GQRE vs. DBO

Last updated Jun 4, 2026

GQRE (FlexShares Global Quality Real Estate Index Fund) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - GQRE is a REIT fund tracking the Northern Trust Global Quality Real Estate (NR), while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, GQRE returned 3.78%/yr vs 11.37%/yr for DBO. At a 0.15 correlation, their price movements are largely independent. GQRE charges 0.45%/yr vs 0.78%/yr for DBO.

Performance

GQRE vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Global Quality Real Estate Index Fund (GQRE) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GQRE achieves a 7.34% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, GQRE has underperformed DBO with an annualized return of 3.78%, while DBO has yielded a comparatively higher 11.37% annualized return.

GQRE

• 1D: -0.36%
• 1M: -1.32%
• YTD: 7.34%
• 6M: 7.63%
• 1Y: 11.71%
• 3Y*: 10.30%
• 5Y*: 1.99%
• 10Y*: 3.78%

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GQRE vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GQRE FlexShares Global Quality Real Estate Index Fund	7.34%	8.27%	6.09%	9.21%	-27.22%	32.01%	-9.17%	21.84%	-8.88%	13.60%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between GQRE and DBO is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Nov 7, 2013	0.15

The correlation between GQRE and DBO shifts across timeframes, from -0.19 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

GQRE vs. DBO - Sectors Allocation Comparison

Sectors	GQRE	DBO
Real Estate	87.9%	-
Financial Services	2.0%	116.0%
Consumer Cyclical	1.0%	-
Technology	0.8%	-
Healthcare	0.6%	-
Consumer Defensive	0.5%	-
Utilities	0.5%	-
Communication Services	0.5%	-
Industrials	0.2%	-
Basic Materials	0.0%	-
Energy	-	-

Return for Risk

GQRE vs. DBO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GQRE

GQRE Risk / Return Rank: 27
GQRE Sharpe Ratio Rank: 28
GQRE Sortino Ratio Rank: 26
GQRE Omega Ratio Rank: 26
GQRE Calmar Ratio Rank: 25
GQRE Martin Ratio Rank: 30

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GQRE vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Global Quality Real Estate Index Fund (GQRE) and Invesco DB Oil Fund (DBO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GQRE	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.34	-1.33
Sortino ratio: Return per unit of downside risk	1.43	2.94	-1.50
Omega ratio: Gain probability vs. loss probability	1.18	1.38	-0.19
Calmar ratio: Return relative to maximum drawdown	1.16	4.44	-3.28
Martin ratio: Return relative to average drawdown	4.42	9.02	-4.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GQRE vs. DBO - Sharpe Ratio Comparison

The current GQRE Sharpe Ratio is 1.01, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of GQRE and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GQRE	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	2.34	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.50	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.36	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.02	+0.27

Drawdowns

GQRE vs. DBO - Drawdown Comparison

The maximum GQRE drawdown since its inception was -41.87%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for GQRE and DBO.

Drawdown Indicators

	GQRE	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-41.87%	-90.18%	+48.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.15%	-18.19%	+8.04%
Max Drawdown (3Y) Largest decline over 3 years	-16.17%	-28.20%	+12.03%
Max Drawdown (5Y) Largest decline over 5 years	-35.08%	-37.68%	+2.60%
Max Drawdown (10Y) Largest decline over 10 years	-41.87%	-61.69%	+19.82%
Current Drawdown Current decline from peak	-3.43%	-51.38%	+47.95%
Average Drawdown Average peak-to-trough decline	-9.24%	-62.25%	+53.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	8.92%	-6.26%

Volatility

GQRE vs. DBO - Volatility Comparison

The current volatility for FlexShares Global Quality Real Estate Index Fund (GQRE) is 3.53%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that GQRE experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GQRE	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	12.61%	-9.08%
Volatility (6M) Calculated over the trailing 6-month period	8.77%	28.20%	-19.43%
Volatility (1Y) Calculated over the trailing 1-year period	11.64%	34.46%	-22.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	32.29%	-15.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	31.78%	-14.12%

GQRE vs. DBO - Expense Ratio Comparison

GQRE has a 0.45% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

GQRE vs. DBO - Dividend Comparison

GQRE's dividend yield for the trailing twelve months is around 4.36%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
GQRE FlexShares Global Quality Real Estate Index Fund	4.36%	4.75%	3.77%	2.91%	2.56%	2.36%	2.05%	4.29%	3.22%	1.97%	4.16%	2.32%

Frequently Asked Questions

Can I hold both GQRE and DBO in my portfolio?

GQRE and DBO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GQRE or DBO?

DBO has higher volatility (12.61%) compared to GQRE (3.53%). In terms of maximum drawdown, GQRE dropped -41.87% vs DBO's -90.18%.

Which ETF is better, GQRE or DBO?

On 10-year performance, DBO leads with 11.37% vs 3.78% for GQRE. On fees, GQRE is cheaper at 0.45% per year. On volatility, GQRE has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GQRE or DBO?

Over the 10-year period, DBO has performed better with a 11.37% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GQRE or DBO?

GQRE is cheaper with a 0.45% expense ratio, compared with 0.78% for DBO.

Which ETF pays a higher dividend yield, GQRE or DBO?

GQRE has the higher dividend yield at 4.36%, compared with 1.90% for DBO.

What is the main difference between GQRE and DBO?

GQRE is categorized as REIT, while DBO is Oil & Gas. GQRE tracks Northern Trust Global Quality Real Estate (NR), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Northern Trust and Invesco. Their fees differ too: 0.45% for GQRE and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 1.01), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.