DBAW vs. ASHX

Last updated Jun 4, 2026

DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) and ASHX (Xtrackers MSCI China A Inclusion Equity ETF) are both exchange-traded funds - DBAW is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA US Dollar Hedged Index, while ASHX is a China Equities fund tracking the MSCI China A Inclusion Index. Both are passively managed. At a 0.41 correlation, their price movements are largely independent. DBAW charges 0.41%/yr vs 0.60%/yr for ASHX.

Performance

DBAW vs. ASHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) and Xtrackers MSCI China A Inclusion Equity ETF (ASHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DBAW

• 1D: -0.51%
• 1M: 6.28%
• YTD: 16.12%
• 6M: 18.39%
• 1Y: 36.60%
• 3Y*: 21.15%
• 5Y*: 11.32%
• 10Y*: 11.44%

ASHX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DBAW vs. ASHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	16.12%	26.47%	14.35%	16.26%	-13.35%	13.08%	7.44%	22.96%	-10.38%	18.79%
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	0.00%	0.27%	-13.59%	-26.45%	2.64%	42.24%	35.03%	-27.51%	20.14%

Correlation

The correlation between DBAW and ASHX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 21, 2015	0.41

The correlation between DBAW and ASHX shifts across timeframes, from 0.22 (3 years) to 0.42 (10 years), reflecting how their relationship changes across market environments.

DBAW vs. ASHX - Sectors Allocation Comparison

Sectors	DBAW	ASHX
Financial Services	24.1%	19.6%
Technology	18.7%	14.1%
Industrials	15.0%	16.0%
Consumer Cyclical	7.9%	7.1%
Healthcare	7.2%	7.9%
Basic Materials	6.8%	9.6%
Consumer Defensive	5.3%	14.3%
Energy	5.3%	4.2%
Communication Services	5.0%	1.5%
Utilities	3.2%	4.3%
Real Estate	1.5%	1.4%

Return for Risk

DBAW vs. ASHX — Risk / Return Rank

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

DBAW

DBAW Risk / Return Rank: 84
DBAW Sharpe Ratio Rank: 86
DBAW Sortino Ratio Rank: 86
DBAW Omega Ratio Rank: 87
DBAW Calmar Ratio Rank: 79
DBAW Martin Ratio Rank: 83

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.

DBAW vs. ASHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) and Xtrackers MSCI China A Inclusion Equity ETF (ASHX). 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.

	DBAW	ASHX	Difference
Sharpe ratio: Return per unit of total volatility	2.86	—	—
Sortino ratio: Return per unit of downside risk	3.90	—	—
Omega ratio: Gain probability vs. loss probability	1.55	—	—
Calmar ratio: Return relative to maximum drawdown	4.09	—	—
Martin ratio: Return relative to average drawdown	16.97	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DBAW	ASHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	—	—

Drawdowns

Drawdown Indicators

	DBAW	ASHX	Difference
Max Drawdown Largest peak-to-trough decline	-31.44%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.44%	—	—
Current Drawdown Current decline from peak	-0.51%	—	—
Average Drawdown Average peak-to-trough decline	-5.00%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	—	—

Volatility

Volatility by Period

	DBAW	ASHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.74%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.28%	—	—

DBAW vs. ASHX - Expense Ratio Comparison

DBAW has a 0.41% expense ratio, which is lower than ASHX's 0.60% expense ratio.

Dividends

DBAW vs. ASHX - Dividend Comparison

DBAW's dividend yield for the trailing twelve months is around 3.29%, while ASHX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	0.00%	0.00%	2.38%	1.76%	0.84%	0.80%	1.78%	1.07%	2.48%	19.46%	2.91%
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	3.29%	3.83%	1.70%	3.45%	8.81%	2.05%	2.08%	2.91%	2.93%	2.41%	1.99%	5.74%

Frequently Asked Questions

Can I hold both DBAW and ASHX in my portfolio?

DBAW and ASHX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DBAW or ASHX?

On fees, DBAW is cheaper at 0.41% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DBAW or ASHX?

DBAW is cheaper with a 0.41% expense ratio, compared with 0.60% for ASHX.

Which ETF pays a higher dividend yield, DBAW or ASHX?

DBAW has the higher dividend yield at 3.29%, compared with 0.00% for ASHX.

What is the main difference between DBAW and ASHX?

DBAW is categorized as Foreign Large Cap Equities, while ASHX is China Equities. DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index, while ASHX tracks MSCI China A Inclusion Index. Their fees differ too: 0.41% for DBAW and 0.60% for ASHX.