DBEZ vs. DBEU

Last updated Jun 4, 2026

DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) and DBEU (Xtrackers MSCI Europe Hedged Equity Fund) are both Europe Equities funds - DBEZ tracks the MSCI EMU IMI 100% Hedged to USD Net Variant while DBEU tracks the MSCI Europe US Dollar Hedged Index. Both are passively managed. Over the past 10 years, DBEZ returned 11.73%/yr vs 11.01%/yr for DBEU. Their correlation of 0.94 suggests significant overlap in exposure. DBEZ charges 0.47%/yr vs 0.45%/yr for DBEU.

Performance

DBEZ vs. DBEU - 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 Europe Hedged Equity Fund (DBEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBEZ achieves a 9.52% return, which is significantly higher than DBEU's 7.52% return. Over the past 10 years, DBEZ has outperformed DBEU with an annualized return of 11.73%, while DBEU has yielded a comparatively lower 11.01% annualized return.

DBEZ

• 1D: -0.83%
• 1M: 5.81%
• YTD: 9.52%
• 6M: 11.46%
• 1Y: 18.85%
• 3Y*: 16.73%
• 5Y*: 11.78%
• 10Y*: 11.73%

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%

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

DBEZ vs. DBEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	9.52%	26.14%	9.51%	21.78%	-10.13%	23.52%	0.36%	29.94%	-10.81%	15.62%
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%

Correlation

The correlation between DBEZ and DBEU is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 16, 2014	0.94

The correlation between DBEZ and DBEU has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

DBEZ vs. DBEU - Sectors Allocation Comparison

Sectors	DBEZ	DBEU
Financial Services	23.1%	23.2%
Industrials	21.9%	19.8%
Technology	14.2%	8.5%
Consumer Cyclical	8.7%	6.3%
Utilities	6.6%	5.1%
Healthcare	5.7%	13.0%
Consumer Defensive	5.3%	8.7%
Basic Materials	4.6%	5.6%
Energy	4.4%	5.4%
Communication Services	4.0%	3.7%
Real Estate	1.4%	0.8%

Return for Risk

DBEZ vs. DBEU — Risk / Return Rank

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

DBEZ

DBEZ Risk / Return Rank: 37
DBEZ Sharpe Ratio Rank: 36
DBEZ Sortino Ratio Rank: 36
DBEZ Omega Ratio Rank: 36
DBEZ Calmar Ratio Rank: 35
DBEZ Martin Ratio Rank: 42

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

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. DBEU - 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 Europe Hedged Equity Fund (DBEU). 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	DBEU	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.41	-0.11
Sortino ratio: Return per unit of downside risk	1.88	2.01	-0.13
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.02
Calmar ratio: Return relative to maximum drawdown	1.72	1.82	-0.11
Martin ratio: Return relative to average drawdown	6.67	7.27	-0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBEZ vs. DBEU - Sharpe Ratio Comparison

The current DBEZ Sharpe Ratio is 1.30, which is comparable to the DBEU Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of DBEZ and DBEU, 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	DBEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.41	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.79	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.67	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.58	+0.02

Drawdowns

DBEZ vs. DBEU - Drawdown Comparison

The maximum DBEZ drawdown since its inception was -38.76%, which is greater than DBEU's maximum drawdown of -34.50%. Use the drawdown chart below to compare losses from any high point for DBEZ and DBEU.

Drawdown Indicators

	DBEZ	DBEU	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-34.50%	-4.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-9.81%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-15.35%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	-23.38%	-17.67%	-5.71%
Max Drawdown (10Y) Largest decline over 10 years	-38.76%	-34.50%	-4.26%
Current Drawdown Current decline from peak	-0.83%	-1.49%	+0.66%
Average Drawdown Average peak-to-trough decline	-5.81%	-4.44%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.45%	+0.38%

Volatility

DBEZ vs. DBEU - Volatility Comparison

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) has a higher volatility of 5.60% compared to Xtrackers MSCI Europe Hedged Equity Fund (DBEU) at 4.71%. This indicates that DBEZ's price experiences larger fluctuations and is considered to be riskier than DBEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEZ	DBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	4.71%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	12.02%	10.50%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	14.57%	12.70%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	14.32%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	16.46%	+1.90%

DBEZ vs. DBEU - Expense Ratio Comparison

DBEZ has a 0.47% expense ratio, which is higher than DBEU's 0.45% expense ratio.

Dividends

DBEZ vs. DBEU - Dividend Comparison

DBEZ's dividend yield for the trailing twelve months is around 3.84%, less than DBEU's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	3.84%	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 DBEU in my portfolio?

With a correlation of 0.95, DBEZ and DBEU 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 DBEU?

DBEZ has higher volatility (5.60%) compared to DBEU (4.71%). In terms of maximum drawdown, DBEZ dropped -38.76% vs DBEU's -34.50%.

Which ETF is better, DBEZ or DBEU?

On 10-year performance, DBEZ leads with 11.73% vs 11.01% for DBEU. On fees, DBEU is cheaper at 0.45% per year. On volatility, DBEU has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEZ or DBEU?

Over the 10-year period, DBEZ has performed better with a 11.73% return vs 11.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEZ or DBEU?

DBEU is cheaper with a 0.45% expense ratio, compared with 0.47% for DBEZ.

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

DBEU has the higher dividend yield at 4.23%, compared with 3.84% for DBEZ.

What is the main difference between DBEZ and DBEU?

DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant, while DBEU tracks MSCI Europe US Dollar Hedged Index. They also come from different issuers: Deutsche Bank and DWS. Their fees differ too: 0.47% for DBEZ and 0.45% for DBEU.

Which has better risk-adjusted returns?

DBEU currently has the higher Sharpe Ratio (1.41 vs 1.30), 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.