DXJ vs. DBE
DXJ (WisdomTree Japan Hedged Equity Fund) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, DXJ returned 18.44%/yr vs 12.24%/yr for DBE. Their 0.23 correlation means their historical movements had little consistent relationship. DXJ charges 0.48%/yr vs 0.78%/yr for DBE.
Performance
DXJ vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, DXJ achieves a 19.19% return, which is significantly lower than DBE's 71.26% return. Over the past 10 years, DXJ has outperformed DBE with an annualized return of 18.44%, while DBE has yielded a comparatively lower 12.24% annualized return.
DXJ
- 1D
- -1.70%
- 1M
- -2.32%
- 6M
- 11.80%
- YTD
- 19.19%
- 1Y
- 46.73%
- 3Y*
- 30.24%
- 5Y*
- 26.79%
- 10Y*
- 18.44%
- ALL TIME*
- 9.34%
DBE
- 1D
- -4.26%
- 1M
- 15.98%
- 6M
- 57.84%
- YTD
- 71.26%
- 1Y
- 61.44%
- 3Y*
- 15.22%
- 5Y*
- 17.82%
- 10Y*
- 12.24%
- ALL TIME*
- 2.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.27M | $1.08M | $1.67M | |
| $74.17M | $64.25M | $59.52M |
DXJ vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXJ WisdomTree Japan Hedged Equity Fund | 19.19% | 32.78% | 29.83% | 42.04% | 5.96% | 17.99% | 3.94% | 18.94% | -19.78% | 22.81% |
DBE Invesco DB Energy Fund | 71.26% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between DXJ and DBE is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.23 |
The correlation between DXJ and DBE shifts across timeframes, from -0.23 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DXJ vs. DBE — Risk / Return Rank
DXJ
DBE
DXJ vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Hedged Equity Fund (DXJ) and Invesco DB Energy Fund (DBE). 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.
| DXJ | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.28 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 4.28 | 2.50 | +1.78 |
| Martin ratioReturn relative to average drawdown | 15.89 | 7.82 | +8.08 |
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Drawdowns
DXJ vs. DBE - Drawdown Comparison
The maximum DXJ drawdown since its inception was -49.63%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for DXJ and DBE.
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Drawdown Indicators
| DXJ | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.63% | -86.69% | +37.06% |
Max Drawdown (1Y)Largest decline over 1 year | -10.98% | -24.72% | +13.74% |
Max Drawdown (3Y)Largest decline over 3 years | -22.19% | -24.72% | +2.53% |
Max Drawdown (5Y)Largest decline over 5 years | -22.19% | -38.74% | +16.55% |
Max Drawdown (10Y)Largest decline over 10 years | -39.14% | -60.84% | +21.70% |
Current DrawdownCurrent decline from peak | -5.05% | -34.98% | +29.93% |
Average DrawdownAverage peak-to-trough decline | -14.24% | -57.13% | +42.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.95% | 7.90% | -4.95% |
Volatility
DXJ vs. DBE - Volatility Comparison
The current volatility for WisdomTree Japan Hedged Equity Fund (DXJ) is 6.27%, while Invesco DB Energy Fund (DBE) has a volatility of 15.07%. This indicates that DXJ experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DXJ | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.27% | 15.07% | -8.80% |
Volatility (6M)Calculated over the trailing 6-month period | 14.45% | 34.26% | -19.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.12% | 37.66% | -19.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.09% | 30.15% | -11.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.91% | 28.60% | -8.69% |
DXJ vs. DBE - Expense Ratio Comparison
DXJ has a 0.48% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
DXJ vs. DBE - Dividend Comparison
DXJ's dividend yield for the trailing twelve months is around 0.98%, less than DBE's 2.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.26% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
DXJ WisdomTree Japan Hedged Equity Fund | 0.98% | 1.29% | 3.48% | 3.44% | 3.02% | 2.64% | 2.53% | 2.47% | 2.92% | 2.30% | 1.98% | 5.95% |
Frequently Asked Questions
DXJ and DBE have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.07%) compared to DXJ (6.27%). In terms of maximum drawdown, DXJ dropped -49.63% vs DBE's -86.69%.
On 10-year performance, DXJ leads with 18.44% vs 12.24% for DBE. On fees, DXJ is cheaper at 0.48% per year. On volatility, DXJ has been the lower-risk option at 6.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DXJ has performed better with a 18.44% return vs 12.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DXJ is cheaper with a 0.48% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.26%, compared with 0.98% for DXJ.
DXJ is categorized as Japan Equities, while DBE is Oil & Gas. DXJ tracks WisdomTree Japan Hedged Equity Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.48% for DXJ and 0.78% for DBE.
DXJ currently has the higher Sharpe Ratio (2.60 vs 1.64), 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.
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