DBJP vs. GSJY

Last updated Jun 24, 2026

DBJP (Xtrackers MSCI Japan Hedged Equity ETF) and GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) are both Japan Equities funds - DBJP tracks the MSCI Japan US Dollar Hedged Index while GSJY tracks the Goldman Sachs ActiveBeta Japan Equity Index. Both are passively managed. Over the past 10 years, DBJP returned 17.47%/yr vs 9.36%/yr for GSJY. Their correlation of 0.80 suggests significant overlap in exposure. DBJP charges 0.45%/yr vs 0.25%/yr for GSJY.

Performance

DBJP vs. GSJY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and Goldman Sachs ActiveBeta Japan Equity ETF (GSJY). 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 GSJY's 12.58% return. Over the past 10 years, DBJP has outperformed GSJY with an annualized return of 17.47%, while GSJY has yielded a comparatively lower 9.36% annualized 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%

GSJY

• 1D: -3.94%
• 1M: 1.06%
• YTD: 12.58%
• 6M: 11.90%
• 1Y: 31.84%
• 3Y*: 18.03%
• 5Y*: 8.87%
• 10Y*: 9.36%

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

DBJP vs. GSJY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBJP Xtrackers MSCI Japan Hedged Equity ETF	21.03%	29.51%	25.53%	36.21%	-4.19%	13.04%	10.53%	20.87%	-14.82%	21.24%
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	12.58%	26.22%	8.89%	19.18%	-16.15%	0.41%	13.81%	18.29%	-11.56%	25.50%

Correlation

The correlation between DBJP and GSJY 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	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Mar 4, 2016	0.80

The correlation between DBJP and GSJY has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

DBJP vs. GSJY - Sectors Allocation Comparison

Sectors	DBJP	GSJY
Industrials	24.5%	24.9%
Technology	21.7%	20.2%
Financial Services	17.0%	18.1%
Consumer Cyclical	11.9%	12.7%
Communication Services	8.9%	6.4%
Healthcare	5.6%	4.9%
Basic Materials	3.4%	3.7%
Consumer Defensive	3.3%	3.1%
Real Estate	1.9%	1.2%
Utilities	1.0%	1.5%
Energy	0.9%	3.4%

Return for Risk

DBJP vs. GSJY — 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

GSJY

GSJY Risk / Return Rank: 48
GSJY Sharpe Ratio Rank: 48
GSJY Sortino Ratio Rank: 48
GSJY Omega Ratio Rank: 49
GSJY Calmar Ratio Rank: 49
GSJY Martin Ratio Rank: 47

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. GSJY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and Goldman Sachs ActiveBeta Japan Equity ETF (GSJY). 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	GSJY	Difference
Sharpe ratio: Return per unit of total volatility	2.72	1.57	+1.16
Sortino ratio: Return per unit of downside risk	3.58	2.21	+1.37
Omega ratio: Gain probability vs. loss probability	1.49	1.29	+0.19
Calmar ratio: Return relative to maximum drawdown	5.22	2.27	+2.94
Martin ratio: Return relative to average drawdown	19.97	7.44	+12.53

DBJP vs. GSJY - Sharpe Ratio Comparison

The current DBJP Sharpe Ratio is 2.72, which is higher than the GSJY Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of DBJP and GSJY, 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. GSJY - Drawdown Comparison

The maximum DBJP drawdown since its inception was -31.30%, roughly equal to the maximum GSJY drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for DBJP and GSJY.

Drawdown Indicators

	DBJP	GSJY	Difference
Max Drawdown Largest peak-to-trough decline	-31.30%	-32.53%	+1.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-14.08%	+3.69%
Max Drawdown (3Y) Largest decline over 3 years	-21.50%	-14.96%	-6.54%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	-32.53%	+11.03%
Max Drawdown (10Y) Largest decline over 10 years	-31.30%	-32.53%	+1.23%
Current Drawdown Current decline from peak	-4.33%	-3.94%	-0.39%
Average Drawdown Average peak-to-trough decline	-7.27%	-7.56%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	4.29%	-1.58%

Volatility

DBJP vs. GSJY - Volatility Comparison

Xtrackers MSCI Japan Hedged Equity ETF (DBJP) has a higher volatility of 7.92% compared to Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) at 7.37%. This indicates that DBJP's price experiences larger fluctuations and is considered to be riskier than GSJY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBJP	GSJY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.92%	7.37%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	15.56%	16.53%	-0.97%
Volatility (1Y) Calculated over the trailing 1-year period	19.90%	20.44%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.18%	18.29%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.31%	17.10%	+2.21%

DBJP vs. GSJY - Expense Ratio Comparison

DBJP has a 0.45% expense ratio, which is higher than GSJY's 0.25% expense ratio.

Dividends

DBJP vs. GSJY - Dividend Comparison

DBJP's dividend yield for the trailing twelve months is around 1.25%, less than GSJY's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	1.76%	1.99%	1.64%	2.11%	2.13%	1.73%	1.22%	2.79%	3.28%	1.70%	2.09%	0.00%

Frequently Asked Questions

Can I hold both DBJP and GSJY in my portfolio?

DBJP and GSJY 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, DBJP or GSJY?

DBJP has higher volatility (7.92%) compared to GSJY (7.37%). In terms of maximum drawdown, DBJP dropped -31.30% vs GSJY's -32.53%.

Which ETF is better, DBJP or GSJY?

On 10-year performance, DBJP leads with 17.47% vs 9.36% for GSJY. On fees, GSJY is cheaper at 0.25% per year. On volatility, GSJY has been the lower-risk option at 7.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBJP or GSJY?

Over the 10-year period, DBJP has performed better with a 17.47% return vs 9.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBJP or GSJY?

GSJY is cheaper with a 0.25% expense ratio, compared with 0.45% for DBJP.

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

GSJY has the higher dividend yield at 1.76%, compared with 1.25% for DBJP.

What is the main difference between DBJP and GSJY?

DBJP tracks MSCI Japan US Dollar Hedged Index, while GSJY tracks Goldman Sachs ActiveBeta Japan Equity Index. They also come from different issuers: Xtrackers and Goldman Sachs. Their fees differ too: 0.45% for DBJP and 0.25% for GSJY.

Which has better risk-adjusted returns?

DBJP currently has the higher Sharpe Ratio (2.72 vs 1.57), 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.