DBJP vs. HEFA

Last updated Aug 2, 2026

DBJP (Xtrackers MSCI Japan Hedged Equity ETF) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both exchange-traded funds - DBJP is a Japan Equities fund tracking the MSCI Japan US Dollar Hedged Index, while HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, DBJP returned 16.78%/yr vs 12.94%/yr for HEFA. Their correlation of 0.82 means they have usually moved in the same direction. DBJP charges 0.45%/yr vs 0.35%/yr for HEFA.

Performance

DBJP vs. HEFA - Performance Comparison

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

Returns By Period

In the year-to-date period, DBJP achieves a 19.08% return, which is significantly higher than HEFA's 14.00% return. Over the past 10 years, DBJP has outperformed HEFA with an annualized return of 16.78%, while HEFA has yielded a comparatively lower 12.94% 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%

HEFA

• 1D: -0.74%
• 1M: 0.22%
• 6M: 10.13%
• YTD: 14.00%
• 1Y: 30.42%
• 3Y*: 18.79%
• 5Y*: 14.16%
• 10Y*: 12.94%
• ALL TIME*: 10.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBJP Xtrackers MSCI Japan Hedged Equity ETF	$2.67M	$5.11M	$4.76M
HEFA iShares Currency Hedged MSCI EAFE ETF	$18.09M	$30.10M	$25.37M

DBJP vs. HEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
HEFA iShares Currency Hedged MSCI EAFE ETF	14.00%	24.58%	13.71%	20.33%	-4.86%	19.59%	2.09%	27.63%	-9.33%	16.67%

Correlation

The correlation between DBJP and HEFA is 0.81, 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.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Feb 14, 2014	0.82

The correlation between DBJP and HEFA has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

DBJP vs. HEFA - Sectors Allocation Comparison

Sectors	DBJP	HEFA
Technology	24.9%	12.6%
Industrials	22.8%	18.8%
Financial Services	17.6%	24.7%
Consumer Cyclical	11.2%	7.5%
Communication Services	8.1%	4.5%
Healthcare	5.3%	10.5%
Consumer Defensive	3.4%	6.8%
Basic Materials	3.1%	5.8%
Real Estate	1.9%	1.7%
Utilities	1.0%	3.8%
Energy	0.8%	3.3%

Return for Risk

DBJP vs. HEFA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DBJP

DBJP Risk / Return Rank: 89
DBJP Sharpe Ratio Rank: 89
DBJP Sortino Ratio Rank: 87
DBJP Omega Ratio Rank: 86
DBJP Calmar Ratio Rank: 92
DBJP Martin Ratio Rank: 90

HEFA

HEFA Risk / Return Rank: 87
HEFA Sharpe Ratio Rank: 89
HEFA Sortino Ratio Rank: 88
HEFA Omega Ratio Rank: 88
HEFA Calmar Ratio Rank: 82
HEFA Martin Ratio Rank: 86

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. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and iShares Currency Hedged MSCI EAFE ETF (HEFA). 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	HEFA	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.16	0.00
Sortino ratio: Return per unit of downside risk	2.90	2.99	-0.09
Omega ratio: Gain probability vs. loss probability	1.38	1.40	-0.02
Calmar ratio: Return relative to maximum drawdown	4.16	2.98	+1.18
Martin ratio: Return relative to average drawdown	14.40	12.45	+1.96

DBJP vs. HEFA - Sharpe Ratio Comparison

The current DBJP Sharpe Ratio is 2.16, which is comparable to the HEFA Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of DBJP and HEFA, 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. HEFA - Drawdown Comparison

The maximum DBJP drawdown since its inception was -31.30%, roughly equal to the maximum HEFA drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for DBJP and HEFA.

Drawdown Indicators

	DBJP	HEFA	Difference
Max Drawdown Largest peak-to-trough decline	-31.30%	-32.39%	+1.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-9.52%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-21.50%	-14.28%	-7.22%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	-14.79%	-6.71%
Max Drawdown (10Y) Largest decline over 10 years	-31.30%	-32.39%	+1.09%
Current Drawdown Current decline from peak	-5.87%	-0.75%	-5.12%
Average Drawdown Average peak-to-trough decline	-7.25%	-4.13%	-3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.28%	+0.72%

Volatility

DBJP vs. HEFA - Volatility Comparison

Xtrackers MSCI Japan Hedged Equity ETF (DBJP) has a higher volatility of 6.41% compared to iShares Currency Hedged MSCI EAFE ETF (HEFA) at 3.56%. This indicates that DBJP's price experiences larger fluctuations and is considered to be riskier than HEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBJP	HEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	3.56%	+2.85%
Volatility (6M) Calculated over the trailing 6-month period	15.94%	10.86%	+5.08%
Volatility (1Y) Calculated over the trailing 1-year period	20.03%	13.14%	+6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	13.84%	+5.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.27%	15.67%	+3.60%

DBJP vs. HEFA - Expense Ratio Comparison

DBJP has a 0.45% expense ratio, which is higher than HEFA's 0.35% expense ratio.

Dividends

DBJP vs. HEFA - Dividend Comparison

DBJP's dividend yield for the trailing twelve months is around 1.27%, less than HEFA's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HEFA iShares Currency Hedged MSCI EAFE ETF	4.03%	4.40%	3.09%	3.02%	25.14%	3.06%	2.10%	7.56%	4.58%	2.55%	3.17%	3.54%

Frequently Asked Questions

Can I hold both DBJP and HEFA in my portfolio?

DBJP and HEFA have a correlation of 0.81, 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 HEFA?

DBJP has higher volatility (6.41%) compared to HEFA (3.56%). In terms of maximum drawdown, DBJP dropped -31.30% vs HEFA's -32.39%.

Which ETF is better, DBJP or HEFA?

On 10-year performance, DBJP leads with 16.78% vs 12.94% for HEFA. On fees, HEFA is cheaper at 0.35% per year. On volatility, HEFA has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBJP or HEFA?

Over the 10-year period, DBJP has performed better with a 16.78% return vs 12.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBJP or HEFA?

HEFA is cheaper with a 0.35% expense ratio, compared with 0.45% for DBJP.

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

HEFA has the higher dividend yield at 4.03%, compared with 1.27% for DBJP.

What is the main difference between DBJP and HEFA?

DBJP is categorized as Japan Equities, while HEFA is Foreign Large Cap Equities. DBJP tracks MSCI Japan US Dollar Hedged Index, while HEFA tracks MSCI EAFE 100% Hedged to USD Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.45% for DBJP and 0.35% for HEFA.

Which has better risk-adjusted returns?

HEFA currently has the higher Sharpe Ratio (2.16 vs 2.16), 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.