QUAL vs. DBE
QUAL (iShares MSCI USA Quality Factor ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, QUAL returned 14.27%/yr vs 12.03%/yr for DBE. At a 0.19 correlation, their price movements are largely independent. QUAL charges 0.15%/yr vs 0.78%/yr for DBE.
Performance
QUAL vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QUAL achieves a 8.80% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, QUAL has outperformed DBE with an annualized return of 14.27%, while DBE has yielded a comparatively lower 12.03% annualized return.
QUAL
- 1D
- -0.07%
- 1M
- 4.62%
- YTD
- 8.80%
- 6M
- 8.86%
- 1Y
- 21.68%
- 3Y*
- 19.66%
- 5Y*
- 11.96%
- 10Y*
- 14.27%
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%
QUAL vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 8.80% | 12.65% | 22.29% | 30.88% | -20.50% | 26.94% | 17.04% | 33.89% | -5.70% | 22.26% |
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 QUAL and DBE is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2013 | 0.19 |
The correlation between QUAL and DBE shifts across timeframes, from -0.36 (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.
Return for Risk
QUAL vs. DBE — Risk / Return Rank
QUAL
DBE
QUAL vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) 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.
| QUAL | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.40 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 5.89 | -3.48 |
| Martin ratioReturn relative to average drawdown | 11.00 | 11.53 | -0.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| QUAL | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.84 | 2.43 | -0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.67 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.43 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 0.09 | +0.71 |
Drawdowns
QUAL vs. DBE - Drawdown Comparison
The maximum QUAL drawdown since its inception was -34.06%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for QUAL and DBE.
Loading charts...
Drawdown Indicators
| QUAL | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.06% | -86.69% | +52.63% |
Max Drawdown (1Y)Largest decline over 1 year | -9.03% | -14.41% | +5.38% |
Max Drawdown (3Y)Largest decline over 3 years | -18.00% | -23.89% | +5.89% |
Max Drawdown (5Y)Largest decline over 5 years | -28.23% | -38.74% | +10.51% |
Max Drawdown (10Y)Largest decline over 10 years | -34.06% | -60.84% | +26.78% |
Current DrawdownCurrent decline from peak | -0.16% | -30.27% | +30.11% |
Average DrawdownAverage peak-to-trough decline | -4.11% | -57.31% | +53.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 7.35% | -5.37% |
Volatility
QUAL vs. DBE - Volatility Comparison
The current volatility for iShares MSCI USA Quality Factor ETF (QUAL) is 2.51%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that QUAL 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.
Loading charts...
Volatility by Period
| QUAL | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 12.95% | -10.44% |
Volatility (6M)Calculated over the trailing 6-month period | 9.03% | 30.86% | -21.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.83% | 34.97% | -23.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.33% | 29.39% | -12.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.10% | 28.33% | -10.23% |
QUAL vs. DBE - Expense Ratio Comparison
QUAL has a 0.15% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
QUAL vs. DBE - Dividend Comparison
QUAL's dividend yield for the trailing twelve months is around 0.88%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
QUAL iShares MSCI USA Quality Factor ETF | 0.88% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
Frequently Asked Questions
QUAL and DBE have a correlation of -0.36, 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 QUAL (2.51%). In terms of maximum drawdown, QUAL dropped -34.06% vs DBE's -86.69%.
On 10-year performance, QUAL leads with 14.27% vs 12.03% for DBE. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QUAL has performed better with a 14.27% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QUAL is cheaper with a 0.15% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.88% for QUAL.
QUAL is categorized as Large Cap Blend Equities, while DBE is Oil & Gas. QUAL tracks MSCI USA Sector Neutral Quality Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for QUAL and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 1.84), 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.
Find the right allocation for QUAL and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer