PBJ vs. QLV

Last updated Aug 2, 2026

PBJ (Invesco Dynamic Food & Beverage ETF) and QLV (FlexShares US Quality Low Volatility Index Fund) are both exchange-traded funds - PBJ is a Consumer Staples Equities fund tracking the Dynamic Food & Beverage Intellidex Index, while QLV is a Quality Factor fund tracking the Northern Trust Quality Low Volatility Index. Both are passively managed. Over the past 5 years, PBJ returned 4.47%/yr vs 9.98%/yr for QLV. Their 0.66 correlation means they have sometimes moved together and sometimes differently. PBJ charges 0.63%/yr vs 0.22%/yr for QLV.

Performance

PBJ vs. QLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Food & Beverage ETF (PBJ) and FlexShares US Quality Low Volatility Index Fund (QLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBJ achieves a 7.14% return, which is significantly lower than QLV's 9.01% return.

PBJ

• 1D: -1.60%
• 1M: -0.70%
• 6M: 0.28%
• YTD: 7.14%
• 1Y: 1.25%
• 3Y*: 3.00%
• 5Y*: 4.47%
• 10Y*: 4.90%
• ALL TIME*: 7.12%

QLV

• 1D: 0.10%
• 1M: 1.40%
• 6M: 6.81%
• YTD: 9.01%
• 1Y: 16.12%
• 3Y*: 14.76%
• 5Y*: 9.98%
• 10Y*: —
• ALL TIME*: 11.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBJ Invesco Dynamic Food & Beverage ETF	$433.06K	$1.59M	$798.42K
QLV FlexShares US Quality Low Volatility Index Fund	$433.57K	$400.63K	$648.84K

PBJ vs. QLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PBJ Invesco Dynamic Food & Beverage ETF	7.14%	-1.86%	2.49%	2.31%	3.14%	26.88%	5.53%	1.61%
QLV FlexShares US Quality Low Volatility Index Fund	9.01%	12.28%	18.08%	13.71%	-9.97%	26.08%	9.63%	5.97%

Correlation

The correlation between PBJ and QLV is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.66

Over the past year, the correlation between PBJ and QLV has dropped to 0.46 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

PBJ vs. QLV - Sectors Allocation Comparison

Sectors	PBJ	QLV
Consumer Defensive	72.8%	7.8%
Consumer Cyclical	7.7%	6.4%
Basic Materials	5.7%	1.3%
Industrials	5.6%	6.3%
Technology	2.9%	30.2%
Financial Services	0.2%	12.3%
Communication Services	-	7.4%
Energy	-	6.5%
Healthcare	-	14.1%
Real Estate	-	1.4%
Utilities	-	6.4%

Return for Risk

PBJ vs. QLV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBJ

PBJ Risk / Return Rank: 12
PBJ Sharpe Ratio Rank: 13
PBJ Sortino Ratio Rank: 12
PBJ Omega Ratio Rank: 12
PBJ Calmar Ratio Rank: 12
PBJ Martin Ratio Rank: 12

QLV

QLV Risk / Return Rank: 82
QLV Sharpe Ratio Rank: 85
QLV Sortino Ratio Rank: 87
QLV Omega Ratio Rank: 84
QLV Calmar Ratio Rank: 73
QLV Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBJ vs. QLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Food & Beverage ETF (PBJ) and FlexShares US Quality Low Volatility Index Fund (QLV). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PBJ	QLV	Difference
Sharpe ratio: Return per unit of total volatility	0.09	1.99	-1.90
Sortino ratio: Return per unit of downside risk	0.21	2.93	-2.72
Omega ratio: Gain probability vs. loss probability	1.02	1.36	-0.33
Calmar ratio: Return relative to maximum drawdown	0.10	2.53	-2.43
Martin ratio: Return relative to average drawdown	0.23	10.43	-10.20

PBJ vs. QLV - Sharpe Ratio Comparison

The current PBJ Sharpe Ratio is 0.09, which is lower than the QLV Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of PBJ and QLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PBJ vs. QLV - Drawdown Comparison

The maximum PBJ drawdown since its inception was -39.15%, which is greater than QLV's maximum drawdown of -33.71%. Use the drawdown chart below to compare losses from any high point for PBJ and QLV.

Drawdown Indicators

	PBJ	QLV	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-33.71%	-5.44%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-6.19%	-5.19%
Max Drawdown (3Y) Largest decline over 3 years	-12.48%	-12.05%	-0.43%
Max Drawdown (5Y) Largest decline over 5 years	-15.81%	-17.93%	+2.12%
Max Drawdown (10Y) Largest decline over 10 years	-28.49%	—	—
Current Drawdown Current decline from peak	-5.82%	-0.43%	-5.39%
Average Drawdown Average peak-to-trough decline	-5.39%	-3.93%	-1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	1.50%	+3.55%

Volatility

PBJ vs. QLV - Volatility Comparison

Invesco Dynamic Food & Beverage ETF (PBJ) has a higher volatility of 4.76% compared to FlexShares US Quality Low Volatility Index Fund (QLV) at 2.64%. This indicates that PBJ's price experiences larger fluctuations and is considered to be riskier than QLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBJ	QLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	2.64%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	10.10%	5.96%	+4.14%
Volatility (1Y) Calculated over the trailing 1-year period	13.08%	7.88%	+5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	12.63%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.16%	16.43%	-1.27%

PBJ vs. QLV - Expense Ratio Comparison

PBJ has a 0.63% expense ratio, which is higher than QLV's 0.22% expense ratio.

Dividends

PBJ vs. QLV - Dividend Comparison

PBJ's dividend yield for the trailing twelve months is around 1.28%, less than QLV's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBJ Invesco Dynamic Food & Beverage ETF	1.28%	1.83%	1.11%	1.81%	1.82%	0.90%	1.12%	1.21%	1.41%	0.70%	1.56%	1.24%
QLV FlexShares US Quality Low Volatility Index Fund	1.52%	1.60%	1.66%	1.60%	1.74%	0.96%	1.24%	0.58%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBJ and QLV in my portfolio?

PBJ and QLV have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBJ or QLV?

PBJ has higher volatility (4.76%) compared to QLV (2.64%). In terms of maximum drawdown, PBJ dropped -39.15% vs QLV's -33.71%.

Which ETF is better, PBJ or QLV?

On 5-year performance, QLV leads with 9.98% vs 4.47% for PBJ. On fees, QLV is cheaper at 0.22% per year. On volatility, QLV has been the lower-risk option at 2.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBJ or QLV?

Over the 5-year period, QLV has performed better with a 9.98% return vs 4.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBJ or QLV?

QLV is cheaper with a 0.22% expense ratio, compared with 0.63% for PBJ.

Which ETF pays a higher dividend yield, PBJ or QLV?

QLV has the higher dividend yield at 1.52%, compared with 1.28% for PBJ.

What is the main difference between PBJ and QLV?

PBJ is categorized as Consumer Staples Equities, while QLV is Quality Factor. PBJ tracks Dynamic Food & Beverage Intellidex Index, while QLV tracks Northern Trust Quality Low Volatility Index. They also come from different issuers: Invesco and Northern Trust. Their fees differ too: 0.63% for PBJ and 0.22% for QLV.

Which has better risk-adjusted returns?

QLV currently has the higher Sharpe Ratio (1.99 vs 0.09), 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.