DBXT.DE vs. PJEU.DE
DBXT.DE (Xtrackers II EUR Overnight Rate Swap UCITS ETF (Acc)) and PJEU.DE (Invesco Euro Cash 3 Months UCITS ETF Acc) are both Money Market funds - DBXT.DE tracks the Solactive €STR +8.5 Daily Index while PJEU.DE tracks the FTSE Eurozone Government Bill 0-6 Month Capped Index. Both are passively managed. Over the past 10 years, DBXT.DE returned 0.73%/yr vs 0.56%/yr for PJEU.DE. At a 0.16 correlation, their price movements are largely independent. DBXT.DE charges 0.10%/yr vs 0.09%/yr for PJEU.DE.
Performance
DBXT.DE vs. PJEU.DE - Performance Comparison
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Returns By Period
In the year-to-date period, DBXT.DE achieves a 1.02% return, which is significantly higher than PJEU.DE's 0.88% return. Over the past 10 years, DBXT.DE has outperformed PJEU.DE with an annualized return of 0.73%, while PJEU.DE has yielded a comparatively lower 0.56% annualized return.
DBXT.DE
- 1D
- 0.02%
- 1M
- 0.19%
- 6M
- 0.99%
- YTD
- 1.02%
- 1Y
- 1.99%
- 3Y*
- 2.99%
- 5Y*
- 1.99%
- 10Y*
- 0.73%
PJEU.DE
- 1D
- -0.01%
- 1M
- 0.14%
- 6M
- 0.79%
- YTD
- 0.88%
- 1Y
- 1.99%
- 3Y*
- 2.87%
- 5Y*
- 1.77%
- 10Y*
- 0.56%
DBXT.DE vs. PJEU.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBXT.DE Xtrackers II EUR Overnight Rate Swap UCITS ETF (Acc) | 1.02% | 2.22% | 3.80% | 3.29% | -0.04% | -0.58% | -0.56% | -0.49% | -0.48% | -0.51% |
PJEU.DE Invesco Euro Cash 3 Months UCITS ETF Acc | 0.88% | 2.33% | 3.61% | 2.91% | -0.44% | -0.76% | -0.60% | -0.48% | -0.71% | -0.79% |
Correlation
The correlation between DBXT.DE and PJEU.DE is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2008 | 0.16 |
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Return for Risk
DBXT.DE vs. PJEU.DE — Risk / Return Rank
DBXT.DE
PJEU.DE
DBXT.DE vs. PJEU.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II EUR Overnight Rate Swap UCITS ETF (Acc) (DBXT.DE) and Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.DE). 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.
| DBXT.DE | PJEU.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +9.30 | ||
| Sortino ratioReturn per unit of downside risk | +23.21 | ||
| Omega ratioGain probability vs. loss probability | 5.49 | 1.28 | +4.21 |
| Calmar ratioReturn relative to maximum drawdown | 73.33 | 3.70 | +69.63 |
| Martin ratioReturn relative to average drawdown | 349.66 | 10.42 | +339.24 |
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Drawdowns
DBXT.DE vs. PJEU.DE - Drawdown Comparison
The maximum DBXT.DE drawdown since its inception was -4.63%, roughly equal to the maximum PJEU.DE drawdown of -4.67%. Use the drawdown chart below to compare losses from any high point for DBXT.DE and PJEU.DE.
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Drawdown Indicators
| DBXT.DE | PJEU.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.63% | -4.67% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -0.54% | +0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -0.12% | -0.54% | +0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -1.59% | -1.04% | -0.55% |
Max Drawdown (10Y)Largest decline over 10 years | -4.14% | -4.17% | +0.03% |
Current DrawdownCurrent decline from peak | 0.00% | -0.08% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -0.90% | -1.21% | +0.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.19% | -0.18% |
Volatility
DBXT.DE vs. PJEU.DE - Volatility Comparison
The current volatility for Xtrackers II EUR Overnight Rate Swap UCITS ETF (Acc) (DBXT.DE) is 0.06%, while Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.DE) has a volatility of 0.24%. This indicates that DBXT.DE experiences smaller price fluctuations and is considered to be less risky than PJEU.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBXT.DE | PJEU.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 0.24% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 1.43% | -1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.19% | 1.86% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.87% | 0.88% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.13% | 0.67% | +0.46% |
DBXT.DE vs. PJEU.DE - Expense Ratio Comparison
DBXT.DE has a 0.10% expense ratio, which is higher than PJEU.DE's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
DBXT.DE vs. PJEU.DE - Dividend Comparison
Neither DBXT.DE nor PJEU.DE has paid dividends to shareholders.
Frequently Asked Questions
DBXT.DE and PJEU.DE have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PJEU.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PJEU.DE is cheaper with a 0.09% expense ratio, compared with 0.10% for DBXT.DE.
DBXT.DE tracks Solactive €STR +8.5 Daily Index, while PJEU.DE tracks FTSE Eurozone Government Bill 0-6 Month Capped Index. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.10% for DBXT.DE and 0.09% for PJEU.DE.
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