DBEZ vs. EPOL

Last updated Aug 2, 2026

DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) and EPOL (iShares MSCI Poland ETF) are both Europe Equities funds - DBEZ tracks the MSCI EMU IMI 100% Hedged to USD Net Variant while EPOL tracks the MSCI Poland Investable Market Index. Both are passively managed. Over the past 10 years, DBEZ returned 12.37%/yr vs 11.96%/yr for EPOL. Their 0.53 correlation means they have sometimes moved together and sometimes differently. DBEZ charges 0.47%/yr vs 0.61%/yr for EPOL.

Performance

DBEZ vs. EPOL - 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 Poland ETF (EPOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBEZ achieves a 13.66% return, which is significantly lower than EPOL's 22.62% return. Both investments have delivered pretty close results over the past 10 years, with DBEZ having a 12.37% annualized return and EPOL not far behind at 11.96%.

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%

EPOL

• 1D: 0.16%
• 1M: 8.60%
• 6M: 14.79%
• YTD: 22.62%
• 1Y: 40.70%
• 3Y*: 33.53%
• 5Y*: 18.62%
• 10Y*: 11.96%
• ALL TIME*: 6.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	$401.75K	$249.36K	$196.33K
EPOL iShares MSCI Poland ETF	$18.30M	$16.66M	$16.43M

DBEZ vs. EPOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EPOL iShares MSCI Poland ETF	22.62%	77.34%	-2.61%	50.70%	-24.62%	12.21%	-8.38%	-6.13%	-13.76%	52.43%

Correlation

The correlation between DBEZ and EPOL is 0.62, 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.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (10Y) Provides a long-term view across more market conditions.	0.56
Correlation (All Time) Calculated using the full available price history since Dec 15, 2014	0.53

The correlation between DBEZ and EPOL has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.

DBEZ vs. EPOL - Sectors Allocation Comparison

Sectors	DBEZ	EPOL
Financial Services	23.6%	45.7%
Industrials	21.3%	1.8%
Technology	16.8%	1.7%
Consumer Cyclical	8.2%	14.0%
Utilities	6.2%	4.5%
Healthcare	5.8%	0.7%
Consumer Defensive	5.2%	6.0%
Basic Materials	4.3%	7.1%
Communication Services	3.8%	5.4%
Energy	3.6%	13.2%
Real Estate	1.3%	-

Return for Risk

DBEZ vs. EPOL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DBEZ

DBEZ Risk / Return Rank: 67
DBEZ Sharpe Ratio Rank: 68
DBEZ Sortino Ratio Rank: 69
DBEZ Omega Ratio Rank: 67
DBEZ Calmar Ratio Rank: 61
DBEZ Martin Ratio Rank: 69

EPOL

EPOL Risk / Return Rank: 79
EPOL Sharpe Ratio Rank: 78
EPOL Sortino Ratio Rank: 78
EPOL Omega Ratio Rank: 70
EPOL Calmar Ratio Rank: 89
EPOL Martin Ratio Rank: 78

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. EPOL - 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 Poland ETF (EPOL). 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.

	DBEZ	EPOL	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.76	-0.19
Sortino ratio: Return per unit of downside risk	2.24	2.49	-0.25
Omega ratio: Gain probability vs. loss probability	1.28	1.29	-0.01
Calmar ratio: Return relative to maximum drawdown	2.16	3.68	-1.52
Martin ratio: Return relative to average drawdown	8.52	9.96	-1.44

DBEZ vs. EPOL - Sharpe Ratio Comparison

The current DBEZ Sharpe Ratio is 1.57, which is comparable to the EPOL Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of DBEZ and EPOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBEZ vs. EPOL - Drawdown Comparison

The maximum DBEZ drawdown since its inception was -38.76%, smaller than the maximum EPOL drawdown of -63.72%. Use the drawdown chart below to compare losses from any high point for DBEZ and EPOL.

Drawdown Indicators

	DBEZ	EPOL	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-63.72%	+24.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-11.04%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-19.56%	+3.97%
Max Drawdown (5Y) Largest decline over 5 years	-23.38%	-54.21%	+30.83%
Max Drawdown (10Y) Largest decline over 10 years	-38.76%	-61.41%	+22.65%
Current Drawdown Current decline from peak	-0.79%	0.00%	-0.79%
Average Drawdown Average peak-to-trough decline	-5.75%	-26.64%	+20.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	4.07%	-1.27%

Volatility

DBEZ vs. EPOL - Volatility Comparison

The current volatility for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) is 4.27%, while iShares MSCI Poland ETF (EPOL) has a volatility of 5.29%. This indicates that DBEZ experiences smaller price fluctuations and is considered to be less risky than EPOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEZ	EPOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	5.29%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	13.03%	18.34%	-5.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	23.12%	-7.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	29.12%	-12.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	27.42%	-9.33%

DBEZ vs. EPOL - Expense Ratio Comparison

DBEZ has a 0.47% expense ratio, which is lower than EPOL's 0.61% expense ratio.

Dividends

DBEZ vs. EPOL - Dividend Comparison

DBEZ's dividend yield for the trailing twelve months is around 1.26%, less than EPOL's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
EPOL iShares MSCI Poland ETF	3.44%	4.78%	6.04%	2.87%	2.65%	1.33%	1.44%	2.51%	1.44%	1.88%	2.14%	2.53%

Frequently Asked Questions

Can I hold both DBEZ and EPOL in my portfolio?

DBEZ and EPOL have a correlation of 0.62, 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 EPOL?

EPOL has higher volatility (5.29%) compared to DBEZ (4.27%). In terms of maximum drawdown, DBEZ dropped -38.76% vs EPOL's -63.72%.

Which ETF is better, DBEZ or EPOL?

On 10-year performance, DBEZ leads with 12.37% vs 11.96% for EPOL. 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.

Which ETF has performed better, DBEZ or EPOL?

Over the 10-year period, DBEZ has performed better with a 12.37% return vs 11.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEZ or EPOL?

DBEZ is cheaper with a 0.47% expense ratio, compared with 0.61% for EPOL.

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

EPOL has the higher dividend yield at 3.44%, compared with 1.26% for DBEZ.

What is the main difference between DBEZ and EPOL?

DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant, while EPOL tracks MSCI Poland Investable Market Index. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.47% for DBEZ and 0.61% for EPOL.

Which has better risk-adjusted returns?

EPOL currently has the higher Sharpe Ratio (1.76 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.