HYDW vs. DJP

Last updated Jun 3, 2026

HYDW (Xtrackers Low Beta High Yield Bond ETF) and DJP (iPath Bloomberg Commodity Index Total Return ETN) are both exchange-traded funds - HYDW is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market Low Beta Index, while DJP is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past 5 years, HYDW returned 3.61%/yr vs 12.80%/yr for DJP. At a 0.19 correlation, their price movements are largely independent. HYDW charges 0.20%/yr vs 0.70%/yr for DJP.

Performance

HYDW vs. DJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Low Beta High Yield Bond ETF (HYDW) and iPath Bloomberg Commodity Index Total Return ETN (DJP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYDW achieves a 1.07% return, which is significantly lower than DJP's 30.60% return.

HYDW

• 1D: 0.00%
• 1M: 0.18%
• YTD: 1.07%
• 6M: 1.43%
• 1Y: 5.94%
• 3Y*: 6.90%
• 5Y*: 3.61%
• 10Y*: —

DJP

• 1D: 0.39%
• 1M: -2.07%
• YTD: 30.60%
• 6M: 29.88%
• 1Y: 44.64%
• 3Y*: 17.93%
• 5Y*: 12.80%
• 10Y*: 7.35%

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

HYDW vs. DJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HYDW Xtrackers Low Beta High Yield Bond ETF	1.07%	8.47%	5.42%	9.84%	-7.86%	2.77%	5.51%	11.44%	-1.08%
DJP iPath Bloomberg Commodity Index Total Return ETN	30.60%	17.20%	5.59%	-9.85%	17.46%	31.05%	-4.12%	7.63%	-13.42%

Correlation

The correlation between HYDW and DJP is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018	0.19

The correlation between HYDW and DJP shifts across timeframes, from -0.23 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HYDW vs. DJP — Risk / Return Rank

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

HYDW

HYDW Risk / Return Rank: 64
HYDW Sharpe Ratio Rank: 59
HYDW Sortino Ratio Rank: 67
HYDW Omega Ratio Rank: 66
HYDW Calmar Ratio Rank: 56
HYDW Martin Ratio Rank: 70

DJP

DJP Risk / Return Rank: 74
DJP Sharpe Ratio Rank: 72
DJP Sortino Ratio Rank: 63
DJP Omega Ratio Rank: 69
DJP Calmar Ratio Rank: 90
DJP Martin Ratio Rank: 75

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.

HYDW vs. DJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Low Beta High Yield Bond ETF (HYDW) and iPath Bloomberg Commodity Index Total Return ETN (DJP). 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.

	HYDW	DJP	Difference
Sharpe ratio Return per unit of total volatility	2.03	2.37	-0.35
Sortino ratio Return per unit of downside risk	3.12	2.95	+0.16
Omega ratio Gain probability vs. loss probability	1.40	1.42	-0.02
Calmar ratio Return relative to maximum drawdown	2.81	5.63	-2.82
Martin ratio Return relative to average drawdown	13.44	14.50	-1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYDW vs. DJP - Sharpe Ratio Comparison

The current HYDW Sharpe Ratio is 2.03, which is comparable to the DJP Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of HYDW and DJP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYDW	DJP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	2.37	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.68	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.00	+0.58

Drawdowns

HYDW vs. DJP - Drawdown Comparison

The maximum HYDW drawdown since its inception was -17.75%, smaller than the maximum DJP drawdown of -78.35%. Use the drawdown chart below to compare losses from any high point for HYDW and DJP.

Drawdown Indicators

	HYDW	DJP	Difference
Max Drawdown Largest peak-to-trough decline	-17.75%	-78.35%	+60.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.09%	-8.61%	+6.52%
Max Drawdown (3Y) Largest decline over 3 years	-3.64%	-13.41%	+9.77%
Max Drawdown (5Y) Largest decline over 5 years	-12.68%	-28.98%	+16.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.36%	—
Current Drawdown Current decline from peak	-0.07%	-32.83%	+32.76%
Average Drawdown Average peak-to-trough decline	-1.89%	-50.87%	+48.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	3.34%	-2.90%

Volatility

HYDW vs. DJP - Volatility Comparison

The current volatility for Xtrackers Low Beta High Yield Bond ETF (HYDW) is 0.76%, while iPath Bloomberg Commodity Index Total Return ETN (DJP) has a volatility of 6.03%. This indicates that HYDW experiences smaller price fluctuations and is considered to be less risky than DJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYDW	DJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	6.03%	-5.27%
Volatility (6M) Calculated over the trailing 6-month period	2.26%	16.64%	-14.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.94%	19.09%	-16.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.40%	18.97%	-12.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.99%	17.07%	-10.08%

HYDW vs. DJP - Expense Ratio Comparison

HYDW has a 0.20% expense ratio, which is lower than DJP's 0.70% expense ratio.

Dividends

HYDW vs. DJP - Dividend Comparison

HYDW's dividend yield for the trailing twelve months is around 5.74%, while DJP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DJP iPath Bloomberg Commodity Index Total Return ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HYDW Xtrackers Low Beta High Yield Bond ETF	5.74%	5.75%	5.35%	5.69%	4.78%	3.30%	4.45%	4.56%	4.42%

Frequently Asked Questions

Can I hold both HYDW and DJP in my portfolio?

HYDW and DJP 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.

Which is riskier, HYDW or DJP?

DJP has higher volatility (6.03%) compared to HYDW (0.76%). In terms of maximum drawdown, HYDW dropped -17.75% vs DJP's -78.35%.

Which ETF is better, HYDW or DJP?

On 5-year performance, DJP leads with 12.80% vs 3.61% for HYDW. On fees, HYDW is cheaper at 0.20% per year. On volatility, HYDW has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYDW or DJP?

Over the 5-year period, DJP has performed better with a 12.80% return vs 3.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYDW or DJP?

HYDW is cheaper with a 0.20% expense ratio, compared with 0.70% for DJP.

Which ETF pays a higher dividend yield, HYDW or DJP?

HYDW has the higher dividend yield at 5.74%, compared with 0.00% for DJP.

What is the main difference between HYDW and DJP?

HYDW is categorized as High Yield Bonds, while DJP is Commodities. HYDW tracks Solactive USD High Yield Corporates Total Market Low Beta Index, while DJP tracks Bloomberg Commodity Index. They also come from different issuers: Deutsche Bank and Barclays Capital. Their fees differ too: 0.20% for HYDW and 0.70% for DJP.

Which has better risk-adjusted returns?

DJP currently has the higher Sharpe Ratio (2.37 vs 2.03), 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.