DBEZ vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) and S&P 500 Index (^GSPC).

DBEZ is a passively managed fund by Deutsche Bank that tracks the performance of the MSCI EMU IMI 100% Hedged to USD Net Variant. It was launched on Dec 10, 2014.

Performance

DBEZ vs. ^GSPC - Performance Comparison

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

DBEZ vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	1.36%	26.14%	9.51%	21.78%	-10.13%	23.52%	0.36%	29.94%	-10.81%	15.62%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, DBEZ achieves a 1.36% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, DBEZ has underperformed ^GSPC with an annualized return of 11.25%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

DBEZ

• 1D: 1.53%
• 1M: -3.87%
• YTD: 1.36%
• 6M: 5.17%
• 1Y: 16.23%
• 3Y*: 14.70%
• 5Y*: 11.16%
• 10Y*: 11.25%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

DBEZ vs. ^GSPC — Risk / Return Rank

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

DBEZ

DBEZ Risk / Return Rank: 49
DBEZ Sharpe Ratio Rank: 45
DBEZ Sortino Ratio Rank: 47
DBEZ Omega Ratio Rank: 49
DBEZ Calmar Ratio Rank: 49
DBEZ Martin Ratio Rank: 52

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

DBEZ vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) 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.

	DBEZ	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.87	0.92	-0.04
Sortino ratio Return per unit of downside risk	1.33	1.41	-0.08
Omega ratio Gain probability vs. loss probability	1.20	1.21	-0.02
Calmar ratio Return relative to maximum drawdown	1.36	1.41	-0.05
Martin ratio Return relative to average drawdown	5.36	6.61	-1.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBEZ vs. ^GSPC - Sharpe Ratio Comparison

The current DBEZ Sharpe Ratio is 0.87, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of DBEZ and ^GSPC, 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

	DBEZ	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	0.92	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.61	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.68	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.46	+0.11

Correlation

The correlation between DBEZ and ^GSPC is 0.75, 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.

Drawdowns

DBEZ vs. ^GSPC - Drawdown Comparison

The maximum DBEZ drawdown since its inception was -38.76%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for DBEZ and ^GSPC.

Drawdown Indicators

	DBEZ	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-56.78%	+18.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-12.14%	-0.27%
Max Drawdown (5Y) Largest decline over 5 years	-23.38%	-25.43%	+2.05%
Max Drawdown (10Y) Largest decline over 10 years	-38.76%	-33.92%	-4.84%
Current Drawdown Current decline from peak	-6.19%	-5.78%	-0.41%
Average Drawdown Average peak-to-trough decline	-5.87%	-10.75%	+4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	2.60%	+0.56%

Volatility

DBEZ vs. ^GSPC - Volatility Comparison

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) has a higher volatility of 6.58% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that DBEZ'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

	DBEZ	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.58%	5.37%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	9.55%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	18.71%	18.33%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	16.90%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	18.05%	+0.26%