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QLC vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLC vs. DBE

Last updated Jun 4, 2026

QLC (FlexShares US Quality Large Cap Index Fund) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - QLC is a Large Cap Blend Equities fund tracking the Northern Trust Quality Large Cap Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, QLC returned 14.83%/yr vs 12.03%/yr for DBE. At a 0.19 correlation, their price movements are largely independent. QLC charges 0.25%/yr vs 0.78%/yr for DBE.

Performance

QLC vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares US Quality Large Cap Index Fund (QLC) 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, QLC achieves a 11.39% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, QLC has outperformed DBE with an annualized return of 14.83%, while DBE has yielded a comparatively lower 12.03% annualized return.

QLC

1D
-0.74%
1M
5.38%
YTD
11.39%
6M
11.88%
1Y
33.09%
3Y*
25.39%
5Y*
15.29%
10Y*
14.83%

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)

QLC vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QLC
FlexShares US Quality Large Cap Index Fund		11.39%23.26%26.71%26.02%-17.21%28.46%13.64%24.51%-8.12%21.73%
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 QLC and DBE is -0.34, 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

-0.34

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

-0.08

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

0.09

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

0.19

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2015

0.19

The correlation between QLC and DBE shifts across timeframes, from -0.34 (1 year) to 0.19 (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 US Quality Large Cap Index Fund

Invesco DB Energy Fund

Often compared with QLC:
QLC vs. VOOQLC vs. QQQMQLC vs. SPHQQLC vs. BDGSQLC vs. ESMVQLC vs. JQUAQLC vs. AUSF
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

QLC vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QLC
QLC Risk / Return Rank: 8181
Overall Rank
QLC Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
QLC Sortino Ratio Rank: 8282
Sortino Ratio Rank
QLC Omega Ratio Rank: 8080
Omega Ratio Rank
QLC Calmar Ratio Rank: 7575
Calmar Ratio Rank
QLC Martin Ratio Rank: 8585
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.

QLC vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares US Quality Large Cap Index Fund (QLC) 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.

QLCDBEDifference
Sharpe ratioReturn per unit of total volatility
2.69
2.43

+0.26

Sortino ratioReturn per unit of downside risk
3.71
2.96

+0.75

Omega ratioGain probability vs. loss probability

1.48

1.40

+0.08

Calmar ratioReturn relative to maximum drawdown

3.76

5.89

-2.13

Martin ratioReturn relative to average drawdown

17.59

11.53

+6.06

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

QLC vs. DBE - Sharpe Ratio Comparison

The current QLC Sharpe Ratio is 2.69, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of QLC 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

QLCDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.69

2.43

+0.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.91

0.67

+0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.81

0.43

+0.38

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

0.09

+0.70

Drawdowns

QLC vs. DBE - Drawdown Comparison

The maximum QLC drawdown since its inception was -35.86%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for QLC and DBE.

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Drawdown Indicators

QLCDBEDifference

Max Drawdown

Largest peak-to-trough decline

-35.86%

-86.69%

+50.83%

Max Drawdown (1Y)

Largest decline over 1 year

-8.84%

-14.41%

+5.57%

Max Drawdown (3Y)

Largest decline over 3 years

-18.49%

-23.89%

+5.40%

Max Drawdown (5Y)

Largest decline over 5 years

-23.81%

-38.74%

+14.93%

Max Drawdown (10Y)

Largest decline over 10 years

-35.86%

-60.84%

+24.98%

Current Drawdown

Current decline from peak

-0.74%

-30.27%

+29.53%

Average Drawdown

Average peak-to-trough decline

-4.54%

-57.31%

+52.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

7.35%

-5.46%

Volatility

QLC vs. DBE - Volatility Comparison

The current volatility for FlexShares US Quality Large Cap Index Fund (QLC) is 2.94%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that QLC 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

QLCDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.94%

12.95%

-10.01%

Volatility (6M)

Calculated over the trailing 6-month period

9.51%

30.86%

-21.35%

Volatility (1Y)

Calculated over the trailing 1-year period

12.38%

34.97%

-22.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.82%

29.39%

-12.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.42%

28.33%

-9.91%

QLC vs. DBE - Expense Ratio Comparison

QLC has a 0.25% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

QLC vs. DBE - Dividend Comparison

QLC's dividend yield for the trailing twelve months is around 0.88%, 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%
QLC
FlexShares US Quality Large Cap Index Fund		0.88%0.94%1.03%1.26%1.46%0.96%1.40%1.91%1.82%1.29%1.80%0.64%

Frequently Asked Questions

QLC and DBE have a correlation of -0.34, 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 QLC (2.94%). In terms of maximum drawdown, QLC dropped -35.86% vs DBE's -86.69%.

On 10-year performance, QLC leads with 14.83% vs 12.03% for DBE. On fees, QLC is cheaper at 0.25% per year. On volatility, QLC has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QLC has performed better with a 14.83% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QLC is cheaper with a 0.25% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 0.88% for QLC.

QLC is categorized as Large Cap Blend Equities, while DBE is Oil & Gas. QLC tracks Northern Trust Quality Large Cap Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Northern Trust and Invesco. Their fees differ too: 0.25% for QLC and 0.78% for DBE.

QLC currently has the higher Sharpe Ratio (2.69 vs 2.43), 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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