DBC’s worst drop since 2006 was 76%
Invesco DB Commodity Index Tracking Fund (DBC) fell 76% from Jul 2008 to Apr 2020. It has not closed above that Jul 2008 peak since, 18.2 years later. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 26th deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2006 to now
How DBC held up in each crash
| Crash | Years | DBC | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −60.3% | −55.2% |
| COVID crash | 2020 | −35.1% | −33.7% |
| 2022 rate shock | 2022 | −23.2% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was DBC’s maximum drawdown?
DBC’s deepest fall since 2006 was 76.4%, from its high on July 2, 2008 to its low on April 27, 2020. The figure uses daily prices with dividends reinvested.
How long did DBC take to recover?
It has not recovered yet. As of October 13, 2026 it sits 13.3% below that Jul 2008 high.
Was DBC riskier than the S&P 500?
Over the same years, DBC’s worst drop was 76.4% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −53.9% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, February 7, 2006 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.