QVMS vs. DBE

Last updated Jun 24, 2026

QVMS (Invesco S&P SmallCap 600 QVM Multi-factor ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - QVMS is a Multi-factor fund tracking the S&P Small Cap 600, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 3 years, QVMS returned 16.78%/yr vs 16.83%/yr for DBE. At a 0.13 correlation, their price movements are largely independent. QVMS charges 0.15%/yr vs 0.78%/yr for DBE.

Performance

QVMS vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QVMS achieves a 20.25% return, which is significantly lower than DBE's 53.97% return.

QVMS

• 1D: -0.43%
• 1M: 4.69%
• YTD: 20.25%
• 6M: 17.76%
• 1Y: 35.14%
• 3Y*: 16.78%
• 5Y*: —
• 10Y*: —

DBE

• 1D: -0.63%
• 1M: -16.23%
• YTD: 53.97%
• 6M: 50.93%
• 1Y: 43.95%
• 3Y*: 16.83%
• 5Y*: 14.66%
• 10Y*: 10.12%

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

QVMS vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF	20.25%	5.56%	9.50%	16.89%	-14.61%	4.82%
DBE Invesco DB Energy Fund	53.97%	-2.17%	2.96%	-12.14%	33.77%	9.20%

Correlation

The correlation between QVMS and DBE is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.13

The correlation between QVMS and DBE shifts across timeframes, from -0.27 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QVMS vs. DBE — Risk / Return Rank

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

QVMS

QVMS Risk / Return Rank: 70
QVMS Sharpe Ratio Rank: 65
QVMS Sortino Ratio Rank: 68
QVMS Omega Ratio Rank: 59
QVMS Calmar Ratio Rank: 81
QVMS Martin Ratio Rank: 76

DBE

DBE Risk / Return Rank: 40
DBE Sharpe Ratio Rank: 37
DBE Sortino Ratio Rank: 37
DBE Omega Ratio Rank: 37
DBE Calmar Ratio Rank: 44
DBE Martin Ratio Rank: 44

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.

QVMS vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) 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.

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.

	QVMS	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.27	+0.71
Sortino ratio: Return per unit of downside risk	2.90	1.84	+1.07
Omega ratio: Gain probability vs. loss probability	1.34	1.23	+0.11
Calmar ratio: Return relative to maximum drawdown	4.02	2.07	+1.94
Martin ratio: Return relative to average drawdown	13.65	6.89	+6.76

QVMS vs. DBE - Sharpe Ratio Comparison

The current QVMS Sharpe Ratio is 1.98, which is higher than the DBE Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of QVMS 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.

Drawdowns

QVMS vs. DBE - Drawdown Comparison

The maximum QVMS drawdown since its inception was -28.05%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for QVMS and DBE.

Drawdown Indicators

	QVMS	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-28.05%	-86.69%	+58.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-21.28%	+12.50%
Max Drawdown (3Y) Largest decline over 3 years	-28.05%	-23.89%	-4.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-0.43%	-41.55%	+41.12%
Average Drawdown Average peak-to-trough decline	-9.01%	-57.24%	+48.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	6.42%	-3.84%

Volatility

QVMS vs. DBE - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) is 5.07%, while Invesco DB Energy Fund (DBE) has a volatility of 9.37%. This indicates that QVMS 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.

Volatility by Period

	QVMS	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	9.37%	-4.30%
Volatility (6M) Calculated over the trailing 6-month period	12.45%	31.44%	-18.99%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	35.27%	-17.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.23%	29.58%	-8.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	28.34%	-7.11%

QVMS vs. DBE - Expense Ratio Comparison

QVMS has a 0.15% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

QVMS vs. DBE - Dividend Comparison

QVMS's dividend yield for the trailing twelve months is around 1.17%, less than DBE's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.51%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF	1.17%	1.10%	1.53%	1.51%	1.58%	0.64%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QVMS and DBE in my portfolio?

QVMS and DBE have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QVMS or DBE?

DBE has higher volatility (9.37%) compared to QVMS (5.07%). In terms of maximum drawdown, QVMS dropped -28.05% vs DBE's -86.69%.

Which ETF is better, QVMS or DBE?

On 3-year performance, DBE leads with 16.83% vs 16.78% for QVMS. On fees, QVMS is cheaper at 0.15% per year. On volatility, QVMS has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVMS or DBE?

Over the 3-year period, DBE has performed better with a 16.83% return vs 16.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVMS or DBE?

QVMS is cheaper with a 0.15% expense ratio, compared with 0.78% for DBE.

Which ETF pays a higher dividend yield, QVMS or DBE?

DBE has the higher dividend yield at 2.51%, compared with 1.17% for QVMS.

What is the main difference between QVMS and DBE?

QVMS is categorized as Multi-factor, while DBE is Oil & Gas. QVMS tracks S&P Small Cap 600, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.15% for QVMS and 0.78% for DBE.

Which has better risk-adjusted returns?

QVMS currently has the higher Sharpe Ratio (1.98 vs 1.27), 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.