DBJP vs. SGLP.L

Last updated Jun 6, 2026

DBJP (Xtrackers MSCI Japan Hedged Equity ETF) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - DBJP is a Japan Equities fund tracking the MSCI Japan US Dollar Hedged Index, while SGLP.L is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 10 years, DBJP returned 15.87%/yr vs 13.43%/yr for SGLP.L. At a correlation of -0.09, they often move in opposite directions. DBJP charges 0.45%/yr vs 0.12%/yr for SGLP.L.

Performance

DBJP vs. SGLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and Invesco Physical Gold A (SGLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DBJP is traded in USD, while SGLP.L is traded in GBp. To make them comparable, the SGLP.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, DBJP achieves a 16.67% return, which is significantly higher than SGLP.L's 3.72% return. Over the past 10 years, DBJP has outperformed SGLP.L with an annualized return of 15.87%, while SGLP.L has yielded a comparatively lower 13.43% annualized return.

DBJP

• 1D: -3.50%
• 1M: 1.64%
• YTD: 16.67%
• 6M: 18.37%
• 1Y: 49.57%
• 3Y*: 26.98%
• 5Y*: 20.66%
• 10Y*: 15.87%

SGLP.L

• 1D: 0.76%
• 1M: -4.74%
• YTD: 3.72%
• 6M: 5.97%
• 1Y: 33.23%
• 3Y*: 31.45%
• 5Y*: 18.61%
• 10Y*: 13.43%

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

DBJP vs. SGLP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBJP Xtrackers MSCI Japan Hedged Equity ETF	16.67%	29.51%	25.53%	36.21%	-4.19%	13.04%	10.53%	20.87%	-14.82%	21.24%
SGLP.L Invesco Physical Gold A	3.72%	65.19%	26.00%	12.92%	-0.12%	-3.76%	23.67%	19.25%	-1.60%	11.32%

Correlation

The correlation between DBJP and SGLP.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Dec 19, 2011	-0.09

The correlation between DBJP and SGLP.L shifts across timeframes, from -0.09 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DBJP vs. SGLP.L — Risk / Return Rank

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

DBJP

DBJP Risk / Return Rank: 84
DBJP Sharpe Ratio Rank: 83
DBJP Sortino Ratio Rank: 82
DBJP Omega Ratio Rank: 81
DBJP Calmar Ratio Rank: 87
DBJP Martin Ratio Rank: 88

SGLP.L

SGLP.L Risk / Return Rank: 40
SGLP.L Sharpe Ratio Rank: 42
SGLP.L Sortino Ratio Rank: 37
SGLP.L Omega Ratio Rank: 47
SGLP.L Calmar Ratio Rank: 39
SGLP.L Martin Ratio Rank: 34

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. SGLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and Invesco Physical Gold A (SGLP.L). 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.

	DBJP	SGLP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.34	+1.28
Sortino ratio: Return per unit of downside risk	3.56	1.79	+1.78
Omega ratio: Gain probability vs. loss probability	1.47	1.25	+0.22
Calmar ratio: Return relative to maximum drawdown	4.79	1.82	+2.97
Martin ratio: Return relative to average drawdown	18.63	4.77	+13.86
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. SGLP.L - Sharpe Ratio Comparison

The current DBJP Sharpe Ratio is 2.62, which is higher than the SGLP.L Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of DBJP and SGLP.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBJP	SGLP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	1.34	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	1.07	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.85	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.45	+0.22

Drawdowns

DBJP vs. SGLP.L - Drawdown Comparison

The maximum DBJP drawdown since its inception was -31.30%, smaller than the maximum SGLP.L drawdown of -41.88%. Use the drawdown chart below to compare losses from any high point for DBJP and SGLP.L.

Drawdown Indicators

	DBJP	SGLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.30%	-41.88%	+10.58%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-17.77%	+7.38%
Max Drawdown (3Y) Largest decline over 3 years	-21.50%	-17.77%	-3.73%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	-21.43%	-0.07%
Max Drawdown (10Y) Largest decline over 10 years	-31.30%	-21.51%	-9.79%
Current Drawdown Current decline from peak	-3.50%	-15.85%	+12.35%
Average Drawdown Average peak-to-trough decline	-7.29%	-18.10%	+10.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	6.80%	-4.13%

Volatility

DBJP vs. SGLP.L - Volatility Comparison

The current volatility for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) is 4.97%, while Invesco Physical Gold A (SGLP.L) has a volatility of 5.75%. This indicates that DBJP experiences smaller price fluctuations and is considered to be less risky than SGLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBJP	SGLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	5.75%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	14.27%	20.88%	-6.61%
Volatility (1Y) Calculated over the trailing 1-year period	19.02%	24.11%	-5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.99%	17.40%	+1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.48%	15.76%	+3.72%

DBJP vs. SGLP.L - Expense Ratio Comparison

DBJP has a 0.45% expense ratio, which is higher than SGLP.L's 0.12% expense ratio.

Dividends

DBJP vs. SGLP.L - Dividend Comparison

DBJP's dividend yield for the trailing twelve months is around 2.41%, while SGLP.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBJP Xtrackers MSCI Japan Hedged Equity ETF	2.41%	2.81%	2.80%	5.21%	0.80%	2.30%	2.53%	2.56%	3.87%	2.07%	1.13%	5.95%
SGLP.L Invesco Physical Gold A	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBJP and SGLP.L in my portfolio?

DBJP and SGLP.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DBJP or SGLP.L?

On fees, SGLP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DBJP or SGLP.L?

SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.45% for DBJP.

What is the main difference between DBJP and SGLP.L?

DBJP is categorized as Japan Equities, while SGLP.L is Precious Metals. DBJP tracks MSCI Japan US Dollar Hedged Index, while SGLP.L tracks Gold. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.45% for DBJP and 0.12% for SGLP.L.