Invesco DB Precious Metals Fund (DBP) Performance
DBP total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −12.1% since Dec 31, 2025
- 1 year
- −2.0% total return
- 5 years
- +15.7% a year
- 10 years
- +10.4% a year
- Since first price
- +7.8% a year since 2007
DBP trailing returns vs SPY, QQQ, AGG
| Period | DBP total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −8.7% | −8.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.4% | −2.4% | +3.2% | +1.9% | −0.4% |
| 6 months | −18.3% | −18.3% | +7.8% | +8.4% | −1.5% |
| YTD | −12.1% | −12.1% | +12.3% | +15.1% | −1.0% |
| 1 year | −2.0% | −4.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +100.3%+26.1%/yr | +79.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +107.7%+15.7%/yr | +85.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +169.9%+10.4%/yr | +134.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +81.0%+4.0%/yr | +57.1% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJan 5, 2007 | +346.2%+7.8%/yr | +276.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: DBP vs SPY
From Jan 5, 2007: DBP grew to $44,618, SPY to $77,514.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DBP returns by calendar year
11 of 18 full years positive. Best 2025 (+73.4%), worst 2013 (−31.4%). 2026 is year to date.
DBP annual returns table
| Year | DBP | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −12.1% | −33.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +73.4% | −9.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +26.7% | −8.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +8.7% | −13.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −1.5% | −24.2% | −18.2% | −32.6% | −13.0% |
| 2021 | −7.1% | −15.2% | +28.7% | +27.4% | −1.8% |
| 2020 | +26.8% | −16.9% | +18.3% | +48.6% | +7.5% |
| 2019 | +15.9% | −8.4% | +31.2% | +39.0% | +8.5% |
| 2018 | −4.3% | −15.1% | −4.6% | −0.1% | +0.1% |
| 2017 | +10.6% | −9.2% | +21.7% | +32.7% | +3.6% |
| 2016 | +8.2% | −19.6% | +12.0% | +7.1% | +2.4% |
| 2015 | −12.1% | −22.0% | +1.2% | +9.4% | +0.5% |
| 2014 | −6.5% | −20.9% | +13.5% | +19.2% | +6.0% |
| 2013 | −31.4% | −33.4% | +32.3% | +36.6% | −2.0% |
| 2012 | +6.0% | −17.0% | +16.0% | +18.1% | +3.8% |
| 2011 | +4.0% | −23.1% | +1.9% | +3.4% | +7.7% |
| 2010 | +37.6% | −10.3% | +15.1% | +19.9% | +6.4% |
| 2009 | +26.6% | −14.1% | +26.4% | +54.7% | +3.0% |
| 2008 | −3.0% | −36.1% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
DBP largest drawdowns
Now 33.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 22, 2011 | −53.9% | Dec 17, 2015 | Sep 24, 2024 | 4.3 years | 13.1 years |
| Mar 14, 2008 | −36.1% | Nov 12, 2008 | Nov 4, 2009 | 8 months | 1.6 years |
| Jan 28, 2026 | −33.8% | Oct 23, 2026 | not yet | 9 months | 9 months so far |
| Dec 2, 2009 | −14.8% | Feb 8, 2010 | May 11, 2010 | 2 months | 5 months |
| Apr 29, 2011 | −12.2% | May 5, 2011 | Aug 3, 2011 | 6 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
DBP risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +31.0% | +17.9% | +10.5% | +7.8% |
| Volatility (annualized) | 20.7% | 19.0% | 17.3% | 19.7% |
| Sharpe ratio | 1.21 | 0.78 | 0.54 | 0.41 |
| Sortino ratio | 2.00 | 1.29 | 0.89 | 0.64 |
| Best month | +12.8% | +12.8% | +13.5% | +13.6% |
| Worst month | −14.0% | −14.0% | −14.0% | −16.7% |
| Best 12 months | +98.9% | +98.9% | +98.9% | +98.9% |
| Worst 12 months | +10.1% | −12.5% | −12.5% | −31.4% |
| Positive months | 69% | 58% | 53% | 54% |
| Beta vs S&P 500 | 0.06 | 0.24 | 0.22 | — |
| Correlation with S&P 500 | 0.03 | 0.20 | 0.20 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
DBP rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 226 | −31.4% | +7.2% | +98.9% | 60% |
| 3-year (a year) | 202 | −18.2% | +5.8% | +44.6% | 70% |
| 5-year (a year) | 178 | −10.2% | +5.3% | +23.9% | 69% |
| 10-year (a year) | 118 | −3.3% | +1.9% | +14.7% | 77% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
DBP performance overview
Invesco DB Precious Metals Fund (DBP) returned −2.0% over the past year and +10.4% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +7.8% a year, turning $10,000 into about $44,618. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −53.9%, from Aug 22, 2011 to Dec 17, 2015, and it took 8.8 years to get back to the old high. DBP finished 11 of its 18 full calendar years with a gain; the best year was 2025 (+73.4%) and the worst 2013 (−31.4%). Volatility has been 19.7% a year.
Related: DBP chart, DBP dividends. See the DBP overview for the latest quote and fund facts.
DBP performance FAQ
What is the DBP return over the past year?
DBP returned −2.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.3%.
What is the average annual return of DBP?
DBP has returned +15.7% a year over 5 years, +10.4% a year over 10 years, +7.8% a year since January 5, 2007 (total return, distributions reinvested).
How much would $10,000 invested in DBP be worth?
$10,000 invested in DBP at its first recorded close on January 5, 2007 would be worth about $44,618 on October 23, 2026 with distributions reinvested.
What was the worst year for DBP?
The worst calendar year was 2013, with a total return of −31.4%. The best was 2025 at +73.4%.
What is the biggest drawdown of DBP?
The largest peak-to-trough decline was −53.9% between August 22, 2011 and December 17, 2015. It recovered to the old high on September 24, 2024, 8.8 years after the bottom.
How volatile is DBP?
Over the past 3 years DBP had an annualized volatility of 20.7% and a Sharpe ratio of 1.21 (excess return over 1–3 month T-bills per unit of risk).