DBEU vs. DBEF

Last updated Jun 4, 2026

DBEU (Xtrackers MSCI Europe Hedged Equity Fund) and DBEF (Xtrackers MSCI EAFE Hedged Equity ETF) are both exchange-traded funds - DBEU is a Europe Equities fund tracking the MSCI Europe US Dollar Hedged Index, while DBEF is a Hedge Fund fund tracking the MSCI EAFE US Dollar Hedged Index. Both are passively managed. Over the past 10 years, DBEU returned 11.01%/yr vs 12.12%/yr for DBEF. Their correlation of 0.94 suggests significant overlap in exposure. DBEU charges 0.45%/yr vs 0.36%/yr for DBEF.

Performance

DBEU vs. DBEF - Performance Comparison

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

Returns By Period

In the year-to-date period, DBEU achieves a 7.52% return, which is significantly lower than DBEF's 10.25% return. Over the past 10 years, DBEU has underperformed DBEF with an annualized return of 11.01%, while DBEF has yielded a comparatively higher 12.12% annualized return.

DBEU

• 1D: -0.90%
• 1M: 3.69%
• YTD: 7.52%
• 6M: 9.62%
• 1Y: 17.80%
• 3Y*: 14.56%
• 5Y*: 11.19%
• 10Y*: 11.01%

DBEF

• 1D: -0.47%
• 1M: 4.76%
• YTD: 10.25%
• 6M: 12.54%
• 1Y: 24.51%
• 3Y*: 17.72%
• 5Y*: 13.11%
• 10Y*: 12.12%

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

DBEU vs. DBEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEU Xtrackers MSCI Europe Hedged Equity Fund	7.52%	22.18%	9.17%	17.43%	-6.25%	23.99%	-1.42%	27.32%	-8.49%	14.60%
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	10.25%	23.16%	13.40%	20.15%	-5.13%	19.60%	2.03%	24.94%	-9.52%	16.74%

Correlation

The correlation between DBEU and DBEF is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 2, 2013	0.94

The correlation between DBEU and DBEF has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

DBEU vs. DBEF - Sectors Allocation Comparison

Sectors	DBEU	DBEF
Financial Services	23.2%	24.6%
Industrials	19.8%	19.9%
Healthcare	13.0%	10.5%
Consumer Defensive	8.7%	6.8%
Technology	8.5%	10.3%
Consumer Cyclical	6.3%	7.5%
Basic Materials	5.6%	5.9%
Energy	5.4%	4.1%
Utilities	5.1%	3.9%
Communication Services	3.7%	4.5%
Real Estate	0.8%	1.9%

Return for Risk

DBEU vs. DBEF — Risk / Return Rank

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

DBEU

DBEU Risk / Return Rank: 39
DBEU Sharpe Ratio Rank: 39
DBEU Sortino Ratio Rank: 38
DBEU Omega Ratio Rank: 39
DBEU Calmar Ratio Rank: 36
DBEU Martin Ratio Rank: 44

DBEF

DBEF Risk / Return Rank: 57
DBEF Sharpe Ratio Rank: 57
DBEF Sortino Ratio Rank: 58
DBEF Omega Ratio Rank: 59
DBEF Calmar Ratio Rank: 52
DBEF Martin Ratio Rank: 60

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.

DBEU vs. DBEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Europe Hedged Equity Fund (DBEU) and Xtrackers MSCI EAFE Hedged Equity ETF (DBEF). 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.

	DBEU	DBEF	Difference
Sharpe ratio Return per unit of total volatility	1.41	1.99	-0.58
Sortino ratio Return per unit of downside risk	2.01	2.80	-0.79
Omega ratio Gain probability vs. loss probability	1.25	1.37	-0.11
Calmar ratio Return relative to maximum drawdown	1.82	2.62	-0.79
Martin ratio Return relative to average drawdown	7.27	11.01	-3.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBEU vs. DBEF - Sharpe Ratio Comparison

The current DBEU Sharpe Ratio is 1.41, which is comparable to the DBEF Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of DBEU and DBEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBEU	DBEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.99	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.96	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.77	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.55	+0.03

Drawdowns

DBEU vs. DBEF - Drawdown Comparison

The maximum DBEU drawdown since its inception was -34.50%, which is greater than DBEF's maximum drawdown of -32.46%. Use the drawdown chart below to compare losses from any high point for DBEU and DBEF.

Drawdown Indicators

	DBEU	DBEF	Difference
Max Drawdown Largest peak-to-trough decline	-34.50%	-32.46%	-2.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-9.41%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-15.35%	-14.62%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-14.95%	-2.72%
Max Drawdown (10Y) Largest decline over 10 years	-34.50%	-32.46%	-2.04%
Current Drawdown Current decline from peak	-1.49%	-0.47%	-1.02%
Average Drawdown Average peak-to-trough decline	-4.44%	-4.74%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.23%	+0.22%

Volatility

DBEU vs. DBEF - Volatility Comparison

Xtrackers MSCI Europe Hedged Equity Fund (DBEU) has a higher volatility of 4.71% compared to Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) at 3.99%. This indicates that DBEU's price experiences larger fluctuations and is considered to be riskier than DBEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEU	DBEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	3.99%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	10.50%	10.14%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	12.37%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.32%	13.74%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.46%	15.79%	+0.67%

DBEU vs. DBEF - Expense Ratio Comparison

DBEU has a 0.45% expense ratio, which is higher than DBEF's 0.36% expense ratio.

Dividends

DBEU vs. DBEF - Dividend Comparison

DBEU's dividend yield for the trailing twelve months is around 4.23%, less than DBEF's 5.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	5.03%	5.55%	1.29%	4.46%	15.85%	2.28%	2.41%	3.03%	3.22%	2.98%	2.55%	3.70%
DBEU Xtrackers MSCI Europe Hedged Equity Fund	4.23%	4.55%	0.07%	3.64%	1.96%	1.87%	2.44%	2.77%	3.55%	2.28%	9.92%	5.50%

Frequently Asked Questions

Can I hold both DBEU and DBEF in my portfolio?

With a correlation of 0.91, DBEU and DBEF 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, DBEU or DBEF?

DBEU has higher volatility (4.71%) compared to DBEF (3.99%). In terms of maximum drawdown, DBEU dropped -34.50% vs DBEF's -32.46%.

Which ETF is better, DBEU or DBEF?

On 10-year performance, DBEF leads with 12.12% vs 11.01% for DBEU. On fees, DBEF is cheaper at 0.36% per year. On volatility, DBEF has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEU or DBEF?

Over the 10-year period, DBEF has performed better with a 12.12% return vs 11.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEU or DBEF?

DBEF is cheaper with a 0.36% expense ratio, compared with 0.45% for DBEU.

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

DBEF has the higher dividend yield at 5.03%, compared with 4.23% for DBEU.

What is the main difference between DBEU and DBEF?

DBEU is categorized as Europe Equities, while DBEF is Hedge Fund. DBEU tracks MSCI Europe US Dollar Hedged Index, while DBEF tracks MSCI EAFE US Dollar Hedged Index. Their fees differ too: 0.45% for DBEU and 0.36% for DBEF.

Which has better risk-adjusted returns?

DBEF currently has the higher Sharpe Ratio (1.99 vs 1.41), 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.