10.26% versus a gain of 13.79% for SPY.
Over three years, DBB compounded at +15.03% per year against +21.40% for SPY; over five years the annualized figures are +6.92% and +13.37% respectively. Across the full 20-year window we track, SPY has the edge at +8.85% annualized vs +1.42%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DBB has been the more volatile fund, with annualized monthly volatility of 20.8% 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 -60.2% for DBB 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 0.51. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DBB charges 0.75% per year while SPY charges 0.09%. On a $10,000 position that is $75 vs $9 annually, a gap of $66 per year that compounds over a long holding period. On income, DBB currently yields 2.49% against 1.01% for SPY.
Holdings Overlap
DBB and SPY share 0 holdings out of 504 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, DBB or SPY?
DBB has an expense ratio of 0.75% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $66 per year of difference.
Which performed better, DBB or SPY?
Over the past year DBB returned +33.23% vs +23.66% for SPY, so DBB leads on 1-year performance. Over the longest common window we track (20 years), DBB annualized +1.42% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, DBB or SPY?
DBB has been the more volatile fund at 20.8% annualized versus 15.3% for SPY. Worst drawdown: DBB -60.2% vs SPY -56.5%.
Should I hold both DBB and SPY?
DBB and SPY have a monthly-return correlation of 0.51, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DBB and SPY?
DBB and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, DBB or SPY?
DBB yields 2.49% while SPY yields 1.01%, so DBB currently pays the higher dividend yield.
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