KOKU vs. DBAW

Last updated Jun 6, 2026

KOKU (Xtrackers MSCI Kokusai Equity ETF) and DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) are both exchange-traded funds - KOKU is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index (World ex Japan), while DBAW is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA US Dollar Hedged Index. Both are passively managed. Over the past 5 years, KOKU returned 11.69%/yr vs 10.60%/yr for DBAW. Their correlation of 0.81 suggests significant overlap in exposure. KOKU charges 0.09%/yr vs 0.41%/yr for DBAW.

Performance

KOKU vs. DBAW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Kokusai Equity ETF (KOKU) 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, KOKU achieves a 7.33% return, which is significantly lower than DBAW's 12.43% return.

KOKU

• 1D: -2.72%
• 1M: -0.32%
• YTD: 7.33%
• 6M: 7.81%
• 1Y: 23.41%
• 3Y*: 20.15%
• 5Y*: 11.69%
• 10Y*: —

DBAW

• 1D: -3.26%
• 1M: -0.65%
• YTD: 12.43%
• 6M: 13.94%
• 1Y: 31.95%
• 3Y*: 19.66%
• 5Y*: 10.60%
• 10Y*: 10.93%

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

KOKU vs. DBAW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KOKU Xtrackers MSCI Kokusai Equity ETF	7.33%	21.45%	19.45%	24.23%	-17.83%	23.84%	40.42%
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	12.43%	26.47%	14.35%	16.26%	-13.35%	13.08%	30.23%

Correlation

The correlation between KOKU 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	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 9, 2020	0.81

The correlation between KOKU and DBAW has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

KOKU vs. DBAW - Sectors Allocation Comparison

Sectors	KOKU	DBAW
Technology	28.9%	18.7%
Financial Services	15.6%	24.1%
Industrials	10.5%	15.0%
Communication Services	9.3%	5.0%
Consumer Cyclical	9.1%	7.9%
Healthcare	8.9%	7.2%
Consumer Defensive	5.4%	5.3%
Energy	4.4%	5.3%
Basic Materials	3.3%	6.8%
Utilities	2.8%	3.2%
Real Estate	1.8%	1.5%

Return for Risk

KOKU vs. DBAW — Risk / Return Rank

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

KOKU

KOKU Risk / Return Rank: 60
KOKU Sharpe Ratio Rank: 60
KOKU Sortino Ratio Rank: 59
KOKU Omega Ratio Rank: 59
KOKU Calmar Ratio Rank: 56
KOKU Martin Ratio Rank: 67

DBAW

DBAW Risk / Return Rank: 78
DBAW Sharpe Ratio Rank: 78
DBAW Sortino Ratio Rank: 76
DBAW Omega Ratio Rank: 82
DBAW Calmar Ratio Rank: 74
DBAW Martin Ratio Rank: 79

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.

KOKU vs. DBAW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Kokusai Equity ETF (KOKU) 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.

	KOKU	DBAW	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.41	-0.52
Sortino ratio: Return per unit of downside risk	2.62	3.24	-0.63
Omega ratio: Gain probability vs. loss probability	1.34	1.47	-0.13
Calmar ratio: Return relative to maximum drawdown	2.60	3.57	-0.97
Martin ratio: Return relative to average drawdown	11.67	14.73	-3.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KOKU vs. DBAW - Sharpe Ratio Comparison

The current KOKU Sharpe Ratio is 1.89, which is comparable to the DBAW Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of KOKU 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

	KOKU	DBAW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.41	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.77	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.61	+0.46

Drawdowns

KOKU vs. DBAW - Drawdown Comparison

The maximum KOKU drawdown since its inception was -25.77%, smaller than the maximum DBAW drawdown of -31.44%. Use the drawdown chart below to compare losses from any high point for KOKU and DBAW.

Drawdown Indicators

	KOKU	DBAW	Difference
Max Drawdown Largest peak-to-trough decline	-25.77%	-31.44%	+5.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-9.00%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-17.73%	-14.11%	-3.62%
Max Drawdown (5Y) Largest decline over 5 years	-25.77%	-17.87%	-7.90%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.44%	—
Current Drawdown Current decline from peak	-2.95%	-3.67%	+0.72%
Average Drawdown Average peak-to-trough decline	-4.82%	-5.00%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.18%	-0.17%

Volatility

KOKU vs. DBAW - Volatility Comparison

The current volatility for Xtrackers MSCI Kokusai Equity ETF (KOKU) is 4.06%, while Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) has a volatility of 5.35%. This indicates that KOKU experiences smaller price fluctuations and is considered to be less risky than DBAW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOKU	DBAW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	5.35%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	11.52%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	13.31%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	13.81%	+2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.84%	15.31%	+1.53%

KOKU vs. DBAW - Expense Ratio Comparison

KOKU has a 0.09% expense ratio, which is lower than DBAW's 0.41% expense ratio.

Dividends

KOKU vs. DBAW - Dividend Comparison

KOKU's dividend yield for the trailing twelve months is around 1.39%, less than DBAW's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	3.40%	3.83%	1.70%	3.45%	8.81%	2.05%	2.08%	2.91%	2.93%	2.41%	1.99%	5.74%
KOKU Xtrackers MSCI Kokusai Equity ETF	1.39%	1.48%	1.63%	1.76%	1.98%	1.89%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KOKU and DBAW in my portfolio?

KOKU 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, KOKU or DBAW?

DBAW has higher volatility (5.35%) compared to KOKU (4.06%). In terms of maximum drawdown, KOKU dropped -25.77% vs DBAW's -31.44%.

Which ETF is better, KOKU or DBAW?

On 5-year performance, KOKU leads with 11.69% vs 10.60% for DBAW. On fees, KOKU is cheaper at 0.09% per year. On volatility, KOKU has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOKU or DBAW?

Over the 5-year period, KOKU has performed better with a 11.69% return vs 10.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOKU or DBAW?

KOKU is cheaper with a 0.09% expense ratio, compared with 0.41% for DBAW.

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

DBAW has the higher dividend yield at 3.40%, compared with 1.39% for KOKU.

What is the main difference between KOKU and DBAW?

KOKU is categorized as Large Cap Growth Equities, while DBAW is Foreign Large Cap Equities. KOKU tracks MSCI Kokusai Index (World ex Japan), while DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index. Their fees differ too: 0.09% for KOKU and 0.41% for DBAW.

Which has better risk-adjusted returns?

DBAW currently has the higher Sharpe Ratio (2.41 vs 1.89), 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.