QLV vs. PBJ

Last updated Jun 24, 2026

QLV (FlexShares US Quality Low Volatility Index Fund) and PBJ (Invesco Dynamic Food & Beverage ETF) are both exchange-traded funds - QLV is a Volatility Hedged Equity fund tracking the Northern Trust Quality Low Volatility Index, while PBJ is a Consumer Staples Equities fund tracking the Dynamic Food & Beverage Intellidex Index. Both are passively managed. Over the past 5 years, QLV returned 10.02%/yr vs 3.75%/yr for PBJ. A 0.66 correlation means they provide meaningful diversification when combined. QLV charges 0.22%/yr vs 0.63%/yr for PBJ.

Performance

QLV vs. PBJ - Performance Comparison

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

Returns By Period

In the year-to-date period, QLV achieves a 4.13% return, which is significantly lower than PBJ's 5.32% return.

QLV

• 1D: 0.43%
• 1M: -2.08%
• YTD: 4.13%
• 6M: 3.50%
• 1Y: 12.78%
• 3Y*: 14.34%
• 5Y*: 10.02%
• 10Y*: —

PBJ

• 1D: 1.57%
• 1M: -2.97%
• YTD: 5.32%
• 6M: 4.88%
• 1Y: -0.24%
• 3Y*: 2.47%
• 5Y*: 3.75%
• 10Y*: 5.17%

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

QLV vs. PBJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QLV FlexShares US Quality Low Volatility Index Fund	4.13%	12.28%	18.08%	13.71%	-9.97%	26.08%	9.63%	5.97%
PBJ Invesco Dynamic Food & Beverage ETF	5.32%	-1.86%	2.49%	2.31%	3.14%	26.88%	5.53%	1.61%

Correlation

The correlation between QLV and PBJ is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year 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 QLV and PBJ has dropped to 0.45 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

QLV vs. PBJ - Sectors Allocation Comparison

Sectors	QLV	PBJ
Technology	31.1%	-
Healthcare	13.0%	-
Financial Services	11.8%	0.2%
Communication Services	8.2%	-
Consumer Defensive	8.1%	78.1%
Consumer Cyclical	6.4%	11.0%
Utilities	6.1%	-
Industrials	6.1%	5.6%
Energy	5.2%	-
Basic Materials	2.3%	5.1%
Real Estate	1.7%	-

Return for Risk

QLV vs. PBJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QLV

QLV Risk / Return Rank: 50
QLV Sharpe Ratio Rank: 52
QLV Sortino Ratio Rank: 53
QLV Omega Ratio Rank: 49
QLV Calmar Ratio Rank: 44
QLV Martin Ratio Rank: 53

PBJ

PBJ Risk / Return Rank: 8
PBJ Sharpe Ratio Rank: 9
PBJ Sortino Ratio Rank: 8
PBJ Omega Ratio Rank: 8
PBJ Calmar Ratio Rank: 8
PBJ Martin Ratio Rank: 8

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.

QLV vs. PBJ - Risk-Adjusted Trends Comparison

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

	QLV	PBJ	Difference
Sharpe ratio: Return per unit of total volatility	1.69	-0.02	+1.71
Sortino ratio: Return per unit of downside risk	2.42	0.06	+2.36
Omega ratio: Gain probability vs. loss probability	1.30	1.01	+0.29
Calmar ratio: Return relative to maximum drawdown	2.07	-0.02	+2.09
Martin ratio: Return relative to average drawdown	8.63	-0.04	+8.67

QLV vs. PBJ - Sharpe Ratio Comparison

The current QLV Sharpe Ratio is 1.69, which is higher than the PBJ Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of QLV and PBJ, 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

QLV vs. PBJ - Drawdown Comparison

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

Drawdown Indicators

	QLV	PBJ	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-39.15%	+5.44%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-12.48%	+6.29%
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	-12.99%	+0.94%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-15.81%	-2.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.49%	—
Current Drawdown Current decline from peak	-2.08%	-7.42%	+5.34%
Average Drawdown Average peak-to-trough decline	-3.98%	-5.39%	+1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	5.41%	-3.93%

Volatility

QLV vs. PBJ - Volatility Comparison

The current volatility for FlexShares US Quality Low Volatility Index Fund (QLV) is 2.05%, while Invesco Dynamic Food & Beverage ETF (PBJ) has a volatility of 4.33%. This indicates that QLV experiences smaller price fluctuations and is considered to be less risky than PBJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLV	PBJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	4.33%	-2.28%
Volatility (6M) Calculated over the trailing 6-month period	5.53%	9.40%	-3.87%
Volatility (1Y) Calculated over the trailing 1-year period	7.66%	12.74%	-5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	13.77%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.52%	15.13%	+1.39%

QLV vs. PBJ - Expense Ratio Comparison

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

Dividends

QLV vs. PBJ - Dividend Comparison

QLV's dividend yield for the trailing twelve months is around 1.60%, more than PBJ's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBJ Invesco Dynamic Food & Beverage ETF	1.30%	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	1.60%	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 QLV and PBJ in my portfolio?

QLV and PBJ have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLV or PBJ?

PBJ has higher volatility (4.33%) compared to QLV (2.05%). In terms of maximum drawdown, QLV dropped -33.71% vs PBJ's -39.15%.

Which ETF is better, QLV or PBJ?

On 5-year performance, QLV leads with 10.02% vs 3.75% for PBJ. On fees, QLV is cheaper at 0.22% per year. On volatility, QLV has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLV or PBJ?

Over the 5-year period, QLV has performed better with a 10.02% return vs 3.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLV or PBJ?

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

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

QLV has the higher dividend yield at 1.60%, compared with 1.30% for PBJ.

What is the main difference between QLV and PBJ?

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

Which has better risk-adjusted returns?

QLV currently has the higher Sharpe Ratio (1.69 vs -0.02), 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.