DBAW vs. FDT

Last updated Aug 4, 2026

DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) and FDT (First Trust Developed Markets ex-US AlphaDEX Fund) are both Foreign Large Cap Equities funds - DBAW tracks the MSCI ACWI ex USA US Dollar Hedged Index while FDT tracks the NASDAQ AlphaDEX DM Ex-US Index. Both are passively managed. Over the past 10 years, DBAW returned 10.99%/yr vs 9.72%/yr for FDT. Their correlation of 0.81 means they have usually moved in the same direction. DBAW charges 0.41%/yr vs 0.80%/yr for FDT.

Performance

DBAW vs. FDT - 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 First Trust Developed Markets ex-US AlphaDEX Fund (FDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DBAW having a 15.50% return and FDT slightly lower at 15.42%. Over the past 10 years, DBAW has outperformed FDT with an annualized return of 10.99%, while FDT has yielded a comparatively lower 9.72% annualized return.

DBAW

• 1D: 0.24%
• 1M: -0.39%
• 6M: 9.89%
• YTD: 15.50%
• 1Y: 31.91%
• 3Y*: 20.32%
• 5Y*: 11.27%
• 10Y*: 10.99%
• ALL TIME*: 9.39%

FDT

• 1D: 1.04%
• 1M: -3.04%
• 6M: 5.14%
• YTD: 15.42%
• 1Y: 34.58%
• 3Y*: 23.94%
• 5Y*: 11.15%
• 10Y*: 9.72%
• ALL TIME*: 6.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	$1.39M	$1.84M	$1.16M
FDT First Trust Developed Markets ex-US AlphaDEX Fund	$17.33M	$12.78M	$12.06M

DBAW vs. FDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	15.50%	26.47%	14.35%	16.26%	-13.35%	13.08%	7.44%	22.96%	-10.38%	18.79%
FDT First Trust Developed Markets ex-US AlphaDEX Fund	15.42%	52.21%	6.97%	15.03%	-19.51%	11.43%	4.29%	16.82%	-19.98%	34.42%

Correlation

The correlation between DBAW and FDT is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Jan 27, 2014	0.81

The correlation between DBAW and FDT has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

DBAW vs. FDT - Sectors Allocation Comparison

Sectors	DBAW	FDT
Financial Services	23.9%	10.0%
Technology	23.5%	13.1%
Industrials	13.9%	33.3%
Consumer Cyclical	7.1%	11.1%
Healthcare	6.9%	1.3%
Basic Materials	6.3%	8.6%
Consumer Defensive	5.0%	2.7%
Communication Services	4.7%	2.5%
Energy	4.4%	7.6%
Utilities	3.0%	4.7%
Real Estate	1.3%	5.1%

Return for Risk

DBAW vs. FDT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DBAW

DBAW Risk / Return Rank: 87
DBAW Sharpe Ratio Rank: 88
DBAW Sortino Ratio Rank: 86
DBAW Omega Ratio Rank: 89
DBAW Calmar Ratio Rank: 87
DBAW Martin Ratio Rank: 87

FDT

FDT Risk / Return Rank: 68
FDT Sharpe Ratio Rank: 71
FDT Sortino Ratio Rank: 66
FDT Omega Ratio Rank: 72
FDT Calmar Ratio Rank: 72
FDT Martin Ratio Rank: 61

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DBAW vs. FDT - 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 First Trust Developed Markets ex-US AlphaDEX Fund (FDT). 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.

	DBAW	FDT	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.67	+0.52
Sortino ratio: Return per unit of downside risk	2.98	2.26	+0.72
Omega ratio: Gain probability vs. loss probability	1.41	1.31	+0.10
Calmar ratio: Return relative to maximum drawdown	3.56	2.59	+0.97
Martin ratio: Return relative to average drawdown	13.08	7.60	+5.48

DBAW vs. FDT - Sharpe Ratio Comparison

The current DBAW Sharpe Ratio is 2.19, which is higher than the FDT Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of DBAW and FDT, 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

DBAW vs. FDT - Drawdown Comparison

The maximum DBAW drawdown since its inception was -31.44%, smaller than the maximum FDT drawdown of -46.10%. Use the drawdown chart below to compare losses from any high point for DBAW and FDT.

Drawdown Indicators

	DBAW	FDT	Difference
Max Drawdown Largest peak-to-trough decline	-31.44%	-46.10%	+14.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-13.41%	+4.41%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-14.29%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-32.80%	+14.93%
Max Drawdown (10Y) Largest decline over 10 years	-31.44%	-46.10%	+14.66%
Current Drawdown Current decline from peak	-3.24%	-9.49%	+6.25%
Average Drawdown Average peak-to-trough decline	-4.97%	-10.73%	+5.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	4.56%	-2.11%

Volatility

DBAW vs. FDT - Volatility Comparison

The current volatility for Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) is 4.84%, while First Trust Developed Markets ex-US AlphaDEX Fund (FDT) has a volatility of 6.45%. This indicates that DBAW experiences smaller price fluctuations and is considered to be less risky than FDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBAW	FDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	6.45%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	12.92%	18.62%	-5.70%
Volatility (1Y) Calculated over the trailing 1-year period	14.66%	20.83%	-6.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.05%	18.68%	-4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.22%	18.58%	-3.36%

DBAW vs. FDT - Expense Ratio Comparison

DBAW has a 0.41% expense ratio, which is lower than FDT's 0.80% expense ratio.

Dividends

DBAW vs. FDT - Dividend Comparison

DBAW's dividend yield for the trailing twelve months is around 1.70%, less than FDT's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	1.70%	3.83%	1.70%	3.45%	8.81%	2.05%	2.08%	2.91%	2.93%	2.41%	1.99%	5.74%
FDT First Trust Developed Markets ex-US AlphaDEX Fund	2.90%	3.27%	3.89%	4.36%	2.29%	3.80%	2.42%	2.78%	2.13%	1.57%	1.76%	1.83%

Frequently Asked Questions

Can I hold both DBAW and FDT in my portfolio?

DBAW and FDT have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBAW or FDT?

FDT has higher volatility (6.45%) compared to DBAW (4.84%). In terms of maximum drawdown, DBAW dropped -31.44% vs FDT's -46.10%.

Which ETF is better, DBAW or FDT?

On 10-year performance, DBAW leads with 10.99% vs 9.72% for FDT. On fees, DBAW is cheaper at 0.41% per year. On volatility, DBAW has been the lower-risk option at 4.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBAW or FDT?

Over the 10-year period, DBAW has performed better with a 10.99% return vs 9.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBAW or FDT?

DBAW is cheaper with a 0.41% expense ratio, compared with 0.80% for FDT.

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

FDT has the higher dividend yield at 2.90%, compared with 1.70% for DBAW.

What is the main difference between DBAW and FDT?

DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index, while FDT tracks NASDAQ AlphaDEX DM Ex-US Index. They also come from different issuers: Deutsche Bank and First Trust. Their fees differ too: 0.41% for DBAW and 0.80% for FDT.

Which has better risk-adjusted returns?

DBAW currently has the higher Sharpe Ratio (2.19 vs 1.67), 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.