DBEZ vs. DFE

Last updated Jun 4, 2026

DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) and DFE (WisdomTree Europe SmallCap Dividend Fund) are both Europe Equities funds - DBEZ tracks the MSCI EMU IMI 100% Hedged to USD Net Variant while DFE tracks the WisdomTree Europe SmallCap Dividend Index. Both are passively managed. Over the past 10 years, DBEZ returned 11.73%/yr vs 6.78%/yr for DFE. A 0.73 correlation means they provide meaningful diversification when combined. DBEZ charges 0.47%/yr vs 0.58%/yr for DFE.

Performance

DBEZ vs. DFE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) and WisdomTree Europe SmallCap Dividend Fund (DFE). 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 DFE's 5.19% return. Over the past 10 years, DBEZ has outperformed DFE with an annualized return of 11.73%, while DFE has yielded a comparatively lower 6.78% 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%

DFE

• 1D: -1.08%
• 1M: 1.12%
• YTD: 5.19%
• 6M: 8.60%
• 1Y: 14.01%
• 3Y*: 14.44%
• 5Y*: 4.05%
• 10Y*: 6.78%

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

DBEZ vs. DFE - 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%
DFE WisdomTree Europe SmallCap Dividend Fund	5.19%	32.85%	-0.61%	14.94%	-22.15%	18.44%	2.15%	27.15%	-21.23%	32.71%

Correlation

The correlation between DBEZ and DFE is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Dec 16, 2014	0.73

The correlation between DBEZ and DFE has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

DBEZ vs. DFE - Sectors Allocation Comparison

Sectors	DBEZ	DFE
Financial Services	23.1%	9.7%
Industrials	21.9%	25.3%
Technology	14.2%	7.1%
Consumer Cyclical	8.7%	9.5%
Utilities	6.6%	3.5%
Healthcare	5.7%	3.5%
Consumer Defensive	5.3%	4.3%
Basic Materials	4.6%	7.5%
Energy	4.4%	6.9%
Communication Services	4.0%	5.5%
Real Estate	1.4%	6.3%

Return for Risk

DBEZ vs. DFE — 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

DFE

DFE Risk / Return Rank: 27
DFE Sharpe Ratio Rank: 27
DFE Sortino Ratio Rank: 26
DFE Omega Ratio Rank: 26
DFE Calmar Ratio Rank: 26
DFE Martin Ratio Rank: 29

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. DFE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) and WisdomTree Europe SmallCap Dividend Fund (DFE). 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	DFE	Difference
Sharpe ratio: Return per unit of total volatility	1.30	0.96	+0.33
Sortino ratio: Return per unit of downside risk	1.88	1.43	+0.45
Omega ratio: Gain probability vs. loss probability	1.24	1.18	+0.06
Calmar ratio: Return relative to maximum drawdown	1.72	1.23	+0.48
Martin ratio: Return relative to average drawdown	6.67	4.24	+2.43
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. DFE - Sharpe Ratio Comparison

The current DBEZ Sharpe Ratio is 1.30, which is higher than the DFE Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of DBEZ and DFE, 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	DFE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	0.96	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.21	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.34	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.29	+0.30

Drawdowns

DBEZ vs. DFE - Drawdown Comparison

The maximum DBEZ drawdown since its inception was -38.76%, smaller than the maximum DFE drawdown of -69.38%. Use the drawdown chart below to compare losses from any high point for DBEZ and DFE.

Drawdown Indicators

	DBEZ	DFE	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-69.38%	+30.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-11.41%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-16.41%	+0.82%
Max Drawdown (5Y) Largest decline over 5 years	-23.38%	-40.34%	+16.96%
Max Drawdown (10Y) Largest decline over 10 years	-38.76%	-49.66%	+10.90%
Current Drawdown Current decline from peak	-0.83%	-3.11%	+2.28%
Average Drawdown Average peak-to-trough decline	-5.81%	-17.73%	+11.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	3.31%	-0.48%

Volatility

DBEZ vs. DFE - Volatility Comparison

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) has a higher volatility of 5.60% compared to WisdomTree Europe SmallCap Dividend Fund (DFE) at 5.06%. This indicates that DBEZ's price experiences larger fluctuations and is considered to be riskier than DFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEZ	DFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	5.06%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	12.02%	11.98%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.57%	14.64%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	19.01%	-2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	19.77%	-1.41%

DBEZ vs. DFE - Expense Ratio Comparison

DBEZ has a 0.47% expense ratio, which is lower than DFE's 0.58% expense ratio.

Dividends

DBEZ vs. DFE - Dividend Comparison

DBEZ's dividend yield for the trailing twelve months is around 3.84%, less than DFE's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
DFE WisdomTree Europe SmallCap Dividend Fund	3.89%	4.38%	4.93%	4.97%	5.84%	2.56%	2.43%	3.39%	4.97%	2.53%	4.05%	2.78%

Frequently Asked Questions

Can I hold both DBEZ and DFE in my portfolio?

DBEZ and DFE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBEZ or DFE?

DBEZ has higher volatility (5.60%) compared to DFE (5.06%). In terms of maximum drawdown, DBEZ dropped -38.76% vs DFE's -69.38%.

Which ETF is better, DBEZ or DFE?

On 10-year performance, DBEZ leads with 11.73% vs 6.78% for DFE. On fees, DBEZ is cheaper at 0.47% per year. On volatility, DFE has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEZ or DFE?

Over the 10-year period, DBEZ has performed better with a 11.73% return vs 6.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEZ or DFE?

DBEZ is cheaper with a 0.47% expense ratio, compared with 0.58% for DFE.

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

DFE has the higher dividend yield at 3.89%, compared with 3.84% for DBEZ.

What is the main difference between DBEZ and DFE?

DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant, while DFE tracks WisdomTree Europe SmallCap Dividend Index. They also come from different issuers: Deutsche Bank and WisdomTree. Their fees differ too: 0.47% for DBEZ and 0.58% for DFE.

Which has better risk-adjusted returns?

DBEZ currently has the higher Sharpe Ratio (1.30 vs 0.96), 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.