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DBJP vs. EWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBJP vs. EWJ

Last updated Aug 2, 2026
Documentation

DBJP (Xtrackers MSCI Japan Hedged Equity ETF) and EWJ (iShares MSCI Japan ETF) are both Japan Equities funds - DBJP tracks the MSCI Japan US Dollar Hedged Index while EWJ tracks the MSCI Japan Index. Both are passively managed. Over the past 10 years, DBJP returned 16.78%/yr vs 8.96%/yr for EWJ. Their correlation of 0.82 means they have usually moved in the same direction. DBJP charges 0.45%/yr vs 0.49%/yr for EWJ.

Performance

DBJP vs. EWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and iShares MSCI Japan ETF (EWJ). 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 19.08% return, which is significantly higher than EWJ's 15.05% return. Over the past 10 years, DBJP has outperformed EWJ with an annualized return of 16.78%, while EWJ has yielded a comparatively lower 8.96% annualized return.

DBJP

1D
-0.85%
1M
-1.87%
6M
13.49%
YTD
19.08%
1Y
45.39%
3Y*
26.50%
5Y*
21.84%
10Y*
16.78%
ALL TIME*
13.96%

EWJ

1D
-0.96%
1M
-0.81%
6M
8.37%
YTD
15.05%
1Y
30.10%
3Y*
17.16%
5Y*
9.17%
10Y*
8.96%
ALL TIME*
2.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DBJP

Xtrackers MSCI Japan Hedged Equity ETF
$2.67M$5.11M$4.76M

EWJ

iShares MSCI Japan ETF
$420.68M$453.45M$519.58M

DBJP vs. EWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		19.08%29.51%25.53%36.21%-4.19%13.04%10.53%20.87%-14.82%21.24%
EWJ
iShares MSCI Japan ETF		15.05%25.84%7.03%20.29%-17.72%1.16%15.40%19.34%-14.10%24.27%

Correlation

The correlation between DBJP and EWJ is 0.91, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.91

Correlation (3Y)
Balances recent behavior with more history.

0.85

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.83

Correlation (10Y)
Provides a long-term view across more market conditions.

0.85

Correlation (All Time)
Calculated using the full available price history since Jun 9, 2011

0.82

The correlation between DBJP and EWJ has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

DBJP vs. EWJ - Sectors Allocation Comparison

Sectors
DBJP
EWJ

Technology

24.9%
24.9%

Industrials

22.8%
22.9%

Financial Services

17.6%
17.6%

Consumer Cyclical

11.2%
11.2%

Communication Services

8.1%
8.1%

Healthcare

5.3%
5.3%

Consumer Defensive

3.4%
3.4%

Basic Materials

3.1%
3.1%

Real Estate

1.9%
1.9%

Utilities

1.0%
1.0%

Energy

0.8%
0.8%

Technology

DBJP
24.9%
EWJ
24.9%

Industrials

DBJP
22.8%
EWJ
22.9%

Financial Services

DBJP
17.6%
EWJ
17.6%

Consumer Cyclical

DBJP
11.2%
EWJ
11.2%

Communication Services

DBJP
8.1%
EWJ
8.1%

Healthcare

DBJP
5.3%
EWJ
5.3%

Consumer Defensive

DBJP
3.4%
EWJ
3.4%

Basic Materials

DBJP
3.1%
EWJ
3.1%

Real Estate

DBJP
1.9%
EWJ
1.9%

Utilities

DBJP
1.0%
EWJ
1.0%

Energy

DBJP
0.8%
EWJ
0.8%

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

iShares MSCI Japan ETF

Often compared with DBJP:
DBJP vs. DXJDBJP vs. HEWJDBJP vs. BBJPDBJP vs. FLJPDBJP vs. FLJHDBJP vs. HEFADBJP vs. FJSCX
Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN

Return for Risk

DBJP vs. EWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
DBJP
DBJP Risk / Return Rank: 8989
Overall Rank
DBJP Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
DBJP Sortino Ratio Rank: 8787
Sortino Ratio Rank
DBJP Omega Ratio Rank: 8686
Omega Ratio Rank
DBJP Calmar Ratio Rank: 9292
Calmar Ratio Rank
DBJP Martin Ratio Rank: 9090
Martin Ratio Rank
EWJ
EWJ Risk / Return Rank: 6464
Overall Rank
EWJ Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 6363
Sortino Ratio Rank
EWJ Omega Ratio Rank: 6666
Omega Ratio Rank
EWJ Calmar Ratio Rank: 6666
Calmar Ratio Rank
EWJ Martin Ratio Rank: 6262
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DBJP vs. EWJ - Risk-Adjusted Trends Comparison

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

DBJPEWJDifference
Sharpe ratioReturn per unit of total volatility
2.16
1.48

+0.68

Sortino ratioReturn per unit of downside risk
2.90
2.11

+0.79

Omega ratioGain probability vs. loss probability

1.38

1.28

+0.10

Calmar ratioReturn relative to maximum drawdown

4.16

2.28

+1.88

Martin ratioReturn relative to average drawdown

14.40

7.33

+7.07

DBJP vs. EWJ - Sharpe Ratio Comparison

The current DBJP Sharpe Ratio is 2.16, which is higher than the EWJ Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of DBJP and EWJ, 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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Drawdowns

DBJP vs. EWJ - Drawdown Comparison

The maximum DBJP drawdown since its inception was -31.30%, smaller than the maximum EWJ drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for DBJP and EWJ.

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Drawdown Indicators

DBJPEWJDifference

Max Drawdown

Largest peak-to-trough decline

-31.30%

-60.93%

+29.63%

Max Drawdown (1Y)

Largest decline over 1 year

-10.39%

-13.59%

+3.20%

Max Drawdown (3Y)

Largest decline over 3 years

-21.50%

-14.68%

-6.82%

Max Drawdown (5Y)

Largest decline over 5 years

-21.50%

-33.14%

+11.64%

Max Drawdown (10Y)

Largest decline over 10 years

-31.30%

-33.14%

+1.84%

Current Drawdown

Current decline from peak

-5.87%

-4.72%

-1.15%

Average Drawdown

Average peak-to-trough decline

-7.25%

-21.64%

+14.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.00%

4.23%

-1.23%

Volatility

DBJP vs. EWJ - Volatility Comparison

The current volatility for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) is 6.41%, while iShares MSCI Japan ETF (EWJ) has a volatility of 7.64%. This indicates that DBJP experiences smaller price fluctuations and is considered to be less risky than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBJPEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.41%

7.64%

-1.23%

Volatility (6M)

Calculated over the trailing 6-month period

15.94%

17.70%

-1.76%

Volatility (1Y)

Calculated over the trailing 1-year period

20.03%

20.96%

-0.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.24%

18.69%

+0.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.27%

17.45%

+1.82%

DBJP vs. EWJ - Expense Ratio Comparison

DBJP has a 0.45% expense ratio, which is lower than EWJ's 0.49% expense ratio.

Dividends

DBJP vs. EWJ - Dividend Comparison

DBJP's dividend yield for the trailing twelve months is around 1.27%, less than EWJ's 3.86% yield.

PositionTTM20252024202320222021202020192018201720162015
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		1.27%2.81%2.80%5.21%0.80%2.30%2.53%2.56%3.87%2.07%1.13%5.95%
EWJ
iShares MSCI Japan ETF		3.86%4.52%2.34%2.03%1.23%2.08%1.04%2.03%1.71%1.25%1.95%1.27%

Frequently Asked Questions

With a correlation of 0.91, DBJP and EWJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

EWJ has higher volatility (7.64%) compared to DBJP (6.41%). In terms of maximum drawdown, DBJP dropped -31.30% vs EWJ's -60.93%.

On 10-year performance, DBJP leads with 16.78% vs 8.96% for EWJ. On fees, DBJP is cheaper at 0.45% per year. On volatility, DBJP has been the lower-risk option at 6.41%. 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 16.78% return vs 8.96%. 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 0.49% for EWJ.

EWJ has the higher dividend yield at 3.86%, compared with 1.27% for DBJP.

DBJP tracks MSCI Japan US Dollar Hedged Index, while EWJ tracks MSCI Japan Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.45% for DBJP and 0.49% for EWJ.

DBJP currently has the higher Sharpe Ratio (2.16 vs 1.48), 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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