DXS1.DE vs. PJEU.DE

Last updated Jul 4, 2026

DXS1.DE (Xtrackers II GBP Overnight Rate Swap UCITS ETF (Dist)) and PJEU.DE (Invesco Euro Cash 3 Months UCITS ETF Acc) are both Money Market funds - DXS1.DE tracks the Solactive SONIA 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, DXS1.DE returned 1.72%/yr vs 0.56%/yr for PJEU.DE. At a 0.03 correlation, their price movements are largely independent. DXS1.DE charges 0.10%/yr vs 0.09%/yr for PJEU.DE.

Performance

DXS1.DE vs. PJEU.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Xtrackers II GBP Overnight Rate Swap UCITS ETF (Dist) (DXS1.DE) and Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DXS1.DE achieves a 3.66% return, which is significantly higher than PJEU.DE's 0.88% return. Over the past 10 years, DXS1.DE has outperformed PJEU.DE with an annualized return of 1.72%, while PJEU.DE has yielded a comparatively lower 0.56% annualized return.

DXS1.DE

• 1D: -0.04%
• 1M: 1.20%
• 6M: 3.49%
• YTD: 3.66%
• 1Y: 4.44%
• 3Y*: 4.57%
• 5Y*: 3.44%
• 10Y*: 1.72%

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%

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

DXS1.DE vs. PJEU.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXS1.DE Xtrackers II GBP Overnight Rate Swap UCITS ETF (Dist)	3.66%	-0.80%	10.14%	6.73%	-4.26%	7.63%	-5.68%	6.58%	-1.34%	-3.51%
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 DXS1.DE and PJEU.DE is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Nov 10, 2008	0.03

Return for Risk

DXS1.DE vs. PJEU.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DXS1.DE

DXS1.DE Risk / Return Rank: 43
DXS1.DE Sharpe Ratio Rank: 35
DXS1.DE Sortino Ratio Rank: 32
DXS1.DE Omega Ratio Rank: 33
DXS1.DE Calmar Ratio Rank: 67
DXS1.DE Martin Ratio Rank: 49

PJEU.DE

PJEU.DE Risk / Return Rank: 55
PJEU.DE Sharpe Ratio Rank: 34
PJEU.DE Sortino Ratio Rank: 32
PJEU.DE Omega Ratio Rank: 53
PJEU.DE Calmar Ratio Rank: 84
PJEU.DE Martin Ratio Rank: 70

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.

DXS1.DE vs. PJEU.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers II GBP Overnight Rate Swap UCITS ETF (Dist) (DXS1.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.

	DXS1.DE	PJEU.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.06	+0.03
Sortino ratio: Return per unit of downside risk	1.53	1.53	0.00
Omega ratio: Gain probability vs. loss probability	1.20	1.28	-0.08
Calmar ratio: Return relative to maximum drawdown	2.70	3.70	-1.00
Martin ratio: Return relative to average drawdown	6.84	10.42	-3.58

DXS1.DE vs. PJEU.DE - Sharpe Ratio Comparison

The current DXS1.DE Sharpe Ratio is 1.10, which is comparable to the PJEU.DE Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of DXS1.DE and PJEU.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DXS1.DE vs. PJEU.DE - Drawdown Comparison

The maximum DXS1.DE drawdown since its inception was -30.55%, which is greater than PJEU.DE's maximum drawdown of -4.67%. Use the drawdown chart below to compare losses from any high point for DXS1.DE and PJEU.DE.

Drawdown Indicators

	DXS1.DE	PJEU.DE	Difference
Max Drawdown Largest peak-to-trough decline	-30.55%	-4.67%	-25.88%
Max Drawdown (1Y) Largest decline over 1 year	-1.64%	-0.54%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-4.61%	-0.54%	-4.07%
Max Drawdown (5Y) Largest decline over 5 years	-7.36%	-1.04%	-6.32%
Max Drawdown (10Y) Largest decline over 10 years	-16.71%	-4.17%	-12.54%
Current Drawdown Current decline from peak	-2.91%	-0.08%	-2.83%
Average Drawdown Average peak-to-trough decline	-12.80%	-1.21%	-11.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.19%	+0.46%

Volatility

DXS1.DE vs. PJEU.DE - Volatility Comparison

Xtrackers II GBP Overnight Rate Swap UCITS ETF (Dist) (DXS1.DE) has a higher volatility of 0.81% compared to Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.DE) at 0.24%. This indicates that DXS1.DE's price experiences larger fluctuations and is considered to be riskier than PJEU.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXS1.DE	PJEU.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.24%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	1.43%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	1.86%	+2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.38%	0.88%	+4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.01%	0.67%	+8.34%

DXS1.DE vs. PJEU.DE - Expense Ratio Comparison

DXS1.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

DXS1.DE vs. PJEU.DE - Dividend Comparison

DXS1.DE's dividend yield for the trailing twelve months is around 4.08%, while PJEU.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXS1.DE Xtrackers II GBP Overnight Rate Swap UCITS ETF (Dist)	4.08%	4.75%	4.91%	4.04%	0.35%	0.02%	0.57%	0.95%	0.63%	0.20%	1.28%	0.79%
PJEU.DE Invesco Euro Cash 3 Months UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DXS1.DE and PJEU.DE in my portfolio?

DXS1.DE and PJEU.DE have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DXS1.DE or PJEU.DE?

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.

Which ETF is cheaper, DXS1.DE or PJEU.DE?

PJEU.DE is cheaper with a 0.09% expense ratio, compared with 0.10% for DXS1.DE.

What is the main difference between DXS1.DE and PJEU.DE?

DXS1.DE tracks Solactive SONIA 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 DXS1.DE and 0.09% for PJEU.DE.