DBEM vs. IEFA

Last updated Apr 2, 2026

Compare and contrast key facts about Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and iShares Core MSCI EAFE ETF (IEFA).

DBEM and IEFA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBEM is a passively managed fund by Deutsche Bank that tracks the performance of the MSCI EM US Dollar Hedged Index. It was launched on Jun 9, 2011. IEFA is a passively managed fund by iShares that tracks the performance of the MSCI EAFE Investable Market Index. It was launched on Oct 18, 2012. Both DBEM and IEFA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

DBEM vs. IEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	8.13%	30.42%	10.61%	10.53%	-17.00%	-2.26%	18.12%	16.77%	-10.81%	27.10%
IEFA iShares Core MSCI EAFE ETF	2.74%	32.08%	3.26%	17.95%	-15.24%	11.63%	8.18%	22.64%	-14.14%	26.57%

Returns By Period

In the year-to-date period, DBEM achieves a 8.13% return, which is significantly higher than IEFA's 2.74% return. Over the past 10 years, DBEM has underperformed IEFA with an annualized return of 8.56%, while IEFA has yielded a comparatively higher 9.02% annualized return.

DBEM

• 1D: 0.89%
• 1M: -4.59%
• YTD: 8.13%
• 6M: 12.24%
• 1Y: 36.77%
• 3Y*: 18.31%
• 5Y*: 5.84%
• 10Y*: 8.56%

IEFA

• 1D: 1.52%
• 1M: -4.68%
• YTD: 2.74%
• 6M: 6.58%
• 1Y: 25.75%
• 3Y*: 15.08%
• 5Y*: 8.12%
• 10Y*: 9.02%

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

DBEM vs. IEFA - Expense Ratio Comparison

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

DBEM

Xtrackers MSCI Emerging Markets Hedged Equity ETF

IEFA

iShares Core MSCI EAFE ETF

Return for Risk

DBEM vs. IEFA — Risk / Return Rank

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

DBEM

DBEM Risk / Return Rank: 90
DBEM Sharpe Ratio Rank: 89
DBEM Sortino Ratio Rank: 90
DBEM Omega Ratio Rank: 89
DBEM Calmar Ratio Rank: 90
DBEM Martin Ratio Rank: 91

IEFA

IEFA Risk / Return Rank: 78
IEFA Sharpe Ratio Rank: 77
IEFA Sortino Ratio Rank: 79
IEFA Omega Ratio Rank: 77
IEFA Calmar Ratio Rank: 80
IEFA Martin Ratio Rank: 78

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.

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.

	DBEM	IEFA	Difference
Sharpe ratio Return per unit of total volatility	1.96	1.46	+0.50
Sortino ratio Return per unit of downside risk	2.65	2.07	+0.58
Omega ratio Gain probability vs. loss probability	1.39	1.30	+0.08
Calmar ratio Return relative to maximum drawdown	3.28	2.27	+1.01
Martin ratio Return relative to average drawdown	12.99	8.75	+4.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBEM vs. IEFA - Sharpe Ratio Comparison

The current DBEM Sharpe Ratio is 1.96, which is higher than the IEFA Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of DBEM and IEFA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DBEM	IEFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	1.46	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.50	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.52	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.49	-0.23

Correlation

The correlation between DBEM and IEFA is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DBEM vs. IEFA - Dividend Comparison

DBEM's dividend yield for the trailing twelve months is around 1.70%, less than IEFA's 3.46% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.70%	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	3.46%	3.55%	3.47%	3.20%	2.70%	3.32%	1.90%	3.18%	3.46%	2.57%	2.96%	2.63%

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.

Drawdown Indicators

	DBEM	IEFA	Difference
Max Drawdown Largest peak-to-trough decline	-33.51%	-34.78%	+1.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-11.50%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-30.58%	-30.41%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-33.51%	-34.78%	+1.27%
Current Drawdown Current decline from peak	-6.62%	-6.75%	+0.13%
Average Drawdown Average peak-to-trough decline	-11.81%	-6.74%	-5.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	2.98%	-0.11%

Volatility

DBEM vs. IEFA - Volatility Comparison

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) has a higher volatility of 8.08% compared to iShares Core MSCI EAFE ETF (IEFA) at 7.51%. 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.

Volatility by Period

	DBEM	IEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	7.51%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	11.14%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	18.81%	17.67%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.65%	16.36%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	17.24%	-0.33%