PBJ vs. DXJ

Last updated Jun 26, 2026

PBJ (Invesco Dynamic Food & Beverage ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - PBJ is a Consumer Staples Equities fund tracking the Dynamic Food & Beverage Intellidex Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, PBJ returned 5.21%/yr vs 19.57%/yr for DXJ. At a 0.48 correlation, their price movements are largely independent. PBJ charges 0.63%/yr vs 0.48%/yr for DXJ.

Performance

PBJ vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Food & Beverage ETF (PBJ) and WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBJ achieves a 5.45% return, which is significantly lower than DXJ's 20.68% return. Over the past 10 years, PBJ has underperformed DXJ with an annualized return of 5.21%, while DXJ has yielded a comparatively higher 19.57% annualized return.

PBJ

• 1D: -0.55%
• 1M: -1.85%
• YTD: 5.45%
• 6M: 4.54%
• 1Y: 2.02%
• 3Y*: 2.56%
• 5Y*: 3.63%
• 10Y*: 5.21%

DXJ

• 1D: 0.23%
• 1M: 1.56%
• YTD: 20.68%
• 6M: 21.33%
• 1Y: 56.48%
• 3Y*: 31.79%
• 5Y*: 26.39%
• 10Y*: 19.57%

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

PBJ vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBJ Invesco Dynamic Food & Beverage ETF	5.45%	-1.86%	2.49%	2.31%	3.14%	26.88%	5.53%	17.50%	-11.21%	1.87%
DXJ WisdomTree Japan Hedged Equity Fund	20.68%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Correlation

The correlation between PBJ and DXJ is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.48

Over the past year, the correlation between PBJ and DXJ has dropped to 0.18 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

PBJ vs. DXJ - Sectors Allocation Comparison

Sectors	PBJ	DXJ
Consumer Defensive	78.1%	4.7%
Consumer Cyclical	11.0%	15.6%
Industrials	5.6%	27.4%
Basic Materials	5.1%	8.5%
Financial Services	0.2%	18.3%
Communication Services	-	2.7%
Energy	-	1.7%
Healthcare	-	6.8%
Real Estate	-	-
Technology	-	12.9%
Utilities	-	0.1%

Return for Risk

PBJ vs. DXJ — Risk / Return Rank

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

PBJ

PBJ Risk / Return Rank: 10
PBJ Sharpe Ratio Rank: 11
PBJ Sortino Ratio Rank: 10
PBJ Omega Ratio Rank: 10
PBJ Calmar Ratio Rank: 11
PBJ Martin Ratio Rank: 11

DXJ

DXJ Risk / Return Rank: 93
DXJ Sharpe Ratio Rank: 94
DXJ Sortino Ratio Rank: 93
DXJ Omega Ratio Rank: 93
DXJ Calmar Ratio Rank: 92
DXJ Martin Ratio Rank: 92

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.

PBJ vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Food & Beverage ETF (PBJ) and WisdomTree Japan Hedged Equity Fund (DXJ). 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.

	PBJ	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	0.16	3.13	-2.97
Sortino ratio: Return per unit of downside risk	0.31	4.05	-3.74
Omega ratio: Gain probability vs. loss probability	1.04	1.56	-0.52
Calmar ratio: Return relative to maximum drawdown	0.16	5.17	-5.01
Martin ratio: Return relative to average drawdown	0.37	19.89	-19.51

PBJ vs. DXJ - Sharpe Ratio Comparison

The current PBJ Sharpe Ratio is 0.16, which is lower than the DXJ Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of PBJ and DXJ, 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

PBJ vs. DXJ - Drawdown Comparison

The maximum PBJ drawdown since its inception was -39.15%, smaller than the maximum DXJ drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for PBJ and DXJ.

Drawdown Indicators

	PBJ	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-49.63%	+10.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-10.98%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-12.99%	-22.19%	+9.20%
Max Drawdown (5Y) Largest decline over 5 years	-15.81%	-22.19%	+6.38%
Max Drawdown (10Y) Largest decline over 10 years	-28.49%	-39.14%	+10.65%
Current Drawdown Current decline from peak	-7.31%	-3.21%	-4.10%
Average Drawdown Average peak-to-trough decline	-5.40%	-14.30%	+8.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.44%	2.85%	+2.59%

Volatility

PBJ vs. DXJ - Volatility Comparison

The current volatility for Invesco Dynamic Food & Beverage ETF (PBJ) is 4.33%, while WisdomTree Japan Hedged Equity Fund (DXJ) has a volatility of 6.21%. This indicates that PBJ experiences smaller price fluctuations and is considered to be less risky than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBJ	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	6.21%	-1.88%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	13.93%	-4.51%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	18.14%	-5.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.77%	19.07%	-5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.13%	19.99%	-4.86%

PBJ vs. DXJ - Expense Ratio Comparison

PBJ has a 0.63% expense ratio, which is higher than DXJ's 0.48% expense ratio.

Dividends

PBJ vs. DXJ - Dividend Comparison

PBJ's dividend yield for the trailing twelve months is around 1.30%, more than DXJ's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJ WisdomTree Japan Hedged Equity Fund	0.97%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%
PBJ Invesco Dynamic Food & Beverage ETF	1.30%	1.83%	1.11%	1.81%	1.82%	0.90%	1.12%	1.21%	1.41%	0.70%	1.56%	1.24%

Frequently Asked Questions

Can I hold both PBJ and DXJ in my portfolio?

PBJ and DXJ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBJ or DXJ?

DXJ has higher volatility (6.21%) compared to PBJ (4.33%). In terms of maximum drawdown, PBJ dropped -39.15% vs DXJ's -49.63%.

Which ETF is better, PBJ or DXJ?

On 10-year performance, DXJ leads with 19.57% vs 5.21% for PBJ. On fees, DXJ is cheaper at 0.48% per year. On volatility, PBJ has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBJ or DXJ?

Over the 10-year period, DXJ has performed better with a 19.57% return vs 5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBJ or DXJ?

DXJ is cheaper with a 0.48% expense ratio, compared with 0.63% for PBJ.

Which ETF pays a higher dividend yield, PBJ or DXJ?

PBJ has the higher dividend yield at 1.30%, compared with 0.97% for DXJ.

What is the main difference between PBJ and DXJ?

PBJ is categorized as Consumer Staples Equities, while DXJ is Japan Equities. PBJ tracks Dynamic Food & Beverage Intellidex Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.63% for PBJ and 0.48% for DXJ.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (3.13 vs 0.16), 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.