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DBEZ vs. EFNL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBEZ vs. EFNL

Last updated Aug 2, 2026
Documentation

DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) and EFNL (iShares MSCI Finland ETF) are both Europe Equities funds - DBEZ tracks the MSCI EMU IMI 100% Hedged to USD Net Variant while EFNL tracks the MSCI Finland IMI 25/50 Index. Both are passively managed. Over the past 10 years, DBEZ returned 12.37%/yr vs 8.71%/yr for EFNL. Their 0.70 correlation means they have sometimes moved together and sometimes differently. DBEZ charges 0.47%/yr vs 0.53%/yr for EFNL.

Performance

DBEZ vs. EFNL - Performance Comparison

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

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Returns By Period

In the year-to-date period, DBEZ achieves a 13.66% return, which is significantly higher than EFNL's 9.24% return. Over the past 10 years, DBEZ has outperformed EFNL with an annualized return of 12.37%, while EFNL has yielded a comparatively lower 8.71% annualized return.

DBEZ

1D
0.01%
1M
0.02%
6M
10.08%
YTD
13.66%
1Y
26.45%
3Y*
17.45%
5Y*
12.38%
10Y*
12.37%
ALL TIME*
11.33%

EFNL

1D
-0.09%
1M
-0.57%
6M
6.20%
YTD
9.24%
1Y
30.08%
3Y*
18.45%
5Y*
3.99%
10Y*
8.71%
ALL TIME*
8.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DBEZ

Xtrackers MSCI Eurozone Hedged Equity ETF
$401.75K$249.36K$196.33K

EFNL

iShares MSCI Finland ETF
$520.43K$2.79M$3.90M

DBEZ vs. EFNL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBEZ
Xtrackers MSCI Eurozone Hedged Equity ETF		13.66%26.14%9.51%21.78%-10.13%23.52%0.36%29.94%-10.81%15.62%
EFNL
iShares MSCI Finland ETF		9.24%53.59%-5.28%-0.12%-17.29%10.50%20.19%13.64%-6.86%23.77%

Correlation

The correlation between DBEZ and EFNL is 0.67, 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.

0.67

Correlation (3Y)
Balances recent behavior with more history.

0.70

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.74

Correlation (10Y)
Provides a long-term view across more market conditions.

0.70

Correlation (All Time)
Calculated using the full available price history since Dec 15, 2014

0.70

The correlation between DBEZ and EFNL has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

DBEZ vs. EFNL - Sectors Allocation Comparison

Sectors
DBEZ
EFNL

Financial Services

23.6%
28.6%

Industrials

21.3%
21.0%

Technology

16.8%
16.4%

Consumer Cyclical

8.2%
4.4%

Utilities

6.2%
3.8%

Healthcare

5.8%
4.4%

Consumer Defensive

5.2%
3.2%

Basic Materials

4.3%
9.7%

Communication Services

3.8%
2.3%

Energy

3.6%
5.0%

Real Estate

1.3%
0.8%

Financial Services

DBEZ
23.6%
EFNL
28.6%

Industrials

DBEZ
21.3%
EFNL
21.0%

Technology

DBEZ
16.8%
EFNL
16.4%

Consumer Cyclical

DBEZ
8.2%
EFNL
4.4%

Utilities

DBEZ
6.2%
EFNL
3.8%

Healthcare

DBEZ
5.8%
EFNL
4.4%

Consumer Defensive

DBEZ
5.2%
EFNL
3.2%

Basic Materials

DBEZ
4.3%
EFNL
9.7%

Communication Services

DBEZ
3.8%
EFNL
2.3%

Energy

DBEZ
3.6%
EFNL
5.0%

Real Estate

DBEZ
1.3%
EFNL
0.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Xtrackers MSCI Eurozone Hedged Equity ETF

iShares MSCI Finland ETF

Often compared with DBEZ:
DBEZ vs. HEDJDBEZ vs. DBEFDBEZ vs. HEZUDBEZ vs. EUDGDBEZ vs. BBEUDBEZ vs. SPEUDBEZ vs. ^GSPC
Often compared with EFNL:
EFNL vs. FNDAEFNL vs. CN1G.DEEFNL vs. EDENEFNL vs. EIRLEFNL vs. VFMFEFNL vs. VOOEFNL vs. VTI

Return for Risk

DBEZ vs. EFNL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
DBEZ
DBEZ Risk / Return Rank: 6767
Overall Rank
DBEZ Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
DBEZ Sortino Ratio Rank: 6969
Sortino Ratio Rank
DBEZ Omega Ratio Rank: 6767
Omega Ratio Rank
DBEZ Calmar Ratio Rank: 6161
Calmar Ratio Rank
DBEZ Martin Ratio Rank: 6969
Martin Ratio Rank
EFNL
EFNL Risk / Return Rank: 6666
Overall Rank
EFNL Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
EFNL Sortino Ratio Rank: 6565
Sortino Ratio Rank
EFNL Omega Ratio Rank: 6464
Omega Ratio Rank
EFNL Calmar Ratio Rank: 7272
Calmar Ratio Rank
EFNL Martin Ratio Rank: 6161
Martin Ratio Rank
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.

DBEZ vs. EFNL - Risk-Adjusted Trends Comparison

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

DBEZEFNLDifference
Sharpe ratioReturn per unit of total volatility
1.57
1.59

-0.02

Sortino ratioReturn per unit of downside risk
2.24
2.14

+0.10

Omega ratioGain probability vs. loss probability

1.28

1.27

+0.01

Calmar ratioReturn relative to maximum drawdown

2.16

2.52

-0.36

Martin ratioReturn relative to average drawdown

8.52

7.34

+1.17

DBEZ vs. EFNL - Sharpe Ratio Comparison

The current DBEZ Sharpe Ratio is 1.57, which is comparable to the EFNL Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of DBEZ and EFNL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

DBEZ vs. EFNL - Drawdown Comparison

The maximum DBEZ drawdown since its inception was -38.76%, roughly equal to the maximum EFNL drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for DBEZ and EFNL.

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Drawdown Indicators

DBEZEFNLDifference

Max Drawdown

Largest peak-to-trough decline

-38.76%

-38.70%

-0.06%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-12.17%

+1.14%

Max Drawdown (3Y)

Largest decline over 3 years

-15.59%

-15.78%

+0.19%

Max Drawdown (5Y)

Largest decline over 5 years

-23.38%

-38.70%

+15.32%

Max Drawdown (10Y)

Largest decline over 10 years

-38.76%

-38.70%

-0.06%

Current Drawdown

Current decline from peak

-0.79%

-10.24%

+9.45%

Average Drawdown

Average peak-to-trough decline

-5.75%

-10.90%

+5.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.80%

4.17%

-1.37%

Volatility

DBEZ vs. EFNL - Volatility Comparison

The current volatility for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) is 4.27%, while iShares MSCI Finland ETF (EFNL) has a volatility of 5.85%. This indicates that DBEZ experiences smaller price fluctuations and is considered to be less risky than EFNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBEZEFNLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.27%

5.85%

-1.58%

Volatility (6M)

Calculated over the trailing 6-month period

13.03%

16.37%

-3.34%

Volatility (1Y)

Calculated over the trailing 1-year period

15.24%

19.28%

-4.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.53%

20.00%

-3.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.09%

19.90%

-1.81%

DBEZ vs. EFNL - Expense Ratio Comparison

DBEZ has a 0.47% expense ratio, which is lower than EFNL's 0.53% expense ratio.

Dividends

DBEZ vs. EFNL - Dividend Comparison

DBEZ's dividend yield for the trailing twelve months is around 1.26%, more than EFNL's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
DBEZ
Xtrackers MSCI Eurozone Hedged Equity ETF		1.26%4.20%0.62%1.84%1.68%1.64%1.99%2.86%2.56%2.11%3.42%4.92%
EFNL
iShares MSCI Finland ETF		1.04%3.40%5.05%4.31%5.94%2.29%2.94%5.70%3.83%3.30%2.40%1.57%

Frequently Asked Questions

DBEZ and EFNL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFNL has higher volatility (5.85%) compared to DBEZ (4.27%). In terms of maximum drawdown, DBEZ dropped -38.76% vs EFNL's -38.70%.

On 10-year performance, DBEZ leads with 12.37% vs 8.71% for EFNL. On fees, DBEZ is cheaper at 0.47% per year. On volatility, DBEZ has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBEZ has performed better with a 12.37% return vs 8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBEZ is cheaper with a 0.47% expense ratio, compared with 0.53% for EFNL.

DBEZ has the higher dividend yield at 1.26%, compared with 1.04% for EFNL.

DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant, while EFNL tracks MSCI Finland IMI 25/50 Index. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.47% for DBEZ and 0.53% for EFNL.

EFNL currently has the higher Sharpe Ratio (1.59 vs 1.57), 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.

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