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DXJ vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DXJ vs. DBE

Last updated Jun 4, 2026

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 18.33%/yr vs 12.03%/yr for DBE. At a 0.24 correlation, their price movements are largely independent. DXJ charges 0.48%/yr vs 0.78%/yr for DBE.

Performance

DXJ vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Japan Hedged Equity Fund (DXJ) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DXJ achieves a 19.64% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, DXJ has outperformed DBE with an annualized return of 18.33%, while DBE has yielded a comparatively lower 12.03% annualized return.

DXJ

1D
0.74%
1M
7.24%
YTD
19.64%
6M
24.36%
1Y
53.93%
3Y*
33.15%
5Y*
26.13%
10Y*
18.33%

DBE

1D
2.33%
1M
-5.45%
YTD
83.68%
6M
74.95%
1Y
84.41%
3Y*
23.42%
5Y*
19.66%
10Y*
12.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DXJ vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DXJ
WisdomTree Japan Hedged Equity Fund		19.64%32.78%29.83%42.04%5.96%17.99%3.94%18.94%-19.78%22.81%
DBE
Invesco DB Energy Fund		83.68%-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 -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.20

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

-0.02

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

0.11

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

0.18

Correlation (All Time)
Calculated using the full available price history since Jan 8, 2007

0.24

The correlation between DXJ and DBE shifts across timeframes, from -0.20 (1 year) to 0.24 (all time), 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.

WisdomTree Japan Hedged Equity Fund

Invesco DB Energy Fund

Often compared with DXJ:
DXJ vs. EWJDXJ vs. EWJVDXJ vs. DXJSDXJ vs. FLJPDXJ vs. BBJPDXJ vs. VOODXJ vs. DBJP
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

DXJ vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DXJ
DXJ Risk / Return Rank: 8888
Overall Rank
DXJ Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
DXJ Sortino Ratio Rank: 8989
Sortino Ratio Rank
DXJ Omega Ratio Rank: 8888
Omega Ratio Rank
DXJ Calmar Ratio Rank: 8686
Calmar Ratio Rank
DXJ Martin Ratio Rank: 8787
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
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.

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.

DXJDBEDifference

Sharpe ratio

Return per unit of total volatility

3.11

2.43

+0.68

Sortino ratio

Return per unit of downside risk

4.20

2.96

+1.25

Omega ratio

Gain probability vs. loss probability

1.56

1.40

+0.16

Calmar ratio

Return relative to maximum drawdown

4.94

5.89

-0.95

Martin ratio

Return relative to average drawdown

19.29

11.53

+7.76

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DXJ vs. DBE - Sharpe Ratio Comparison

The current DXJ Sharpe Ratio is 3.11, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of DXJ and DBE, 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

DXJDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.11

2.43

+0.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.39

0.67

+0.71

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.91

0.43

+0.49

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.09

+0.33

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

DXJDBEDifference

Max Drawdown

Largest peak-to-trough decline

-49.63%

-86.69%

+37.06%

Max Drawdown (1Y)

Largest decline over 1 year

-10.98%

-14.41%

+3.43%

Max Drawdown (3Y)

Largest decline over 3 years

-22.19%

-23.89%

+1.70%

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 Drawdown

Current decline from peak

0.00%

-30.27%

+30.27%

Average Drawdown

Average peak-to-trough decline

-14.34%

-57.31%

+42.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.81%

7.35%

-4.54%

Volatility

DXJ vs. DBE - Volatility Comparison

The current volatility for WisdomTree Japan Hedged Equity Fund (DXJ) is 3.55%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. 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

DXJDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.55%

12.95%

-9.40%

Volatility (6M)

Calculated over the trailing 6-month period

13.09%

30.86%

-17.77%

Volatility (1Y)

Calculated over the trailing 1-year period

17.44%

34.97%

-17.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.96%

29.39%

-10.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.18%

28.33%

-8.15%

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 1.08%, less than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.10%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		1.08%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 -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (12.95%) compared to DXJ (3.55%). In terms of maximum drawdown, DXJ dropped -49.63% vs DBE's -86.69%.

On 10-year performance, DXJ leads with 18.33% vs 12.03% for DBE. On fees, DXJ is cheaper at 0.48% per year. On volatility, DXJ has been the lower-risk option at 3.55%. 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 18.33% return vs 12.03%. 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 2.10%, compared with 1.08% 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 (3.11 vs 2.43), 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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