At a glance
DBC charges 0.85% a year, above the 0.63% average of the 7 funds most like it (the 6th cheapest of 7). It has $1.42B in assets, the 4th largest of that group; it paid 2.2% of its price in distributions over the past 12 months, annual. Over the past year it returned +52.2% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +15.3% a year. At its worst it fell 27.3% in the 2020 crash (S&P 500: 33.7%) and 23.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 41 months after the lows.
The short version
Invesco DB Commodity Index Tracking Fund (DBC) holds futures contracts on energy, metals and farm commodities to track the DBIQ Optimum Yield Diversified Commodity Index Excess Return. It is a commodity pool taxed as a partnership, so holders get a Schedule K-1 tax form instead of a 1099. Its 0.85% expense ratio is above the 0.63% average for similar funds. Its Invesco sister fund PDBC follows a similar Optimum Yield strategy for 0.59%, without a K-1.
Price history
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DBC +52.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DBC price data to Oct 27, 2026 | +50.3% | +52.2% | +15.3% | +12.6% | +10.0% | +2.7% |
- Over the year to Oct 27, 2026, DBC returned +52.2%, 4th of 8 among similar funds.
- Its 5-year annualized return was +12.6% and its 10-year +10.0%.
- In the 2020 COVID crash it fell 27.3% and regained its old high 9.6 months after the low.
- Its worst full calendar year was 2008 (-31.8%); its best was 2021 (+41.4%).
- The deepest fall in its price history was 76.4% (Jul 2, 2008 to Apr 27, 2020), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +50.3% |
| 2025 | +8.0% |
| 2024 | +2.2% |
| 2023 | -6.2% |
| 2022 | +19.3% |
| 2021 | +41.4% |
| 2020 | -7.8% |
| 2019 | +11.8% |
| 2018 | -11.6% |
| 2017 | +4.9% |
| 2016 | +18.6% |
| 2015 | -27.6% |
| 2014 | -28.1% |
| 2013 | -7.6% |
| 2012 | +3.5% |
| 2011 | -2.6% |
| 2010 | +11.9% |
| 2009 | +16.2% |
| 2008 | -31.8% |
| 2007 | +31.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 27.3% over that stretch · deepest drop along the way 60.3%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 25.7% over that stretch · deepest drop along the way 27.3%, back to its old high 9.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 21.4% over that stretch · deepest drop along the way 23.2%, back to its old high 41.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7400 | -33.9% |
| 2024 | $1.1200 | +2.8% |
| 2023 | $1.0900 | +678.6% |
| 2022 | $0.1400 | -44.0% |
| 2019 | $0.2500 | +31.6% |
| 2018 | $0.1900 | -44.1% |
| 2008 | $0.3400 | -55.3% |
| 2007 | $0.7600 |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $1.42B as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
Deutsche Bank Securities sponsors the index, and Invesco Capital Management LLC runs the fund as its managing owner. Once a year, the index chooses and weights commodity futures listed on major US and European exchanges. It looks at two things: how heavily each future has traded over three years, and the dollar value of each commodity's global production. A commodity's weight is generally the average of those two measures. No sector can exceed 40% and no single commodity can exceed 12.5%. A commodity with less than 2% of its sector's trading is dropped. As of December 31, 2025, the largest weights were gold at 13.09%, Brent crude at 12.01% and WTI crude at 11.23%. Corn (4.40%) and live cattle (4.26%) came next.
Futures expire, so the fund has to keep "rolling" into newer contracts. Most indexes roll on a fixed monthly schedule. This one instead picks the contract with the most favorable "implied roll yield," meaning the price gap between the old contract and the new one. When later contracts cost more than nearer ones (a condition called contango), each roll drags on returns. The rule can soften that drag but cannot remove it.
Futures only require a deposit called margin. The fund holds Treasury bills, money market funds and T-bill ETFs as collateral. It aims to deliver the index's return plus the income from that collateral, minus expenses. Exchange position limits may push it into other, related contracts.
What it really costs
- DBC charges 0.85% a year, versus an average of 0.63% for the similar funds below (6th of 7, cheapest first).
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
DBC has often moved differently from stocks, with a one-year beta of -0.35 as of October 27, 2026, but it has had deep losses of its own in crashes.
DBC's protection in market downturns has been mixed. During the 2022 bear market it gained 21.4%, but then it fell 23.2% from June to September 2022 and took about 41 months to recover. It fell 27.3% in the 2020 COVID crash and recovered in about 10 months. In 2008 it offered no shelter: it fell 60.3% from its July 2008 peak, and 2008 was its worst calendar year, at -31.8%. Its deepest drop, about 76% from July 2008 to April 2020, had still not been recovered as of October 27, 2026. Anyone forced to sell in a slump could lock in heavy losses. Income is modest: a 2.2% trailing yield, paid once a year. The 0.85% expense ratio is above the 0.63% average for similar funds. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a broad basket of commodity futures, led by gold, Brent and WTI crude, that has tended to move opposite stocks.
- Those looking for a holding that gained 19.32% in calendar 2022, when stocks were in a bear market.
- Holders comfortable filing a Schedule K-1 who value a fund with over 20 years of history and about $1.42 billion in assets.
Look elsewhere if
- Cost-focused investors: the 0.85% expense ratio ranks 6th of 7 similar funds. PDBC charges 0.59% and BCI 0.26%, both without a K-1.
- Anyone needing steady income: the 2.2% trailing yield, as of October 27, 2026, is paid only once a year.
- People who can't tolerate long, deep losses: it fell about 76% from 2008 to 2020 and still hadn't recovered by October 27, 2026.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DBC this fund | 0.85% | $1.42B | +52.2% | +15.3% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| PDBC Invesco Optimum Yield Diversified Commodity… | 0.59% | $4.90B | +53.4% | +14.8% |
| FTGC First Trust Global Tactical Commodity Strat… | 1.02% | $2.50B | +37.4% | +16.9% |
| BCI abrdn Bloomberg All Commodity Strategy K-1 … | 0.26% | $1.40B | +37.6% | +14.9% |
| GSG iShares S&P GSCI Commodity-Indexed Trust | 0.75% | $1.10B | +59.6% | +18.7% |
| COMT iShares U.S. ETF Trust iShares GSCI Commodi… | 0.48% | $683.2M | +54.4% | +17.0% |
| DJP iPath Bloomberg Commodity Index Total Retur… | 0.7% | $604.1M | +42.5% | +16.5% |
Questions investors ask
What's the difference between DBC and PDBC?
Both are Invesco funds built around an Optimum Yield diversified commodity strategy. The big differences are cost and tax paperwork. DBC is a commodity pool that charges 0.85% and sends investors a Schedule K-1. PDBC charges 0.59%, and its name says it issues no K-1. PDBC is also larger, with about $4.9 billion in assets. Returns have been close: as of October 27, 2026, DBC returned 52.2% over one year and 15.3% a year over three years, versus 53.4% and 14.8% for PDBC.
Does DBC issue a K-1?
Yes. DBC is a commodity pool taxed as a partnership, so investors get a Schedule K-1 rather than a 1099. Holders owe tax on their share of the fund's gains each year, even if they never sell shares. K-1s can arrive later than 1099s and can make tax filing more complicated. Commodity pools are also not 1940 Act investment companies, so they lack some protections that apply to ordinary mutual funds and ETFs.
Does DBC pay a dividend?
Yes, but only once a year. Over the trailing 12 months it paid $0.74 per share, a yield of 2.2% as of October 27, 2026. The fund earns interest on the Treasury bills, money market funds and T-bill ETFs it holds as collateral for its futures. Its main purpose is commodity exposure, not income, and its payouts can vary from year to year.
Is DBC a good hedge against inflation?
It has helped in some inflationary stretches, but not reliably. DBC gained 41.36% in 2021 and 19.32% in 2022. However, it lost 31.8% in 2008 and fell about 76% from July 2008 to April 2020, a drop it had not recovered from as of October 27, 2026. Over its 20.7-year history, it returned only 2.7% a year. Over 10 years, the figure was 10% a year.
Does DBC own physical gold and oil?
No. DBC holds futures contracts, not barrels or bars, plus Treasury bills and similar holdings as collateral. As of December 31, 2025, its largest weights were gold at 13.09%, Brent crude at 12.01% and WTI crude at 11.23%. Because expiring contracts must be rolled into later ones, its returns can drift well away from the spot prices of those commodities, especially when later contracts cost more (contango).