DBEU vs. VOO

Last updated Aug 2, 2026

DBEU (Xtrackers MSCI Europe Hedged Equity Fund) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - DBEU is a Europe Equities fund tracking the MSCI Europe US Dollar Hedged Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DBEU returned 11.45%/yr vs 15.14%/yr for VOO. Their 0.75 correlation means they have sometimes moved together and sometimes differently. DBEU charges 0.45%/yr vs 0.03%/yr for VOO.

Performance

DBEU vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Europe Hedged Equity Fund (DBEU) and Vanguard S&P 500 ETF (VOO). 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 VOO's 10.16% return. Over the past 10 years, DBEU has underperformed VOO with an annualized return of 11.45%, while VOO has yielded a comparatively higher 15.14% 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%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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)
DBEU Xtrackers MSCI Europe Hedged Equity Fund	$1.19M	$1.29M	$2.18M
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

DBEU vs. VOO - 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%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between DBEU and VOO 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.	0.74
Correlation (All Time) Calculated using the full available price history since Oct 1, 2013	0.75

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

DBEU vs. VOO - Sectors Allocation Comparison

Sectors	DBEU	VOO
Financial Services	25.1%	11.4%
Industrials	18.5%	8.5%
Healthcare	12.8%	8.9%
Technology	9.4%	38.6%
Consumer Defensive	8.5%	4.5%
Consumer Cyclical	6.0%	9.5%
Basic Materials	5.4%	1.7%
Energy	4.9%	3.0%
Utilities	4.4%	2.2%
Communication Services	3.1%	9.9%
Real Estate	0.7%	1.8%

Return for Risk

DBEU vs. VOO — 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

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Europe Hedged Equity Fund (DBEU) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.53	+0.30
Sortino ratio: Return per unit of downside risk	2.58	2.13	+0.45
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	2.47	2.21	+0.26
Martin ratio: Return relative to average drawdown	10.08	9.44	+0.64

DBEU vs. VOO - Sharpe Ratio Comparison

The current DBEU Sharpe Ratio is 1.83, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of DBEU and VOO, 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. VOO - Drawdown Comparison

The maximum DBEU drawdown since its inception was -34.50%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for DBEU and VOO.

Drawdown Indicators

	DBEU	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-34.50%	-33.99%	-0.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-8.90%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-15.35%	-18.69%	+3.34%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-24.52%	+6.85%
Max Drawdown (10Y) Largest decline over 10 years	-34.50%	-33.99%	-0.51%
Current Drawdown Current decline from peak	-0.52%	-1.38%	+0.86%
Average Drawdown Average peak-to-trough decline	-4.40%	-3.67%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	2.08%	+0.32%

Volatility

DBEU vs. VOO - Volatility Comparison

Xtrackers MSCI Europe Hedged Equity Fund (DBEU) has a higher volatility of 3.81% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that DBEU's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEU	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	3.54%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	10.10%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.24%	12.82%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	16.93%	-2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	18.01%	-1.77%

DBEU vs. VOO - Expense Ratio Comparison

DBEU has a 0.45% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

DBEU vs. VOO - Dividend Comparison

DBEU's dividend yield for the trailing twelve months is around 1.40%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEU Xtrackers MSCI Europe Hedged Equity Fund	1.40%	4.55%	0.07%	3.64%	1.96%	1.87%	2.44%	2.77%	3.55%	2.28%	9.92%	5.50%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both DBEU and VOO in my portfolio?

DBEU and VOO 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 VOO?

DBEU has higher volatility (3.81%) compared to VOO (3.54%). In terms of maximum drawdown, DBEU dropped -34.50% vs VOO's -33.99%.

Which ETF is better, DBEU or VOO?

On 10-year performance, VOO leads with 15.14% vs 11.45% for DBEU. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEU or VOO?

Over the 10-year period, VOO has performed better with a 15.14% return vs 11.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEU or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.45% for DBEU.

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

DBEU has the higher dividend yield at 1.40%, compared with 1.07% for VOO.

What is the main difference between DBEU and VOO?

DBEU is categorized as Europe Equities, while VOO is S&P 500. DBEU tracks MSCI Europe US Dollar Hedged Index, while VOO tracks S&P 500 Index. They also come from different issuers: DWS and Vanguard. Their fees differ too: 0.45% for DBEU and 0.03% for VOO.

Which has better risk-adjusted returns?

DBEU currently has the higher Sharpe Ratio (1.83 vs 1.53), 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.