What are the primary differences in investment focus between DBA and DBC?

DBA, the Invesco DB Agriculture Fund, targets agricultural commodities, offering specific exposure to crop and livestock markets. In contrast, DBC, the DB Commodity Tracking PowerShares, provides a broad basket approach that diversifies across various commodities beyond just agriculture. This fundamental difference means DBA is concentrated in the agricultural sector, making it susceptible to sector-specific risks like weather, while DBC spreads risk across a wider range of commodity types for potentially greater diversification.

How do the expense ratios of DBA and DBC compare?

The expense ratio is an annual fee that reduces an investor's net return. According to the data, DBA has an expense ratio of 0.93%, whereas DBC has a slightly lower expense ratio of 0.84%. While the difference is only 0.09 percentage points, it can compound over time. DBC offers marginally better cost efficiency, which may be relevant for long-term investors seeking to minimise costs within commodity ETFs.

What role does TBLL play in the top holdings of these funds?

TBLL is a significant holding in both ETFs. For DBA, it represents 4.37% of assets, while in DBC, it accounts for 5.77%. Both funds typically invest their cash reserves in short-term Treasury bills to maintain liquidity and generate a small yield while holding the rest of their assets in commodity futures contracts or swaps. This common holding reflects a standard operational strategy for commodity ETFs to manage cash flow.

How do the dividend yields of DBA and DBC differ?

Income-focused investors may find the 3.18% dividend yield of DBA more attractive compared to the 2.28% yield of DBC. Dividends for these funds often stem from the income generated by the collateral held (like TBLL) and other financial instruments. DBA's higher yield reflects its specific asset allocation strategy, whereas DBC's lower yield might be balanced by its broader commodity diversification and slightly lower expense ratio.

How does concentration risk differ between the two funds?

DBA presents a higher level of concentration risk due to its specific focus on agricultural commodities. This makes it vulnerable to sector-specific events such as severe weather patterns or disease outbreaks affecting livestock. Conversely, DBC employs a broad basket approach, diversifying its exposure across various commodities. This reduces reliance on any single sector's performance, potentially offering a more balanced risk profile against isolated commodity shocks.

Which fund offers better liquidity for large investors?

DBC has net assets of $2.0 billion, compared to DBA's $1.4 billion. Larger net assets generally support higher trading volume and better liquidity, allowing investors to enter or exit positions more easily without significantly impacting the share price. Therefore, DBC might be the more suitable vehicle for institutional investors or those trading large volumes, although both funds are considered to have reasonable liquidity levels.

What are the similarities regarding the fund's track records?

Both DBA and DBC are established ETFs. DBA has been in existence since January 2007, while DBC started earlier, in February 2006. This demonstrates that both funds have extensive experience in managing commodity exposures through various market cycles. The longevity of both funds suggests they are capable of sustaining operations and adapting to changing market conditions over many years.

How do the index tracking details affect these comparisons?

Both funds currently have index tracking details marked as 'not available' in the source data. This lack of transparency can hinder an investor's understanding of the methodology used to replicate the commodity exposures. While DBA focuses on agriculture and DBC on a broad basket, the absence of disclosed index details limits the ability to perform a deep technical assessment of their underlying strategies.

What does the data suggest about sector weight transparency?

Sector weights are also 'not available' for both DBA and DBC. This lack of detailed disclosure makes it difficult to precisely determine the allocation within the agricultural sector for DBA or the breakdown of commodities in DBC's broad basket. Investors must rely on the stated categories—Commodities Focused versus Commodities Broad Basket—and general market knowledge to infer potential sector distributions.

How can beginners use this comparison to identify their needs?

Beginners should first determine their primary goal. If you seek targeted exposure to food prices and are comfortable with the volatility of a specific sector, DBA aligns with that focused approach. If you prefer diversified commodity exposure across a wide range of assets, DBC fits that profile. Comparing yields and fees helps refine the choice based on cost and income preferences.

What should investors know about distributions and returns?

It is important to understand that distributions from commodity ETFs can fluctuate and may include a return of capital. A higher yield, like DBA's 3.18% compared to DBC's 2.28%, is not always indicative of higher total return. Investors should look at the combination of yield, expense ratios, and the fund's underlying asset strategy to assess potential total returns over time.

DBA vs DBC

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare Invesco DB Agriculture Fund (DBA) and DB Commodity Tracking PowerShares (DBC) on fees, holdings, dividends and market tracking. DBA has a 0.93% expense ratio and 3.18% yield; DBC has 0.84% fees and 2.28% yield. Both hold TBLL, while index tracking details are not available for either fund. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

DBA

Metric

DBC

0.93%

Expense Ratio

0.84%

3.18%

Dividend Yield

2.28%

$1.41B

Net Assets

$1.98B

Holdings

Jan 5, 2007

Inception Date

Feb 3, 2006

–

Index Tracked

–

Commodities Focused

Fund Category

Commodities Broad Basket

DBC costs about $9.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	DBA	DBC
TBLLInvesco Short Term Treasury ETF	4.37%	5.77%

Investment Analysis

DBA

Pros

High dividend yield of 3.18% may provide income for investors seeking cash returns from commodities exposure.
Long track record since inception in January 2007 demonstrates experience in managing agricultural commodity markets.
Focused exposure to agriculture allows targeted participation in crop and livestock price movements distinct from general commodities.

Considerations

Expense ratio of 0.93% is higher than many broad-market ETFs, impacting net returns over time.
Concentration in agricultural commodities increases vulnerability to specific sector risks such as weather and disease outbreaks.
Lack of publicly disclosed index methodology and sector weights limits transparency for detailed risk assessment.

DBC

Pros

Broad basket approach diversifies exposure across various commodities, reducing reliance on a single sector.
Slightly lower expense ratio of 0.84% compared to Fund A offers marginally better cost efficiency.
Large net assets of $2.0 billion support liquidity and trading volume for investors.

Considerations

Lower dividend yield of 2.28% may be less attractive for income-focused investors compared to Fund A.
Missing issuer information raises potential concerns about governance transparency or fund administration details.
Undisclosed index tracking details hinder understanding of methodology for replicating broad commodity exposure.

Related Market Insights

Paper vs Physical: The Smart Way to Play Commodities

Balance commodity price speculation with equity stakes in producers. Diversify exposure to raw materials, hedge inflation, and invest smart with Nemo.

Aimee Silverwood | Financial Analyst

25 July 2025

Read Insight

Related Market Insights

Paper vs Physical: The Smart Way to Play Commodities

Balance commodity price speculation with equity stakes in producers. Diversify exposure to raw materials, hedge inflation, and invest smart with Nemo.

Aimee Silverwood | Financial Analyst

25 July 2025

Read Insight

About DBA and DBC

DBA (DBA)

The Invesco DB Agriculture Fund offers investors a straightforward way to gain exposure to agricultural commodities. Instead of buying physical crops, this ETF uses futures contracts to track a diversified basket of key agricultural products, such as grains, livestock, and soft commodities. With 18 holdings and net assets of USD 1.41 billion, it aims to reflect the performance of the global agriculture sector. Since its inception in January 2007, it has provided a vehicle for those looking to diversify portfolios or hedge against inflation. The fund has a dividend yield of 3.18% and an expense ratio of 0.93%. Please note that commodity markets can be volatile, and values may rise or fall based on global supply, demand, and weather conditions, so returns are not guaranteed. It is suitable for investors with a medium to long-term horizon who understand the risks of commodity investing.

DBC (DBC)

DB Commodity Tracking (PowerShares) — ticker DBC — is an exchange-traded fund that offers investors broad exposure to a basket of commodity futures, spanning energy, agriculture, industrial metals and precious metals. The fund gains exposure through futures contracts rather than physical holdings, and uses a rules-based weighting and rolling strategy to maintain positions. That structure means returns can be influenced by futures roll costs (contango) or benefits (backwardation), as well as commodity price swings driven by supply, demand, geopolitics and macro trends. DBC can serve as a diversification tool or a way to gain targeted commodity exposure within a larger portfolio, but it is not a guaranteed inflation hedge and may underperform in certain market conditions. Investors should be aware of fees, tax treatment of futures-based funds and higher volatility compared with broad equity funds. This information is general educational content and not personalised investment advice; values can fall as well as rise.

Which Baskets Do They Appear In?

Paper Vs. Physical

Discover a carefully curated collection of investments that balance commodity price speculation with the companies that bring those resources to market. Our analysts have selected these assets to give you exposure to both sides of the materials economy in one strategic package.

Published: 17 June 2025

Explore Basket

Which Baskets Do They Appear In?

Paper Vs. Physical

Published: 17 June 2025

Explore Basket

Buy DBA or DBC in Nemo

🆓

Zero Commission

Trade stocks, ETFs, and more with zero commission. Keep more of your returns.

🔒

Trusted & Regulated

Part of Exinity Group 2015, serving over a million customers globally.

💰

6% Interest on Cash

Earn 6% AER on uninvested cash with daily interest payments.

DBA vs DBC

Fund Snapshot

Investment Analysis

DBA

Pros

Considerations

DBC

Pros

Considerations

Related Market Insights

Paper vs Physical: The Smart Way to Play Commodities

Related Market Insights

Paper vs Physical: The Smart Way to Play Commodities

About DBA and DBC

Which Baskets Do They Appear In?

Paper Vs. Physical

Which Baskets Do They Appear In?

Paper Vs. Physical

Buy DBA or DBC in Nemo

Zero Commission

Trusted & Regulated

6% Interest on Cash

Frequently asked questions

What are the primary differences in investment focus between DBA and DBC?

How do the expense ratios of DBA and DBC compare?

What role does TBLL play in the top holdings of these funds?

How do the dividend yields of DBA and DBC differ?

How does concentration risk differ between the two funds?

Which fund offers better liquidity for large investors?

What are the similarities regarding the fund's track records?

How do the index tracking details affect these comparisons?

What does the data suggest about sector weight transparency?

How can beginners use this comparison to identify their needs?

What should investors know about distributions and returns?

Fund Snapshot

About DBA and DBC

Which Baskets Do They Appear In?

Paper Vs. Physical

Which Baskets Do They Appear In?

Paper Vs. Physical

Related Market Insights

Paper vs Physical: The Smart Way to Play Commodities

Related Market Insights

Paper vs Physical: The Smart Way to Play Commodities