DBEZ vs. DBEF

Last updated Jun 3, 2026

DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) and DBEF (Xtrackers MSCI EAFE Hedged Equity ETF) are both exchange-traded funds - DBEZ is a Europe Equities fund tracking the MSCI EMU IMI 100% Hedged to USD Net Variant, while DBEF is a Hedge Fund fund tracking the MSCI EAFE US Dollar Hedged Index. Both are passively managed. Over the past 10 years, DBEZ returned 11.83%/yr vs 12.17%/yr for DBEF. Their correlation of 0.92 suggests significant overlap in exposure. DBEZ charges 0.47%/yr vs 0.36%/yr for DBEF.

Performance

DBEZ vs. DBEF - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with DBEZ having a 10.44% return and DBEF slightly higher at 10.77%. Both investments have delivered pretty close results over the past 10 years, with DBEZ having a 11.83% annualized return and DBEF not far ahead at 12.17%.

DBEZ

• 1D: 0.66%
• 1M: 4.60%
• YTD: 10.44%
• 6M: 12.66%
• 1Y: 19.78%
• 3Y*: 17.06%
• 5Y*: 12.06%
• 10Y*: 11.83%

DBEF

• 1D: 0.60%
• 1M: 4.10%
• YTD: 10.77%
• 6M: 13.17%
• 1Y: 24.98%
• 3Y*: 17.91%
• 5Y*: 13.32%
• 10Y*: 12.17%

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

DBEZ vs. DBEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	10.44%	26.14%	9.51%	21.78%	-10.13%	23.52%	0.36%	29.94%	-10.81%	15.62%
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	10.77%	23.16%	13.40%	20.15%	-5.13%	19.60%	2.03%	24.94%	-9.52%	16.74%

Correlation

The correlation between DBEZ and DBEF is 0.92, 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	0.92
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	0.93
Correlation (All Time) Calculated using the full available price history since Dec 16, 2014	0.92

The correlation between DBEZ and DBEF has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

DBEZ vs. DBEF - Sectors Allocation Comparison

Sectors	DBEZ	DBEF
Financial Services	23.1%	24.6%
Industrials	21.9%	19.9%
Technology	14.2%	10.3%
Consumer Cyclical	8.7%	7.5%
Utilities	6.6%	3.9%
Healthcare	5.7%	10.5%
Consumer Defensive	5.3%	6.8%
Basic Materials	4.6%	5.9%
Energy	4.4%	4.1%
Communication Services	4.0%	4.5%
Real Estate	1.4%	1.9%

Return for Risk

DBEZ vs. DBEF — Risk / Return Rank

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

DBEZ

DBEZ Risk / Return Rank: 39
DBEZ Sharpe Ratio Rank: 38
DBEZ Sortino Ratio Rank: 38
DBEZ Omega Ratio Rank: 38
DBEZ Calmar Ratio Rank: 36
DBEZ Martin Ratio Rank: 43

DBEF

DBEF Risk / Return Rank: 59
DBEF Sharpe Ratio Rank: 59
DBEF Sortino Ratio Rank: 60
DBEF Omega Ratio Rank: 61
DBEF Calmar Ratio Rank: 54
DBEF Martin Ratio Rank: 63

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. DBEF - Risk-Adjusted Trends Comparison

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

	DBEZ	DBEF	Difference
Sharpe ratio Return per unit of total volatility	1.37	2.03	-0.66
Sortino ratio Return per unit of downside risk	1.97	2.86	-0.89
Omega ratio Gain probability vs. loss probability	1.25	1.38	-0.12
Calmar ratio Return relative to maximum drawdown	1.82	2.71	-0.89
Martin ratio Return relative to average drawdown	7.08	11.42	-4.34
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. DBEF - Sharpe Ratio Comparison

The current DBEZ Sharpe Ratio is 1.37, which is lower than the DBEF Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of DBEZ 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

	DBEZ	DBEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	2.03	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.97	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.77	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.55	+0.05

Drawdowns

DBEZ vs. DBEF - Drawdown Comparison

The maximum DBEZ drawdown since its inception was -38.76%, which is greater than DBEF's maximum drawdown of -32.46%. Use the drawdown chart below to compare losses from any high point for DBEZ and DBEF.

Drawdown Indicators

	DBEZ	DBEF	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-32.46%	-6.30%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-9.41%	-1.62%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-14.62%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	-23.38%	-14.95%	-8.43%
Max Drawdown (10Y) Largest decline over 10 years	-38.76%	-32.46%	-6.30%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.81%	-4.74%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.23%	+0.60%

Volatility

DBEZ vs. DBEF - Volatility Comparison

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) has a higher volatility of 5.95% compared to Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) at 4.15%. This indicates that DBEZ'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

	DBEZ	DBEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.95%	4.15%	+1.80%
Volatility (6M) Calculated over the trailing 6-month period	11.99%	10.15%	+1.84%
Volatility (1Y) Calculated over the trailing 1-year period	14.54%	12.36%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.42%	13.74%	+2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	15.79%	+2.57%

DBEZ vs. DBEF - Expense Ratio Comparison

DBEZ has a 0.47% expense ratio, which is higher than DBEF's 0.36% expense ratio.

Dividends

DBEZ vs. DBEF - Dividend Comparison

DBEZ's dividend yield for the trailing twelve months is around 3.80%, less than DBEF's 5.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	5.01%	5.55%	1.29%	4.46%	15.85%	2.28%	2.41%	3.03%	3.22%	2.98%	2.55%	3.70%
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	3.80%	4.20%	0.62%	1.84%	1.68%	1.64%	1.99%	2.86%	2.56%	2.11%	3.42%	4.92%

Frequently Asked Questions

Can I hold both DBEZ and DBEF in my portfolio?

With a correlation of 0.92, DBEZ 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, DBEZ or DBEF?

DBEZ has higher volatility (5.95%) compared to DBEF (4.15%). In terms of maximum drawdown, DBEZ dropped -38.76% vs DBEF's -32.46%.

Which ETF is better, DBEZ or DBEF?

On 10-year performance, DBEF leads with 12.17% vs 11.83% for DBEZ. On fees, DBEF is cheaper at 0.36% per year. On volatility, DBEF has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEZ or DBEF?

Over the 10-year period, DBEF has performed better with a 12.17% return vs 11.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEZ or DBEF?

DBEF is cheaper with a 0.36% expense ratio, compared with 0.47% for DBEZ.

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

DBEF has the higher dividend yield at 5.01%, compared with 3.80% for DBEZ.

What is the main difference between DBEZ and DBEF?

DBEZ is categorized as Europe Equities, while DBEF is Hedge Fund. DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant, while DBEF tracks MSCI EAFE US Dollar Hedged Index. They also come from different issuers: Deutsche Bank and DWS. Their fees differ too: 0.47% for DBEZ and 0.36% for DBEF.

Which has better risk-adjusted returns?

DBEF currently has the higher Sharpe Ratio (2.03 vs 1.37), 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.