DB Commodity Long ETN (DPU) Performance
DPU total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −24.4% since Dec 31, 2025
- 1 year
- −49.4% total return
- 3 years
- −87.2% a year
- Since first price
- −87.8% a year since 2023
DPU trailing returns vs SPY, QQQ, AGG
| Period | DPU total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.5% | +2.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −24.4% | −24.4% | +3.2% | +1.9% | −0.4% |
| 6 months | −26.6% | −26.6% | +7.8% | +8.4% | −1.5% |
| YTD | −24.4% | −24.4% | +12.3% | +15.1% | −1.0% |
| 1 year | −49.4% | −49.4% | +14.4% | +15.9% | −1.1% |
| 3 years | −99.8%−87.2%/yr | −99.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionApr 18, 2023 | −99.9%−87.8%/yr | −99.9% | — | — | — |
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: DPU vs SPY
From Apr 18, 2023: DPU grew to $6, SPY to $19,163.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DPU returns by calendar year
0 of 2 full years positive. Best 2024 (−80.6%), worst 2025 (−99.0%). 2026 is year to date.
DPU annual returns table
| Year | DPU | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −24.4% | −48.7% | +12.3% | +15.1% | −1.0% |
| 2025 | −99.0% | −99.1% | +17.7% | +20.8% | +7.2% |
| 2024 | −80.6% | −89.5% | +24.9% | +25.6% | +1.3% |
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.
DPU largest drawdowns
Now 99.97% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| May 25, 2023 | −99.98% | Oct 16, 2026 | not yet | 3.4 years | 3.4 years so far |
| Apr 28, 2023 | −46.1% | May 8, 2023 | May 18, 2023 | 10 days | 20 days |
| Apr 18, 2023 | −14.3% | Apr 21, 2023 | Apr 27, 2023 | 3 days | 9 days |
| May 18, 2023 | −11.2% | May 19, 2023 | May 23, 2023 | 1 days | 5 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
DPU risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | −87.1% | −90.7% |
| Volatility (annualized) | 136.4% | 134.1% |
| Sharpe ratio | -0.66 | -0.84 |
| Sortino ratio | -0.97 | -1.14 |
| Best month | +144.1% | +144.1% |
| Worst month | −89.4% | −89.4% |
| Best 12 months | −45.6% | −45.6% |
| Worst 12 months | −99.1% | −99.1% |
| Positive months | 33% | 32% |
| Beta vs S&P 500 | 2.92 | — |
| Correlation with S&P 500 | 0.27 | — |
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.
DPU rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 31 | −99.1% | −83.4% | −45.6% | 0% |
| 3-year (a year) | 7 | −92.9% | −87.2% | −86.5% | 0% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
DPU performance overview
DB Commodity Long ETN (DPU) returned −49.4% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned −87.8% a year, turning $10,000 into about $6. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.98%, from May 25, 2023 to Oct 16, 2026; the fund has not yet regained that high. Volatility has been 134.1% a year.
Related: DPU chart. See the DPU overview for the latest quote and fund facts.
DPU performance FAQ
What is the DPU return over the past year?
DPU returned −49.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 49.4%.
How much would $10,000 invested in DPU be worth?
$10,000 invested in DPU at its first recorded close on April 18, 2023 would be worth about $6 on October 23, 2026 with distributions reinvested.
What was the worst year for DPU?
The worst calendar year was 2025, with a total return of −99.0%. The best was 2024 at −80.6%.
What is the biggest drawdown of DPU?
The largest peak-to-trough decline was −99.98% between May 25, 2023 and October 16, 2026. It has not yet recovered to that high; it is 99.97% below its peak.
How volatile is DPU?
Over the past 3 years DPU had an annualized volatility of 136.4% and a Sharpe ratio of -0.66 (excess return over 1–3 month T-bills per unit of risk).