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DBA vs PDBA

Invesco DB Agriculture Fund

DBACNYSE Arca

Invesco Agriculture Commodity Strategy No K-1 ETF

PDBABNasdaq

Overlap

0.3%by weight

Expense ratio

PDBA −0.15pt a year

DBA0.90%PDBA0.75%

Avg volume · 30D

DBA 4.5×the volume

DBA1.1MPDBA244K

3Y return · a year

PDBA +0.2pt

DBA+11.3%PDBA+11.5%

DBA vs PDBA Performance

Oct 31, 2025 – Oct 30, 2026

+5.6%DBA+5.9%PDBA

Oct 31, 2025 to Oct 30, 2026. DBA +5.6%. PDBA +5.9%. Use the arrow keys to read each point.0%10%15%Oct 2025Apr 2026Oct 2026
Expense ratio
DBA 0.90%
PDBA 0.75%, better
Fund size
DBA $1.13B
PDBA $317M
1Y total return
DBA +5.6%
PDBA +5.9%, better
Yield (12M)
DBA 3.39%, better
PDBA 3.15%
Holdings
DBA 14
PDBA 3
Avg volume (30D)
DBA 1.1M sh, better
PDBA 244K sh
NAV per share
DBA $26.93
PDBA $35.97
52W range

ETF.net Grade

DBA: Cost 20, Risk 68, Mission not scored, Tradability 78, Holdings 14, Durability 77. PDBA: Cost 42, Risk 69, Mission not scored, Tradability 79, Holdings not scored, Durability 63.
Pillar letters and Scores for DBA, PDBA, with each pillar’s weight
PillarDBAPDBA
Cost30% weightF20C42Higher
Mission25% weightNot scoredNot scored
Risk15% weightB68B69Higher
Tradability15% weightA78A79Higher
Holdings10% weightF14Not scored
Durability5% weightA77HigherB63

Rank among Agriculture Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DBA and PDBA are both graded against the same 6 Agriculture Futures funds, so their Grades compare head to head.

Agriculture Futures⁠

Category · 6 funds
See all 6 ›

PDBA ranks 1st and DBA 5th of 6 funds in the Agriculture Futures Category.

  1. Rank 1BPDBAInvesco Agriculture Commodity Strategy No K-1 ETFScore 58
  2. Rank 2CCANETeucrium Sugar FundScore 53
  3. Rank 4CCORNTeucrium Corn FundScore 49
  4. Rank 5CDBAInvesco DB Agriculture FundScore 44
  5. Rank 5CTILLTeucrium Agricultural Strategy No K-1 ETFScore 44

Our read on each fund

ETF.net Research

DBACInvesco DB Agriculture Fund

PDBABInvesco Agriculture Commodity Strategy No K-1 ETF

In short

DBA One of the original broad agriculture funds, running since 2007: a futures basket tracking the DBIQ Diversified Agriculture index instead of a bet on one crop, wrapped in a commodity pool that sends a K-1.

PDBA The broad farm-commodity basket without the partnership paperwork. PDBA tracks a diversified DBIQ agriculture index from inside a 1940 Act fund, which is exactly what the "No K-1" in its name is pointing at.

Stated mandate

DBA The fund seeks to track positive or negative changes in the DBIQ Diversified Agriculture Index Excess Return.

PDBA The Fund seeks long-term capital appreciation.

Why people hold it

  • DBA Launched in 2007, it is among the longest-running broad agriculture futures funds, and it stays actively traded at multi-billion-dollar size in a corner where many funds are thin.
  • Diversified by design: it tracks an index of agricultural futures rather than a single crop, unlike concentrated peers such as CORN (corn) and CANE (sugar).invesco.com
  • Exposure comes from commodity futures, not farm-sector stocks, so the fund follows crop prices rather than the equity market.invesco.com
  • PDBA One ticket, many crops: it follows the DBIQ Diversified Agriculture Index Excess Return instead of betting on a single commodity the way CORN or CANE do.
  • Registered as a 1940 Act fund rather than a commodity pool, so shareholders skip the Schedule K-1 the fund's own name calls out.
  • Fee sits at 0.75%, right on the category median and below Invesco's older ag fund DBA at 0.90%.

Worth knowing

  • DBA The 0.90% expense ratio runs above the group median of 0.75%, and Invesco's own no-K-1 agriculture fund, PDBA, carries 0.75%.
  • It is a commodity pool partnership, so tax time means a Schedule K-1 rather than a 1099.invesco.com
  • The benchmark is an excess-return futures index, not spot crop prices, and any cash payouts come annually or semiannually rather than on a monthly schedule.
  • PDBA 0.75% is real money in commodity land. TAGS packages a diversified ag basket for 0.17%.
  • Exposure runs through futures-linked instruments, not farmland or farm companies, so contract pricing and rolls shape the ride as much as crop prices do.
  • Launched in 2022, a short history next to ag funds that have lived through more full commodity cycles.

Full DBA profile⁠

Full PDBA profile⁠

DBA vs PDBA Holdings

How DBA and PDBA differ

Overlap by weight

0.3%

Shared holdings make up 0.3% of DBA and 0.3% of PDBA.

Level by level

  • Holdings0 in both0.3%
  • Asset classAlternatives100%

Sector

No Sector split for PDBA.

Country, concentration and asset class

Country by domicile

No country split for PDBA.

Concentration

Weight in the 10 largest Holdings

  • DBA155.5%
  • PDBA100.0%

Securities held

  • DBA2
  • PDBA2

Asset class

DBA
Alternatives
PDBA
Alternatives

Holdings

  • Only in DBA2
  • In both0
  • Only in PDBA2

Only in DBA

2 securities, 89.5% of DBA by weight

  • Invesco Government & Agency Portfolio79.20%
  • Invesco Short Term Treasury ETF10.27%

Only in PDBA

2 securities, 99.7% of PDBA by weight

  • Invesco Premier US Government Money Portfolio83.11%
  • Powershares Cayman Fund16.63%

Weight gaps

DBA and PDBA share no securities.

All 16 DBA holdings⁠All 2 PDBA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DBA vs PDBA Cost

Overpaying DBA vs PDBA

$2,558

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DBA 0.90%

    $17,040

  • PDBA 0.75%

    $14,482

$10,000
30 years

Cost over time

  • DBA 0.90%
  • PDBA 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DBA $17,040PDBA $14,482

Year by year

YearDBAPDBAOverpaying
10$1,593$1,336$257
20$6,015$5,078$937
30$17,040$14,482$2,558

Expense ratio

  • 0.90%DBA
  • 0.75%PDBA, cheaper
  • Middle half of Agriculture Futures funds
  • Median 0.68%

PDBA 4th cheapest of 6 funds

DBA 6th cheapest of 6 funds

DBA vs PDBA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DBA 3.39%, better
PDBA 3.15%
Payout (12M)
DBA $0.91
PDBA $1.13
Last payment
DBA $0.91
PDBA $1.13
Ex-dividend
DBA Dec 22, 2025
PDBA Dec 22, 2025
Paid on
DBA Dec 26, 2025
PDBA Dec 26, 2025
Frequency
DBA Annual
PDBA Annual

Distribution history

Per share, 2017 to 2026, same scale for both

DBAAnnual · 6 paymentsAll DBA payments⁠
One bar per payment. 6 payments from 2017 to 2026 YTD. Dec 24, 2018 $0.18; Dec 23, 2019 $0.26; Dec 19, 2022 $0.10; Dec 18, 2023 $0.96; Dec 23, 2024 $1.08; Dec 22, 2025 $0.91. Use the arrow keys to read each point.$0$52017202020232026YTD
PDBAAnnual · 4 paymentsAll PDBA payments⁠
One bar per payment. 4 payments from 2017 to 2026 YTD. Dec 19, 2022 $0.22; Dec 18, 2023 $2.04; Dec 23, 2024 $4.61; Dec 22, 2025 $1.13. Use the arrow keys to read each point.$0$52017202020232026YTD

DBA vs PDBA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
DBA 13.1%PDBA 13.0%, better
Return per unit of riskSharpe ratio, 3 years
DBA 0.54PDBA 0.56, better
Worst fallMax drawdown, 5 years
DBA −15.9%PDBA −12.5%since Aug 2022
Market sensitivityBeta, 5 years
DBA 0.33PDBA 0.33Same figure. Both funds show the same value, so neither comes out ahead.

DBA and PDBA in the news

All news⁠

Popular comparisons

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