DBEZ vs. VGK

Last updated Jun 24, 2026

DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) and VGK (Vanguard FTSE Europe ETF) are both Europe Equities funds - DBEZ tracks the MSCI EMU IMI 100% Hedged to USD Net Variant while VGK tracks the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, DBEZ returned 12.90%/yr vs 10.38%/yr for VGK. Their correlation of 0.85 suggests significant overlap in exposure. DBEZ charges 0.47%/yr vs 0.06%/yr for VGK.

Performance

DBEZ vs. VGK - Performance Comparison

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

Returns By Period

In the year-to-date period, DBEZ achieves a 12.37% return, which is significantly higher than VGK's 6.16% return. Over the past 10 years, DBEZ has outperformed VGK with an annualized return of 12.90%, while VGK has yielded a comparatively lower 10.38% 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%

VGK

• 1D: -1.24%
• 1M: -0.13%
• YTD: 6.16%
• 6M: 6.16%
• 1Y: 19.10%
• 3Y*: 16.76%
• 5Y*: 8.57%
• 10Y*: 10.38%

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

DBEZ vs. VGK - 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%
VGK Vanguard FTSE Europe ETF	6.16%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between DBEZ and VGK is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 15, 2014	0.85

The correlation between DBEZ and VGK has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

DBEZ vs. VGK - Sectors Allocation Comparison

Sectors	DBEZ	VGK
Financial Services	22.6%	23.6%
Industrials	20.2%	19.3%
Technology	15.7%	8.2%
Consumer Cyclical	7.7%	6.8%
Utilities	5.8%	4.7%
Healthcare	5.2%	11.9%
Consumer Defensive	5.0%	8.4%
Communication Services	4.6%	3.3%
Basic Materials	4.2%	5.3%
Energy	3.5%	5.3%
Real Estate	1.1%	1.5%

Return for Risk

DBEZ vs. VGK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBEZ

DBEZ Risk / Return Rank: 52
DBEZ Sharpe Ratio Rank: 52
DBEZ Sortino Ratio Rank: 53
DBEZ Omega Ratio Rank: 52
DBEZ Calmar Ratio Rank: 49
DBEZ Martin Ratio Rank: 55

VGK

VGK Risk / Return Rank: 35
VGK Sharpe Ratio Rank: 35
VGK Sortino Ratio Rank: 35
VGK Omega Ratio Rank: 34
VGK Calmar Ratio Rank: 33
VGK 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. VGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) and Vanguard FTSE Europe ETF (VGK). 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	VGK	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.21	+0.46
Sortino ratio: Return per unit of downside risk	2.39	1.79	+0.60
Omega ratio: Gain probability vs. loss probability	1.31	1.22	+0.09
Calmar ratio: Return relative to maximum drawdown	2.28	1.59	+0.70
Martin ratio: Return relative to average drawdown	9.04	5.89	+3.15

DBEZ vs. VGK - Sharpe Ratio Comparison

The current DBEZ Sharpe Ratio is 1.67, which is higher than the VGK Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of DBEZ and VGK, 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. VGK - Drawdown Comparison

The maximum DBEZ drawdown since its inception was -38.76%, smaller than the maximum VGK drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for DBEZ and VGK.

Drawdown Indicators

	DBEZ	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-63.61%	+24.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-12.09%	+1.06%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-14.31%	-1.28%
Max Drawdown (5Y) Largest decline over 5 years	-23.38%	-32.74%	+9.36%
Max Drawdown (10Y) Largest decline over 10 years	-38.76%	-37.24%	-1.52%
Current Drawdown Current decline from peak	-1.64%	-1.91%	+0.27%
Average Drawdown Average peak-to-trough decline	-5.79%	-13.31%	+7.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	3.25%	-0.47%

Volatility

DBEZ vs. VGK - Volatility Comparison

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) and Vanguard FTSE Europe ETF (VGK) have volatilities of 4.98% and 4.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEZ	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	4.96%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	13.38%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	15.05%	15.81%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	17.96%	-1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	18.56%	-0.42%

DBEZ vs. VGK - Expense Ratio Comparison

DBEZ has a 0.47% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

DBEZ vs. VGK - Dividend Comparison

DBEZ's dividend yield for the trailing twelve months is around 1.28%, less than VGK's 2.95% yield.

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%
VGK Vanguard FTSE Europe ETF	2.95%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both DBEZ and VGK in my portfolio?

DBEZ and VGK have a correlation of 0.88, 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 VGK?

DBEZ has higher volatility (4.98%) compared to VGK (4.96%). In terms of maximum drawdown, DBEZ dropped -38.76% vs VGK's -63.61%.

Which ETF is better, DBEZ or VGK?

On 10-year performance, DBEZ leads with 12.90% vs 10.38% for VGK. On fees, VGK is cheaper at 0.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEZ or VGK?

Over the 10-year period, DBEZ has performed better with a 12.90% return vs 10.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEZ or VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 0.47% for DBEZ.

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

VGK has the higher dividend yield at 2.95%, compared with 1.28% for DBEZ.

What is the main difference between DBEZ and VGK?

DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: Deutsche Bank and Vanguard. Their fees differ too: 0.47% for DBEZ and 0.06% for VGK.

Which has better risk-adjusted returns?

DBEZ currently has the higher Sharpe Ratio (1.67 vs 1.21), 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.