DBAW vs. USSG

Last updated Aug 4, 2026

DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) and USSG (Xtrackers MSCI USA ESG Leaders 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 USSG is a Large Cap Growth Equities fund tracking the MSCI USA ESG Leaders. Both are passively managed. Over the past 5 years, DBAW returned 11.27%/yr vs 13.20%/yr for USSG. Their 0.79 correlation means they have sometimes moved together and sometimes differently. DBAW charges 0.41%/yr vs 0.10%/yr for USSG.

Performance

DBAW vs. USSG - 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 USA ESG Leaders Equity ETF (USSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBAW achieves a 15.50% return, which is significantly higher than USSG's 12.11% 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%

USSG

• 1D: 1.76%
• 1M: 2.38%
• 6M: 10.14%
• YTD: 12.11%
• 1Y: 24.23%
• 3Y*: 21.35%
• 5Y*: 13.20%
• 10Y*: —
• ALL TIME*: 16.81%

*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
USSG Xtrackers MSCI USA ESG Leaders Equity ETF	$1.13M	$1.02M	$843.44K

DBAW vs. USSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	15.50%	26.47%	14.35%	16.26%	-13.35%	13.08%	7.44%	10.79%
USSG Xtrackers MSCI USA ESG Leaders Equity ETF	12.11%	18.97%	23.45%	29.17%	-20.33%	31.83%	18.71%	19.24%

Correlation

The correlation between DBAW and USSG is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019	0.79

The correlation between DBAW and USSG has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

DBAW vs. USSG - Sectors Allocation Comparison

Sectors	DBAW	USSG
Financial Services	23.9%	10.6%
Technology	23.5%	35.5%
Industrials	13.9%	9.2%
Consumer Cyclical	7.1%	9.4%
Healthcare	6.9%	10.3%
Basic Materials	6.3%	1.9%
Consumer Defensive	5.0%	5.3%
Communication Services	4.7%	12.8%
Energy	4.4%	1.9%
Utilities	3.0%	1.0%
Real Estate	1.3%	2.0%

Return for Risk

DBAW vs. USSG — 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

USSG

USSG Risk / Return Rank: 68
USSG Sharpe Ratio Rank: 71
USSG Sortino Ratio Rank: 71
USSG Omega Ratio Rank: 68
USSG Calmar Ratio Rank: 59
USSG Martin Ratio Rank: 69

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. USSG - 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 USA ESG Leaders Equity ETF (USSG). 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	USSG	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.72	+0.47
Sortino ratio: Return per unit of downside risk	2.98	2.43	+0.55
Omega ratio: Gain probability vs. loss probability	1.41	1.30	+0.11
Calmar ratio: Return relative to maximum drawdown	3.56	2.17	+1.39
Martin ratio: Return relative to average drawdown	13.08	8.91	+4.17

DBAW vs. USSG - Sharpe Ratio Comparison

The current DBAW Sharpe Ratio is 2.19, which is comparable to the USSG Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of DBAW and USSG, 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. USSG - Drawdown Comparison

The maximum DBAW drawdown since its inception was -31.44%, smaller than the maximum USSG drawdown of -34.10%. Use the drawdown chart below to compare losses from any high point for DBAW and USSG.

Drawdown Indicators

	DBAW	USSG	Difference
Max Drawdown Largest peak-to-trough decline	-31.44%	-34.10%	+2.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-11.20%	+2.20%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-20.00%	+5.89%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-27.00%	+9.13%
Max Drawdown (10Y) Largest decline over 10 years	-31.44%	—	—
Current Drawdown Current decline from peak	-3.24%	0.00%	-3.24%
Average Drawdown Average peak-to-trough decline	-4.97%	-5.51%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.73%	-0.28%

Volatility

DBAW vs. USSG - Volatility Comparison

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) has a higher volatility of 4.84% compared to Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) at 4.34%. This indicates that DBAW's price experiences larger fluctuations and is considered to be riskier than USSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBAW	USSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	4.34%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	12.92%	11.32%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	14.66%	14.18%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.05%	17.76%	-3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.22%	20.09%	-4.87%

DBAW vs. USSG - Expense Ratio Comparison

DBAW has a 0.41% expense ratio, which is higher than USSG's 0.10% expense ratio.

Dividends

DBAW vs. USSG - Dividend Comparison

DBAW's dividend yield for the trailing twelve months is around 1.70%, more than USSG's 0.96% 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%
USSG Xtrackers MSCI USA ESG Leaders Equity ETF	0.96%	1.02%	1.13%	1.60%	1.52%	1.13%	1.42%	1.21%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBAW and USSG in my portfolio?

DBAW and USSG have a correlation of 0.75, 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 USSG?

DBAW has higher volatility (4.84%) compared to USSG (4.34%). In terms of maximum drawdown, DBAW dropped -31.44% vs USSG's -34.10%.

Which ETF is better, DBAW or USSG?

On 5-year performance, USSG leads with 13.20% vs 11.27% for DBAW. On fees, USSG is cheaper at 0.10% per year. On volatility, USSG has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBAW or USSG?

Over the 5-year period, USSG has performed better with a 13.20% return vs 11.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBAW or USSG?

USSG is cheaper with a 0.10% expense ratio, compared with 0.41% for DBAW.

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

DBAW has the higher dividend yield at 1.70%, compared with 0.96% for USSG.

What is the main difference between DBAW and USSG?

DBAW is categorized as Foreign Large Cap Equities, while USSG is Large Cap Growth Equities. DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index, while USSG tracks MSCI USA ESG Leaders. Their fees differ too: 0.41% for DBAW and 0.10% for USSG.

Which has better risk-adjusted returns?

DBAW currently has the higher Sharpe Ratio (2.19 vs 1.72), 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.