DBAW vs. HFXI

Last updated Jun 23, 2026

DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) and HFXI (IQ 50 Percent Hedged FTSE International ETF) are both Foreign Large Cap Equities funds - DBAW tracks the MSCI ACWI ex USA US Dollar Hedged Index while HFXI tracks the FTSE Developed ex North America 50% Hedged to USD Index. Both are passively managed. Over the past 10 years, DBAW returned 12.30%/yr vs 12.35%/yr for HFXI. Their correlation of 0.87 suggests significant overlap in exposure. DBAW charges 0.41%/yr vs 0.20%/yr for HFXI.

Performance

DBAW vs. HFXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) and IQ 50 Percent Hedged FTSE International ETF (HFXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DBAW having a 19.37% return and HFXI slightly higher at 20.17%. Both investments have delivered pretty close results over the past 10 years, with DBAW having a 12.30% annualized return and HFXI not far ahead at 12.35%.

DBAW

• 1D: 0.47%
• 1M: 5.47%
• YTD: 19.37%
• 6M: 19.97%
• 1Y: 39.95%
• 3Y*: 22.59%
• 5Y*: 12.02%
• 10Y*: 12.30%

HFXI

• 1D: 0.08%
• 1M: 5.03%
• YTD: 20.17%
• 6M: 20.99%
• 1Y: 40.27%
• 3Y*: 21.76%
• 5Y*: 12.98%
• 10Y*: 12.35%

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

DBAW vs. HFXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	19.37%	26.47%	14.35%	16.26%	-13.35%	13.08%	7.44%	22.96%	-10.38%	18.79%
HFXI IQ 50 Percent Hedged FTSE International ETF	20.17%	30.10%	7.58%	19.56%	-10.71%	13.96%	6.88%	23.67%	-12.69%	22.68%

Correlation

The correlation between DBAW and HFXI is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 22, 2015	0.87

The correlation between DBAW and HFXI has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

DBAW vs. HFXI - Sectors Allocation Comparison

Sectors	DBAW	HFXI
Financial Services	23.2%	22.8%
Technology	22.4%	14.6%
Industrials	14.3%	20.1%
Consumer Cyclical	7.6%	7.7%
Basic Materials	6.9%	5.9%
Healthcare	6.8%	9.5%
Consumer Defensive	5.0%	6.3%
Communication Services	4.9%	3.5%
Energy	4.8%	3.6%
Utilities	2.9%	3.6%
Real Estate	1.4%	2.5%

Return for Risk

DBAW vs. HFXI — Risk / Return Rank

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

DBAW

DBAW Risk / Return Rank: 88
DBAW Sharpe Ratio Rank: 90
DBAW Sortino Ratio Rank: 89
DBAW Omega Ratio Rank: 91
DBAW Calmar Ratio Rank: 85
DBAW Martin Ratio Rank: 87

HFXI

HFXI Risk / Return Rank: 81
HFXI Sharpe Ratio Rank: 84
HFXI Sortino Ratio Rank: 83
HFXI Omega Ratio Rank: 84
HFXI Calmar Ratio Rank: 75
HFXI Martin Ratio Rank: 78

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.

DBAW vs. HFXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) and IQ 50 Percent Hedged FTSE International ETF (HFXI). 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.

	DBAW	HFXI	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.59	+0.33
Sortino ratio: Return per unit of downside risk	3.91	3.52	+0.40
Omega ratio: Gain probability vs. loss probability	1.57	1.49	+0.08
Calmar ratio: Return relative to maximum drawdown	4.46	3.73	+0.73
Martin ratio: Return relative to average drawdown	18.16	14.66	+3.50

DBAW vs. HFXI - Sharpe Ratio Comparison

The current DBAW Sharpe Ratio is 2.92, which is comparable to the HFXI Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of DBAW and HFXI, 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

DBAW vs. HFXI - Drawdown Comparison

The maximum DBAW drawdown since its inception was -31.44%, roughly equal to the maximum HFXI drawdown of -32.42%. Use the drawdown chart below to compare losses from any high point for DBAW and HFXI.

Drawdown Indicators

	DBAW	HFXI	Difference
Max Drawdown Largest peak-to-trough decline	-31.44%	-32.42%	+0.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-10.84%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-13.52%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-22.35%	+4.48%
Max Drawdown (10Y) Largest decline over 10 years	-31.44%	-32.42%	+0.98%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.98%	-5.44%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	2.75%	-0.54%

Volatility

DBAW vs. HFXI - Volatility Comparison

The current volatility for Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) is 5.66%, while IQ 50 Percent Hedged FTSE International ETF (HFXI) has a volatility of 6.27%. This indicates that DBAW experiences smaller price fluctuations and is considered to be less risky than HFXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBAW	HFXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	6.27%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	12.02%	13.62%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	13.75%	15.65%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	15.05%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.30%	16.65%	-1.35%

DBAW vs. HFXI - Expense Ratio Comparison

DBAW has a 0.41% expense ratio, which is higher than HFXI's 0.20% expense ratio.

Dividends

DBAW vs. HFXI - Dividend Comparison

DBAW's dividend yield for the trailing twelve months is around 1.64%, less than HFXI's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	1.64%	3.83%	1.70%	3.45%	8.81%	2.05%	2.08%	2.91%	2.93%	2.41%	1.99%	5.74%
HFXI IQ 50 Percent Hedged FTSE International ETF	3.22%	4.19%	2.68%	2.49%	4.65%	3.10%	2.00%	3.19%	4.33%	2.56%	2.71%	0.78%

Frequently Asked Questions

Can I hold both DBAW and HFXI in my portfolio?

With a correlation of 0.91, DBAW and HFXI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DBAW or HFXI?

HFXI has higher volatility (6.27%) compared to DBAW (5.66%). In terms of maximum drawdown, DBAW dropped -31.44% vs HFXI's -32.42%.

Which ETF is better, DBAW or HFXI?

On 10-year performance, HFXI leads with 12.35% vs 12.30% for DBAW. On fees, HFXI is cheaper at 0.20% per year. On volatility, DBAW has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBAW or HFXI?

Over the 10-year period, HFXI has performed better with a 12.35% return vs 12.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBAW or HFXI?

HFXI is cheaper with a 0.20% expense ratio, compared with 0.41% for DBAW.

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

HFXI has the higher dividend yield at 3.22%, compared with 1.64% for DBAW.

What is the main difference between DBAW and HFXI?

DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index, while HFXI tracks FTSE Developed ex North America 50% Hedged to USD Index. They also come from different issuers: Deutsche Bank and New York Life. Their fees differ too: 0.41% for DBAW and 0.20% for HFXI.

Which has better risk-adjusted returns?

DBAW currently has the higher Sharpe Ratio (2.92 vs 2.59), 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.