QAT vs. DBE
QAT (iShares MSCI Qatar ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - QAT is a Emerging Markets Equities fund tracking the MSCI All Qatar Capped Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, QAT returned 3.23%/yr vs 11.15%/yr for DBE. At a 0.17 correlation, their price movements are largely independent. QAT charges 0.59%/yr vs 0.78%/yr for DBE.
Performance
QAT vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, QAT achieves a -2.37% return, which is significantly lower than DBE's 66.08% return. Over the past 10 years, QAT has underperformed DBE with an annualized return of 3.23%, while DBE has yielded a comparatively higher 11.15% annualized return.
QAT
- 1D
- 0.11%
- 1M
- -1.22%
- 6M
- -6.31%
- YTD
- -2.37%
- 1Y
- -0.72%
- 3Y*
- 4.12%
- 5Y*
- 2.90%
- 10Y*
- 3.23%
DBE
- 1D
- 6.87%
- 1M
- -1.18%
- 6M
- 62.18%
- YTD
- 66.08%
- 1Y
- 53.22%
- 3Y*
- 17.13%
- 5Y*
- 16.54%
- 10Y*
- 11.15%
QAT vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QAT iShares MSCI Qatar ETF | -2.37% | 8.81% | 5.20% | 2.72% | -7.23% | 14.42% | 6.94% | -0.44% | 20.03% | -11.66% |
DBE Invesco DB Energy Fund | 66.08% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between QAT and DBE is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 1, 2014 | 0.17 |
The correlation between QAT and DBE shifts across timeframes, from -0.26 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QAT vs. DBE — Risk / Return Rank
QAT
DBE
QAT vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Qatar ETF (QAT) and Invesco DB Energy Fund (DBE). 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.
| QAT | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.26 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.16 | -2.23 |
| Martin ratioReturn relative to average drawdown | -0.12 | 6.57 | -6.69 |
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Drawdowns
QAT vs. DBE - Drawdown Comparison
The maximum QAT drawdown since its inception was -45.21%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for QAT and DBE.
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Drawdown Indicators
| QAT | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -86.69% | +41.48% |
Max Drawdown (1Y)Largest decline over 1 year | -10.60% | -24.72% | +14.12% |
Max Drawdown (3Y)Largest decline over 3 years | -17.41% | -24.72% | +7.31% |
Max Drawdown (5Y)Largest decline over 5 years | -33.17% | -38.74% | +5.57% |
Max Drawdown (10Y)Largest decline over 10 years | -34.04% | -60.84% | +26.80% |
Current DrawdownCurrent decline from peak | -14.51% | -36.95% | +22.44% |
Average DrawdownAverage peak-to-trough decline | -19.12% | -57.20% | +38.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.06% | 8.13% | -2.07% |
Volatility
QAT vs. DBE - Volatility Comparison
The current volatility for iShares MSCI Qatar ETF (QAT) is 4.37%, while Invesco DB Energy Fund (DBE) has a volatility of 12.49%. This indicates that QAT experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAT | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 12.49% | -8.12% |
Volatility (6M)Calculated over the trailing 6-month period | 11.17% | 32.73% | -21.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.40% | 36.03% | -22.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.08% | 29.89% | -14.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 28.40% | -10.88% |
QAT vs. DBE - Expense Ratio Comparison
QAT has a 0.59% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
QAT vs. DBE - Dividend Comparison
QAT's dividend yield for the trailing twelve months is around 4.79%, more than DBE's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.33% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
QAT iShares MSCI Qatar ETF | 4.79% | 3.51% | 5.90% | 3.92% | 4.78% | 2.33% | 2.63% | 3.57% | 4.63% | 4.10% | 3.51% | 4.49% |
Frequently Asked Questions
QAT and DBE have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.49%) compared to QAT (4.37%). In terms of maximum drawdown, QAT dropped -45.21% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.15% vs 3.23% for QAT. On fees, QAT is cheaper at 0.59% per year. On volatility, QAT has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.15% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QAT is cheaper with a 0.59% expense ratio, compared with 0.78% for DBE.
QAT has the higher dividend yield at 4.79%, compared with 2.33% for DBE.
QAT is categorized as Emerging Markets Equities, while DBE is Oil & Gas. QAT tracks MSCI All Qatar Capped Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.59% for QAT and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.49 vs -0.05), 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.
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