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DBJP vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBJP vs. BNO

Last updated Jun 4, 2026

DBJP (Xtrackers MSCI Japan Hedged Equity ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - DBJP is a Japan Equities fund tracking the MSCI Japan US Dollar Hedged Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, DBJP returned 16.54%/yr vs 13.60%/yr for BNO. At a 0.16 correlation, their price movements are largely independent. DBJP charges 0.45%/yr vs 0.90%/yr for BNO.

Performance

DBJP vs. BNO - Performance Comparison

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

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Returns By Period

In the year-to-date period, DBJP achieves a 20.51% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, DBJP has outperformed BNO with an annualized return of 16.54%, while BNO has yielded a comparatively lower 13.60% annualized return.

DBJP

1D
0.81%
1M
8.88%
YTD
20.51%
6M
24.02%
1Y
52.66%
3Y*
29.04%
5Y*
21.44%
10Y*
16.54%

BNO

1D
1.99%
1M
-10.29%
YTD
90.47%
6M
86.00%
1Y
91.89%
3Y*
27.93%
5Y*
24.16%
10Y*
13.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBJP vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		20.51%29.51%25.53%36.21%-4.19%13.04%10.53%20.87%-14.82%21.24%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between DBJP and BNO is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.23

Correlation (3Y)
Calculated over the trailing 3-year period

-0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Jun 10, 2011

0.16

The correlation between DBJP and BNO shifts across timeframes, from -0.23 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Xtrackers MSCI Japan Hedged Equity ETF

United States Brent Oil Fund LP

Often compared with DBJP:
DBJP vs. DXJDBJP vs. HEWJDBJP vs. BBJPDBJP vs. EWJDBJP vs. FLJHDBJP vs. FLJPDBJP vs. HEFA
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

DBJP vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBJP
DBJP Risk / Return Rank: 8686
Overall Rank
DBJP Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
DBJP Sortino Ratio Rank: 8585
Sortino Ratio Rank
DBJP Omega Ratio Rank: 8383
Omega Ratio Rank
DBJP Calmar Ratio Rank: 8888
Calmar Ratio Rank
DBJP Martin Ratio Rank: 8888
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

DBJP vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and United States Brent Oil Fund LP (BNO). 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.

DBJPBNODifference
Sharpe ratioReturn per unit of total volatility
2.83
2.23

+0.60

Sortino ratioReturn per unit of downside risk
3.89
2.73

+1.17

Omega ratioGain probability vs. loss probability

1.51

1.38

+0.13

Calmar ratioReturn relative to maximum drawdown

5.09

5.17

-0.08

Martin ratioReturn relative to average drawdown

19.86

9.76

+10.10

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBJP vs. BNO - Sharpe Ratio Comparison

The current DBJP Sharpe Ratio is 2.83, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of DBJP and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DBJPBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.83

2.23

+0.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.14

0.69

+0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.85

0.37

+0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.14

+0.54

Drawdowns

DBJP vs. BNO - Drawdown Comparison

The maximum DBJP drawdown since its inception was -31.30%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for DBJP and BNO.

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Drawdown Indicators

DBJPBNODifference

Max Drawdown

Largest peak-to-trough decline

-31.30%

-87.06%

+55.76%

Max Drawdown (1Y)

Largest decline over 1 year

-10.39%

-17.87%

+7.48%

Max Drawdown (3Y)

Largest decline over 3 years

-21.50%

-23.75%

+2.25%

Max Drawdown (5Y)

Largest decline over 5 years

-21.50%

-33.70%

+12.20%

Max Drawdown (10Y)

Largest decline over 10 years

-31.30%

-75.18%

+43.88%

Current Drawdown

Current decline from peak

0.00%

-10.29%

+10.29%

Average Drawdown

Average peak-to-trough decline

-7.29%

-40.17%

+32.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.66%

9.45%

-6.79%

Volatility

DBJP vs. BNO - Volatility Comparison

The current volatility for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) is 3.85%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that DBJP experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBJPBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.85%

14.22%

-10.37%

Volatility (6M)

Calculated over the trailing 6-month period

13.79%

36.10%

-22.31%

Volatility (1Y)

Calculated over the trailing 1-year period

18.69%

41.46%

-22.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.93%

35.38%

-16.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.46%

36.68%

-17.22%

DBJP vs. BNO - Expense Ratio Comparison

DBJP has a 0.45% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

DBJP vs. BNO - Dividend Comparison

DBJP's dividend yield for the trailing twelve months is around 2.34%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BNO
United States Brent Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		2.34%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

DBJP and BNO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.22%) compared to DBJP (3.85%). In terms of maximum drawdown, DBJP dropped -31.30% vs BNO's -87.06%.

On 10-year performance, DBJP leads with 16.54% vs 13.60% for BNO. On fees, DBJP is cheaper at 0.45% per year. On volatility, DBJP has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBJP has performed better with a 16.54% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBJP is cheaper with a 0.45% expense ratio, compared with 0.90% for BNO.

DBJP has the higher dividend yield at 2.34%, compared with 0.00% for BNO.

DBJP is categorized as Japan Equities, while BNO is Oil & Gas. DBJP tracks MSCI Japan US Dollar Hedged Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Xtrackers and Concierge Technologies. Their fees differ too: 0.45% for DBJP and 0.90% for BNO.

DBJP currently has the higher Sharpe Ratio (2.83 vs 2.23), 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.

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