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ESGD vs. DBAW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ESGD vs. DBAW

Last updated Jun 24, 2026

ESGD (iShares ESG Aware MSCI EAFE ETF) and DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) are both Foreign Large Cap Equities funds - ESGD tracks the MSCI EAFE Extended ESG Focus Index while DBAW tracks the MSCI ACWI ex USA US Dollar Hedged Index. Both are passively managed. Over the past 5 years, ESGD returned 8.11%/yr vs 11.25%/yr for DBAW. Their correlation of 0.86 suggests significant overlap in exposure. ESGD charges 0.20%/yr vs 0.41%/yr for DBAW.

Performance

ESGD vs. DBAW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Aware MSCI EAFE ETF (ESGD) and Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ESGD achieves a 8.26% return, which is significantly lower than DBAW's 16.14% return.

ESGD

1D
-2.14%
1M
0.17%
YTD
8.26%
6M
7.92%
1Y
20.95%
3Y*
16.09%
5Y*
8.11%
10Y*
—

DBAW

1D
-2.70%
1M
2.62%
YTD
16.14%
6M
16.41%
1Y
35.60%
3Y*
21.48%
5Y*
11.25%
10Y*
11.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ESGD vs. DBAW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ESGD
iShares ESG Aware MSCI EAFE ETF		8.26%29.63%3.95%18.53%-15.17%11.79%8.20%23.12%-13.33%25.10%
DBAW
Xtrackers MSCI All World ex US Hedged Equity ETF		16.14%26.47%14.35%16.26%-13.35%13.08%7.44%22.96%-10.38%18.79%

Correlation

The correlation between ESGD and DBAW is 0.87, 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

0.87

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

0.86

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

0.88

Correlation (All Time)
Calculated using the full available price history since Jun 30, 2016

0.86

The correlation between ESGD and DBAW has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

ESGD vs. DBAW - Sectors Allocation Comparison

Sectors
ESGD
DBAW

Financial Services

26.6%
23.2%

Industrials

18.4%
14.3%

Technology

13.2%
22.4%

Healthcare

9.5%
6.8%

Consumer Defensive

6.8%
5.0%

Consumer Cyclical

6.6%
7.6%

Basic Materials

5.6%
6.9%

Communication Services

4.2%
4.9%

Utilities

3.6%
2.9%

Energy

3.4%
4.8%

Real Estate

1.6%
1.4%

Financial Services

ESGD
26.6%
DBAW
23.2%

Industrials

ESGD
18.4%
DBAW
14.3%

Technology

ESGD
13.2%
DBAW
22.4%

Healthcare

ESGD
9.5%
DBAW
6.8%

Consumer Defensive

ESGD
6.8%
DBAW
5.0%

Consumer Cyclical

ESGD
6.6%
DBAW
7.6%

Basic Materials

ESGD
5.6%
DBAW
6.9%

Communication Services

ESGD
4.2%
DBAW
4.9%

Utilities

ESGD
3.6%
DBAW
2.9%

Energy

ESGD
3.4%
DBAW
4.8%

Real Estate

ESGD
1.6%
DBAW
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares ESG Aware MSCI EAFE ETF

Xtrackers MSCI All World ex US Hedged Equity ETF

Often compared with ESGD:
ESGD vs. ESGUESGD vs. ESGVESGD vs. DMXFESGD vs. SPYESGD vs. SDGESGD vs. FNIDXESGD vs. VOO
Often compared with DBAW:
DBAW vs. HAWXDBAW vs. HFXIDBAW vs. MDIJXDBAW vs. GSIEDBAW vs. BROIXDBAW vs. BKIEDBAW vs. DXJ

Return for Risk

ESGD vs. DBAW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ESGD
ESGD Risk / Return Rank: 3939
Overall Rank
ESGD Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
ESGD Sortino Ratio Rank: 3939
Sortino Ratio Rank
ESGD Omega Ratio Rank: 3939
Omega Ratio Rank
ESGD Calmar Ratio Rank: 3838
Calmar Ratio Rank
ESGD Martin Ratio Rank: 4343
Martin Ratio Rank
DBAW
DBAW Risk / Return Rank: 8383
Overall Rank
DBAW Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
DBAW Sortino Ratio Rank: 8282
Sortino Ratio Rank
DBAW Omega Ratio Rank: 8686
Omega Ratio Rank
DBAW Calmar Ratio Rank: 8080
Calmar Ratio Rank
DBAW Martin Ratio Rank: 8484
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.

ESGD vs. DBAW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI EAFE ETF (ESGD) and Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW). 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.

ESGDDBAWDifference
Sharpe ratioReturn per unit of total volatility
1.33
2.55

-1.22

Sortino ratioReturn per unit of downside risk
1.93
3.41

-1.48

Omega ratioGain probability vs. loss probability

1.24

1.49

-0.25

Calmar ratioReturn relative to maximum drawdown

1.80

3.98

-2.17

Martin ratioReturn relative to average drawdown

6.72

16.14

-9.41

ESGD vs. DBAW - Sharpe Ratio Comparison

The current ESGD Sharpe Ratio is 1.33, which is lower than the DBAW Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of ESGD and DBAW, 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

ESGD vs. DBAW - Drawdown Comparison

The maximum ESGD drawdown since its inception was -33.70%, which is greater than DBAW's maximum drawdown of -31.44%. Use the drawdown chart below to compare losses from any high point for ESGD and DBAW.

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Drawdown Indicators

ESGDDBAWDifference

Max Drawdown

Largest peak-to-trough decline

-33.70%

-31.44%

-2.26%

Max Drawdown (1Y)

Largest decline over 1 year

-11.68%

-9.00%

-2.68%

Max Drawdown (3Y)

Largest decline over 3 years

-13.86%

-14.11%

+0.25%

Max Drawdown (5Y)

Largest decline over 5 years

-30.03%

-17.87%

-12.16%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.44%

—

Current Drawdown

Current decline from peak

-2.14%

-2.70%

+0.56%

Average Drawdown

Average peak-to-trough decline

-6.16%

-4.98%

-1.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

2.21%

+0.91%

Volatility

ESGD vs. DBAW - Volatility Comparison

The current volatility for iShares ESG Aware MSCI EAFE ETF (ESGD) is 5.48%, while Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) has a volatility of 6.39%. This indicates that ESGD experiences smaller price fluctuations and is considered to be less risky than DBAW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ESGDDBAWDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.48%

6.39%

-0.91%

Volatility (6M)

Calculated over the trailing 6-month period

13.45%

12.35%

+1.10%

Volatility (1Y)

Calculated over the trailing 1-year period

15.86%

14.01%

+1.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.72%

13.97%

+2.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.00%

15.21%

+1.79%

ESGD vs. DBAW - Expense Ratio Comparison

ESGD has a 0.20% expense ratio, which is lower than DBAW's 0.41% expense ratio.

Dividends

ESGD vs. DBAW - Dividend Comparison

ESGD's dividend yield for the trailing twelve months is around 3.38%, more than DBAW's 1.69% yield.

PositionTTM20252024202320222021202020192018201720162015
DBAW
Xtrackers MSCI All World ex US Hedged Equity ETF		1.69%3.83%1.70%3.45%8.81%2.05%2.08%2.91%2.93%2.41%1.99%5.74%
ESGD
iShares ESG Aware MSCI EAFE ETF		3.38%3.60%3.23%3.02%2.59%2.75%1.63%2.57%2.69%2.65%0.09%0.00%

Frequently Asked Questions

ESGD and DBAW have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBAW has higher volatility (6.39%) compared to ESGD (5.48%). In terms of maximum drawdown, ESGD dropped -33.70% vs DBAW's -31.44%.

On 5-year performance, DBAW leads with 11.25% vs 8.11% for ESGD. On fees, ESGD is cheaper at 0.20% per year. On volatility, ESGD has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, DBAW has performed better with a 11.25% return vs 8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ESGD is cheaper with a 0.20% expense ratio, compared with 0.41% for DBAW.

ESGD has the higher dividend yield at 3.38%, compared with 1.69% for DBAW.

ESGD tracks MSCI EAFE Extended ESG Focus Index, while DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index. They also come from different issuers: iShares and Deutsche Bank. Their fees differ too: 0.20% for ESGD and 0.41% for DBAW.

DBAW currently has the higher Sharpe Ratio (2.55 vs 1.33), 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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