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EWI vs. DBEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. DBEU

Last updated Aug 4, 2026
Documentation

EWI (iShares MSCI Italy ETF) and DBEU (Xtrackers MSCI Europe Hedged Equity Fund) are both Europe Equities funds - EWI tracks the MSCI Italy 25/50 Index (Net) while DBEU tracks the MSCI Europe US Dollar Hedged Index. Both are passively managed. Over the past 10 years, EWI returned 14.76%/yr vs 11.33%/yr for DBEU. Their 0.76 correlation means they have sometimes moved together and sometimes differently. EWI charges 0.50%/yr vs 0.45%/yr for DBEU.

Performance

EWI vs. DBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and Xtrackers MSCI Europe Hedged Equity Fund (DBEU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWI achieves a 17.10% return, which is significantly higher than DBEU's 13.88% return. Over the past 10 years, EWI has outperformed DBEU with an annualized return of 14.76%, while DBEU has yielded a comparatively lower 11.33% annualized return.

EWI

1D
1.28%
1M
2.90%
6M
12.86%
YTD
17.10%
1Y
34.75%
3Y*
29.05%
5Y*
18.17%
10Y*
14.76%
ALL TIME*
6.64%

DBEU

1D
0.74%
1M
0.86%
6M
8.95%
YTD
13.88%
1Y
26.92%
3Y*
17.09%
5Y*
11.77%
10Y*
11.33%
ALL TIME*
9.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DBEU

Xtrackers MSCI Europe Hedged Equity Fund
$2.56M$1.97M$2.43M

EWI

iShares MSCI Italy ETF
$27.89M$24.69M$25.33M

EWI vs. DBEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		17.10%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
DBEU
Xtrackers MSCI Europe Hedged Equity Fund		13.88%22.18%9.17%17.43%-6.25%23.99%-1.42%27.32%-8.49%14.60%

Correlation

The correlation between EWI and DBEU is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.79

Correlation (3Y)
Balances recent behavior with more history.

0.75

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.79

Correlation (10Y)
Provides a long-term view across more market conditions.

0.76

Correlation (All Time)
Calculated using the full available price history since Oct 1, 2013

0.76

The correlation between EWI and DBEU has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

EWI vs. DBEU - Sectors Allocation Comparison

Sectors
EWI
DBEU

Financial Services

50.1%
25.1%

Utilities

18.0%
4.4%

Industrials

10.4%
18.5%

Consumer Cyclical

9.0%
6.0%

Energy

6.6%
4.9%

Communication Services

2.7%
3.1%

Healthcare

1.3%
12.8%

Basic Materials

1.0%
5.4%

Consumer Defensive

0.9%
8.5%

Real Estate

-

0.7%

Technology

-

9.4%

Financial Services

EWI
50.1%
DBEU
25.1%

Utilities

EWI
18.0%
DBEU
4.4%

Industrials

EWI
10.4%
DBEU
18.5%

Consumer Cyclical

EWI
9.0%
DBEU
6.0%

Energy

EWI
6.6%
DBEU
4.9%

Communication Services

EWI
2.7%
DBEU
3.1%

Healthcare

EWI
1.3%
DBEU
12.8%

Basic Materials

EWI
1.0%
DBEU
5.4%

Consumer Defensive

EWI
0.9%
DBEU
8.5%

Real Estate

EWI

-

DBEU
0.7%

Technology

EWI

-

DBEU
9.4%

Compare stocks, funds, or ETFs

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

iShares MSCI Italy ETF

Xtrackers MSCI Europe Hedged Equity Fund

Often compared with EWI:
EWI vs. EWPEWI vs. SPYEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with DBEU:
DBEU vs. DBEFDBEU vs. HEDJDBEU vs. VGKDBEU vs. IEUSDBEU vs. PTEUDBEU vs. FLEEDBEU vs. FEZ

Return for Risk

EWI vs. DBEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWI
EWI Risk / Return Rank: 7878
Overall Rank
EWI Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 7979
Sortino Ratio Rank
EWI Omega Ratio Rank: 7575
Omega Ratio Rank
EWI Calmar Ratio Rank: 7777
Calmar Ratio Rank
EWI Martin Ratio Rank: 7979
Martin Ratio Rank
DBEU
DBEU Risk / Return Rank: 8282
Overall Rank
DBEU Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
DBEU Sortino Ratio Rank: 8484
Sortino Ratio Rank
DBEU Omega Ratio Rank: 8383
Omega Ratio Rank
DBEU Calmar Ratio Rank: 7575
Calmar Ratio Rank
DBEU Martin Ratio Rank: 8181
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWI vs. DBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) and Xtrackers MSCI Europe Hedged Equity Fund (DBEU). 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.

EWIDBEUDifference
Sharpe ratioReturn per unit of total volatility
1.91
2.06

-0.15

Sortino ratioReturn per unit of downside risk
2.63
2.89

-0.25

Omega ratioGain probability vs. loss probability

1.32

1.37

-0.04

Calmar ratioReturn relative to maximum drawdown

2.80

2.76

+0.04

Martin ratioReturn relative to average drawdown

10.48

11.26

-0.78

EWI vs. DBEU - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.91, which is comparable to the DBEU Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of EWI and DBEU, 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

EWI vs. DBEU - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than DBEU's maximum drawdown of -34.50%. Use the drawdown chart below to compare losses from any high point for EWI and DBEU.

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Drawdown Indicators

EWIDBEUDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-34.50%

-35.88%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-9.81%

-2.67%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-15.35%

-1.45%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-17.67%

-17.58%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-34.50%

-8.50%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-28.79%

-4.40%

-24.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.32%

2.40%

+0.92%

Volatility

EWI vs. DBEU - Volatility Comparison

iShares MSCI Italy ETF (EWI) has a higher volatility of 4.59% compared to Xtrackers MSCI Europe Hedged Equity Fund (DBEU) at 3.67%. This indicates that EWI's price experiences larger fluctuations and is considered to be riskier than DBEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWIDBEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.59%

3.67%

+0.92%

Volatility (6M)

Calculated over the trailing 6-month period

15.66%

11.15%

+4.51%

Volatility (1Y)

Calculated over the trailing 1-year period

18.33%

13.13%

+5.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

14.39%

+6.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.51%

16.25%

+6.26%

EWI vs. DBEU - Expense Ratio Comparison

EWI has a 0.50% expense ratio, which is higher than DBEU's 0.45% expense ratio.

Dividends

EWI vs. DBEU - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.01%, more than DBEU's 1.39% yield.

PositionTTM20252024202320222021202020192018201720162015
DBEU
Xtrackers MSCI Europe Hedged Equity Fund		1.39%4.55%0.07%3.64%1.96%1.87%2.44%2.77%3.55%2.28%9.92%5.50%
EWI
iShares MSCI Italy ETF		3.01%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%

Frequently Asked Questions

EWI and DBEU have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWI has higher volatility (4.59%) compared to DBEU (3.67%). In terms of maximum drawdown, EWI dropped -70.38% vs DBEU's -34.50%.

On 10-year performance, EWI leads with 14.76% vs 11.33% for DBEU. On fees, DBEU is cheaper at 0.45% per year. On volatility, DBEU has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWI has performed better with a 14.76% return vs 11.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBEU is cheaper with a 0.45% expense ratio, compared with 0.50% for EWI.

EWI has the higher dividend yield at 3.01%, compared with 1.39% for DBEU.

EWI tracks MSCI Italy 25/50 Index (Net), while DBEU tracks MSCI Europe US Dollar Hedged Index. They also come from different issuers: iShares and DWS. Their fees differ too: 0.50% for EWI and 0.45% for DBEU.

DBEU currently has the higher Sharpe Ratio (2.06 vs 1.91), 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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