DBEF vs. HEFA

Last updated Jun 21, 2026

DBEF (Xtrackers MSCI EAFE Hedged Equity ETF) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both Foreign Large Cap Equities funds - DBEF tracks the MSCI EAFE US Dollar Hedged Index while HEFA tracks the MSCI EAFE 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, DBEF returned 12.71%/yr vs 13.20%/yr for HEFA. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.35% expense ratio.

Performance

DBEF vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) and iShares Currency Hedged MSCI EAFE ETF (HEFA). 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 13.70% return and HEFA slightly lower at 13.54%. Both investments have delivered pretty close results over the past 10 years, with DBEF having a 12.71% annualized return and HEFA not far ahead at 13.20%.

DBEF

• 1D: 1.00%
• 1M: 3.64%
• YTD: 13.70%
• 6M: 13.98%
• 1Y: 30.38%
• 3Y*: 18.31%
• 5Y*: 13.92%
• 10Y*: 12.71%

HEFA

• 1D: 1.03%
• 1M: 3.46%
• YTD: 13.54%
• 6M: 13.62%
• 1Y: 31.67%
• 3Y*: 18.91%
• 5Y*: 14.29%
• 10Y*: 13.20%

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

DBEF vs. HEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	13.70%	23.16%	13.40%	20.15%	-5.13%	19.60%	2.03%	24.94%	-9.52%	16.74%
HEFA iShares Currency Hedged MSCI EAFE ETF	13.54%	24.58%	13.71%	20.33%	-4.86%	19.59%	2.09%	27.63%	-9.33%	16.67%

Correlation

The correlation between DBEF and HEFA is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Feb 14, 2014	0.97

The correlation between DBEF and HEFA has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

DBEF vs. HEFA - Sectors Allocation Comparison

Sectors	DBEF	HEFA
Financial Services	24.3%	24.3%
Industrials	19.5%	18.0%
Technology	11.6%	12.5%
Healthcare	10.2%	9.5%
Consumer Cyclical	7.6%	7.1%
Consumer Defensive	6.6%	6.5%
Basic Materials	6.3%	6.0%
Communication Services	4.8%	4.3%
Utilities	3.7%	3.4%
Energy	3.7%	3.3%
Real Estate	1.7%	1.4%

Return for Risk

DBEF vs. HEFA — Risk / Return Rank

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

DBEF

DBEF Risk / Return Rank: 74
DBEF Sharpe Ratio Rank: 76
DBEF Sortino Ratio Rank: 76
DBEF Omega Ratio Rank: 76
DBEF Calmar Ratio Rank: 66
DBEF Martin Ratio Rank: 74

HEFA

HEFA Risk / Return Rank: 75
HEFA Sharpe Ratio Rank: 78
HEFA Sortino Ratio Rank: 78
HEFA Omega Ratio Rank: 79
HEFA Calmar Ratio Rank: 67
HEFA Martin Ratio Rank: 74

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. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) and iShares Currency Hedged MSCI EAFE ETF (HEFA). 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	HEFA	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.33	-0.05
Sortino ratio: Return per unit of downside risk	3.19	3.24	-0.05
Omega ratio: Gain probability vs. loss probability	1.42	1.44	-0.01
Calmar ratio: Return relative to maximum drawdown	3.12	3.20	-0.08
Martin ratio: Return relative to average drawdown	13.19	13.40	-0.21

DBEF vs. HEFA - Sharpe Ratio Comparison

The current DBEF Sharpe Ratio is 2.29, which is comparable to the HEFA Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of DBEF and HEFA, 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. HEFA - Drawdown Comparison

The maximum DBEF drawdown since its inception was -32.46%, roughly equal to the maximum HEFA drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for DBEF and HEFA.

Drawdown Indicators

	DBEF	HEFA	Difference
Max Drawdown Largest peak-to-trough decline	-32.46%	-32.39%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-9.52%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-14.62%	-14.28%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-14.95%	-14.79%	-0.16%
Max Drawdown (10Y) Largest decline over 10 years	-32.46%	-32.39%	-0.07%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.72%	-4.16%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	2.27%	-0.05%

Volatility

DBEF vs. HEFA - Volatility Comparison

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) and iShares Currency Hedged MSCI EAFE ETF (HEFA) have volatilities of 4.34% and 4.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEF	HEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.30%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	10.69%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	13.04%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	13.84%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.80%	15.86%	-0.06%

DBEF vs. HEFA - Expense Ratio Comparison

Both DBEF and HEFA have an expense ratio of 0.35%.

Dividends

DBEF vs. HEFA - Dividend Comparison

DBEF's dividend yield for the trailing twelve months is around 4.88%, more than HEFA's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	2.29%	5.55%	1.29%	4.46%	15.85%	2.28%	2.41%	3.03%	3.22%	2.98%	2.55%	3.70%
HEFA iShares Currency Hedged MSCI EAFE ETF	3.87%	4.40%	3.09%	3.02%	25.14%	3.06%	2.10%	7.56%	4.58%	2.55%	3.17%	3.54%

Frequently Asked Questions

Can I hold both DBEF and HEFA in my portfolio?

With a correlation of 0.98, DBEF and HEFA 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 HEFA?

DBEF has higher volatility (4.34%) compared to HEFA (4.30%). In terms of maximum drawdown, DBEF dropped -32.46% vs HEFA's -32.39%.

Which ETF is better, DBEF or HEFA?

On 10-year performance, HEFA leads with 13.20% vs 12.71% for DBEF. Both ETFs have the same 0.35% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEF or HEFA?

Over the 10-year period, HEFA has performed better with a 13.20% return vs 12.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEF or HEFA?

DBEF and HEFA have the same expense ratio: 0.35% per year.

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

HEFA has the higher dividend yield at 3.87%, compared with 2.29% for DBEF.

What is the main difference between DBEF and HEFA?

DBEF tracks MSCI EAFE US Dollar Hedged Index, while HEFA tracks MSCI EAFE 100% Hedged to USD Index. They also come from different issuers: DWS and iShares.

Which has better risk-adjusted returns?

HEFA currently has the higher Sharpe Ratio (2.33 vs 2.29), 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.