# How Deutsche Bank (DB) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/db
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on DB alone. It places DB (Deutsche Bank AG) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where DB stands in the market, and of the alternatives worth a closer look.

Period covered: DB's full trading record, from November 1996 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** The slide is DB's own: it is 67.5% below its high, against 1.3% for the S&P 500. DB has gone against the market, falling 8.6% over the past 3 months while the S&P 500 rose 3.9%.
- **Stock or market?:** The weakness is DB's own: it fell 8.6% over the past 3 months while the banks ETF IXG (iShares Global Financials ETF) fell 0.2%. The S&P 500 rose 3.9%. Its bank peers did not move as one over the past 3 months: JPM (JPMorgan Chase & Co.) fell 0.6%, while BAC (Bank of America) fell 15.8%.
- **Past 1 to 3 years:** Over the past year, DB fell 3.1% while the S&P 500 rose 15.8%. Even so, the past 3 years (ahead of 90% of the stocks worth at least $300 million) have been far stronger than the record over 10 years (ahead of 54% of them).
- **Long term:** DB turned $10,000 into $26,500 over the past decade, against $42,100 in the S&P 500. On the flip side, the past 5 years have been the better stretch: DB rose 171% against 81.7% for the S&P 500, after trailing over the decade.
- **In a crash:** Across seven sell-offs, DB has typically fallen 2.2 times as far as the S&P 500. In the 2022 bear market, DB fell harder than most of its bank peers, including JPM (JPMorgan Chase & Co.), BAC and HSBC.
- **Diversification:** DB is some diversification, but not a hedge: a correlation of 0.48 with the S&P 500 over 5 years and 0.49 with the total US market, more closely than 70% of stocks worth at least $300 million. Over 10 years, DB's beta versus the S&P 500 was 1.21: in the S&P 500's rising months it gained 1.0 times as much as the index, and in falling months it lost 1.2 times as much.
- **Better options**
  - **Nearby categories and themes:** MUFG (Mitsubishi UFJ Financial Group, banks) and MFG (Mizuho Financial Group, banks) earned more than DB with less volatility over the past 5 years. MUFG returned 33.2% a year at 29.4% volatility, against 22.1% a year at 37.4%.
  - **Whole market:** 79 of the 3,633 stocks and funds worth at least $500 million earned more than DB with less volatility over the past 5 years, among them LLY (Eli Lilly and Company), XOM (Exxonmobil) and ABBV (AbbVie).

## How much would $10,000 in DB have grown?

This chart tracks a hypothetical $10,000 investment in DB over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of DB over the same span and DB's popular alternatives, among those that traded for the entire period.

- $10,000 invested in DB at the end of September 1997 would have grown to $9,567 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- All eight other investments on the chart ended ahead of DB, and RY finished highest, at $442,765.

## DB at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout.

- DB is still 67.5% below its all-time high.
- DB's deepest decline since it began trading in 1996 was 95.1%, from May 2007 to March 2020. It has not yet climbed back to that peak.
- Over 29 full calendar years, DB's best was 2025, when it returned 132%, and its worst was 2008, when it lost 65.5%. It lost money in 13 of those years.

- Type: Stock, Financials (Banks - Regional)
- Trading since: November 18, 1996
- Market value: $60B
- Volatility (5 years): 37.4%; Sharpe ratio: 0.72
- Worst decline ever: −95.1%, from May 11, 2007 to March 16, 2020; not yet back at its high

| Period | DB total return |
| --- | --- |
| 1 month | −17.1% |
| 3 months | −8.6% |
| 6 months | −1.6% |
| year to date | −17.0% |
| 1 year | −3.1% |
| 3 years | +244% |
| 5 years | +171% |
| 10 years | +165% |

## DB against the whole market

Where DB ranks among every stock and fund, and what across the market has done better.

### How does DB rank among all stocks?

This section ranks DB on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- DB's 3-year return ranks in the top 10% of the 3,017 stocks worth at least $300 million with 3 years of history.

| Measure | DB | Rank |
| --- | --- | --- |
| 1-year return | −3.1% | 2,111 of 3,287 (top 65%) |
| 3-year return | +244% | 305 of 3,017 (top 11%) |
| 5-year return | +171% | 381 of 2,893 (top 14%) |
| 10-year return | +165% | 1,010 of 2,202 (top 46%) |
| Volatility, 5 years | 37.4% | 1,298 of 2,893 (top 45%) |
| Sharpe ratio, 5 years | 0.72 | 417 of 2,893 (top 15%) |
| Worst decline, past 10 years | −72.7% | 1,378 of 2,187 (top 64%) |

### What has beaten DB on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer).

- 77 stocks and two ETFs worth at least $500 million sit in the green region: each earned more than DB over the past 5 years with smaller price swings. That is 2% of the 3,633 screened.
- Among those with at least half DB's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 34% less than DB's 37.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.72 for DB. MPC earned the most, 51.2% a year, while still swinging less than DB (33.4% against 37.4%).
- Among DB's popular alternatives, HSBC, BBVA and IBKR are in the region. HSBC earned 33.1% a year against 22.1% a year for DB, at 25.9% volatility, 31% less than DB's 37.4%.

### Is there a better investment than DB?

The table below lists investments that beat DB over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among DB's popular alternatives, HSBC, IBKR and UBS earned more than DB with less volatility over the past 5 years. HSBC returned 33.1% a year at 25.9% volatility, against 22.1% a year at 37.4%.
- Looking beyond its popular alternatives, MUFG (banks) and MFG (banks) earned more than DB with less volatility over the past 5 years. MUFG returned 33.2% a year at 29.4% volatility, against 22.1% a year at 37.4%.
- Across the whole market, 79 of the 3,633 stocks and funds worth at least $500 million earned more than DB with less volatility over the past 5 years, among them LLY, XOM and ABBV.

The 15 strongest of 79 investments that beat DB over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with DB | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DB: Deutsche Bank AG (this page) |  | +22.1% | 37.4% | 0.72 | −72.7% | +165% |  |  |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.10 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [APH](https://easycompare.io/research/aph): Amphenol Corporation | Electronic Components | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | Health Care Distribution | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [GWW](https://easycompare.io/research/gww): W.W. Grainger, Inc. | Industrial Distribution | +26.3% | 24.9% | 1.07 | −41.6% | +654% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| ESLT: Elbit Systems Ltd. | Aerospace & Defense | +39.8% | 34.6% | 1.15 | −35.4% | +765% | 0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| EME: EMCOR Group, Inc. | Engineering & Construction | +43.0% | 35.3% | 1.20 | −48.0% | +1,202% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MUFG](https://easycompare.io/research/mufg): Mitsubishi UFJ Financial Group, Inc. | Banks | +33.2% | 29.4% | 1.13 | −54.9% | +483% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| RS: Reliance Steel & Aluminum Co. | Metals & Mining | +24.8% | 28.1% | 0.93 | −40.8% | +626% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| MLI: Mueller Industries, Inc. | Metal Fabrication | +38.9% | 33.4% | 1.16 | −53.0% | +800% | 0.10 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MFG](https://easycompare.io/research/mfg): Mizuho Financial Group, Inc. | Banks | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SMFG](https://easycompare.io/research/smfg): Sumitomo Mitsui Financial Group, Inc. | Banks | +33.7% | 29.4% | 1.14 | −47.6% | +474% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## DB against its popular alternatives

The investments people most often weigh against DB, compared period by period and year by year.

### How do DB's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Seven of the 20 popular alternatives, led by BBVA, IBKR and HSBC, were both more rewarding and calmer than DB over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, DB returned 22.1% a year, more than the S&P 500's 12.7%, with higher volatility (37.4% against 17.1%).

### Has DB consistently beaten its popular alternatives?

This section compares DB with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Seven of the 20 popular alternatives, led by BBVA, NWG and SAN, outperformed DB in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- BBVA, NWG and SAN outperformed DB in every long-term period and in all but one short-term period, the most consistent record in the group.
- HSBC, BBVA and IBKR earned more for the risk they took than DB (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of DB | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DB: Deutsche Bank AG (this page) | −3.1% | +244% | +171% | +165% |  |  | 0.72 |
| [BBVA](https://easycompare.io/research/bbva): Banco Bilbao Vizcaya Argentaria, S.A. | +35.2% | +281% | +413% | +542% | 5/5 short-term, 3/3 long-term | all-weather | 1.16 |
| NWG: NatWest Group plc | +20.7% | +273% | +239% | +495% | 5/5 short-term, 3/3 long-term | all-weather | 0.89 |
| [SAN](https://easycompare.io/research/san): Banco Santander, S.A. | +35.9% | +305% | +295% | +332% | 5/5 short-term, 3/3 long-term | all-weather | 0.99 |
| [IBKR](https://easycompare.io/research/ibkr): Interactive Brokers Group, Inc. | +24.4% | +320% | +355% | +935% | 4/5 short-term, 3/3 long-term | all-weather | 1.04 |
| [ING](https://easycompare.io/research/ing): ING Groep N.V. | +42.5% | +209% | +201% | +339% | 5/5 short-term, 2/3 long-term | consistent | 0.87 |
| [HSBC](https://easycompare.io/research/hsbc): HSBC Holdings plc | +47.7% | +201% | +318% | +319% | 5/5 short-term, 2/3 long-term | consistent | 1.24 |
| [UBS](https://easycompare.io/research/ubs): UBS Group AG | +26.3% | +116% | +210% | +374% | 4/5 short-term, 2/3 long-term | consistent | 0.90 |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | +13.0% | +150% | +122% | +537% | 5/5 short-term, 1/3 long-term |  | 0.78 |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | +39.2% | +173% | +122% | +352% | 5/5 short-term, 1/3 long-term |  | 0.97 |
| [BLK](https://easycompare.io/research/blk): BlackRock, Inc. | −0.6% | +96.3% | +41.1% | +313% | 5/5 short-term, 1/3 long-term |  | 0.39 |
| [TD](https://easycompare.io/research/td): The Toronto-Dominion Bank | +57.5% | +141% | +109% | +310% | 5/5 short-term, 1/3 long-term |  | 0.84 |
| [C](https://easycompare.io/research/c): Citigroup Inc. | +26.0% | +238% | +102% | +234% | 4/5 short-term, 1/3 long-term |  | 0.63 |
| [LYG](https://easycompare.io/research/lyg): Lloyds Banking Group plc | +22.4% | +207% | +152% | +213% | 4/5 short-term, 1/3 long-term |  | 0.74 |
| [MS](https://easycompare.io/research/ms): Morgan Stanley | +13.9% | +170% | +110% | +627% | 3/5 short-term, 1/3 long-term |  | 0.66 |
| [GS](https://easycompare.io/research/gs): The Goldman Sachs Group, Inc. | +18.2% | +215% | +145% | +521% | 3/5 short-term, 1/3 long-term |  | 0.77 |
| [BAC](https://easycompare.io/research/bac): Bank of America Corporation | −0.6% | +107% | +21.6% | +282% | 3/5 short-term, 1/3 long-term |  | 0.28 |
| [BCS](https://easycompare.io/research/bcs): Barclays PLC | +15.1% | +242% | +134% | +238% | 3/5 short-term, 1/3 long-term |  | 0.67 |
| [KKR](https://easycompare.io/research/kkr): KKR & Co. Inc. | −25.2% | +65.7% | +31.8% | +653% | 2/5 short-term, 1/3 long-term |  | 0.34 |
| [SCHW](https://easycompare.io/research/schw): The Charles Schwab Corporation | −3.1% | +86.2% | +19.1% | +221% | 2/5 short-term, 1/3 long-term |  | 0.27 |
| [BX](https://easycompare.io/research/bx): Blackstone Inc. | −28.4% | +28.6% | +2.1% | +628% | 1/5 short-term, 1/3 long-term |  | 0.21 |

### How did DB do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where DB ranked among its popular alternatives each year.

- Ranked against its popular alternatives each year, DB finished in the top quarter in three of 29 years and in the bottom quarter in 12. In 2025, it ranked 3 of 21.
- DB finished ahead of the S&P 500 in 12 of its 29 full calendar years, and ahead of it in each of the last two.
- Among its popular alternatives, GS came out ahead of DB most often, in 19 of the 26 years both traded.

| Year | DB | SPY |
| --- | --- | --- |
| 2025 | +133% | +17.7% |
| 2024 | +29.4% | +24.9% |
| 2023 | +21.4% | +26.2% |
| 2022 | −5.9% | −18.2% |
| 2021 | +14.7% | +28.7% |
| 2020 | +40.1% | +18.3% |
| 2019 | −2.9% | +31.2% |
| 2018 | −56.7% | −4.6% |
| 2017 | +6.4% | +21.7% |
| 2016 | −25.0% | +12.0% |

## Risk and diversification

How DB has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

### What were DB's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all five of DB's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: DB fell 95.1% from May 2007 to March 2020, while the S&P 500 rose 106%.
- The slowest recovery came after DB fell 64.9% from January 2001 to October 2002; it did not regain that peak until November 2005, three years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −95.1% | May 11, 2007 | March 16, 2020 | not yet | +106% | 2008 financial crisis |
| −64.9% | January 31, 2001 | October 9, 2002 | November 22, 2005 | −41.6% | dot-com bust |
| −46.4% | May 22, 1998 | October 9, 1998 | December 27, 1999 | −10.8% |  |
| −28.1% | March 7, 2000 | March 31, 2000 | July 17, 2000 | +10.0% | dot-com bust |
| −25.1% | July 25, 2000 | October 18, 2000 | January 18, 2001 | −8.6% | dot-com bust |

### How did DB do in stock market crashes?

This section measures how far DB, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- DB fell further than the S&P 500 in nine of the ten crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when DB fell 54.8% and the S&P 500 fell 12.8%.
- Among its popular alternatives, BBVA held up best, falling less than DB in nine of the ten crashes they both traded through.

| Crash | Dates | DB fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −64.9% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −82.7% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −46.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −54.8% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −9.3% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −36.3% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −48.6% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −54.2% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −11.6% | −3.4% |

### How closely does DB move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell.

- 16 of the 20 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than DB's 0.86, led by HSBC, IBKR and BBVA.
- TD took just 80% of the S&P 500's losses, against 118% for DB, while still keeping 89% of its gains.
- Over the past 10 years, DB captured 102% of the S&P 500's gains in rising months and 118% of its losses in falling months, with a beta of 1.21. It amplified the market's moves in both directions.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| DB: Deutsche Bank AG (this page) | 102% | 118% | 1.21 |
| [BBVA](https://easycompare.io/research/bbva): Banco Bilbao Vizcaya Argentaria, S.A. | 121% | 97.0% | 1.11 |
| NWG: NatWest Group plc | 128% | 124% | 1.13 |
| [SAN](https://easycompare.io/research/san): Banco Santander, S.A. | 101% | 92.0% | 1.02 |
| [IBKR](https://easycompare.io/research/ibkr): Interactive Brokers Group, Inc. | 128% | 92.0% | 1.03 |
| [ING](https://easycompare.io/research/ing): ING Groep N.V. | 136% | 155% | 1.36 |
| [HSBC](https://easycompare.io/research/hsbc): HSBC Holdings plc | 79.0% | 53.0% | 0.58 |
| [UBS](https://easycompare.io/research/ubs): UBS Group AG | 116% | 120% | 1.18 |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | 117% | 103% | 1.09 |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | 97.0% | 88.0% | 0.88 |
| [BLK](https://easycompare.io/research/blk): BlackRock, Inc. | 127% | 157% | 1.30 |
| [TD](https://easycompare.io/research/td): The Toronto-Dominion Bank | 89.0% | 80.0% | 0.88 |
| [C](https://easycompare.io/research/c): Citigroup Inc. | 131% | 165% | 1.49 |
| [LYG](https://easycompare.io/research/lyg): Lloyds Banking Group plc | 106% | 130% | 1.20 |
| [MS](https://easycompare.io/research/ms): Morgan Stanley | 142% | 137% | 1.39 |
| [GS](https://easycompare.io/research/gs): The Goldman Sachs Group, Inc. | 136% | 133% | 1.39 |
| [BAC](https://easycompare.io/research/bac): Bank of America Corporation | 127% | 146% | 1.36 |
| [BCS](https://easycompare.io/research/bcs): Barclays PLC | 113% | 131% | 1.26 |
| [KKR](https://easycompare.io/research/kkr): KKR & Co. Inc. | 171% | 191% | 1.62 |
| [SCHW](https://easycompare.io/research/schw): The Charles Schwab Corporation | 89.0% | 90.0% | 0.91 |
| [BX](https://easycompare.io/research/bx): Blackstone Inc. | 156% | 170% | 1.48 |

### What diversifies DB?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in DB into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+26.7% for DB alone, +27.8% for the mix).
- Among large ETFs, DXJ, EMLP and SMH have moved largely independently of DB over the past 5 years, with correlations of 0.41 or lower, and each still earned a positive 5-year return.
- MCK made money in eight of the 13 calendar years in which DB lost money.

| Investment | Correlation with DB | 5Y return | Volatility | Sharpe | Rose in DB's 13 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.28 | +225% | 19.1% | 1.34 | 5 of 13 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.41 | +101% | 14.5% | 1.04 | 4 of 13 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.25 | +323% | 36.9% | 0.97 | 6 of 13 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.22 | +126% | 18.9% | 0.96 | 6 of 13 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.42 | +136% | 20.8% | 0.93 | 2 of 13 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.41 | +177% | 25.5% | 0.93 | 6 of 13 |
| EWT: iShares MSCI Taiwan ETF | 0.30 | +153% | 24.2% | 0.89 | 6 of 13 |
| AMLP: Alerian MLP ETF | 0.42 | +111% | 18.9% | 0.89 | 5 of 13 |

## Common questions

### What was DB's worst drawdown?

DB's deepest decline since it began trading in 1996 was 95.1%, from May 2007 to March 2020. It has not yet climbed back to that peak.

### What were DB's best and worst years?

Over 29 full calendar years, DB's best year was 2025, when it returned 132%. Its worst was 2008, with a return of -65.5%.

### Is there a better investment than DB?

Among DB's popular alternatives, HSBC, IBKR and UBS earned more than DB with less volatility over the past 5 years. HSBC returned 33.1% a year at 25.9% volatility, against 22.1% a year at 37.4%. Looking beyond its popular alternatives, MUFG (banks) and MFG (banks) earned more than DB with less volatility over the past 5 years. MUFG returned 33.2% a year at 29.4% volatility, against 22.1% a year at 37.4%.

### Is DB more volatile than the S&P 500?

Yes. DB's volatility over the past 5 years was 37.4%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DB's return lands within 37.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is DB's Sharpe ratio?

DB's Sharpe ratio over the past 5 years was 0.72, against 0.79 for the S&P 500, so DB earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

### How correlated is DB with the S&P 500?

Over the past 5 years, DB's monthly returns had a correlation of 0.48 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against DB instead: the lower it is, the more that option would diversify a DB holding.

### What are the best alternatives to DB?

Of the 20 popular alternatives we compared, seven outperformed DB in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: BBVA, NWG and SAN.

### Did DB outperform the S&P 500?

DB finished ahead of the S&P 500 (SPY) in 12 of 29 full calendar years. In 2025, it returned +132%, against +17.7% for the index.

### How did DB do in stock market crashes?

DB fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in nine. The clearest case was the 2015 China and oil sell-off, when DB fell 54.8% and the S&P 500 fell 12.8%.

### What diversifies DB?

These had a low correlation with DB over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.28), EMLP (correlation 0.41) and SMH (correlation 0.25); among large stocks, CAH (correlation 0.18), CLS (correlation 0.23) and FIX (correlation 0.15). A correlation near zero means the two have moved largely independently.

## More research

- [Banco Bilbao Vizcaya Argentaria (BBVA) Performance, Alternatives and Market Rank](https://easycompare.io/research/bbva)
- [Banco Santander (SAN) Performance, Alternatives and Market Rank](https://easycompare.io/research/san)
- [Interactive Brokers Group (IBKR) Performance, Alternatives and Market Rank](https://easycompare.io/research/ibkr)
- [ING Groep (ING) Performance, Alternatives and Market Rank](https://easycompare.io/research/ing)
- [HSBC Performance, Alternatives and Market Rank](https://easycompare.io/research/hsbc)
- [UBS Group (UBS) Performance, Alternatives and Market Rank](https://easycompare.io/research/ubs)
- [JPMorgan Chase & Co. (JPM) Performance, Alternatives and Market Rank](https://easycompare.io/research/jpm)
- [Royal Bank of Canada (RY) Performance, Alternatives and Market Rank](https://easycompare.io/research/ry)
- [BlackRock (BLK) Performance, Alternatives and Market Rank](https://easycompare.io/research/blk)
- [Toronto-Dominion Bank (TD) Performance, Alternatives and Market Rank](https://easycompare.io/research/td)
- [Citigroup (C) Performance, Alternatives and Market Rank](https://easycompare.io/research/c)
- [Lloyds Banking Group (LYG) Performance, Alternatives and Market Rank](https://easycompare.io/research/lyg)

## Explore further

- Full page with charts: https://easycompare.io/research/db
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against DB live: https://betterthanspy.com/?b=DB&utm_source=easycompare&utm_medium=research