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QDF vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QDF vs. DBE

Last updated Jun 4, 2026

QDF (FlexShares Quality Dividend Index Fund) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - QDF is a Large Cap Value Equities fund tracking the Northern Trust Quality Dividend Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, QDF returned 12.18%/yr vs 12.03%/yr for DBE. At a 0.24 correlation, their price movements are largely independent. QDF charges 0.37%/yr vs 0.78%/yr for DBE.

Performance

QDF vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Quality Dividend Index Fund (QDF) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QDF achieves a 10.70% return, which is significantly lower than DBE's 83.68% return. Both investments have delivered pretty close results over the past 10 years, with QDF having a 12.18% annualized return and DBE not far behind at 12.03%.

QDF

1D
-0.56%
1M
4.60%
YTD
10.70%
6M
10.82%
1Y
27.64%
3Y*
19.21%
5Y*
11.90%
10Y*
12.18%

DBE

1D
2.33%
1M
-5.45%
YTD
83.68%
6M
74.95%
1Y
84.41%
3Y*
23.42%
5Y*
19.66%
10Y*
12.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QDF vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QDF
FlexShares Quality Dividend Index Fund		10.70%16.58%16.95%19.71%-12.13%26.65%4.86%25.71%-7.97%17.42%
DBE
Invesco DB Energy Fund		83.68%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between QDF and DBE is -0.33, 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

-0.33

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.10

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

0.21

Correlation (All Time)
Calculated using the full available price history since Dec 20, 2012

0.24

The correlation between QDF and DBE shifts across timeframes, from -0.33 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

FlexShares Quality Dividend Index Fund

Invesco DB Energy Fund

Often compared with QDF:
QDF vs. QDEFQDF vs. SCHDQDF vs. DGRWQDF vs. QQQQDF vs. FDVVQDF vs. VOOQDF vs. SPHD
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

QDF vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QDF
QDF Risk / Return Rank: 7373
Overall Rank
QDF Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
QDF Sortino Ratio Rank: 7373
Sortino Ratio Rank
QDF Omega Ratio Rank: 7373
Omega Ratio Rank
QDF Calmar Ratio Rank: 7070
Calmar Ratio Rank
QDF Martin Ratio Rank: 7878
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
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.

QDF vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Quality Dividend Index Fund (QDF) 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.

QDFDBEDifference

Sharpe ratio

Return per unit of total volatility

2.40

2.43

-0.03

Sortino ratio

Return per unit of downside risk

3.36

2.96

+0.40

Omega ratio

Gain probability vs. loss probability

1.44

1.40

+0.04

Calmar ratio

Return relative to maximum drawdown

3.52

5.89

-2.37

Martin ratio

Return relative to average drawdown

15.37

11.53

+3.84

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QDF vs. DBE - Sharpe Ratio Comparison

The current QDF Sharpe Ratio is 2.40, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of QDF and DBE, 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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Sharpe Ratios by Period

QDFDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.40

2.43

-0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

0.67

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

0.43

+0.28

Sharpe Ratio (All Time)

Calculated using the full available price history

0.78

0.09

+0.69

Drawdowns

QDF vs. DBE - Drawdown Comparison

The maximum QDF drawdown since its inception was -36.67%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for QDF and DBE.

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Drawdown Indicators

QDFDBEDifference

Max Drawdown

Largest peak-to-trough decline

-36.67%

-86.69%

+50.02%

Max Drawdown (1Y)

Largest decline over 1 year

-7.90%

-14.41%

+6.51%

Max Drawdown (3Y)

Largest decline over 3 years

-18.01%

-23.89%

+5.88%

Max Drawdown (5Y)

Largest decline over 5 years

-22.06%

-38.74%

+16.68%

Max Drawdown (10Y)

Largest decline over 10 years

-36.67%

-60.84%

+24.17%

Current Drawdown

Current decline from peak

-0.56%

-30.27%

+29.71%

Average Drawdown

Average peak-to-trough decline

-3.65%

-57.31%

+53.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.80%

7.35%

-5.55%

Volatility

QDF vs. DBE - Volatility Comparison

The current volatility for FlexShares Quality Dividend Index Fund (QDF) is 2.95%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that QDF 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

QDFDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.95%

12.95%

-10.00%

Volatility (6M)

Calculated over the trailing 6-month period

8.76%

30.86%

-22.10%

Volatility (1Y)

Calculated over the trailing 1-year period

11.60%

34.97%

-23.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.60%

29.39%

-13.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.39%

28.33%

-10.94%

QDF vs. DBE - Expense Ratio Comparison

QDF has a 0.37% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

QDF vs. DBE - Dividend Comparison

QDF's dividend yield for the trailing twelve months is around 1.50%, less than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.10%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%
QDF
FlexShares Quality Dividend Index Fund		1.50%1.65%1.93%2.19%2.45%1.90%2.38%3.05%4.29%2.70%3.07%3.04%

Frequently Asked Questions

QDF and DBE have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (12.95%) compared to QDF (2.95%). In terms of maximum drawdown, QDF dropped -36.67% vs DBE's -86.69%.

On 10-year performance, QDF leads with 12.18% vs 12.03% for DBE. On fees, QDF is cheaper at 0.37% per year. On volatility, QDF has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QDF has performed better with a 12.18% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QDF is cheaper with a 0.37% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 1.50% for QDF.

QDF is categorized as Large Cap Value Equities, while DBE is Oil & Gas. QDF tracks Northern Trust Quality Dividend Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: FlexShares and Invesco. Their fees differ too: 0.37% for QDF and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 2.40), 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.

Portfolio Optimizer

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