Data as of Oct 28, 2026.
HYG vs PDBC: Differences, Returns & Fees
Over the year to Oct 28, 2026, HYG returned +1.3% to PDBC's +55.6%; 0% of their weight is in the same names.
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Net assets on Oct 27, 2026: $17.5bn for iShares iBoxx $ High Yield Corporate Bond ETF and $8.0bn for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF.
Pair scorecard
HYG costs 0.10 points a year less; their one-year returns differ by 54.3 points; HYG is 2.2 times larger.
| Measure | HYG | PDBC |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.3% | +55.6% |
| Benchmark | ||
| What it tracks | Markit iBoxx USD Liquid High Yield Index | No index, actively managed |
| Cost and size | ||
| Expense ratio | 0.49% | 0.59% |
| Net assets, as of Oct 27, 2026 | $17.5bn | $8.0bn |
| Holdings | ||
| Holdings in common | 0% | |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Nov 14, 2014 to Oct 23, 2026 · 623 weekly returnsEach against its own benchmark: HYG against IUSB, Jun 20, 2014 to Oct 23, 2026; PDBC against DBC, Nov 14, 2014 to Oct 23, 2026.
PDBC returned more: +85.7% to +59.1%. HYG swung less: 9.2% to 18.0%. HYG fell less at its worst: −20.7% to −48.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HYG | PDBC | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +59.1% | +85.7% | PDBC | Price change plus distributions, reinvested. |
| Annualized | +4.0% | +5.3% | PDBC | Total return as a yearly rate. |
| Price return | −15.7% | −17.2% | HYG (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 9.2% | 18.0% | HYG | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.3% | 12.3% | HYG | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −20.7% | −48.3% | HYG | Deepest fall from a high to the low after it. |
| Upside capture | 62.1% | 98.9% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 48.4% | 99.6% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 0.99 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.31 | 0.98 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.24 | 0.26 | PDBC (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.34 | 0.38 | PDBC (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.019 | 0.047 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.19 | 0.11 | HYG | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | IUSB | DBC | The ETF each fund is measured against. | |
| Alpha | +1.9% a year | 0.0% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.87 | 0.02 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −2.4% to +6.1% | −1.5% to +1.5% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.25 | 0.00 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.6% | 2.6% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 623 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, HYG and PDBC hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
HYG and PDBC on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
HYG and PDBC do different jobs. What does each one do in a portfolio?
- What each follows. HYG follows Markit iBoxx USD Liquid High Yield Index and PDBC follows No index, actively managed.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 HYG returned +1.3% and PDBC +55.6% with distributions reinvested, a gap of 54.3 points.
Data as of Oct 28, 2026.
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HYG
HYG tracks an index of US high yield bonds. Over the year to Oct 28, 2026 it returned +1.3% with distributions reinvested, against −1.2% for its benchmark, the Bloomberg U.S. Universal Index. The prospectus expense ratio is 0.49% a year.
PDBC
PDBC is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +55.6% with distributions reinvested, against +54.6% for its benchmark, the DBIQ Optimum Yield Diversified Commodity Index Excess Return. The prospectus expense ratio is 0.59% a year.
Questions people ask
- Which returned more over the last year, HYG or PDBC?
- In the year to Oct 28, 2026, with distributions reinvested, HYG returned +1.3% and PDBC +55.6%.
- Which is cheaper, HYG or PDBC?
- HYG is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, HYG against PDBC, data as of Oct 28, 2026. https://etfiq.com/compare/any/hyg-vs-pdbc
ETFIQ. (Oct 28, 2026). HYG against PDBC. Retrieved from https://etfiq.com/compare/any/hyg-vs-pdbc
[HYG against PDBC (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/hyg-vs-pdbc)
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