DBAW vs. VOO

Last updated Jun 23, 2026

DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) and VOO (Vanguard S&P 500 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 VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DBAW returned 12.30%/yr vs 15.77%/yr for VOO. A 0.77 correlation means they provide meaningful diversification when combined. DBAW charges 0.41%/yr vs 0.03%/yr for VOO.

Performance

DBAW vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBAW achieves a 19.37% return, which is significantly higher than VOO's 9.75% return. Over the past 10 years, DBAW has underperformed VOO with an annualized return of 12.30%, while VOO has yielded a comparatively higher 15.77% annualized return.

DBAW

• 1D: 0.47%
• 1M: 5.47%
• YTD: 19.37%
• 6M: 19.97%
• 1Y: 39.95%
• 3Y*: 22.59%
• 5Y*: 12.02%
• 10Y*: 12.30%

VOO

• 1D: -0.29%
• 1M: 0.08%
• YTD: 9.75%
• 6M: 9.30%
• 1Y: 26.77%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

DBAW vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	19.37%	26.47%	14.35%	16.26%	-13.35%	13.08%	7.44%	22.96%	-10.38%	18.79%
VOO Vanguard S&P 500 ETF	9.75%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between DBAW and VOO is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 27, 2014	0.77

The correlation between DBAW and VOO has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

DBAW vs. VOO - Sectors Allocation Comparison

Sectors	DBAW	VOO
Financial Services	23.2%	10.9%
Technology	22.4%	39.1%
Industrials	14.3%	7.6%
Consumer Cyclical	7.6%	9.8%
Basic Materials	6.9%	1.7%
Healthcare	6.8%	8.3%
Consumer Defensive	5.0%	4.5%
Communication Services	4.9%	10.5%
Energy	4.8%	3.2%
Utilities	2.9%	2.5%
Real Estate	1.4%	1.8%

Return for Risk

DBAW vs. VOO — Risk / Return Rank

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

DBAW

DBAW Risk / Return Rank: 88
DBAW Sharpe Ratio Rank: 90
DBAW Sortino Ratio Rank: 89
DBAW Omega Ratio Rank: 91
DBAW Calmar Ratio Rank: 85
DBAW Martin Ratio Rank: 87

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 74

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. VOO - 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 Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.17	+0.75
Sortino ratio: Return per unit of downside risk	3.91	2.93	+0.98
Omega ratio: Gain probability vs. loss probability	1.57	1.39	+0.17
Calmar ratio: Return relative to maximum drawdown	4.46	3.02	+1.44
Martin ratio: Return relative to average drawdown	18.16	13.58	+4.58

DBAW vs. VOO - Sharpe Ratio Comparison

The current DBAW Sharpe Ratio is 2.92, which is higher than the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of DBAW and VOO, 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. VOO - Drawdown Comparison

The maximum DBAW drawdown since its inception was -31.44%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for DBAW and VOO.

Drawdown Indicators

	DBAW	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-31.44%	-33.99%	+2.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-8.90%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-18.69%	+4.58%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-24.52%	+6.65%
Max Drawdown (10Y) Largest decline over 10 years	-31.44%	-33.99%	+2.55%
Current Drawdown Current decline from peak	0.00%	-1.74%	+1.74%
Average Drawdown Average peak-to-trough decline	-4.98%	-3.68%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	1.98%	+0.23%

Volatility

DBAW vs. VOO - Volatility Comparison

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) has a higher volatility of 5.66% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that DBAW's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBAW	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	4.60%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	12.02%	9.73%	+2.29%
Volatility (1Y) Calculated over the trailing 1-year period	13.75%	12.39%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	16.90%	-2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.30%	18.05%	-2.75%

DBAW vs. VOO - Expense Ratio Comparison

DBAW has a 0.41% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

DBAW vs. VOO - Dividend Comparison

DBAW's dividend yield for the trailing twelve months is around 1.64%, more than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	1.64%	3.83%	1.70%	3.45%	8.81%	2.05%	2.08%	2.91%	2.93%	2.41%	1.99%	5.74%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both DBAW and VOO in my portfolio?

DBAW and VOO have a correlation of 0.80, 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 VOO?

DBAW has higher volatility (5.66%) compared to VOO (4.60%). In terms of maximum drawdown, DBAW dropped -31.44% vs VOO's -33.99%.

Which ETF is better, DBAW or VOO?

On 10-year performance, VOO leads with 15.77% vs 12.30% for DBAW. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBAW or VOO?

Over the 10-year period, VOO has performed better with a 15.77% return vs 12.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBAW or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.41% for DBAW.

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

DBAW has the higher dividend yield at 1.64%, compared with 1.04% for VOO.

What is the main difference between DBAW and VOO?

DBAW is categorized as Foreign Large Cap Equities, while VOO is S&P 500. DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index, while VOO tracks S&P 500 Index. They also come from different issuers: Deutsche Bank and Vanguard. Their fees differ too: 0.41% for DBAW and 0.03% for VOO.

Which has better risk-adjusted returns?

DBAW currently has the higher Sharpe Ratio (2.92 vs 2.17), 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.