DBAW vs. VEA

Last updated Jun 4, 2026

DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) and VEA (Vanguard FTSE Developed Markets ETF) are both Foreign Large Cap Equities funds - DBAW tracks the MSCI ACWI ex USA US Dollar Hedged Index while VEA tracks the FTSE Developed All Cap ex US Index. Both are passively managed. Over the past 10 years, DBAW returned 11.44%/yr vs 10.17%/yr for VEA. Their correlation of 0.86 suggests significant overlap in exposure. DBAW charges 0.41%/yr vs 0.03%/yr for VEA.

Performance

DBAW vs. VEA - 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 Vanguard FTSE Developed Markets ETF (VEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBAW achieves a 16.12% return, which is significantly higher than VEA's 14.92% return. Over the past 10 years, DBAW has outperformed VEA with an annualized return of 11.44%, while VEA has yielded a comparatively lower 10.17% annualized return.

DBAW

• 1D: -0.51%
• 1M: 6.28%
• YTD: 16.12%
• 6M: 18.39%
• 1Y: 36.60%
• 3Y*: 21.15%
• 5Y*: 11.32%
• 10Y*: 11.44%

VEA

• 1D: -0.90%
• 1M: 5.54%
• YTD: 14.92%
• 6M: 18.15%
• 1Y: 32.48%
• 3Y*: 19.77%
• 5Y*: 9.60%
• 10Y*: 10.17%

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

DBAW vs. VEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	16.12%	26.47%	14.35%	16.26%	-13.35%	13.08%	7.44%	22.96%	-10.38%	18.79%
VEA Vanguard FTSE Developed Markets ETF	14.92%	35.16%	3.15%	17.93%	-15.34%	11.66%	9.71%	22.62%	-14.75%	26.42%

Correlation

The correlation between DBAW and VEA is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 28, 2014	0.86

The correlation between DBAW and VEA has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

DBAW vs. VEA - Sectors Allocation Comparison

Sectors	DBAW	VEA
Financial Services	24.1%	23.3%
Technology	18.7%	13.8%
Industrials	15.0%	19.2%
Consumer Cyclical	7.9%	7.5%
Healthcare	7.2%	8.2%
Basic Materials	6.8%	7.5%
Consumer Defensive	5.3%	5.6%
Energy	5.3%	5.4%
Communication Services	5.0%	3.4%
Utilities	3.2%	3.3%
Real Estate	1.5%	2.7%

Return for Risk

DBAW vs. VEA — Risk / Return Rank

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

DBAW

DBAW Risk / Return Rank: 84
DBAW Sharpe Ratio Rank: 86
DBAW Sortino Ratio Rank: 86
DBAW Omega Ratio Rank: 87
DBAW Calmar Ratio Rank: 79
DBAW Martin Ratio Rank: 83

VEA

VEA Risk / Return Rank: 59
VEA Sharpe Ratio Rank: 60
VEA Sortino Ratio Rank: 60
VEA Omega Ratio Rank: 60
VEA Calmar Ratio Rank: 55
VEA Martin Ratio Rank: 60

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. VEA - 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 Vanguard FTSE Developed Markets ETF (VEA). 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.

	DBAW	VEA	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.09	+0.77
Sortino ratio: Return per unit of downside risk	3.90	2.87	+1.03
Omega ratio: Gain probability vs. loss probability	1.55	1.38	+0.17
Calmar ratio: Return relative to maximum drawdown	4.09	2.81	+1.28
Martin ratio: Return relative to average drawdown	16.97	10.94	+6.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBAW vs. VEA - Sharpe Ratio Comparison

The current DBAW Sharpe Ratio is 2.86, which is higher than the VEA Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of DBAW and VEA, 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

	DBAW	VEA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	2.09	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.58	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.59	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.25	+0.38

Drawdowns

DBAW vs. VEA - Drawdown Comparison

The maximum DBAW drawdown since its inception was -31.44%, smaller than the maximum VEA drawdown of -60.68%. Use the drawdown chart below to compare losses from any high point for DBAW and VEA.

Drawdown Indicators

	DBAW	VEA	Difference
Max Drawdown Largest peak-to-trough decline	-31.44%	-60.68%	+29.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-11.63%	+2.63%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-13.45%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-29.71%	+11.84%
Max Drawdown (10Y) Largest decline over 10 years	-31.44%	-35.73%	+4.29%
Current Drawdown Current decline from peak	-0.51%	-0.90%	+0.39%
Average Drawdown Average peak-to-trough decline	-5.00%	-13.29%	+8.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.98%	-0.82%

Volatility

DBAW vs. VEA - Volatility Comparison

The current volatility for Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) is 4.71%, while Vanguard FTSE Developed Markets ETF (VEA) has a volatility of 5.66%. This indicates that DBAW experiences smaller price fluctuations and is considered to be less risky than VEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBAW	VEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	5.66%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	11.00%	13.32%	-2.32%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	15.66%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.74%	16.55%	-2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.28%	17.36%	-2.08%

DBAW vs. VEA - Expense Ratio Comparison

DBAW has a 0.41% expense ratio, which is higher than VEA's 0.03% expense ratio.

Dividends

DBAW vs. VEA - Dividend Comparison

DBAW's dividend yield for the trailing twelve months is around 3.29%, more than VEA's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	3.29%	3.83%	1.70%	3.45%	8.81%	2.05%	2.08%	2.91%	2.93%	2.41%	1.99%	5.74%
VEA Vanguard FTSE Developed Markets ETF	2.62%	3.22%	3.35%	3.15%	2.91%	3.16%	2.04%	3.04%	3.35%	2.77%	3.05%	2.92%

Frequently Asked Questions

Can I hold both DBAW and VEA in my portfolio?

DBAW and VEA have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBAW or VEA?

VEA has higher volatility (5.66%) compared to DBAW (4.71%). In terms of maximum drawdown, DBAW dropped -31.44% vs VEA's -60.68%.

Which ETF is better, DBAW or VEA?

On 10-year performance, DBAW leads with 11.44% vs 10.17% for VEA. On fees, VEA is cheaper at 0.03% per year. On volatility, DBAW has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBAW or VEA?

Over the 10-year period, DBAW has performed better with a 11.44% return vs 10.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBAW or VEA?

VEA is cheaper with a 0.03% expense ratio, compared with 0.41% for DBAW.

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

DBAW has the higher dividend yield at 3.29%, compared with 2.62% for VEA.

What is the main difference between DBAW and VEA?

DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index, while VEA tracks FTSE Developed All Cap ex US Index. They also come from different issuers: Deutsche Bank and Vanguard. Their fees differ too: 0.41% for DBAW and 0.03% for VEA.

Which has better risk-adjusted returns?

DBAW currently has the higher Sharpe Ratio (2.86 vs 2.09), 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.