ETF Versus

PDBC vs SPY

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF vs State Street SPDR S&P 500 ETF Trust

Last updated: 2026-04-02

PDBC Invesco

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) is an exchange-traded fund issued by Invesco that provides exposure to broad commodities securities. It charges a high expense ratio of 0.59%. The fund offers an attractive dividend yield of 2.93%. Launched in 2014, the fund has a 12-year track record.

AUM: $5.0B ER: 0.59% Yield: 2.93% Since: 2014-11-07
SPY State Street

State Street SPDR S&P 500 ETF Trust (SPY) is an exchange-traded fund issued by State Street that provides exposure to large-cap U.S. equities across growth and value styles. It charges a low expense ratio of 0.09%. The fund offers a moderate dividend yield of 1.13%. Launched in 1993, the fund has a 33-year track record.

AUM: $712.1B ER: 0.09% Yield: 1.13% Since: 1993-01-29

Quick Verdict

SPY is significantly cheaper at 0.09% vs 0.59% expense ratio, saving you approximately $972 per $10,000 invested over 10 years. Over the past year, PDBC has significantly outperformed with a 26.4% return vs 16.0%. Income investors may prefer PDBC for its higher yield (2.9% vs 1.1%).

Key Metrics

Metric PDBC SPY
Expense Ratio 0.59% 0.09%
Dividend Yield 2.9% 1.1%
Fund Family Invesco State Street
Category Broad Commodities US Large Cap Blend

Performance Chart

Indexed to 100 at start (5-year comparison)

70 91 112 133 154 175 2021-04 2022-06 2023-10 2024-12 2026-04
PDBC +0.6%
SPY +61.1%

Performance Comparison

Period PDBC SPY Difference
1 Month +12.55% -3.75% +16.30%
3 Months +30.69% -4.15% +34.84%
6 Months +28.65% -2.50% +31.15%
YTD +30.69% -4.15% +34.84%
1 Year +26.40% +16.00% +10.40%
3 Years +20.02% +59.35% -39.33%
5 Years +0.55% +61.15% -60.60%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment Period PDBC Fees SPY Fees You Save
$10,000 10 years $1,151 $179 $972
$10,000 20 years $4,837 $771 $4,066
$10,000 30 years $15,249 $2,486 $12,764
$50,000 10 years $5,754 $896 $4,858
$50,000 30 years $76,247 $12,428 $63,820
$100,000 30 years $152,494 $24,855 $127,639

Risk Metrics

Based on 5 years of daily returns

Metric PDBC SPY
Annualized Volatility 23.8% 17.1%
Max Drawdown -46.2% -25.4%
Sharpe Ratio -0.06 0.38

Dividend Comparison

Metric PDBC SPY
Annual Dividend (per share) $0.51 $7.38
Dividend Yield 2.93% 1.13%
Distribution Frequency Semi-Annual or Annual Quarterly

Top Holdings

0 of top 3 holdings overlap (0% overlap in top holdings)

PDBC Top Holdings

NameWeight
Invesco Premier U.S. Government Money Portfolio7583.94%
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio1764.83%
N/A39.28%

SPY Top Holdings

NameWeight
NVIDIA Corp775.46%
Apple Inc687.37%
Microsoft Corp615.05%
Amazon.com Inc384.22%
Broadcom Inc279.66%
Alphabet Inc249.68%
Meta Platforms Inc245.99%
Tesla Inc216.23%
Berkshire Hathaway Inc157.72%

Which One Should You Choose?

Choose SPY if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Choose PDBC if...

recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.

Choose PDBC if...

you prioritize dividend income and want higher regular distributions from your portfolio.

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