DBEF vs. DXJ

Last updated Jun 13, 2026

DBEF (Xtrackers MSCI EAFE Hedged Equity ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - DBEF is a Hedge Fund fund tracking the MSCI EAFE US Dollar Hedged Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, DBEF returned 12.79%/yr vs 18.72%/yr for DXJ. A 0.77 correlation means they provide meaningful diversification when combined. DBEF charges 0.36%/yr vs 0.48%/yr for DXJ.

Performance

DBEF vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) and WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBEF achieves a 11.60% return, which is significantly lower than DXJ's 18.74% return. Over the past 10 years, DBEF has underperformed DXJ with an annualized return of 12.79%, while DXJ has yielded a comparatively higher 18.72% annualized return.

DBEF

• 1D: 0.36%
• 1M: 2.78%
• YTD: 11.60%
• 6M: 13.17%
• 1Y: 25.45%
• 3Y*: 17.82%
• 5Y*: 13.20%
• 10Y*: 12.79%

DXJ

• 1D: 0.74%
• 1M: -0.20%
• YTD: 18.74%
• 6M: 19.84%
• 1Y: 53.35%
• 3Y*: 30.91%
• 5Y*: 26.01%
• 10Y*: 18.72%

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

DBEF vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	11.60%	23.16%	13.40%	20.15%	-5.13%	19.60%	2.03%	24.94%	-9.52%	16.74%
DXJ WisdomTree Japan Hedged Equity Fund	18.74%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Correlation

The correlation between DBEF and DXJ is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 9, 2011	0.77

The correlation between DBEF and DXJ has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

DBEF vs. DXJ - Sectors Allocation Comparison

Sectors	DBEF	DXJ
Financial Services	24.6%	18.3%
Industrials	19.9%	27.4%
Healthcare	10.5%	6.8%
Technology	10.3%	12.9%
Consumer Cyclical	7.5%	15.6%
Consumer Defensive	6.8%	4.7%
Basic Materials	5.9%	8.5%
Communication Services	4.5%	2.7%
Energy	4.1%	1.7%
Utilities	3.9%	0.1%
Real Estate	1.9%	-

Return for Risk

DBEF vs. DXJ — Risk / Return Rank

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

DBEF

DBEF Risk / Return Rank: 69
DBEF Sharpe Ratio Rank: 71
DBEF Sortino Ratio Rank: 72
DBEF Omega Ratio Rank: 72
DBEF Calmar Ratio Rank: 62
DBEF Martin Ratio Rank: 71

DXJ

DXJ Risk / Return Rank: 92
DXJ Sharpe Ratio Rank: 93
DXJ Sortino Ratio Rank: 93
DXJ Omega Ratio Rank: 92
DXJ Calmar Ratio Rank: 90
DXJ Martin Ratio Rank: 91

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.

DBEF vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) and WisdomTree Japan Hedged Equity Fund (DXJ). 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.

	DBEF	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.98	3.02	-1.04
Sortino ratio: Return per unit of downside risk	2.80	4.04	-1.24
Omega ratio: Gain probability vs. loss probability	1.37	1.54	-0.17
Calmar ratio: Return relative to maximum drawdown	2.72	4.88	-2.17
Martin ratio: Return relative to average drawdown	11.46	18.93	-7.47

DBEF vs. DXJ - Sharpe Ratio Comparison

The current DBEF Sharpe Ratio is 1.98, which is lower than the DXJ Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of DBEF and DXJ, 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

DBEF vs. DXJ - Drawdown Comparison

The maximum DBEF drawdown since its inception was -32.46%, smaller than the maximum DXJ drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for DBEF and DXJ.

Drawdown Indicators

	DBEF	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-32.46%	-49.63%	+17.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-10.98%	+1.57%
Max Drawdown (3Y) Largest decline over 3 years	-14.62%	-22.19%	+7.57%
Max Drawdown (5Y) Largest decline over 5 years	-14.95%	-22.19%	+7.24%
Max Drawdown (10Y) Largest decline over 10 years	-32.46%	-39.14%	+6.68%
Current Drawdown Current decline from peak	0.00%	-1.34%	+1.34%
Average Drawdown Average peak-to-trough decline	-4.73%	-14.32%	+9.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.83%	-0.60%

Volatility

DBEF vs. DXJ - Volatility Comparison

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) and WisdomTree Japan Hedged Equity Fund (DXJ) have volatilities of 4.58% and 4.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEF	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.64%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	13.56%	-2.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.89%	17.73%	-4.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.84%	19.02%	-5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.80%	20.17%	-4.37%

DBEF vs. DXJ - Expense Ratio Comparison

DBEF has a 0.36% expense ratio, which is lower than DXJ's 0.48% expense ratio.

Dividends

DBEF vs. DXJ - Dividend Comparison

DBEF's dividend yield for the trailing twelve months is around 4.97%, more than DXJ's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	4.97%	5.55%	1.29%	4.46%	15.85%	2.28%	2.41%	3.03%	3.22%	2.98%	2.55%	3.70%
DXJ WisdomTree Japan Hedged Equity Fund	1.09%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%

Frequently Asked Questions

Can I hold both DBEF and DXJ in my portfolio?

DBEF and DXJ 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, DBEF or DXJ?

DXJ has higher volatility (4.64%) compared to DBEF (4.58%). In terms of maximum drawdown, DBEF dropped -32.46% vs DXJ's -49.63%.

Which ETF is better, DBEF or DXJ?

On 10-year performance, DXJ leads with 18.72% vs 12.79% for DBEF. On fees, DBEF is cheaper at 0.36% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEF or DXJ?

Over the 10-year period, DXJ has performed better with a 18.72% return vs 12.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEF or DXJ?

DBEF is cheaper with a 0.36% expense ratio, compared with 0.48% for DXJ.

Which ETF pays a higher dividend yield, DBEF or DXJ?

DBEF has the higher dividend yield at 4.97%, compared with 1.09% for DXJ.

What is the main difference between DBEF and DXJ?

DBEF is categorized as Hedge Fund, while DXJ is Japan Equities. DBEF tracks MSCI EAFE US Dollar Hedged Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: DWS and WisdomTree. Their fees differ too: 0.36% for DBEF and 0.48% for DXJ.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (3.02 vs 1.98), 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.