DBJP vs. BOXX

Last updated Jun 24, 2026

DBJP (Xtrackers MSCI Japan Hedged Equity ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - DBJP is a Japan Equities fund tracking the MSCI Japan US Dollar Hedged Index, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past 3 years, DBJP returned 28.45%/yr vs 4.70%/yr for BOXX. At a correlation of -0.04, they often move in opposite directions. DBJP charges 0.45%/yr vs 0.19%/yr for BOXX.

Performance

DBJP vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBJP achieves a 21.03% return, which is significantly higher than BOXX's 1.70% return.

DBJP

• 1D: -4.33%
• 1M: 3.46%
• YTD: 21.03%
• 6M: 21.10%
• 1Y: 53.92%
• 3Y*: 28.45%
• 5Y*: 21.61%
• 10Y*: 17.47%

BOXX

• 1D: -0.02%
• 1M: 0.16%
• YTD: 1.70%
• 6M: 1.82%
• 1Y: 3.98%
• 3Y*: 4.70%
• 5Y*: —
• 10Y*: —

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

DBJP vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DBJP Xtrackers MSCI Japan Hedged Equity ETF	21.03%	29.51%	25.53%	36.21%	-2.22%
BOXX Alpha Architect 1-3 Month Box ETF	1.70%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between DBJP and BOXX is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022	-0.04

Return for Risk

DBJP vs. BOXX — Risk / Return Rank

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

DBJP

DBJP Risk / Return Rank: 88
DBJP Sharpe Ratio Rank: 88
DBJP Sortino Ratio Rank: 85
DBJP Omega Ratio Rank: 85
DBJP Calmar Ratio Rank: 90
DBJP Martin Ratio Rank: 91

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 99
BOXX Omega Ratio Rank: 99
BOXX Calmar Ratio Rank: 99
BOXX Martin Ratio Rank: 100

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. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and Alpha Architect 1-3 Month Box ETF (BOXX). 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.

	DBJP	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	2.72	12.43	-9.71
Sortino ratio: Return per unit of downside risk	3.58	35.10	-31.52
Omega ratio: Gain probability vs. loss probability	1.49	8.71	-7.22
Calmar ratio: Return relative to maximum drawdown	5.22	58.08	-52.86
Martin ratio: Return relative to average drawdown	19.97	496.82	-476.85

DBJP vs. BOXX - Sharpe Ratio Comparison

The current DBJP Sharpe Ratio is 2.72, which is lower than the BOXX Sharpe Ratio of 12.43. The chart below compares the historical Sharpe Ratios of DBJP and BOXX, 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

DBJP vs. BOXX - Drawdown Comparison

The maximum DBJP drawdown since its inception was -31.30%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for DBJP and BOXX.

Drawdown Indicators

	DBJP	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-31.30%	-0.12%	-31.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-0.07%	-10.32%
Max Drawdown (3Y) Largest decline over 3 years	-21.50%	-0.12%	-21.38%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.30%	—	—
Current Drawdown Current decline from peak	-4.33%	-0.02%	-4.31%
Average Drawdown Average peak-to-trough decline	-7.27%	-0.00%	-7.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	0.01%	+2.70%

Volatility

DBJP vs. BOXX - Volatility Comparison

Xtrackers MSCI Japan Hedged Equity ETF (DBJP) has a higher volatility of 7.92% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.12%. This indicates that DBJP's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBJP	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.92%	0.12%	+7.80%
Volatility (6M) Calculated over the trailing 6-month period	15.56%	0.26%	+15.30%
Volatility (1Y) Calculated over the trailing 1-year period	19.90%	0.32%	+19.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.18%	0.37%	+18.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.31%	0.37%	+18.94%

DBJP vs. BOXX - Expense Ratio Comparison

DBJP has a 0.45% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

DBJP vs. BOXX - Dividend Comparison

DBJP's dividend yield for the trailing twelve months is around 1.25%, while BOXX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	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	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 DBJP and BOXX in my portfolio?

DBJP and BOXX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBJP or BOXX?

DBJP has higher volatility (7.92%) compared to BOXX (0.12%). In terms of maximum drawdown, DBJP dropped -31.30% vs BOXX's -0.12%.

Which ETF is better, DBJP or BOXX?

On 3-year performance, DBJP leads with 28.45% vs 4.70% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBJP or BOXX?

Over the 3-year period, DBJP has performed better with a 28.45% return vs 4.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBJP or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.45% for DBJP.

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

DBJP has the higher dividend yield at 1.25%, compared with 0.00% for BOXX.

What is the main difference between DBJP and BOXX?

DBJP is categorized as Japan Equities, while BOXX is Ultrashort Bond. DBJP tracks MSCI Japan US Dollar Hedged Index, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: Xtrackers and Alpha Architect. Their fees differ too: 0.45% for DBJP and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.43 vs 2.72), 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.