DBEU vs. ^GSPC

Last updated Aug 2, 2026

DBEU (Xtrackers MSCI Europe Hedged Equity Fund) is Europe Equities fund tracking the MSCI Europe US Dollar Hedged Index, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, DBEU returned 11.45%/yr vs 13.26%/yr for ^GSPC. Their 0.75 correlation means they have sometimes moved together and sometimes differently.

Performance

DBEU vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Europe Hedged Equity Fund (DBEU) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBEU achieves a 13.04% return, which is significantly higher than ^GSPC's 9.41% return. Over the past 10 years, DBEU has underperformed ^GSPC with an annualized return of 11.45%, while ^GSPC has yielded a comparatively higher 13.26% annualized return.

DBEU

• 1D: -0.52%
• 1M: 0.12%
• 6M: 9.37%
• YTD: 13.04%
• 1Y: 25.99%
• 3Y*: 15.98%
• 5Y*: 11.88%
• 10Y*: 11.45%
• ALL TIME*: 9.85%

^GSPC

• 1D: 0.70%
• 1M: 0.09%
• 6M: 7.94%
• YTD: 9.41%
• 1Y: 20.07%
• 3Y*: 17.84%
• 5Y*: 11.25%
• 10Y*: 13.26%
• ALL TIME*: 8.09%

*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)
^GSPC S&P 500 Index	$37.98T	$37.61T	$41.48T
DBEU Xtrackers MSCI Europe Hedged Equity Fund	$1.19M	$1.29M	$2.18M

DBEU vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEU Xtrackers MSCI Europe Hedged Equity Fund	13.04%	22.18%	9.17%	17.43%	-6.25%	23.99%	-1.42%	27.32%	-8.49%	14.60%
^GSPC S&P 500 Index	9.41%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between DBEU and ^GSPC 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.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Oct 1, 2013	0.75

The correlation between DBEU and ^GSPC shifts across timeframes, from 0.65 (3 years) to 0.75 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBEU vs. ^GSPC — Risk / Return Rank

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

DBEU

DBEU Risk / Return Rank: 78
DBEU Sharpe Ratio Rank: 80
DBEU Sortino Ratio Rank: 80
DBEU Omega Ratio Rank: 78
DBEU Calmar Ratio Rank: 71
DBEU Martin Ratio Rank: 79

^GSPC

^GSPC Risk / Return Rank: 68
^GSPC Sharpe Ratio Rank: 64
^GSPC Sortino Ratio Rank: 63
^GSPC Omega Ratio Rank: 66
^GSPC Calmar Ratio Rank: 65
^GSPC Martin Ratio Rank: 83

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.

DBEU vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Europe Hedged Equity Fund (DBEU) and S&P 500 Index (^GSPC). 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.

	DBEU	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.42	+0.42
Sortino ratio: Return per unit of downside risk	2.58	1.98	+0.61
Omega ratio: Gain probability vs. loss probability	1.33	1.25	+0.07
Calmar ratio: Return relative to maximum drawdown	2.47	2.00	+0.46
Martin ratio: Return relative to average drawdown	10.08	8.49	+1.59

DBEU vs. ^GSPC - Sharpe Ratio Comparison

The current DBEU Sharpe Ratio is 1.83, which is comparable to the ^GSPC Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of DBEU and ^GSPC, 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

DBEU vs. ^GSPC - Drawdown Comparison

The maximum DBEU drawdown since its inception was -34.50%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for DBEU and ^GSPC.

Drawdown Indicators

	DBEU	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-34.50%	-56.78%	+22.28%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-9.10%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-15.35%	-18.90%	+3.55%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-25.43%	+7.76%
Max Drawdown (10Y) Largest decline over 10 years	-34.50%	-33.92%	-0.58%
Current Drawdown Current decline from peak	-0.52%	-1.58%	+1.06%
Average Drawdown Average peak-to-trough decline	-4.40%	-10.70%	+6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	2.14%	+0.26%

Volatility

DBEU vs. ^GSPC - Volatility Comparison

Xtrackers MSCI Europe Hedged Equity Fund (DBEU) has a higher volatility of 3.81% compared to S&P 500 Index (^GSPC) at 3.51%. This indicates that DBEU's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEU	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	3.51%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	10.11%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	13.24%	12.87%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	17.01%	-2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	18.07%	-1.83%

Frequently Asked Questions

Can I hold both DBEU and ^GSPC in my portfolio?

DBEU and ^GSPC 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.

Which is riskier, DBEU or ^GSPC?

DBEU has higher volatility (3.81%) compared to ^GSPC (3.51%). In terms of maximum drawdown, DBEU dropped -34.50% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

DBEU currently has the higher Sharpe Ratio (1.83 vs 1.42), 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.