XDEF vs. BHYB

Last updated Jun 4, 2026

XDEF (Xtrackers Europe Defense Technologies ETF) and BHYB (Xtrackers USD High Yield BB-B ex Financials ETF) are both exchange-traded funds - XDEF is a Aerospace & Defense fund tracking the STOXX Europe Total Market Defence, Space and Cybersecurity Innovation 50-25 Index, while BHYB is a High Yield Bonds fund tracking the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index - Benchmark TR Gross. Both are passively managed. A 0.61 correlation means they provide meaningful diversification when combined. XDEF charges 0.35%/yr vs 0.20%/yr for BHYB.

Performance

XDEF vs. BHYB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Europe Defense Technologies ETF (XDEF) and Xtrackers USD High Yield BB-B ex Financials ETF (BHYB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XDEF

• 1D: -2.06%
• 1M: -2.01%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BHYB

• 1D: -0.18%
• 1M: 0.48%
• YTD: 1.69%
• 6M: 1.99%
• 1Y: 7.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XDEF vs. BHYB - Yearly Performance Comparison

	2026 (YTD)
XDEF Xtrackers Europe Defense Technologies ETF	-99.17%
BHYB Xtrackers USD High Yield BB-B ex Financials ETF	1.64%

Correlation

The correlation between XDEF and BHYB is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 5, 2026	0.61

Return for Risk

XDEF vs. BHYB — Risk / Return Rank

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

BHYB

BHYB Risk / Return Rank: 71
BHYB Sharpe Ratio Rank: 65
BHYB Sortino Ratio Rank: 75
BHYB Omega Ratio Rank: 74
BHYB Calmar Ratio Rank: 65
BHYB Martin Ratio Rank: 77

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.

XDEF vs. BHYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Europe Defense Technologies ETF (XDEF) and Xtrackers USD High Yield BB-B ex Financials ETF (BHYB). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XDEF	BHYB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.64	2.10	-2.74

Drawdowns

XDEF vs. BHYB - Drawdown Comparison

The maximum XDEF drawdown since its inception was -99.30%, which is greater than BHYB's maximum drawdown of -4.23%. Use the drawdown chart below to compare losses from any high point for XDEF and BHYB.

Drawdown Indicators

	XDEF	BHYB	Difference
Max Drawdown Largest peak-to-trough decline	-99.30%	-4.23%	-95.07%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.27%	—
Current Drawdown Current decline from peak	-99.26%	-0.21%	-99.05%
Average Drawdown Average peak-to-trough decline	-70.45%	-0.40%	-70.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.49%	—

Volatility

Volatility by Period

	XDEF	BHYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.02%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	157.63%	3.40%	+154.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	157.63%	4.71%	+152.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	157.63%	4.71%	+152.92%

XDEF vs. BHYB - Expense Ratio Comparison

XDEF has a 0.35% expense ratio, which is higher than BHYB's 0.20% expense ratio.

Dividends

XDEF vs. BHYB - Dividend Comparison

XDEF has not paid dividends to shareholders, while BHYB's dividend yield for the trailing twelve months is around 6.33%.

Position	TTM	2025	2024	2023
BHYB Xtrackers USD High Yield BB-B ex Financials ETF	6.33%	6.57%	7.04%	0.75%
XDEF Xtrackers Europe Defense Technologies ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XDEF and BHYB in my portfolio?

XDEF and BHYB have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XDEF or BHYB?

On fees, BHYB is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XDEF or BHYB?

BHYB is cheaper with a 0.20% expense ratio, compared with 0.35% for XDEF.

Which ETF pays a higher dividend yield, XDEF or BHYB?

BHYB has the higher dividend yield at 6.33%, compared with 0.00% for XDEF.

What is the main difference between XDEF and BHYB?

XDEF is categorized as Aerospace & Defense, while BHYB is High Yield Bonds. XDEF tracks STOXX Europe Total Market Defence, Space and Cybersecurity Innovation 50-25 Index, while BHYB tracks ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index - Benchmark TR Gross. Their fees differ too: 0.35% for XDEF and 0.20% for BHYB.