DBEZ vs. DBJP

Last updated Jun 25, 2026

DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) and DBJP (Xtrackers MSCI Japan Hedged Equity ETF) are both exchange-traded funds - DBEZ is a Europe Equities fund tracking the MSCI EMU IMI 100% Hedged to USD Net Variant, while DBJP is a Japan Equities fund tracking the MSCI Japan US Dollar Hedged Index. Both are passively managed. Over the past 10 years, DBEZ returned 12.84%/yr vs 17.48%/yr for DBJP. A 0.69 correlation means they provide meaningful diversification when combined. DBEZ charges 0.47%/yr vs 0.45%/yr for DBJP.

Performance

DBEZ vs. DBJP - Performance Comparison

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

Returns By Period

In the year-to-date period, DBEZ achieves a 11.85% return, which is significantly lower than DBJP's 21.11% return. Over the past 10 years, DBEZ has underperformed DBJP with an annualized return of 12.84%, while DBJP has yielded a comparatively higher 17.48% annualized return.

DBEZ

• 1D: -0.46%
• 1M: 2.92%
• YTD: 11.85%
• 6M: 12.32%
• 1Y: 22.83%
• 3Y*: 18.29%
• 5Y*: 12.06%
• 10Y*: 12.84%

DBJP

• 1D: 0.07%
• 1M: 3.53%
• YTD: 21.11%
• 6M: 21.43%
• 1Y: 53.86%
• 3Y*: 28.48%
• 5Y*: 21.53%
• 10Y*: 17.48%

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

DBEZ vs. DBJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	11.85%	26.14%	9.51%	21.78%	-10.13%	23.52%	0.36%	29.94%	-10.81%	15.62%
DBJP Xtrackers MSCI Japan Hedged Equity ETF	21.11%	29.51%	25.53%	36.21%	-4.19%	13.04%	10.53%	20.87%	-14.82%	21.24%

Correlation

The correlation between DBEZ and DBJP is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 15, 2014	0.69

The correlation between DBEZ and DBJP shifts across timeframes, from 0.57 (3 years) to 0.69 (all time), reflecting how their relationship changes across market environments.

DBEZ vs. DBJP - Sectors Allocation Comparison

Sectors	DBEZ	DBJP
Financial Services	22.6%	17.0%
Industrials	20.2%	24.5%
Technology	15.7%	21.7%
Consumer Cyclical	7.7%	11.9%
Utilities	5.8%	1.0%
Healthcare	5.2%	5.6%
Consumer Defensive	5.0%	3.3%
Communication Services	4.6%	8.9%
Basic Materials	4.2%	3.4%
Energy	3.5%	0.9%
Real Estate	1.1%	1.9%

Return for Risk

DBEZ vs. DBJP — Risk / Return Rank

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

DBEZ

DBEZ Risk / Return Rank: 50
DBEZ Sharpe Ratio Rank: 50
DBEZ Sortino Ratio Rank: 51
DBEZ Omega Ratio Rank: 49
DBEZ Calmar Ratio Rank: 47
DBEZ Martin Ratio Rank: 53

DBJP

DBJP Risk / Return Rank: 90
DBJP Sharpe Ratio Rank: 90
DBJP Sortino Ratio Rank: 88
DBJP Omega Ratio Rank: 88
DBJP Calmar Ratio Rank: 91
DBJP Martin Ratio Rank: 92

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.

DBEZ vs. DBJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) and Xtrackers MSCI Japan Hedged Equity ETF (DBJP). 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.

	DBEZ	DBJP	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.72	-1.19
Sortino ratio: Return per unit of downside risk	2.20	3.58	-1.38
Omega ratio: Gain probability vs. loss probability	1.28	1.49	-0.21
Calmar ratio: Return relative to maximum drawdown	2.08	5.21	-3.13
Martin ratio: Return relative to average drawdown	8.22	19.84	-11.62

DBEZ vs. DBJP - Sharpe Ratio Comparison

The current DBEZ Sharpe Ratio is 1.53, which is lower than the DBJP Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of DBEZ and DBJP, 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

DBEZ vs. DBJP - Drawdown Comparison

The maximum DBEZ drawdown since its inception was -38.76%, which is greater than DBJP's maximum drawdown of -31.30%. Use the drawdown chart below to compare losses from any high point for DBEZ and DBJP.

Drawdown Indicators

	DBEZ	DBJP	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-31.30%	-7.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-10.39%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-21.50%	+5.91%
Max Drawdown (5Y) Largest decline over 5 years	-23.38%	-21.50%	-1.88%
Max Drawdown (10Y) Largest decline over 10 years	-38.76%	-31.30%	-7.46%
Current Drawdown Current decline from peak	-2.10%	-4.26%	+2.16%
Average Drawdown Average peak-to-trough decline	-5.78%	-7.27%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	2.72%	+0.07%

Volatility

DBEZ vs. DBJP - Volatility Comparison

The current volatility for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) is 5.01%, while Xtrackers MSCI Japan Hedged Equity ETF (DBJP) has a volatility of 7.91%. This indicates that DBEZ experiences smaller price fluctuations and is considered to be less risky than DBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEZ	DBJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	7.91%	-2.90%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	15.44%	-2.75%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	19.90%	-4.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	19.18%	-2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.13%	19.30%	-1.17%

DBEZ vs. DBJP - Expense Ratio Comparison

DBEZ has a 0.47% expense ratio, which is higher than DBJP's 0.45% expense ratio.

Dividends

DBEZ vs. DBJP - Dividend Comparison

DBEZ's dividend yield for the trailing twelve months is around 1.28%, more than DBJP's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	1.28%	4.20%	0.62%	1.84%	1.68%	1.64%	1.99%	2.86%	2.56%	2.11%	3.42%	4.92%
DBJP Xtrackers MSCI Japan Hedged Equity ETF	1.25%	2.81%	2.80%	5.21%	0.80%	2.30%	2.53%	2.56%	3.87%	2.07%	1.13%	5.95%

Frequently Asked Questions

Can I hold both DBEZ and DBJP in my portfolio?

DBEZ and DBJP have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBEZ or DBJP?

DBJP has higher volatility (7.91%) compared to DBEZ (5.01%). In terms of maximum drawdown, DBEZ dropped -38.76% vs DBJP's -31.30%.

Which ETF is better, DBEZ or DBJP?

On 10-year performance, DBJP leads with 17.48% vs 12.84% for DBEZ. On fees, DBJP is cheaper at 0.45% per year. On volatility, DBEZ has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEZ or DBJP?

Over the 10-year period, DBJP has performed better with a 17.48% return vs 12.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEZ or DBJP?

DBJP is cheaper with a 0.45% expense ratio, compared with 0.47% for DBEZ.

Which ETF pays a higher dividend yield, DBEZ or DBJP?

DBEZ has the higher dividend yield at 1.28%, compared with 1.25% for DBJP.

What is the main difference between DBEZ and DBJP?

DBEZ is categorized as Europe Equities, while DBJP is Japan Equities. DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant, while DBJP tracks MSCI Japan US Dollar Hedged Index. They also come from different issuers: Deutsche Bank and Xtrackers. Their fees differ too: 0.47% for DBEZ and 0.45% for DBJP.

Which has better risk-adjusted returns?

DBJP currently has the higher Sharpe Ratio (2.72 vs 1.53), 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.