LEML.L vs. DBJP

Last updated Jun 5, 2026

LEML.L (Lyxor MSCI Emerging Markets UCITS ETF - Acc USD) and DBJP (Xtrackers MSCI Japan Hedged Equity ETF) are both exchange-traded funds - LEML.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while DBJP is a Japan Equities fund tracking the MSCI Japan US Dollar Hedged Index. Both are passively managed. Over the past 10 years, LEML.L returned 10.54%/yr vs 17.18%/yr for DBJP. At a 0.44 correlation, their price movements are largely independent. LEML.L charges 0.55%/yr vs 0.45%/yr for DBJP.

Performance

LEML.L vs. DBJP - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor MSCI Emerging Markets UCITS ETF - Acc USD (LEML.L) and Xtrackers MSCI Japan Hedged Equity ETF (DBJP). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

LEML.L is traded in GBp, while DBJP is traded in USD. To make them comparable, the DBJP values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, LEML.L achieves a 25.85% return, which is significantly higher than DBJP's 21.39% return. Over the past 10 years, LEML.L has underperformed DBJP with an annualized return of 10.54%, while DBJP has yielded a comparatively higher 17.18% annualized return.

LEML.L

• 1D: -1.66%
• 1M: 6.29%
• YTD: 25.85%
• 6M: 27.98%
• 1Y: 53.27%
• 3Y*: 20.41%
• 5Y*: 8.13%
• 10Y*: 10.54%

DBJP

• 1D: 0.32%
• 1M: 8.20%
• YTD: 21.39%
• 6M: 22.19%
• 1Y: 55.70%
• 3Y*: 26.18%
• 5Y*: 22.83%
• 10Y*: 17.18%

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

LEML.L vs. DBJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LEML.L Lyxor MSCI Emerging Markets UCITS ETF - Acc USD	25.85%	24.60%	8.72%	2.68%	-10.69%	-1.92%	13.57%	13.03%	-9.98%	24.60%
DBJP Xtrackers MSCI Japan Hedged Equity ETF	21.39%	20.28%	27.72%	29.40%	7.21%	14.11%	7.29%	16.27%	-9.77%	10.75%

Correlation

The correlation between LEML.L and DBJP is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Nov 20, 2012	0.44

The correlation between LEML.L and DBJP shifts across timeframes, from 0.33 (3 years) to 0.44 (all time), reflecting how their relationship changes across market environments.

LEML.L vs. DBJP - Sectors Allocation Comparison

Sectors	LEML.L	DBJP
Technology	36.9%	19.1%
Financial Services	19.5%	17.5%
Consumer Cyclical	9.6%	12.2%
Industrials	7.5%	26.0%
Communication Services	6.9%	7.9%
Basic Materials	6.6%	3.0%
Energy	4.1%	1.1%
Consumer Defensive	3.0%	3.6%
Healthcare	2.9%	6.3%
Utilities	2.1%	1.1%
Real Estate	1.0%	2.3%

Return for Risk

LEML.L vs. DBJP — Risk / Return Rank

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

LEML.L

LEML.L Risk / Return Rank: 88
LEML.L Sharpe Ratio Rank: 91
LEML.L Sortino Ratio Rank: 89
LEML.L Omega Ratio Rank: 91
LEML.L Calmar Ratio Rank: 87
LEML.L Martin Ratio Rank: 84

DBJP

DBJP Risk / Return Rank: 88
DBJP Sharpe Ratio Rank: 88
DBJP Sortino Ratio Rank: 88
DBJP Omega Ratio Rank: 86
DBJP Calmar Ratio Rank: 89
DBJP Martin Ratio Rank: 90

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.

LEML.L vs. DBJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor MSCI Emerging Markets UCITS ETF - Acc USD (LEML.L) and Xtrackers MSCI Japan Hedged Equity ETF (DBJP). 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.

	LEML.L	DBJP	Difference
Sharpe ratio: Return per unit of total volatility	3.14	3.06	+0.08
Sortino ratio: Return per unit of downside risk	4.03	3.98	+0.06
Omega ratio: Gain probability vs. loss probability	1.58	1.53	+0.05
Calmar ratio: Return relative to maximum drawdown	4.87	6.20	-1.33
Martin ratio: Return relative to average drawdown	16.96	23.37	-6.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LEML.L vs. DBJP - Sharpe Ratio Comparison

The current LEML.L Sharpe Ratio is 3.14, which is comparable to the DBJP Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of LEML.L and DBJP, 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

	LEML.L	DBJP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	3.06	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	1.20	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.85	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.72	-0.31

Drawdowns

LEML.L vs. DBJP - Drawdown Comparison

The maximum LEML.L drawdown since its inception was -31.91%, which is greater than DBJP's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for LEML.L and DBJP.

Drawdown Indicators

	LEML.L	DBJP	Difference
Max Drawdown Largest peak-to-trough decline	-31.91%	-27.70%	-4.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.89%	-9.03%	-1.86%
Max Drawdown (3Y) Largest decline over 3 years	-15.34%	-21.07%	+5.73%
Max Drawdown (5Y) Largest decline over 5 years	-24.14%	-21.07%	-3.07%
Max Drawdown (10Y) Largest decline over 10 years	-27.59%	-27.70%	+0.11%
Current Drawdown Current decline from peak	-2.51%	0.00%	-2.51%
Average Drawdown Average peak-to-trough decline	-10.48%	-6.54%	-3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	2.39%	+0.74%

Volatility

LEML.L vs. DBJP - Volatility Comparison

Lyxor MSCI Emerging Markets UCITS ETF - Acc USD (LEML.L) has a higher volatility of 7.42% compared to Xtrackers MSCI Japan Hedged Equity ETF (DBJP) at 2.87%. This indicates that LEML.L's price experiences larger fluctuations and is considered to be riskier than DBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LEML.L	DBJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.42%	2.87%	+4.55%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	13.16%	+1.26%
Volatility (1Y) Calculated over the trailing 1-year period	16.89%	18.34%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	19.17%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.94%	20.30%	-2.36%

LEML.L vs. DBJP - Expense Ratio Comparison

LEML.L has a 0.55% expense ratio, which is higher than DBJP's 0.45% expense ratio.

Dividends

LEML.L vs. DBJP - Dividend Comparison

LEML.L has not paid dividends to shareholders, while DBJP's dividend yield for the trailing twelve months is around 2.33%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBJP Xtrackers MSCI Japan Hedged Equity ETF	2.33%	2.81%	2.80%	5.21%	0.80%	2.30%	2.53%	2.56%	3.87%	2.07%	1.13%	5.95%
LEML.L Lyxor MSCI Emerging Markets UCITS ETF - Acc USD	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 LEML.L and DBJP in my portfolio?

LEML.L and DBJP have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LEML.L or DBJP?

On fees, DBJP is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LEML.L or DBJP?

DBJP is cheaper with a 0.45% expense ratio, compared with 0.55% for LEML.L.

What is the main difference between LEML.L and DBJP?

LEML.L is categorized as Emerging Markets Equities, while DBJP is Japan Equities. LEML.L tracks MSCI EM NR USD, while DBJP tracks MSCI Japan US Dollar Hedged Index. They also come from different issuers: Amundi and Xtrackers. Their fees differ too: 0.55% for LEML.L and 0.45% for DBJP.