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DBEZ vs. EWU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBEZ vs. EWU

Last updated Jul 14, 2026
Documentation

DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds - DBEZ tracks the MSCI EMU IMI 100% Hedged to USD Net Variant while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 10 years, DBEZ returned 12.18%/yr vs 8.17%/yr for EWU. A 0.75 correlation means they provide meaningful diversification when combined. DBEZ charges 0.47%/yr vs 0.50%/yr for EWU.

Performance

DBEZ vs. EWU - 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 United Kingdom ETF (EWU). 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 11.95% return, which is significantly higher than EWU's 6.92% return. Over the past 10 years, DBEZ has outperformed EWU with an annualized return of 12.18%, while EWU has yielded a comparatively lower 8.17% annualized return.

DBEZ

1D
-0.67%
1M
0.01%
6M
7.53%
YTD
11.95%
1Y
21.34%
3Y*
17.26%
5Y*
12.15%
10Y*
12.18%

EWU

1D
-0.52%
1M
-0.29%
6M
4.29%
YTD
6.92%
1Y
20.07%
3Y*
16.74%
5Y*
11.31%
10Y*
8.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBEZ vs. EWU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBEZ
Xtrackers MSCI Eurozone Hedged Equity ETF		11.95%26.14%9.51%21.78%-10.13%23.52%0.36%29.94%-10.81%15.62%
EWU
iShares MSCI United Kingdom ETF		6.92%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%

Correlation

The correlation between DBEZ and EWU is 0.72, 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

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (10Y)
Calculated over the trailing 10-year period

0.75

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

0.75

The correlation between DBEZ and EWU has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

DBEZ vs. EWU - Sectors Allocation Comparison

Sectors
DBEZ
EWU

Financial Services

23.3%
25.7%

Industrials

20.4%
13.2%

Technology

16.0%
0.7%

Consumer Cyclical

7.3%
3.8%

Utilities

6.0%
5.1%

Healthcare

5.7%
14.5%

Consumer Defensive

5.1%
13.1%

Basic Materials

4.4%
9.5%

Communication Services

4.4%
2.3%

Energy

3.4%
11.6%

Real Estate

1.2%
0.6%

Financial Services

DBEZ
23.3%
EWU
25.7%

Industrials

DBEZ
20.4%
EWU
13.2%

Technology

DBEZ
16.0%
EWU
0.7%

Consumer Cyclical

DBEZ
7.3%
EWU
3.8%

Utilities

DBEZ
6.0%
EWU
5.1%

Healthcare

DBEZ
5.7%
EWU
14.5%

Consumer Defensive

DBEZ
5.1%
EWU
13.1%

Basic Materials

DBEZ
4.4%
EWU
9.5%

Communication Services

DBEZ
4.4%
EWU
2.3%

Energy

DBEZ
3.4%
EWU
11.6%

Real Estate

DBEZ
1.2%
EWU
0.6%

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 United Kingdom ETF

Often compared with DBEZ:
DBEZ vs. HEDJDBEZ vs. DBEFDBEZ vs. HEZUDBEZ vs. EUDGDBEZ vs. SPEUDBEZ vs. BBEUDBEZ vs. ^GSPC
Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO

Return for Risk

DBEZ vs. EWU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBEZ
DBEZ Risk / Return Rank: 5252
Overall Rank
DBEZ Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
DBEZ Sortino Ratio Rank: 5252
Sortino Ratio Rank
DBEZ Omega Ratio Rank: 5252
Omega Ratio Rank
DBEZ Calmar Ratio Rank: 4848
Calmar Ratio Rank
DBEZ Martin Ratio Rank: 5656
Martin Ratio Rank
EWU
EWU Risk / Return Rank: 4949
Overall Rank
EWU Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 5050
Sortino Ratio Rank
EWU Omega Ratio Rank: 4747
Omega Ratio Rank
EWU Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWU Martin Ratio Rank: 5050
Martin Ratio Rank
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. EWU - 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 United Kingdom ETF (EWU). 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.

DBEZEWUDifference
Sharpe ratioReturn per unit of total volatility
1.42
1.36

+0.07

Sortino ratioReturn per unit of downside risk
2.05
1.98

+0.06

Omega ratioGain probability vs. loss probability

1.26

1.24

+0.02

Calmar ratioReturn relative to maximum drawdown

1.94

2.03

-0.09

Martin ratioReturn relative to average drawdown

7.68

6.70

+0.98

DBEZ vs. EWU - Sharpe Ratio Comparison

The current DBEZ Sharpe Ratio is 1.42, which is comparable to the EWU Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of DBEZ and EWU, 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. EWU - Drawdown Comparison

The maximum DBEZ drawdown since its inception was -38.76%, smaller than the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for DBEZ and EWU.

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Drawdown Indicators

DBEZEWUDifference

Max Drawdown

Largest peak-to-trough decline

-38.76%

-63.99%

+25.23%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-9.92%

-1.11%

Max Drawdown (3Y)

Largest decline over 3 years

-15.59%

-12.63%

-2.96%

Max Drawdown (5Y)

Largest decline over 5 years

-23.38%

-24.91%

+1.53%

Max Drawdown (10Y)

Largest decline over 10 years

-38.76%

-43.33%

+4.57%

Current Drawdown

Current decline from peak

-2.28%

-3.40%

+1.12%

Average Drawdown

Average peak-to-trough decline

-5.77%

-14.13%

+8.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.78%

3.00%

-0.22%

Volatility

DBEZ vs. EWU - Volatility Comparison

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) has a higher volatility of 4.97% compared to iShares MSCI United Kingdom ETF (EWU) at 4.63%. This indicates that DBEZ's price experiences larger fluctuations and is considered to be riskier than EWU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBEZEWUDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.97%

4.63%

+0.34%

Volatility (6M)

Calculated over the trailing 6-month period

12.95%

12.80%

+0.15%

Volatility (1Y)

Calculated over the trailing 1-year period

15.10%

14.90%

+0.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.53%

16.44%

+0.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.08%

18.22%

-0.14%

DBEZ vs. EWU - Expense Ratio Comparison

DBEZ has a 0.47% expense ratio, which is lower than EWU's 0.50% expense ratio.

Dividends

DBEZ vs. EWU - Dividend Comparison

DBEZ's dividend yield for the trailing twelve months is around 1.28%, less than EWU's 3.23% yield.

PositionTTM20252024202320222021202020192018201720162015
DBEZ
Xtrackers MSCI Eurozone Hedged Equity ETF		1.28%4.20%0.62%1.84%1.68%1.64%1.99%2.86%2.56%2.11%3.42%4.92%
EWU
iShares MSCI United Kingdom ETF		3.23%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%

Frequently Asked Questions

DBEZ and EWU have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBEZ has higher volatility (4.97%) compared to EWU (4.63%). In terms of maximum drawdown, DBEZ dropped -38.76% vs EWU's -63.99%.

On 10-year performance, DBEZ leads with 12.18% vs 8.17% for EWU. On fees, DBEZ is cheaper at 0.47% per year. On volatility, EWU has been the lower-risk option at 4.63%. 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 12.18% return vs 8.17%. 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 0.50% for EWU.

EWU has the higher dividend yield at 3.23%, compared with 1.28% for DBEZ.

DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant, while EWU tracks MSCI United Kingdom Index. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.47% for DBEZ and 0.50% for EWU.

DBEZ currently has the higher Sharpe Ratio (1.42 vs 1.36), 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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