DBEU vs. VGK

Last updated Jun 3, 2026

DBEU (Xtrackers MSCI Europe Hedged Equity Fund) and VGK (Vanguard FTSE Europe ETF) are both Europe Equities funds - DBEU tracks the MSCI Europe US Dollar Hedged Index while VGK tracks the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, DBEU returned 11.11%/yr vs 9.39%/yr for VGK. Their correlation of 0.85 suggests significant overlap in exposure. DBEU charges 0.45%/yr vs 0.06%/yr for VGK.

Performance

DBEU vs. VGK - Performance Comparison

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

Returns By Period

In the year-to-date period, DBEU achieves a 8.50% return, which is significantly higher than VGK's 6.90% return. Over the past 10 years, DBEU has outperformed VGK with an annualized return of 11.11%, while VGK has yielded a comparatively lower 9.39% annualized return.

DBEU

• 1D: 0.37%
• 1M: 2.85%
• YTD: 8.50%
• 6M: 10.77%
• 1Y: 18.58%
• 3Y*: 14.90%
• 5Y*: 11.46%
• 10Y*: 11.11%

VGK

• 1D: 0.50%
• 1M: 2.08%
• YTD: 6.90%
• 6M: 10.71%
• 1Y: 18.42%
• 3Y*: 16.79%
• 5Y*: 8.68%
• 10Y*: 9.39%

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

DBEU vs. VGK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEU Xtrackers MSCI Europe Hedged Equity Fund	8.50%	22.18%	9.17%	17.43%	-6.25%	23.99%	-1.42%	27.32%	-8.49%	14.60%
VGK Vanguard FTSE Europe ETF	6.90%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between DBEU and VGK is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 2, 2013	0.85

The correlation between DBEU and VGK has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

DBEU vs. VGK - Sectors Allocation Comparison

Sectors	DBEU	VGK
Financial Services	23.2%	23.9%
Industrials	19.8%	19.5%
Healthcare	13.0%	12.1%
Consumer Defensive	8.7%	8.5%
Technology	8.5%	8.3%
Consumer Cyclical	6.3%	6.8%
Basic Materials	5.6%	5.4%
Energy	5.4%	5.3%
Utilities	5.1%	4.8%
Communication Services	3.7%	3.3%
Real Estate	0.8%	1.5%

Return for Risk

DBEU vs. VGK — Risk / Return Rank

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

DBEU

DBEU Risk / Return Rank: 41
DBEU Sharpe Ratio Rank: 41
DBEU Sortino Ratio Rank: 41
DBEU Omega Ratio Rank: 41
DBEU Calmar Ratio Rank: 38
DBEU Martin Ratio Rank: 46

VGK

VGK Risk / Return Rank: 34
VGK Sharpe Ratio Rank: 33
VGK Sortino Ratio Rank: 33
VGK Omega Ratio Rank: 32
VGK Calmar Ratio Rank: 33
VGK Martin Ratio Rank: 38

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. VGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Europe Hedged Equity Fund (DBEU) and Vanguard FTSE Europe ETF (VGK). 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	VGK	Difference
Sharpe ratio Return per unit of total volatility	1.47	1.21	+0.27
Sortino ratio Return per unit of downside risk	2.10	1.76	+0.34
Omega ratio Gain probability vs. loss probability	1.27	1.22	+0.05
Calmar ratio Return relative to maximum drawdown	1.91	1.62	+0.29
Martin ratio Return relative to average drawdown	7.63	6.04	+1.60
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. VGK - Sharpe Ratio Comparison

The current DBEU Sharpe Ratio is 1.47, which is comparable to the VGK Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of DBEU and VGK, 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	VGK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	1.21	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.49	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.50	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.28	+0.30

Drawdowns

DBEU vs. VGK - Drawdown Comparison

The maximum DBEU drawdown since its inception was -34.50%, smaller than the maximum VGK drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for DBEU and VGK.

Drawdown Indicators

	DBEU	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-34.50%	-63.61%	+29.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-12.09%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	-15.35%	-14.31%	-1.04%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-32.74%	+15.07%
Max Drawdown (10Y) Largest decline over 10 years	-34.50%	-37.24%	+2.74%
Current Drawdown Current decline from peak	-0.59%	-1.23%	+0.64%
Average Drawdown Average peak-to-trough decline	-4.45%	-13.35%	+8.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	3.24%	-0.79%

Volatility

DBEU vs. VGK - Volatility Comparison

The current volatility for Xtrackers MSCI Europe Hedged Equity Fund (DBEU) is 4.97%, while Vanguard FTSE Europe ETF (VGK) has a volatility of 5.94%. This indicates that DBEU experiences smaller price fluctuations and is considered to be less risky than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEU	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	5.94%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	12.73%	-2.28%
Volatility (1Y) Calculated over the trailing 1-year period	12.66%	15.38%	-2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	17.89%	-3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.46%	18.96%	-2.50%

DBEU vs. VGK - Expense Ratio Comparison

DBEU has a 0.45% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

DBEU vs. VGK - Dividend Comparison

DBEU's dividend yield for the trailing twelve months is around 4.20%, more than VGK's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEU Xtrackers MSCI Europe Hedged Equity Fund	4.20%	4.55%	0.07%	3.64%	1.96%	1.87%	2.44%	2.77%	3.55%	2.28%	9.92%	5.50%
VGK Vanguard FTSE Europe ETF	2.78%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both DBEU and VGK in my portfolio?

DBEU and VGK have a correlation of 0.87, 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 VGK?

VGK has higher volatility (5.94%) compared to DBEU (4.97%). In terms of maximum drawdown, DBEU dropped -34.50% vs VGK's -63.61%.

Which ETF is better, DBEU or VGK?

On 10-year performance, DBEU leads with 11.11% vs 9.39% for VGK. On fees, VGK is cheaper at 0.06% per year. On volatility, DBEU has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEU or VGK?

Over the 10-year period, DBEU has performed better with a 11.11% return vs 9.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEU or VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 0.45% for DBEU.

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

DBEU has the higher dividend yield at 4.20%, compared with 2.78% for VGK.

What is the main difference between DBEU and VGK?

DBEU tracks MSCI Europe US Dollar Hedged Index, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: DWS and Vanguard. Their fees differ too: 0.45% for DBEU and 0.06% for VGK.

Which has better risk-adjusted returns?

DBEU currently has the higher Sharpe Ratio (1.47 vs 1.21), 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.