DBEF vs. DLS

Last updated Jun 14, 2026

DBEF (Xtrackers MSCI EAFE Hedged Equity ETF) and DLS (WisdomTree International SmallCap Dividend) are both exchange-traded funds - DBEF is a Hedge Fund fund tracking the MSCI EAFE US Dollar Hedged Index, while DLS is a Foreign Small & Mid Cap Equities fund tracking the WisdomTree International SmallCap Dividend Index. Both are passively managed. Over the past 10 years, DBEF returned 12.79%/yr vs 8.07%/yr for DLS. A 0.75 correlation means they provide meaningful diversification when combined. DBEF charges 0.36%/yr vs 0.58%/yr for DLS.

Performance

DBEF vs. DLS - Performance Comparison

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

Returns By Period

In the year-to-date period, DBEF achieves a 11.60% return, which is significantly higher than DLS's 7.56% return. Over the past 10 years, DBEF has outperformed DLS with an annualized return of 12.79%, while DLS has yielded a comparatively lower 8.07% annualized return.

DBEF

• 1D: 0.36%
• 1M: 4.03%
• YTD: 11.60%
• 6M: 13.17%
• 1Y: 26.82%
• 3Y*: 17.82%
• 5Y*: 13.20%
• 10Y*: 12.79%

DLS

• 1D: 0.13%
• 1M: 0.56%
• YTD: 7.56%
• 6M: 9.92%
• 1Y: 23.02%
• 3Y*: 16.92%
• 5Y*: 6.78%
• 10Y*: 8.07%

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

DBEF vs. DLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	11.60%	23.16%	13.40%	20.15%	-5.13%	19.60%	2.03%	24.94%	-9.52%	16.74%
DLS WisdomTree International SmallCap Dividend	7.56%	34.11%	3.06%	15.33%	-17.31%	11.71%	-1.28%	22.20%	-18.95%	31.83%

Correlation

The correlation between DBEF and DLS is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 9, 2011	0.75

The correlation between DBEF and DLS has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

DBEF vs. DLS - Sectors Allocation Comparison

Sectors	DBEF	DLS
Financial Services	24.3%	13.4%
Industrials	19.5%	27.8%
Technology	11.6%	8.9%
Healthcare	10.2%	3.6%
Consumer Cyclical	7.6%	12.7%
Consumer Defensive	6.6%	7.6%
Basic Materials	6.3%	9.2%
Communication Services	4.8%	4.3%
Utilities	3.7%	2.0%
Energy	3.7%	2.7%
Real Estate	1.7%	7.6%

Return for Risk

DBEF vs. DLS — Risk / Return Rank

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

DBEF

DBEF Risk / Return Rank: 69
DBEF Sharpe Ratio Rank: 71
DBEF Sortino Ratio Rank: 72
DBEF Omega Ratio Rank: 72
DBEF Calmar Ratio Rank: 62
DBEF Martin Ratio Rank: 71

DLS

DLS Risk / Return Rank: 50
DLS Sharpe Ratio Rank: 53
DLS Sortino Ratio Rank: 53
DLS Omega Ratio Rank: 52
DLS Calmar Ratio Rank: 45
DLS Martin Ratio Rank: 48

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.

DBEF vs. DLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) and WisdomTree International SmallCap Dividend (DLS). 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	DLS	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.58	+0.41
Sortino ratio: Return per unit of downside risk	2.80	2.27	+0.53
Omega ratio: Gain probability vs. loss probability	1.37	1.29	+0.08
Calmar ratio: Return relative to maximum drawdown	2.72	1.97	+0.74
Martin ratio: Return relative to average drawdown	11.46	7.11	+4.36

DBEF vs. DLS - Sharpe Ratio Comparison

The current DBEF Sharpe Ratio is 1.98, which is comparable to the DLS Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of DBEF and DLS, 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. DLS - Drawdown Comparison

The maximum DBEF drawdown since its inception was -32.46%, smaller than the maximum DLS drawdown of -63.13%. Use the drawdown chart below to compare losses from any high point for DBEF and DLS.

Drawdown Indicators

	DBEF	DLS	Difference
Max Drawdown Largest peak-to-trough decline	-32.46%	-63.13%	+30.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-11.04%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-14.62%	-12.69%	-1.93%
Max Drawdown (5Y) Largest decline over 5 years	-14.95%	-32.22%	+17.27%
Max Drawdown (10Y) Largest decline over 10 years	-32.46%	-44.77%	+12.31%
Current Drawdown Current decline from peak	0.00%	-2.36%	+2.36%
Average Drawdown Average peak-to-trough decline	-4.73%	-13.63%	+8.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	3.06%	-0.83%

Volatility

DBEF vs. DLS - Volatility Comparison

The current volatility for Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) is 4.58%, while WisdomTree International SmallCap Dividend (DLS) has a volatility of 4.90%. This indicates that DBEF experiences smaller price fluctuations and is considered to be less risky than DLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEF	DLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.90%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	11.48%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.89%	13.81%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.84%	15.64%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.80%	16.68%	-0.88%

DBEF vs. DLS - Expense Ratio Comparison

DBEF has a 0.36% expense ratio, which is lower than DLS's 0.58% expense ratio.

Dividends

DBEF vs. DLS - Dividend Comparison

DBEF's dividend yield for the trailing twelve months is around 4.97%, more than DLS's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	4.97%	5.55%	1.29%	4.46%	15.85%	2.28%	2.41%	3.03%	3.22%	2.98%	2.55%	3.70%
DLS WisdomTree International SmallCap Dividend	3.47%	3.87%	4.56%	4.29%	4.96%	3.29%	2.50%	3.37%	3.66%	2.79%	3.29%	2.72%

Frequently Asked Questions

Can I hold both DBEF and DLS in my portfolio?

DBEF and DLS have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBEF or DLS?

DLS has higher volatility (4.90%) compared to DBEF (4.58%). In terms of maximum drawdown, DBEF dropped -32.46% vs DLS's -63.13%.

Which ETF is better, DBEF or DLS?

On 10-year performance, DBEF leads with 12.79% vs 8.07% for DLS. On fees, DBEF is cheaper at 0.36% per year. On volatility, DBEF has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEF or DLS?

Over the 10-year period, DBEF has performed better with a 12.79% return vs 8.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEF or DLS?

DBEF is cheaper with a 0.36% expense ratio, compared with 0.58% for DLS.

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

DBEF has the higher dividend yield at 4.97%, compared with 3.47% for DLS.

What is the main difference between DBEF and DLS?

DBEF is categorized as Hedge Fund, while DLS is Foreign Small & Mid Cap Equities. DBEF tracks MSCI EAFE US Dollar Hedged Index, while DLS tracks WisdomTree International SmallCap Dividend Index. They also come from different issuers: DWS and WisdomTree. Their fees differ too: 0.36% for DBEF and 0.58% for DLS.

Which has better risk-adjusted returns?

DBEF currently has the higher Sharpe Ratio (1.98 vs 1.58), 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.