DBEZ vs. GLD
DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - DBEZ is a Europe Equities fund tracking the MSCI EMU IMI 100% Hedged to USD Net Variant, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, DBEZ returned 12.90%/yr vs 11.59%/yr for GLD. At a correlation of -0.03, they often move in opposite directions. DBEZ charges 0.47%/yr vs 0.40%/yr for GLD.
Performance
DBEZ vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, DBEZ achieves a 12.37% return, which is significantly higher than GLD's -4.79% return. Over the past 10 years, DBEZ has outperformed GLD with an annualized return of 12.90%, while GLD has yielded a comparatively lower 11.59% annualized return.
DBEZ
- 1D
- -1.34%
- 1M
- 3.40%
- YTD
- 12.37%
- 6M
- 13.09%
- 1Y
- 25.09%
- 3Y*
- 18.47%
- 5Y*
- 12.19%
- 10Y*
- 12.90%
GLD
- 1D
- -1.89%
- 1M
- -8.82%
- YTD
- -4.79%
- 6M
- -8.78%
- 1Y
- 21.29%
- 3Y*
- 28.41%
- 5Y*
- 17.84%
- 10Y*
- 11.59%
DBEZ vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF | 12.37% | 26.14% | 9.51% | 21.78% | -10.13% | 23.52% | 0.36% | 29.94% | -10.81% | 15.62% |
GLD SPDR Gold Shares | -4.79% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between DBEZ and GLD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2014 | -0.03 |
The correlation between DBEZ and GLD shifts across timeframes, from -0.03 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DBEZ vs. GLD — Risk / Return Rank
DBEZ
GLD
DBEZ vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.17 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 0.87 | +1.41 |
| Martin ratioReturn relative to average drawdown | 9.04 | 2.35 | +6.69 |
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Drawdowns
DBEZ vs. GLD - Drawdown Comparison
The maximum DBEZ drawdown since its inception was -38.76%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for DBEZ and GLD.
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Drawdown Indicators
| DBEZ | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.76% | -45.56% | +6.80% |
Max Drawdown (1Y)Largest decline over 1 year | -11.03% | -24.46% | +13.43% |
Max Drawdown (3Y)Largest decline over 3 years | -15.59% | -24.46% | +8.87% |
Max Drawdown (5Y)Largest decline over 5 years | -23.38% | -24.46% | +1.08% |
Max Drawdown (10Y)Largest decline over 10 years | -38.76% | -24.46% | -14.30% |
Current DrawdownCurrent decline from peak | -1.64% | -23.91% | +22.27% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -16.17% | +10.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 9.10% | -6.32% |
Volatility
DBEZ vs. GLD - Volatility Comparison
The current volatility for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) is 4.98%, while SPDR Gold Shares (GLD) has a volatility of 8.18%. This indicates that DBEZ experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBEZ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.98% | 8.18% | -3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 12.69% | 24.38% | -11.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.05% | 27.57% | -12.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.53% | 18.24% | -1.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.14% | 16.04% | +2.10% |
DBEZ vs. GLD - Expense Ratio Comparison
DBEZ has a 0.47% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
DBEZ vs. GLD - Dividend Comparison
DBEZ's dividend yield for the trailing twelve months is around 1.28%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBEZ and GLD have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (8.18%) compared to DBEZ (4.98%). In terms of maximum drawdown, DBEZ dropped -38.76% vs GLD's -45.56%.
On 10-year performance, DBEZ leads with 12.90% vs 11.59% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, DBEZ has been the lower-risk option at 4.98%. 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 12.90% return vs 11.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.47% for DBEZ.
DBEZ has the higher dividend yield at 1.28%, compared with 0.00% for GLD.
DBEZ is categorized as Europe Equities, while GLD is Gold. DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.47% for DBEZ and 0.40% for GLD.
DBEZ currently has the higher Sharpe Ratio (1.67 vs 0.78), 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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