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DBEM vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBEM vs. IEFA

Last updated Aug 2, 2026
Documentation

DBEM (Xtrackers MSCI Emerging Markets Hedged Equity ETF) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - DBEM is a Emerging Markets Equities fund tracking the MSCI EM US Dollar Hedged Index, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, DBEM returned 9.29%/yr vs 9.53%/yr for IEFA. Their 0.70 correlation means they have sometimes moved together and sometimes differently. DBEM charges 0.66%/yr vs 0.07%/yr for IEFA.

Performance

DBEM vs. IEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and iShares Core MSCI EAFE ETF (IEFA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DBEM achieves a 20.24% return, which is significantly higher than IEFA's 11.62% return. Both investments have delivered pretty close results over the past 10 years, with DBEM having a 9.29% annualized return and IEFA not far ahead at 9.53%.

DBEM

1D
1.60%
1M
-3.61%
6M
10.65%
YTD
20.24%
1Y
39.64%
3Y*
19.83%
5Y*
9.03%
10Y*
9.29%
ALL TIME*
5.25%

IEFA

1D
-0.64%
1M
0.98%
6M
6.18%
YTD
11.62%
1Y
24.58%
3Y*
16.46%
5Y*
8.91%
10Y*
9.53%
ALL TIME*
8.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DBEM

Xtrackers MSCI Emerging Markets Hedged Equity ETF
$211.50K$783.62K$503.56K

IEFA

iShares Core MSCI EAFE ETF
$832.02M$871.11M$936.56M

DBEM vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBEM
Xtrackers MSCI Emerging Markets Hedged Equity ETF		20.24%30.42%10.61%10.53%-17.00%-2.26%18.12%16.77%-10.81%27.10%
IEFA
iShares Core MSCI EAFE ETF		11.62%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%

Correlation

The correlation between DBEM and IEFA is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.68

Correlation (3Y)
Balances recent behavior with more history.

0.67

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.70

Correlation (10Y)
Provides a long-term view across more market conditions.

0.71

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

0.70

The correlation between DBEM and IEFA has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

DBEM vs. IEFA - Sectors Allocation Comparison

Sectors
DBEM
IEFA

Technology

45.3%
12.6%

Financial Services

18.4%
23.1%

Consumer Cyclical

7.4%
8.1%

Industrials

6.3%
19.7%

Communication Services

6.1%
4.3%

Basic Materials

5.5%
6.3%

Energy

3.2%
3.3%

Consumer Defensive

2.5%
6.5%

Healthcare

2.5%
9.8%

Utilities

1.8%
3.5%

Real Estate

1.0%
2.8%

Technology

DBEM
45.3%
IEFA
12.6%

Financial Services

DBEM
18.4%
IEFA
23.1%

Consumer Cyclical

DBEM
7.4%
IEFA
8.1%

Industrials

DBEM
6.3%
IEFA
19.7%

Communication Services

DBEM
6.1%
IEFA
4.3%

Basic Materials

DBEM
5.5%
IEFA
6.3%

Energy

DBEM
3.2%
IEFA
3.3%

Consumer Defensive

DBEM
2.5%
IEFA
6.5%

Healthcare

DBEM
2.5%
IEFA
9.8%

Utilities

DBEM
1.8%
IEFA
3.5%

Real Estate

DBEM
1.0%
IEFA
2.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Xtrackers MSCI Emerging Markets Hedged Equity ETF

iShares Core MSCI EAFE ETF

Often compared with DBEM:
DBEM vs. ECLNDBEM vs. FEMKXDBEM vs. VWODBEM vs. SPEMDBEM vs. ESGEDBEM vs. SLVPDBEM vs. URTH
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS

Return for Risk

DBEM vs. IEFA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
DBEM
DBEM Risk / Return Rank: 7373
Overall Rank
DBEM Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBEM Sortino Ratio Rank: 6868
Sortino Ratio Rank
DBEM Omega Ratio Rank: 7474
Omega Ratio Rank
DBEM Calmar Ratio Rank: 7373
Calmar Ratio Rank
DBEM Martin Ratio Rank: 7474
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 6767
Overall Rank
IEFA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 6969
Sortino Ratio Rank
IEFA Omega Ratio Rank: 6868
Omega Ratio Rank
IEFA Calmar Ratio Rank: 6161
Calmar Ratio Rank
IEFA Martin Ratio Rank: 6767
Martin Ratio Rank
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.

DBEM vs. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and iShares Core MSCI EAFE ETF (IEFA). 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.

DBEMIEFADifference
Sharpe ratioReturn per unit of total volatility
1.68
1.56

+0.12

Sortino ratioReturn per unit of downside risk
2.22
2.24

-0.02

Omega ratioGain probability vs. loss probability

1.31

1.28

+0.03

Calmar ratioReturn relative to maximum drawdown

2.53

2.13

+0.41

Martin ratioReturn relative to average drawdown

9.23

8.15

+1.08

DBEM vs. IEFA - Sharpe Ratio Comparison

The current DBEM Sharpe Ratio is 1.68, which is comparable to the IEFA Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of DBEM and IEFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

DBEM vs. IEFA - Drawdown Comparison

The maximum DBEM drawdown since its inception was -33.51%, roughly equal to the maximum IEFA drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for DBEM and IEFA.

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Drawdown Indicators

DBEMIEFADifference

Max Drawdown

Largest peak-to-trough decline

-33.51%

-34.78%

+1.27%

Max Drawdown (1Y)

Largest decline over 1 year

-14.90%

-11.50%

-3.40%

Max Drawdown (3Y)

Largest decline over 3 years

-15.12%

-13.76%

-1.36%

Max Drawdown (5Y)

Largest decline over 5 years

-28.14%

-30.41%

+2.27%

Max Drawdown (10Y)

Largest decline over 10 years

-33.51%

-34.78%

+1.27%

Current Drawdown

Current decline from peak

-10.90%

-0.64%

-10.26%

Average Drawdown

Average peak-to-trough decline

-11.64%

-6.63%

-5.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.08%

2.99%

+1.09%

Volatility

DBEM vs. IEFA - Volatility Comparison

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) has a higher volatility of 8.70% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.75%. This indicates that DBEM's price experiences larger fluctuations and is considered to be riskier than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBEMIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

8.70%

4.75%

+3.95%

Volatility (6M)

Calculated over the trailing 6-month period

20.35%

13.63%

+6.72%

Volatility (1Y)

Calculated over the trailing 1-year period

22.40%

15.69%

+6.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.97%

16.63%

+1.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.57%

17.03%

+0.54%

DBEM vs. IEFA - Expense Ratio Comparison

DBEM has a 0.66% expense ratio, which is higher than IEFA's 0.07% expense ratio.

Dividends

DBEM vs. IEFA - Dividend Comparison

DBEM's dividend yield for the trailing twelve months is around 2.19%, less than IEFA's 3.35% yield.

PositionTTM20252024202320222021202020192018201720162015
DBEM
Xtrackers MSCI Emerging Markets Hedged Equity ETF		2.19%1.84%2.48%2.55%2.65%1.77%1.74%2.59%2.85%1.51%1.59%3.49%
IEFA
iShares Core MSCI EAFE ETF		3.35%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%

Frequently Asked Questions

DBEM and IEFA have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBEM has higher volatility (8.70%) compared to IEFA (4.75%). In terms of maximum drawdown, DBEM dropped -33.51% vs IEFA's -34.78%.

On 10-year performance, IEFA leads with 9.53% vs 9.29% for DBEM. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEFA has performed better with a 9.53% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.66% for DBEM.

IEFA has the higher dividend yield at 3.35%, compared with 2.19% for DBEM.

DBEM is categorized as Emerging Markets Equities, while IEFA is Foreign Large Cap Equities. DBEM tracks MSCI EM US Dollar Hedged Index, while IEFA tracks MSCI EAFE IMI Index (Net). They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.66% for DBEM and 0.07% for IEFA.

DBEM currently has the higher Sharpe Ratio (1.68 vs 1.56), 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.

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