DBEM vs. XCEM

Last updated Jun 24, 2026

DBEM (Xtrackers MSCI Emerging Markets Hedged Equity ETF) and XCEM (Columbia EM Core ex-China ETF) are both Emerging Markets Equities funds - DBEM tracks the MSCI EM US Dollar Hedged Index while XCEM tracks the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 10 years, DBEM returned 10.69%/yr vs 12.62%/yr for XCEM. A 0.75 correlation means they provide meaningful diversification when combined. DBEM charges 0.66%/yr vs 0.16%/yr for XCEM.

Performance

DBEM vs. XCEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and Columbia EM Core ex-China ETF (XCEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBEM achieves a 27.92% return, which is significantly lower than XCEM's 34.20% return. Over the past 10 years, DBEM has underperformed XCEM with an annualized return of 10.69%, while XCEM has yielded a comparatively higher 12.62% annualized return.

DBEM

• 1D: -5.21%
• 1M: 2.97%
• YTD: 27.92%
• 6M: 28.44%
• 1Y: 54.61%
• 3Y*: 24.78%
• 5Y*: 9.17%
• 10Y*: 10.69%

XCEM

• 1D: -6.33%
• 1M: 4.21%
• YTD: 34.20%
• 6M: 36.41%
• 1Y: 61.17%
• 3Y*: 24.94%
• 5Y*: 11.50%
• 10Y*: 12.62%

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

DBEM vs. XCEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	27.92%	30.42%	10.61%	10.53%	-17.00%	-2.26%	18.12%	16.77%	-10.81%	27.10%
XCEM Columbia EM Core ex-China ETF	34.20%	34.05%	0.42%	19.96%	-17.59%	7.87%	9.47%	19.74%	-11.75%	34.78%

Correlation

The correlation between DBEM and XCEM is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 2, 2015	0.75

The correlation between DBEM and XCEM shifts across timeframes, from 0.75 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

DBEM vs. XCEM - Sectors Allocation Comparison

Sectors	DBEM	XCEM
Technology	43.6%	37.1%
Financial Services	17.9%	22.8%
Consumer Cyclical	8.4%	6.3%
Industrials	6.7%	9.7%
Communication Services	6.1%	4.2%
Basic Materials	6.0%	6.4%
Energy	3.5%	3.8%
Consumer Defensive	2.5%	3.0%
Healthcare	2.5%	2.9%
Utilities	1.8%	1.9%
Real Estate	1.0%	1.8%

Return for Risk

DBEM vs. XCEM — Risk / Return Rank

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

DBEM

DBEM Risk / Return Rank: 87
DBEM Sharpe Ratio Rank: 87
DBEM Sortino Ratio Rank: 80
DBEM Omega Ratio Rank: 86
DBEM Calmar Ratio Rank: 90
DBEM Martin Ratio Rank: 90

XCEM

XCEM Risk / Return Rank: 82
XCEM Sharpe Ratio Rank: 83
XCEM Sortino Ratio Rank: 74
XCEM Omega Ratio Rank: 83
XCEM Calmar Ratio Rank: 83
XCEM Martin Ratio Rank: 84

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.

DBEM vs. XCEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and Columbia EM Core ex-China ETF (XCEM). 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.

	DBEM	XCEM	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.53	+0.12
Sortino ratio: Return per unit of downside risk	3.28	3.12	+0.15
Omega ratio: Gain probability vs. loss probability	1.49	1.47	+0.02
Calmar ratio: Return relative to maximum drawdown	5.22	4.25	+0.97
Martin ratio: Return relative to average drawdown	19.15	16.39	+2.76

DBEM vs. XCEM - Sharpe Ratio Comparison

The current DBEM Sharpe Ratio is 2.65, which is comparable to the XCEM Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of DBEM and XCEM, 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

DBEM vs. XCEM - Drawdown Comparison

The maximum DBEM drawdown since its inception was -33.51%, smaller than the maximum XCEM drawdown of -41.24%. Use the drawdown chart below to compare losses from any high point for DBEM and XCEM.

Drawdown Indicators

	DBEM	XCEM	Difference
Max Drawdown Largest peak-to-trough decline	-33.51%	-41.24%	+7.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-14.46%	+3.95%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-18.92%	+3.80%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-29.57%	-0.91%
Max Drawdown (10Y) Largest decline over 10 years	-33.51%	-41.24%	+7.73%
Current Drawdown Current decline from peak	-5.21%	-6.33%	+1.12%
Average Drawdown Average peak-to-trough decline	-11.66%	-8.57%	-3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	3.74%	-0.88%

Volatility

DBEM vs. XCEM - Volatility Comparison

The current volatility for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) is 11.58%, while Columbia EM Core ex-China ETF (XCEM) has a volatility of 14.01%. This indicates that DBEM experiences smaller price fluctuations and is considered to be less risky than XCEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEM	XCEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.58%	14.01%	-2.43%
Volatility (6M) Calculated over the trailing 6-month period	18.66%	22.56%	-3.90%
Volatility (1Y) Calculated over the trailing 1-year period	20.69%	24.28%	-3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	18.60%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.39%	19.94%	-2.55%

DBEM vs. XCEM - Expense Ratio Comparison

DBEM has a 0.66% expense ratio, which is higher than XCEM's 0.16% expense ratio.

Dividends

DBEM vs. XCEM - Dividend Comparison

DBEM's dividend yield for the trailing twelve months is around 2.06%, less than XCEM's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	2.06%	1.84%	2.48%	2.55%	2.65%	1.77%	1.74%	2.59%	2.85%	1.51%	1.59%	3.49%
XCEM Columbia EM Core ex-China ETF	2.42%	3.25%	2.76%	1.22%	2.42%	1.94%	1.63%	2.11%	2.70%	9.56%	1.24%	2.63%

Frequently Asked Questions

Can I hold both DBEM and XCEM in my portfolio?

DBEM and XCEM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBEM or XCEM?

XCEM has higher volatility (14.01%) compared to DBEM (11.58%). In terms of maximum drawdown, DBEM dropped -33.51% vs XCEM's -41.24%.

Which ETF is better, DBEM or XCEM?

On 10-year performance, XCEM leads with 12.62% vs 10.69% for DBEM. On fees, XCEM is cheaper at 0.16% per year. On volatility, DBEM has been the lower-risk option at 11.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEM or XCEM?

Over the 10-year period, XCEM has performed better with a 12.62% return vs 10.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEM or XCEM?

XCEM is cheaper with a 0.16% expense ratio, compared with 0.66% for DBEM.

Which ETF pays a higher dividend yield, DBEM or XCEM?

XCEM has the higher dividend yield at 2.42%, compared with 2.06% for DBEM.

What is the main difference between DBEM and XCEM?

DBEM tracks MSCI EM US Dollar Hedged Index, while XCEM tracks MSCI Emerging Markets ex China Index. They also come from different issuers: Deutsche Bank and Ameriprise Financial. Their fees differ too: 0.66% for DBEM and 0.16% for XCEM.

Which has better risk-adjusted returns?

DBEM currently has the higher Sharpe Ratio (2.65 vs 2.53), 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.