DBJP vs. SMH

Last updated Jun 6, 2026

DBJP (Xtrackers MSCI Japan Hedged Equity ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - DBJP is a Japan Equities fund tracking the MSCI Japan US Dollar Hedged Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, DBJP returned 15.87%/yr vs 36.02%/yr for SMH. A 0.52 correlation means they provide meaningful diversification when combined. DBJP charges 0.45%/yr vs 0.35%/yr for SMH.

Performance

DBJP vs. SMH - Performance Comparison

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

Returns By Period

In the year-to-date period, DBJP achieves a 16.67% return, which is significantly lower than SMH's 58.19% return. Over the past 10 years, DBJP has underperformed SMH with an annualized return of 15.87%, while SMH has yielded a comparatively higher 36.02% 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%

SMH

• 1D: -9.22%
• 1M: 3.63%
• YTD: 58.19%
• 6M: 56.81%
• 1Y: 127.40%
• 3Y*: 58.39%
• 5Y*: 36.10%
• 10Y*: 36.02%

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

DBJP vs. SMH - 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%
SMH VanEck Semiconductor ETF	58.19%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between DBJP and SMH is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jun 10, 2011	0.52

The correlation between DBJP and SMH has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

DBJP vs. SMH - Sectors Allocation Comparison

Sectors	DBJP	SMH
Industrials	26.0%	-
Technology	19.1%	100.0%
Financial Services	17.5%	-
Consumer Cyclical	12.2%	-
Communication Services	7.9%	-
Healthcare	6.3%	-
Consumer Defensive	3.6%	-
Basic Materials	3.0%	-
Real Estate	2.3%	-
Utilities	1.1%	-
Energy	1.1%	-

Return for Risk

DBJP vs. SMH — 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

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 90
SMH Omega Ratio Rank: 92
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 95

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. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.62	4.00	-1.38
Sortino ratio: Return per unit of downside risk	3.56	4.12	-0.56
Omega ratio: Gain probability vs. loss probability	1.47	1.59	-0.12
Calmar ratio: Return relative to maximum drawdown	4.79	8.58	-3.79
Martin ratio: Return relative to average drawdown	18.63	32.42	-13.79
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. SMH - Sharpe Ratio Comparison

The current DBJP Sharpe Ratio is 2.62, which is lower than the SMH Sharpe Ratio of 4.00. The chart below compares the historical Sharpe Ratios of DBJP and SMH, 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	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	4.00	-1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	1.03	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	1.11	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.32	+0.35

Drawdowns

DBJP vs. SMH - Drawdown Comparison

The maximum DBJP drawdown since its inception was -31.30%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for DBJP and SMH.

Drawdown Indicators

	DBJP	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-31.30%	-84.96%	+53.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-14.93%	+4.54%
Max Drawdown (3Y) Largest decline over 3 years	-21.50%	-35.74%	+14.24%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	-45.30%	+23.80%
Max Drawdown (10Y) Largest decline over 10 years	-31.30%	-45.30%	+14.00%
Current Drawdown Current decline from peak	-3.50%	-10.69%	+7.19%
Average Drawdown Average peak-to-trough decline	-7.29%	-41.08%	+33.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	3.94%	-1.27%

Volatility

DBJP vs. SMH - Volatility Comparison

The current volatility for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) is 4.97%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.88%. This indicates that DBJP experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBJP	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	14.88%	-9.91%
Volatility (6M) Calculated over the trailing 6-month period	14.27%	26.35%	-12.08%
Volatility (1Y) Calculated over the trailing 1-year period	19.02%	32.03%	-13.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.99%	35.24%	-16.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.48%	32.70%	-13.22%

DBJP vs. SMH - Expense Ratio Comparison

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

Dividends

DBJP vs. SMH - Dividend Comparison

DBJP's dividend yield for the trailing twelve months is around 2.41%, more than SMH's 0.19% yield.

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%
SMH VanEck Semiconductor ETF	0.19%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both DBJP and SMH in my portfolio?

DBJP and SMH have a correlation of 0.53, 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 SMH?

SMH has higher volatility (14.88%) compared to DBJP (4.97%). In terms of maximum drawdown, DBJP dropped -31.30% vs SMH's -84.96%.

Which ETF is better, DBJP or SMH?

On 10-year performance, SMH leads with 36.02% vs 15.87% for DBJP. On fees, SMH is cheaper at 0.35% per year. On volatility, DBJP has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBJP or SMH?

Over the 10-year period, SMH has performed better with a 36.02% return vs 15.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBJP or SMH?

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

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

DBJP has the higher dividend yield at 2.41%, compared with 0.19% for SMH.

What is the main difference between DBJP and SMH?

DBJP is categorized as Japan Equities, while SMH is Semiconductors. DBJP tracks MSCI Japan US Dollar Hedged Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Xtrackers and VanEck. Their fees differ too: 0.45% for DBJP and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.00 vs 2.62), 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.