Other commodities
Energy
| Real return | -3% +- 5% |
| Volatility | 20% |
| Correlation | Normally low, but high in equity downturns |
| Testfolio | USO, UNG, BNO |
| Inflation | Real-ish |
Oil and gas are very expensive to hold, and hence real returns are expected to be negative (cost of carry).
Industrial metals
| Real return | 0% +- 5% |
| Volatility | 20% |
| Correlation | Normally low, but higher in equity downturns |
| Testfolio | DBB |
| Inflation | Real-ish |
Easier to store, similar to precious metals but more bulky. More correlated to equities than preciouss metals
Agrictultural flora & fauna
| Real return | 0% +- 5% |
| Volatility | 20% |
| Correlation | Normally low, but higher in equity downturns |
| Testfolio | DBA |
| Inflation | Real-ish |
Theoretically has high cost of carry and seasonal effects. In practice seems pretty similar to industrial metals.