JPIN vs. DBAW

Last updated Jun 4, 2026

JPIN (J.P. Morgan Diversified Return International Equity ETF) and DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) are both Foreign Large Cap Equities funds - JPIN tracks the JPMorgan Diversified Factor International Equity Index while DBAW tracks the MSCI ACWI ex USA US Dollar Hedged Index. Both are passively managed. Over the past 10 years, JPIN returned 7.75%/yr vs 11.44%/yr for DBAW. Their correlation of 0.83 suggests significant overlap in exposure. JPIN charges 0.37%/yr vs 0.41%/yr for DBAW.

Performance

JPIN vs. DBAW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in J.P. Morgan Diversified Return International Equity ETF (JPIN) and Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPIN achieves a 9.44% return, which is significantly lower than DBAW's 16.12% return. Over the past 10 years, JPIN has underperformed DBAW with an annualized return of 7.75%, while DBAW has yielded a comparatively higher 11.44% annualized return.

JPIN

• 1D: -0.74%
• 1M: 2.05%
• YTD: 9.44%
• 6M: 11.10%
• 1Y: 23.67%
• 3Y*: 17.85%
• 5Y*: 7.89%
• 10Y*: 7.75%

DBAW

• 1D: -0.51%
• 1M: 6.28%
• YTD: 16.12%
• 6M: 18.39%
• 1Y: 36.60%
• 3Y*: 21.15%
• 5Y*: 11.32%
• 10Y*: 11.44%

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

JPIN vs. DBAW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPIN J.P. Morgan Diversified Return International Equity ETF	9.44%	33.27%	2.66%	17.45%	-14.14%	6.79%	4.85%	16.07%	-13.12%	25.32%
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	16.12%	26.47%	14.35%	16.26%	-13.35%	13.08%	7.44%	22.96%	-10.38%	18.79%

Correlation

The correlation between JPIN and DBAW is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014	0.83

The correlation between JPIN and DBAW has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

JPIN vs. DBAW - Sectors Allocation Comparison

Sectors	JPIN	DBAW
Industrials	14.4%	15.0%
Consumer Defensive	11.1%	5.3%
Healthcare	9.1%	7.2%
Utilities	9.1%	3.2%
Financial Services	9.0%	24.1%
Basic Materials	8.7%	6.8%
Communication Services	8.7%	5.0%
Real Estate	8.5%	1.5%
Consumer Cyclical	8.5%	7.9%
Technology	6.9%	18.7%
Energy	6.2%	5.3%

Return for Risk

JPIN vs. DBAW — Risk / Return Rank

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

JPIN

JPIN Risk / Return Rank: 49
JPIN Sharpe Ratio Rank: 50
JPIN Sortino Ratio Rank: 50
JPIN Omega Ratio Rank: 49
JPIN Calmar Ratio Rank: 46
JPIN Martin Ratio Rank: 49

DBAW

DBAW Risk / Return Rank: 84
DBAW Sharpe Ratio Rank: 86
DBAW Sortino Ratio Rank: 86
DBAW Omega Ratio Rank: 87
DBAW Calmar Ratio Rank: 79
DBAW Martin Ratio Rank: 83

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.

JPIN vs. DBAW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for J.P. Morgan Diversified Return International Equity ETF (JPIN) and Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW). 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.

	JPIN	DBAW	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.86	-1.11
Sortino ratio: Return per unit of downside risk	2.45	3.90	-1.46
Omega ratio: Gain probability vs. loss probability	1.31	1.55	-0.24
Calmar ratio: Return relative to maximum drawdown	2.28	4.09	-1.80
Martin ratio: Return relative to average drawdown	8.07	16.97	-8.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPIN vs. DBAW - Sharpe Ratio Comparison

The current JPIN Sharpe Ratio is 1.75, which is lower than the DBAW Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of JPIN and DBAW, 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

	JPIN	DBAW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.86	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.83	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.75	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.63	-0.19

Drawdowns

JPIN vs. DBAW - Drawdown Comparison

The maximum JPIN drawdown since its inception was -36.69%, which is greater than DBAW's maximum drawdown of -31.44%. Use the drawdown chart below to compare losses from any high point for JPIN and DBAW.

Drawdown Indicators

	JPIN	DBAW	Difference
Max Drawdown Largest peak-to-trough decline	-36.69%	-31.44%	-5.25%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-9.00%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-12.32%	-14.11%	+1.79%
Max Drawdown (5Y) Largest decline over 5 years	-29.61%	-17.87%	-11.74%
Max Drawdown (10Y) Largest decline over 10 years	-36.69%	-31.44%	-5.25%
Current Drawdown Current decline from peak	-3.12%	-0.51%	-2.61%
Average Drawdown Average peak-to-trough decline	-7.02%	-5.00%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.16%	+0.78%

Volatility

JPIN vs. DBAW - Volatility Comparison

J.P. Morgan Diversified Return International Equity ETF (JPIN) and Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) have volatilities of 4.53% and 4.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPIN	DBAW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	4.71%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	11.00%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	13.62%	12.88%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.54%	13.74%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	15.28%	+0.73%

JPIN vs. DBAW - Expense Ratio Comparison

JPIN has a 0.37% expense ratio, which is lower than DBAW's 0.41% expense ratio.

Dividends

JPIN vs. DBAW - Dividend Comparison

JPIN's dividend yield for the trailing twelve months is around 4.11%, more than DBAW's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	3.29%	3.83%	1.70%	3.45%	8.81%	2.05%	2.08%	2.91%	2.93%	2.41%	1.99%	5.74%
JPIN J.P. Morgan Diversified Return International Equity ETF	4.11%	4.50%	4.20%	6.22%	3.06%	5.03%	2.45%	3.30%	2.72%	2.12%	1.67%	2.18%

Frequently Asked Questions

Can I hold both JPIN and DBAW in my portfolio?

JPIN and DBAW have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPIN or DBAW?

DBAW has higher volatility (4.71%) compared to JPIN (4.53%). In terms of maximum drawdown, JPIN dropped -36.69% vs DBAW's -31.44%.

Which ETF is better, JPIN or DBAW?

On 10-year performance, DBAW leads with 11.44% vs 7.75% for JPIN. On fees, JPIN is cheaper at 0.37% per year. On volatility, JPIN has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPIN or DBAW?

Over the 10-year period, DBAW has performed better with a 11.44% return vs 7.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPIN or DBAW?

JPIN is cheaper with a 0.37% expense ratio, compared with 0.41% for DBAW.

Which ETF pays a higher dividend yield, JPIN or DBAW?

JPIN has the higher dividend yield at 4.11%, compared with 3.29% for DBAW.

What is the main difference between JPIN and DBAW?

JPIN tracks JPMorgan Diversified Factor International Equity Index, while DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index. They also come from different issuers: JPMorgan and Deutsche Bank. Their fees differ too: 0.37% for JPIN and 0.41% for DBAW.

Which has better risk-adjusted returns?

DBAW currently has the higher Sharpe Ratio (2.86 vs 1.75), 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.