DBEF vs. DBEZ

Last updated Aug 2, 2026

DBEF (Xtrackers MSCI EAFE Hedged Equity ETF) and DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) are both exchange-traded funds - DBEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE US Dollar Hedged Index, while DBEZ is a Europe Equities fund tracking the MSCI EMU IMI 100% Hedged to USD Net Variant. Both are passively managed. Over the past 10 years, DBEF returned 12.48%/yr vs 12.37%/yr for DBEZ. Their correlation of 0.92 means they have usually moved in the same direction. DBEF charges 0.35%/yr vs 0.47%/yr for DBEZ.

Performance

DBEF vs. DBEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) and Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DBEF having a 14.22% return and DBEZ slightly lower at 13.66%. Both investments have delivered pretty close results over the past 10 years, with DBEF having a 12.48% annualized return and DBEZ not far behind at 12.37%.

DBEF

• 1D: -0.63%
• 1M: 0.38%
• 6M: 10.41%
• YTD: 14.22%
• 1Y: 28.82%
• 3Y*: 18.28%
• 5Y*: 13.79%
• 10Y*: 12.48%
• ALL TIME*: 10.37%

DBEZ

• 1D: 0.01%
• 1M: 0.02%
• 6M: 10.08%
• YTD: 13.66%
• 1Y: 26.45%
• 3Y*: 17.45%
• 5Y*: 12.38%
• 10Y*: 12.37%
• ALL TIME*: 11.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	$18.98M	$24.65M	$23.29M
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	$401.75K	$249.36K	$196.33K

DBEF vs. DBEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	14.22%	23.16%	13.40%	20.15%	-5.13%	19.60%	2.03%	24.94%	-9.52%	16.74%
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	13.66%	26.14%	9.51%	21.78%	-10.13%	23.52%	0.36%	29.94%	-10.81%	15.62%

Correlation

The correlation between DBEF and DBEZ is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Dec 15, 2014	0.92

The correlation between DBEF and DBEZ has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

DBEF vs. DBEZ - Sectors Allocation Comparison

Sectors	DBEF	DBEZ
Financial Services	24.8%	23.6%
Industrials	19.0%	21.3%
Technology	12.7%	16.8%
Healthcare	10.4%	5.8%
Consumer Cyclical	7.4%	8.2%
Consumer Defensive	6.7%	5.2%
Basic Materials	5.8%	4.3%
Communication Services	4.4%	3.8%
Utilities	3.8%	6.2%
Energy	3.3%	3.6%
Real Estate	1.7%	1.3%

Return for Risk

DBEF vs. DBEZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DBEF

DBEF Risk / Return Rank: 85
DBEF Sharpe Ratio Rank: 88
DBEF Sortino Ratio Rank: 87
DBEF Omega Ratio Rank: 87
DBEF Calmar Ratio Rank: 80
DBEF Martin Ratio Rank: 86

DBEZ

DBEZ Risk / Return Rank: 67
DBEZ Sharpe Ratio Rank: 68
DBEZ Sortino Ratio Rank: 69
DBEZ Omega Ratio Rank: 67
DBEZ Calmar Ratio Rank: 61
DBEZ Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DBEF vs. DBEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) and Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ). 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.

	DBEF	DBEZ	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.57	+0.53
Sortino ratio: Return per unit of downside risk	2.90	2.24	+0.66
Omega ratio: Gain probability vs. loss probability	1.38	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	2.90	2.16	+0.74
Martin ratio: Return relative to average drawdown	12.17	8.52	+3.65

DBEF vs. DBEZ - Sharpe Ratio Comparison

The current DBEF Sharpe Ratio is 2.10, which is higher than the DBEZ Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of DBEF and DBEZ, 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

DBEF vs. DBEZ - Drawdown Comparison

The maximum DBEF drawdown since its inception was -32.46%, smaller than the maximum DBEZ drawdown of -38.76%. Use the drawdown chart below to compare losses from any high point for DBEF and DBEZ.

Drawdown Indicators

	DBEF	DBEZ	Difference
Max Drawdown Largest peak-to-trough decline	-32.46%	-38.76%	+6.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-11.03%	+1.62%
Max Drawdown (3Y) Largest decline over 3 years	-14.62%	-15.59%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-14.95%	-23.38%	+8.43%
Max Drawdown (10Y) Largest decline over 10 years	-32.46%	-38.76%	+6.30%
Current Drawdown Current decline from peak	-0.78%	-0.79%	+0.01%
Average Drawdown Average peak-to-trough decline	-4.70%	-5.75%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.80%	-0.56%

Volatility

DBEF vs. DBEZ - Volatility Comparison

The current volatility for Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) is 3.54%, while Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) has a volatility of 4.27%. This indicates that DBEF experiences smaller price fluctuations and is considered to be less risky than DBEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEF	DBEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	4.27%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	11.06%	13.03%	-1.97%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	15.24%	-2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	16.53%	-2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.59%	18.09%	-2.50%

DBEF vs. DBEZ - Expense Ratio Comparison

DBEF has a 0.35% expense ratio, which is lower than DBEZ's 0.47% expense ratio.

Dividends

DBEF vs. DBEZ - Dividend Comparison

DBEF's dividend yield for the trailing twelve months is around 2.28%, more than DBEZ's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	2.28%	5.55%	1.29%	4.46%	15.85%	2.28%	2.41%	3.03%	3.22%	2.98%	2.55%	3.70%
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	1.26%	4.20%	0.62%	1.84%	1.68%	1.64%	1.99%	2.86%	2.56%	2.11%	3.42%	4.92%

Frequently Asked Questions

Can I hold both DBEF and DBEZ in my portfolio?

With a correlation of 0.92, DBEF and DBEZ 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, DBEF or DBEZ?

DBEZ has higher volatility (4.27%) compared to DBEF (3.54%). In terms of maximum drawdown, DBEF dropped -32.46% vs DBEZ's -38.76%.

Which ETF is better, DBEF or DBEZ?

On 10-year performance, DBEF leads with 12.48% vs 12.37% for DBEZ. On fees, DBEF is cheaper at 0.35% per year. On volatility, DBEF has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEF or DBEZ?

Over the 10-year period, DBEF has performed better with a 12.48% return vs 12.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEF or DBEZ?

DBEF is cheaper with a 0.35% expense ratio, compared with 0.47% for DBEZ.

Which ETF pays a higher dividend yield, DBEF or DBEZ?

DBEF has the higher dividend yield at 2.28%, compared with 1.26% for DBEZ.

What is the main difference between DBEF and DBEZ?

DBEF is categorized as Foreign Large Cap Equities, while DBEZ is Europe Equities. DBEF tracks MSCI EAFE US Dollar Hedged Index, while DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant. They also come from different issuers: DWS and Deutsche Bank. Their fees differ too: 0.35% for DBEF and 0.47% for DBEZ.

Which has better risk-adjusted returns?

DBEF currently has the higher Sharpe Ratio (2.10 vs 1.57), 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.