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QAT vs. IXC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QAT vs. IXC

Last updated Jun 26, 2026

QAT (iShares MSCI Qatar ETF) and IXC (iShares Global Energy ETF) are both exchange-traded funds - QAT is a Emerging Markets Equities fund tracking the MSCI All Qatar Capped Index, while IXC is a Energy Equities fund tracking the S&P Global 1200 Energy Capped Index. Both are passively managed. Over the past 10 years, QAT returned 4.00%/yr vs 9.48%/yr for IXC. At a 0.23 correlation, their price movements are largely independent. QAT charges 0.59%/yr vs 0.40%/yr for IXC.

Performance

QAT vs. IXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Qatar ETF (QAT) and iShares Global Energy ETF (IXC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QAT achieves a -0.75% return, which is significantly lower than IXC's 20.55% return. Over the past 10 years, QAT has underperformed IXC with an annualized return of 4.00%, while IXC has yielded a comparatively higher 9.48% annualized return.

QAT

1D
-0.88%
1M
-2.22%
YTD
-0.75%
6M
-1.50%
1Y
2.95%
3Y*
5.26%
5Y*
3.29%
10Y*
4.00%

IXC

1D
0.67%
1M
-7.64%
YTD
20.55%
6M
21.59%
1Y
32.10%
3Y*
15.17%
5Y*
17.36%
10Y*
9.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QAT vs. IXC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QAT
iShares MSCI Qatar ETF		-0.75%8.81%5.20%2.72%-7.23%14.42%6.94%-0.44%20.03%-11.66%
IXC
iShares Global Energy ETF		20.55%13.98%1.95%3.92%48.51%40.88%-31.00%12.67%-14.85%5.54%

Correlation

The correlation between QAT and IXC 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

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.22

Correlation (All Time)
Calculated using the full available price history since May 1, 2014

0.23

The correlation between QAT and IXC shifts across timeframes, from -0.19 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

QAT vs. IXC - Sectors Allocation Comparison

Sectors
QAT
IXC

Financial Services

55.5%

-

Basic Materials

12.6%

-

Industrials

8.4%

-

Energy

7.6%
100.0%

Communication Services

6.3%

-

Real Estate

4.0%

-

Utilities

2.5%

-

Technology

1.0%

-

Healthcare

0.8%

-

Consumer Cyclical

0.7%

-

Consumer Defensive

0.6%

-

Financial Services

QAT
55.5%
IXC

-

Basic Materials

QAT
12.6%
IXC

-

Industrials

QAT
8.4%
IXC

-

Energy

QAT
7.6%
IXC
100.0%

Communication Services

QAT
6.3%
IXC

-

Real Estate

QAT
4.0%
IXC

-

Utilities

QAT
2.5%
IXC

-

Technology

QAT
1.0%
IXC

-

Healthcare

QAT
0.8%
IXC

-

Consumer Cyclical

QAT
0.7%
IXC

-

Consumer Defensive

QAT
0.6%
IXC

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Qatar ETF

iShares Global Energy ETF

Often compared with QAT:
QAT vs. UAEQAT vs. KSAQAT vs. ENORQAT vs. SJMQAT vs. EDENQAT vs. VOOQAT vs. EIRL
Often compared with IXC:
IXC vs. XLEIXC vs. VDEIXC vs. IYEIXC vs. OIHIXC vs. IUES.LIXC vs. DDMIXC vs. XDW0.DE

Return for Risk

QAT vs. IXC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QAT
QAT Risk / Return Rank: 1111
Overall Rank
QAT Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
QAT Sortino Ratio Rank: 1111
Sortino Ratio Rank
QAT Omega Ratio Rank: 1111
Omega Ratio Rank
QAT Calmar Ratio Rank: 1212
Calmar Ratio Rank
QAT Martin Ratio Rank: 1111
Martin Ratio Rank
IXC
IXC Risk / Return Rank: 5454
Overall Rank
IXC Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
IXC Sortino Ratio Rank: 5252
Sortino Ratio Rank
IXC Omega Ratio Rank: 5151
Omega Ratio Rank
IXC Calmar Ratio Rank: 5555
Calmar Ratio Rank
IXC Martin Ratio Rank: 5353
Martin Ratio Rank
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.

QAT vs. IXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Qatar ETF (QAT) and iShares Global Energy ETF (IXC). 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.

QATIXCDifference
Sharpe ratioReturn per unit of total volatility
0.23
1.69

-1.46

Sortino ratioReturn per unit of downside risk
0.42
2.23

-1.81

Omega ratioGain probability vs. loss probability

1.05

1.28

-0.23

Calmar ratioReturn relative to maximum drawdown

0.28

2.33

-2.05

Martin ratioReturn relative to average drawdown

0.51

8.08

-7.57

QAT vs. IXC - Sharpe Ratio Comparison

The current QAT Sharpe Ratio is 0.23, which is lower than the IXC Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of QAT and IXC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

QAT vs. IXC - Drawdown Comparison

The maximum QAT drawdown since its inception was -45.21%, smaller than the maximum IXC drawdown of -67.88%. Use the drawdown chart below to compare losses from any high point for QAT and IXC.

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Drawdown Indicators

QATIXCDifference

Max Drawdown

Largest peak-to-trough decline

-45.21%

-67.88%

+22.67%

Max Drawdown (1Y)

Largest decline over 1 year

-10.60%

-13.81%

+3.21%

Max Drawdown (3Y)

Largest decline over 3 years

-17.41%

-19.06%

+1.65%

Max Drawdown (5Y)

Largest decline over 5 years

-33.17%

-24.93%

-8.24%

Max Drawdown (10Y)

Largest decline over 10 years

-34.04%

-64.16%

+30.12%

Current Drawdown

Current decline from peak

-13.09%

-13.24%

+0.15%

Average Drawdown

Average peak-to-trough decline

-19.14%

-17.46%

-1.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.79%

3.98%

+1.81%

Volatility

QAT vs. IXC - Volatility Comparison

The current volatility for iShares MSCI Qatar ETF (QAT) is 5.24%, while iShares Global Energy ETF (IXC) has a volatility of 6.46%. This indicates that QAT experiences smaller price fluctuations and is considered to be less risky than IXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QATIXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.24%

6.46%

-1.22%

Volatility (6M)

Calculated over the trailing 6-month period

11.12%

15.91%

-4.79%

Volatility (1Y)

Calculated over the trailing 1-year period

13.15%

19.08%

-5.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.07%

23.50%

-8.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.54%

26.82%

-9.28%

QAT vs. IXC - Expense Ratio Comparison

QAT has a 0.59% expense ratio, which is higher than IXC's 0.40% expense ratio.

Dividends

QAT vs. IXC - Dividend Comparison

QAT's dividend yield for the trailing twelve months is around 4.71%, more than IXC's 3.15% yield.

PositionTTM20252024202320222021202020192018201720162015
IXC
iShares Global Energy ETF		3.15%3.68%4.56%3.45%4.76%3.98%4.86%7.00%3.51%3.05%2.86%3.77%
QAT
iShares MSCI Qatar ETF		4.71%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 IXC 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.

IXC has higher volatility (6.46%) compared to QAT (5.24%). In terms of maximum drawdown, QAT dropped -45.21% vs IXC's -67.88%.

On 10-year performance, IXC leads with 9.48% vs 4.00% for QAT. On fees, IXC is cheaper at 0.40% per year. On volatility, QAT has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IXC has performed better with a 9.48% return vs 4.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IXC is cheaper with a 0.40% expense ratio, compared with 0.59% for QAT.

QAT has the higher dividend yield at 4.71%, compared with 3.15% for IXC.

QAT is categorized as Emerging Markets Equities, while IXC is Energy Equities. QAT tracks MSCI All Qatar Capped Index, while IXC tracks S&P Global 1200 Energy Capped Index. Their fees differ too: 0.59% for QAT and 0.40% for IXC.

IXC currently has the higher Sharpe Ratio (1.69 vs 0.23), 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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