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Hi Robert,
The performance difference is not huge as the comparative chart illustrates, the difference comes down to their composition at respective moments in time e.g. today the DBC is holding large positions in the influential oil & gold complexes whereas the DBA being purely agricultural focused is dominated by Soybeans & corn – not surprisingly the former is enjoying 2022 the most.
As for base metals it comes down to your timeframe, we still like them over the next few months but overall MM’s view is 2022/23 will largely be a consolidation time for the likes of copper and nickel.