Data as of Oct 28, 2026.

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IAU vs PDBC: Differences, Returns & Fees

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IAU is a commodity fund and PDBC an actively managed commodity fund, and over the year to Oct 28, 2026, PDBC returned +55.6% against +2.7%.

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Net assets: $60.1bn on Oct 28, 2026 for iShares Gold Trust, and $8.0bn on Oct 27, 2026 for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF.

At a glance
+2.7%
IAU total return, 1 year
+55.6%
PDBC total return, 1 year
0.25%
IAU expense ratio
0.59%
PDBC expense ratio

Pair scorecard

IAU costs 0.34 points a year less; their one-year returns differ by 52.9 points; IAU is 7.5 times larger.

IAU vs PDBC: Differences, Returns & Fees
MeasureIAUPDBC
Return
Total return, 1 year+2.7%+55.6%
Drawdown
Below its high24.6%, high on Jan 29, 2026
Benchmark
What it tracksGoldNo index, actively managed
Cost and size
Expense ratio0.25%0.59%
Net assets, as of Oct 27, 2026$60.3bn$8.0bn
Holdings
Holdings in commonnot published

Method

Risk and return

Nov 14, 2014 to Oct 23, 2026 · 623 weekly returns
IAU PDBC
Return
Total return edge IAU +225.9% +85.7%
Annualized edge IAU +10.4% +5.3%
Price return edge IAU +225.9% −17.2%
Risk
Volatility edge IAU 15.4% 18.0%
Max drawdown edge IAU −24.1% −48.3%
Downside capture 100.0% 99.6%
Beta 1.00 0.99
Risk-adjusted
Sharpe edge IAU 0.58 0.26
Sortino edge IAU 0.88 0.38
Treynor 0.098 0.047
Calmar edge IAU 0.43 0.11
Against the benchmark
Alpha +0.1% a year 0.0% a year
Alpha t-stat 0.67 0.02
Information ratio 0.18 0.00
Tracking error 0.7% 2.6%

Each against its own benchmark: IAU against GLD, Feb 4, 2005 to Oct 23, 2026; PDBC against DBC, Nov 14, 2014 to Oct 23, 2026.

Reading

IAU returned more: +225.9% to +85.7%. IAU swung less: 15.4% to 18.0%. IAU fell less at its worst: −24.1% to −48.3%.

Full scorecard

19 measures, with how each is measured
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Risk and return: IAU vs PDBC: Differences, Returns & Fees
MeasureIAUPDBCEdgeHow it is measured
Return
Total return+225.9%+85.7%IAUPrice change plus distributions, reinvested.
Annualized+10.4%+5.3%IAUTotal return as a yearly rate.
Price return+225.9%−17.2%IAUPrice change alone, distributions left out.
Risk
Volatility15.4%18.0%IAUSpread of weekly returns, annualized. Lower is steadier.
Downside deviation10.2%12.3%IAULike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−24.1%−48.3%IAUDeepest fall from a high to the low after it.
Upside capture100.4%98.9%Share of its benchmark's rise caught in the weeks it rose.
Downside capture100.0%99.6%Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta1.000.99Not an edgeHow far it moves for each 1% its benchmark moves.
R squared1.000.98Not an edgeShare of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe0.580.26IAUReturn above Treasury bills per unit of volatility.
Sortino0.880.38IAUReturn above Treasury bills per unit of downside deviation.
Treynor0.0980.047Return above Treasury bills per unit of beta.
Calmar0.430.11IAUAnnualized return divided by the max drawdown.
Against the benchmark
BenchmarkGLDDBCThe ETF each fund is measured against.
Alpha+0.1% a year0.0% a yearNot significantYearly return beyond what its beta to the benchmark predicts.
Alpha t-stat0.670.02Not an edgeHow sure the alpha is. Below 2, it could be chance.
Alpha range−0.2% to +0.4%−1.5% to +1.5%Includes zeroThe 95% range for the yearly alpha.
Information ratio0.180.00Return against its benchmark per unit of tracking error.
Tracking error0.7%2.6%Not an edgeHow 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.

Side by side

IAU iShares Gold Trust PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
Where it sits Commodity ETF Commodity ETF
What it is Holds gold Actively managed
Total return, 1 year +2.7% +55.6%
Its benchmark over the same days +2.5% (GLD) +54.6% (DBC)
Gap to its benchmark +0.2 pts vs GLD +1.0 pts vs DBC
Expense ratio 0.25% 0.59%
Holdings not counted 1
Net assets, IAU as of Oct 28, 2026 and PDBC as of Oct 27, 2026 $60.1bn $8.0bn

IAU and PDBC on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-7EB88D54F0

IAU and PDBC do different jobs. What does each one do in a portfolio?

  1. What each follows. IAU follows Gold and PDBC follows No index, actively managed.
  2. One-year total return. Over 1 year to Oct 28, 2026 IAU returned +2.7% and PDBC +55.6% with distributions reinvested, a gap of 52.9 points.
  3. Cost. IAU charges 0.25% of assets a year and PDBC 0.59%, a gap of 0.34 points.

Data as of Oct 28, 2026.

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About each fund
IAU

Its expense ratio is 0.25% a year, for the three months to Jun 30, 2026, as its 10-Q states.

IAU holds gold. Over the year to Oct 28, 2026 it returned +2.7% with distributions reinvested, against +2.5% for its benchmark, the price of gold. It sat 24.6% below its high of Jan 29, 2026 on Oct 28, 2026.

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, IAU or PDBC?
In the year to Oct 28, 2026, with distributions reinvested, IAU returned +2.7% and PDBC +55.6%.
Which is cheaper, IAU or PDBC?
IAU is cheaper, by 0.34 percentage points a year. That is about $34 on $10,000 held for a year. Fees come from each fund's own filings.
Other comparisons
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ETFIQ, IAU against PDBC, data as of Oct 28, 2026. https://etfiq.com/compare/any/iau-vs-pdbc

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.