# DBC alternatives: 8 similar ETFs compared

> ETFs similar to DBC, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as DBC. Updated daily.

The ETFs most like DBC are GSG, DJP and GLDM. GSG and DJP hold futures on oil, metals, grains and other raw materials, like DBC. DJP costs less: 0.7% a year against 0.85%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- 8 funds can stand in for DBC: 2 of the same kind and 6 related funds.
- DBC charges 0.85% a year (about $85 on $10,000). The cheapest alternative here, GLDM, charges 0.1%.
- GSG moved most like DBC: a daily correlation of 0.97 over about the last five years.
- Returns and drops for each pair use the same dates for both funds.

## DBC alternatives at a glance

Each fund below can stand in for DBC, closest first. "Same kind" funds hold the same kind of investments through a different index. "Related" funds make a different bet that often moves the same way.

| ETF | How close | Yearly fee | Fee on $10,000 | Tracks |
| --- | --- | --- | --- | --- |
| **DBC** | This fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return |
| [GSG](https://tactfolio.com/etf/GSG.md) | Same kind of fund | 0.75% | $75 | S&P GSCI Total Return Index |
| [DJP](https://tactfolio.com/etf/DJP.md) | Same kind of fund | 0.7% | $70 | Bloomberg Commodity Index Total Return |
| [GLDM](https://tactfolio.com/etf/GLDM.md) | Related fund | 0.1% | $10 | LBMA Gold Price PM |
| [SGOL](https://tactfolio.com/etf/SGOL.md) | Related fund | 0.17% | $17 | LBMA Gold Price PM |
| [BAR](https://tactfolio.com/etf/BAR.md) | Related fund | 0.1749% | $17.49 | LBMA Gold Price PM |
| [AAAU](https://tactfolio.com/etf/AAAU.md) | Related fund | 0.18% | $18 | LBMA Gold Price PM |
| [IAU](https://tactfolio.com/etf/IAU.md) | Related fund | 0.25% | $25 | LBMA Gold Price |
| [GLD](https://tactfolio.com/etf/GLD.md) | Related fund | 0.4% | $40 | LBMA Gold Price PM |

Fees come from each fund company, checked on the dates shown on each fund's page.

## How DBC and its alternatives did over the same dates

Each row measures the alternative and DBC on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together.

| ETF | Moves with DBC | Per year | DBC per year | Worst drop | DBC worst drop | Since |
| --- | --- | --- | --- | --- | --- | --- |
| [GSG](https://tactfolio.com/etf/GSG.md) | 0.97 | −1.4% | 2.6% | −89.6% | −76.4% | July 2006 |
| [DJP](https://tactfolio.com/etf/DJP.md) | 0.91 | 0.4% | 2.8% | −78.3% | −76.4% | October 2006 |
| [GLDM](https://tactfolio.com/etf/GLDM.md) | 0.31 | 15.3% | 10.5% | −26.3% | −41.7% | June 2018 |
| [SGOL](https://tactfolio.com/etf/SGOL.md) | 0.31 | 8.5% | 3.5% | −45.5% | −66.1% | September 2009 |
| [BAR](https://tactfolio.com/etf/BAR.md) | 0.31 | 13.2% | 11.2% | −26.3% | −41.7% | September 2017 |
| [AAAU](https://tactfolio.com/etf/AAAU.md) | 0.31 | 16.6% | 11.3% | −26.3% | −41.7% | August 2018 |
| [IAU](https://tactfolio.com/etf/IAU.md) | 0.31 | 9.8% | 2.8% | −45.1% | −76.4% | February 2006 |
| [GLD](https://tactfolio.com/etf/GLD.md) | 0.31 | 9.7% | 2.8% | −45.6% | −76.4% | February 2006 |

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## Each DBC alternative, compared

### GSG: iShares S&P GSCI Commodity-Indexed Trust

GSG also holds futures on oil, metals, grains and other raw materials. It tracks the S&P GSCI Total Return Index, while DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return.

It charges 0.75% a year, about $75 on $10,000, against $85 for DBC.

From July 2006 to October 2026, GSG lost about 1.4% a year and DBC returned about 2.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97).

Read the [GSG fund page](https://tactfolio.com/etf/GSG.md) for its returns by year and worst drop.

### DJP: iPath Bloomberg Commodity Index Total Return ETN

DJP also holds futures on oil, metals, grains and other raw materials. It tracks the Bloomberg Commodity Index Total Return, while DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return.

It charges 0.7% a year, about $70 on $10,000, against $85 for DBC.

From October 2006 to October 2026, DJP returned about 0.4% a year and DBC returned about 2.8% a year. Over about the last five years they moved together on most days (correlation 0.91).

Read the [DJP fund page](https://tactfolio.com/etf/DJP.md) for its returns by year and worst drop.

### GLDM: SPDR Gold MiniShares

GLDM is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials.

It charges 0.1% a year, about $10 on $10,000, against $85 for DBC.

From June 2018 to October 2026, GLDM returned about 15.3% a year and DBC returned about 10.5% a year. Over about the last five years they often moved in different ways (correlation 0.31).

Read the [GLDM fund page](https://tactfolio.com/etf/GLDM.md) for its returns by year and worst drop.

### SGOL: abrdn Physical Gold Shares ETF

SGOL is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials.

It charges 0.17% a year, about $17 on $10,000, against $85 for DBC.

From September 2009 to October 2026, SGOL returned about 8.5% a year and DBC returned about 3.5% a year. Over about the last five years they often moved in different ways (correlation 0.31).

Read the [SGOL fund page](https://tactfolio.com/etf/SGOL.md) for its returns by year and worst drop.

### BAR: GraniteShares Gold Trust

BAR is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials.

It charges 0.1749% a year, about $17.49 on $10,000, against $85 for DBC.

From September 2017 to October 2026, BAR returned about 13.2% a year and DBC returned about 11.2% a year. Over about the last five years they often moved in different ways (correlation 0.31).

Read the [BAR fund page](https://tactfolio.com/etf/BAR.md) for its returns by year and worst drop.

### AAAU: Goldman Sachs Physical Gold ETF

AAAU is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials.

It charges 0.18% a year, about $18 on $10,000, against $85 for DBC.

From August 2018 to October 2026, AAAU returned about 16.6% a year and DBC returned about 11.3% a year. Over about the last five years they often moved in different ways (correlation 0.31).

Read the [AAAU fund page](https://tactfolio.com/etf/AAAU.md) for its returns by year and worst drop.

### IAU: iShares Gold Trust

IAU is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials.

It charges 0.25% a year, about $25 on $10,000, against $85 for DBC.

From February 2006 to October 2026, IAU returned about 9.8% a year and DBC returned about 2.8% a year. Over about the last five years they often moved in different ways (correlation 0.31).

Read the [IAU fund page](https://tactfolio.com/etf/IAU.md) for its returns by year and worst drop.

### GLD: SPDR Gold Shares

GLD is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials.

It charges 0.4% a year, about $40 on $10,000, against $85 for DBC.

From February 2006 to October 2026, GLD returned about 9.7% a year and DBC returned about 2.8% a year. Over about the last five years they often moved in different ways (correlation 0.31).

Read the [GLD fund page](https://tactfolio.com/etf/GLD.md) for its returns by year and worst drop.

## DBC versions from other fund companies

Some people keep all their funds with one company. Here is the closest fund to DBC from each other company on this page:

- **iShares (BlackRock):** [GSG](https://tactfolio.com/etf/GSG.md), iShares S&P GSCI Commodity-Indexed Trust (same kind of fund, 0.75% a year)
- **iPath (Barclays):** [DJP](https://tactfolio.com/etf/DJP.md), iPath Bloomberg Commodity Index Total Return ETN (same kind of fund, 0.7% a year)
- **SPDR (State Street):** [GLDM](https://tactfolio.com/etf/GLDM.md), SPDR Gold MiniShares (related fund, 0.1% a year)
- **abrdn (Aberdeen):** [SGOL](https://tactfolio.com/etf/SGOL.md), abrdn Physical Gold Shares ETF (related fund, 0.17% a year)
- **GraniteShares:** [BAR](https://tactfolio.com/etf/BAR.md), GraniteShares Gold Trust (related fund, 0.1749% a year)
- **Goldman Sachs Asset Management:** [AAAU](https://tactfolio.com/etf/AAAU.md), Goldman Sachs Physical Gold ETF (related fund, 0.18% a year)

Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here.

## How to choose between DBC and its alternatives

- **What it tracks.** A fund on the same index holds the same investments. A different index can mean different weights, more or fewer holdings, or a different mix.
- **The fee.** The difference is often small. On $10,000, DBC costs about $85 a year. GLDM costs about $10.
- **History.** An older fund has been through more bad markets, so you can see how far it fell.
- **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own.

## Test DBC and its alternatives in a backtest

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add DBC and GSG, and see how each would have done on the same dates, or how a mix of both would have done.

## The details

Alternatives are picked from facts, not from returns. First come funds that track the same index as DBC. Then come funds that hold the same kind of investments through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds.

Within each group, the funds whose daily returns moved most like DBC over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with DBC only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat.
- [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What ETF is most similar to DBC?

GSG is the closest. GSG also holds futures on oil, metals, grains and other raw materials. It tracks the S&P GSCI Total Return Index, while DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Over about the last five years they moved almost exactly together.

### Is there a cheaper alternative to DBC?

Yes. GLDM charges 0.1% a year, SGOL charges 0.17% a year and BAR charges 0.1749% a year, against 0.85% for DBC. On $10,000 that is about $10 a year instead of $85.

### Is DBC or GSG better?

Neither is better for everyone. From July 2006 to October 2026, DBC returned about 2.6% a year and GSG lost about 1.4% a year. DBC charges 0.85% a year and GSG charges 0.75%. Past returns do not tell you what comes next.

### What if I had put $10,000 in DBC 10 years ago?

It would have grown to about $26,150 by October 16, 2026, with dividends reinvested. That is about 10.1% a year. Past returns do not tell you what comes next.

## Sources

- [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm)
- [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust)
- [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm)
- [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/)
- [abrdn (Aberdeen): abrdn Physical Gold Shares ETF fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm)
- [GraniteShares: GraniteShares Gold Trust fund page](https://graniteshares.com/etfs/bar/)
- [Goldman Sachs Asset Management: Goldman Sachs Physical Gold ETF fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm)
- [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust)
- [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.