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DBJP vs. TLH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBJP vs. TLH

Last updated Jun 6, 2026

DBJP (Xtrackers MSCI Japan Hedged Equity ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both exchange-traded funds - DBJP is a Japan Equities fund tracking the MSCI Japan US Dollar Hedged Index, while TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 10 years, DBJP returned 15.87%/yr vs -0.87%/yr for TLH. At a correlation of -0.27, they often move in opposite directions. DBJP charges 0.45%/yr vs 0.15%/yr for TLH.

Performance

DBJP vs. TLH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and iShares 10-20 Year Treasury Bond ETF (TLH). 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 16.67% return, which is significantly higher than TLH's -0.95% return. Over the past 10 years, DBJP has outperformed TLH with an annualized return of 15.87%, while TLH has yielded a comparatively lower -0.87% 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%

TLH

1D
-0.62%
1M
-1.02%
YTD
-0.95%
6M
-1.04%
1Y
3.54%
3Y*
0.36%
5Y*
-3.89%
10Y*
-0.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBJP vs. TLH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
TLH
iShares 10-20 Year Treasury Bond ETF		-0.95%6.47%-4.21%4.03%-25.24%-5.38%13.78%10.11%0.37%4.21%

Correlation

The correlation between DBJP and TLH is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.09

Correlation (3Y)
Calculated over the trailing 3-year period

-0.01

Correlation (5Y)
Calculated over the trailing 5-year period

-0.10

Correlation (10Y)
Calculated over the trailing 10-year period

-0.22

Correlation (All Time)
Calculated using the full available price history since Jun 10, 2011

-0.27

The correlation between DBJP and TLH shifts across timeframes, from -0.27 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.

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 10-20 Year Treasury Bond ETF

Often compared with DBJP:
DBJP vs. DXJDBJP vs. HEWJDBJP vs. BBJPDBJP vs. EWJDBJP vs. FLJPDBJP vs. FLJHDBJP vs. HEFA
Often compared with TLH:
TLH vs. TLTTLH vs. VGLTTLH vs. IEITLH vs. SPTLTLH vs. SCHQTLH vs. PLWTLH vs. XTLH.TO

Return for Risk

DBJP vs. TLH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBJP
DBJP Risk / Return Rank: 8484
Overall Rank
DBJP Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
DBJP Sortino Ratio Rank: 8282
Sortino Ratio Rank
DBJP Omega Ratio Rank: 8181
Omega Ratio Rank
DBJP Calmar Ratio Rank: 8787
Calmar Ratio Rank
DBJP Martin Ratio Rank: 8888
Martin Ratio Rank
TLH
TLH Risk / Return Rank: 1616
Overall Rank
TLH Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLH Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLH Omega Ratio Rank: 1515
Omega Ratio Rank
TLH Calmar Ratio Rank: 1616
Calmar Ratio Rank
TLH Martin Ratio Rank: 1616
Martin Ratio Rank
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. TLH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and iShares 10-20 Year Treasury Bond ETF (TLH). 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.

DBJPTLHDifference
Sharpe ratioReturn per unit of total volatility
2.62
0.45

+2.17

Sortino ratioReturn per unit of downside risk
3.56
0.69

+2.87

Omega ratioGain probability vs. loss probability

1.47

1.08

+0.39

Calmar ratioReturn relative to maximum drawdown

4.79

0.55

+4.25

Martin ratioReturn relative to average drawdown

18.63

1.50

+17.13

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. TLH - Sharpe Ratio Comparison

The current DBJP Sharpe Ratio is 2.62, which is higher than the TLH Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of DBJP and TLH, 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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Sharpe Ratios by Period

DBJPTLHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.62

0.45

+2.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.09

-0.31

+1.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.82

-0.08

+0.89

Sharpe Ratio (All Time)

Calculated using the full available price history

0.67

0.27

+0.40

Drawdowns

DBJP vs. TLH - Drawdown Comparison

The maximum DBJP drawdown since its inception was -31.30%, smaller than the maximum TLH drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for DBJP and TLH.

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Drawdown Indicators

DBJPTLHDifference

Max Drawdown

Largest peak-to-trough decline

-31.30%

-41.14%

+9.84%

Max Drawdown (1Y)

Largest decline over 1 year

-10.39%

-6.50%

-3.89%

Max Drawdown (3Y)

Largest decline over 3 years

-21.50%

-15.35%

-6.15%

Max Drawdown (5Y)

Largest decline over 5 years

-21.50%

-35.41%

+13.91%

Max Drawdown (10Y)

Largest decline over 10 years

-31.30%

-41.14%

+9.84%

Current Drawdown

Current decline from peak

-3.50%

-30.13%

+26.63%

Average Drawdown

Average peak-to-trough decline

-7.29%

-10.76%

+3.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.67%

2.37%

+0.30%

Volatility

DBJP vs. TLH - Volatility Comparison

Xtrackers MSCI Japan Hedged Equity ETF (DBJP) has a higher volatility of 4.97% compared to iShares 10-20 Year Treasury Bond ETF (TLH) at 2.37%. This indicates that DBJP's price experiences larger fluctuations and is considered to be riskier than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBJPTLHDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.97%

2.37%

+2.60%

Volatility (6M)

Calculated over the trailing 6-month period

14.27%

5.52%

+8.75%

Volatility (1Y)

Calculated over the trailing 1-year period

19.02%

7.92%

+11.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.99%

12.69%

+6.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.48%

11.19%

+8.29%

DBJP vs. TLH - Expense Ratio Comparison

DBJP has a 0.45% expense ratio, which is higher than TLH's 0.15% expense ratio.

Dividends

DBJP vs. TLH - Dividend Comparison

DBJP's dividend yield for the trailing twelve months is around 2.41%, less than TLH's 4.50% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
TLH
iShares 10-20 Year Treasury Bond ETF		4.50%4.17%4.28%3.83%2.78%1.50%2.65%2.31%2.17%1.83%1.91%2.13%

Frequently Asked Questions

DBJP and TLH have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBJP has higher volatility (4.97%) compared to TLH (2.37%). In terms of maximum drawdown, DBJP dropped -31.30% vs TLH's -41.14%.

On 10-year performance, DBJP leads with 15.87% vs -0.87% for TLH. On fees, TLH is cheaper at 0.15% per year. On volatility, TLH has been the lower-risk option at 2.37%. 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 15.87% return vs -0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLH is cheaper with a 0.15% expense ratio, compared with 0.45% for DBJP.

TLH has the higher dividend yield at 4.50%, compared with 2.41% for DBJP.

DBJP is categorized as Japan Equities, while TLH is Government Bonds. DBJP tracks MSCI Japan US Dollar Hedged Index, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.45% for DBJP and 0.15% for TLH.

DBJP currently has the higher Sharpe Ratio (2.62 vs 0.45), 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.

Portfolio Optimizer

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