DBEZ vs. HDEF

Last updated Jun 4, 2026

DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) and HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) are both exchange-traded funds - DBEZ is a Europe Equities fund tracking the MSCI EMU IMI 100% Hedged to USD Net Variant, while HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index. Both are passively managed. Over the past 10 years, DBEZ returned 11.73%/yr vs 8.59%/yr for HDEF. A 0.67 correlation means they provide meaningful diversification when combined. DBEZ charges 0.47%/yr vs 0.20%/yr for HDEF.

Performance

DBEZ vs. HDEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). 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 HDEF's 3.99% return. Over the past 10 years, DBEZ has outperformed HDEF with an annualized return of 11.73%, while HDEF has yielded a comparatively lower 8.59% 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%

HDEF

• 1D: -0.96%
• 1M: -1.35%
• YTD: 3.99%
• 6M: 6.18%
• 1Y: 15.90%
• 3Y*: 16.39%
• 5Y*: 9.83%
• 10Y*: 8.59%

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

DBEZ vs. HDEF - 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%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.99%	33.01%	2.85%	18.53%	-2.51%	6.95%	-1.90%	25.02%	-13.74%	9.89%

Correlation

The correlation between DBEZ and HDEF is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015	0.67

The correlation between DBEZ and HDEF shifts across timeframes, from 0.62 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

DBEZ vs. HDEF - Sectors Allocation Comparison

Sectors	DBEZ	HDEF
Financial Services	23.1%	26.9%
Industrials	21.9%	8.8%
Technology	14.2%	0.6%
Consumer Cyclical	8.7%	3.9%
Utilities	6.6%	8.4%
Healthcare	5.7%	14.0%
Consumer Defensive	5.3%	17.9%
Basic Materials	4.6%	0.7%
Energy	4.4%	13.8%
Communication Services	4.0%	4.0%
Real Estate	1.4%	0.9%

Return for Risk

DBEZ vs. HDEF — 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

HDEF

HDEF Risk / Return Rank: 38
HDEF Sharpe Ratio Rank: 38
HDEF Sortino Ratio Rank: 37
HDEF Omega Ratio Rank: 37
HDEF Calmar Ratio Rank: 40
HDEF Martin Ratio Rank: 39

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. HDEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). 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	HDEF	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.37	-0.07
Sortino ratio: Return per unit of downside risk	1.88	1.94	-0.05
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.72	1.99	-0.27
Martin ratio: Return relative to average drawdown	6.67	6.16	+0.51
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. HDEF - Sharpe Ratio Comparison

The current DBEZ Sharpe Ratio is 1.30, which is comparable to the HDEF Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of DBEZ and HDEF, 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	HDEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.37	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.70	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.53	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.45	+0.15

Drawdowns

DBEZ vs. HDEF - Drawdown Comparison

The maximum DBEZ drawdown since its inception was -38.76%, which is greater than HDEF's maximum drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for DBEZ and HDEF.

Drawdown Indicators

	DBEZ	HDEF	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-36.43%	-2.33%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-8.03%	-3.00%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-11.15%	-4.44%
Max Drawdown (5Y) Largest decline over 5 years	-23.38%	-23.63%	+0.25%
Max Drawdown (10Y) Largest decline over 10 years	-38.76%	-36.43%	-2.33%
Current Drawdown Current decline from peak	-0.83%	-5.69%	+4.86%
Average Drawdown Average peak-to-trough decline	-5.81%	-5.04%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.59%	+0.24%

Volatility

DBEZ vs. HDEF - Volatility Comparison

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) has a higher volatility of 5.60% compared to Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) at 3.75%. This indicates that DBEZ's price experiences larger fluctuations and is considered to be riskier than HDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEZ	HDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	3.75%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	12.02%	9.20%	+2.82%
Volatility (1Y) Calculated over the trailing 1-year period	14.57%	11.67%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	14.14%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	16.24%	+2.12%

DBEZ vs. HDEF - Expense Ratio Comparison

DBEZ has a 0.47% expense ratio, which is higher than HDEF's 0.20% expense ratio.

Dividends

DBEZ vs. HDEF - Dividend Comparison

DBEZ's dividend yield for the trailing twelve months is around 3.84%, more than HDEF's 3.65% 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%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.65%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%

Frequently Asked Questions

Can I hold both DBEZ and HDEF in my portfolio?

DBEZ and HDEF 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 HDEF?

DBEZ has higher volatility (5.60%) compared to HDEF (3.75%). In terms of maximum drawdown, DBEZ dropped -38.76% vs HDEF's -36.43%.

Which ETF is better, DBEZ or HDEF?

On 10-year performance, DBEZ leads with 11.73% vs 8.59% for HDEF. On fees, HDEF is cheaper at 0.20% per year. On volatility, HDEF has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEZ or HDEF?

Over the 10-year period, DBEZ has performed better with a 11.73% return vs 8.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEZ or HDEF?

HDEF is cheaper with a 0.20% expense ratio, compared with 0.47% for DBEZ.

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

DBEZ has the higher dividend yield at 3.84%, compared with 3.65% for HDEF.

What is the main difference between DBEZ and HDEF?

DBEZ is categorized as Europe Equities, while HDEF is Foreign Large Cap Equities. DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant, while HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index. Their fees differ too: 0.47% for DBEZ and 0.20% for HDEF.

Which has better risk-adjusted returns?

HDEF currently has the higher Sharpe Ratio (1.37 vs 1.30), 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.