EWI vs. DBEU

Last updated Jun 23, 2026

EWI (iShares MSCI Italy ETF) and DBEU (Xtrackers MSCI Europe Hedged Equity Fund) are both Europe Equities funds - EWI tracks the MSCI Italy Index while DBEU tracks the MSCI Europe US Dollar Hedged Index. Both are passively managed. Over the past 10 years, EWI returned 15.04%/yr vs 12.08%/yr for DBEU. A 0.76 correlation means they provide meaningful diversification when combined. EWI charges 0.49%/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.

Returns By Period

In the year-to-date period, EWI achieves a 13.46% return, which is significantly higher than DBEU's 11.54% return. Over the past 10 years, EWI has outperformed DBEU with an annualized return of 15.04%, while DBEU has yielded a comparatively lower 12.08% annualized return.

EWI

• 1D: -0.25%
• 1M: 5.21%
• YTD: 13.46%
• 6M: 13.65%
• 1Y: 34.70%
• 3Y*: 29.83%
• 5Y*: 17.47%
• 10Y*: 15.04%

DBEU

• 1D: 0.02%
• 1M: 3.35%
• YTD: 11.54%
• 6M: 12.15%
• 1Y: 24.82%
• 3Y*: 16.77%
• 5Y*: 11.93%
• 10Y*: 12.08%

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

EWI vs. DBEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWI iShares MSCI Italy ETF	13.46%	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	11.54%	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 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	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	47.9%	23.3%
Utilities	18.0%	4.7%
Industrials	11.1%	19.7%
Consumer Cyclical	9.8%	6.4%
Energy	7.4%	4.9%
Communication Services	2.5%	3.7%
Healthcare	1.4%	12.9%
Basic Materials	1.1%	5.6%
Consumer Defensive	1.0%	8.5%
Real Estate	-	0.7%
Technology	-	9.6%

Return for Risk

EWI vs. DBEU — Risk / Return Rank

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

EWI

EWI Risk / Return Rank: 57
EWI Sharpe Ratio Rank: 58
EWI Sortino Ratio Rank: 56
EWI Omega Ratio Rank: 53
EWI Calmar Ratio Rank: 58
EWI Martin Ratio Rank: 60

DBEU

DBEU Risk / Return Rank: 58
DBEU Sharpe Ratio Rank: 60
DBEU Sortino Ratio Rank: 59
DBEU Omega Ratio Rank: 58
DBEU Calmar Ratio Rank: 53
DBEU Martin Ratio Rank: 60

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.

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.

	EWI	DBEU	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.92	-0.02
Sortino ratio: Return per unit of downside risk	2.60	2.70	-0.10
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.79	2.54	+0.25
Martin ratio: Return relative to average drawdown	10.43	10.36	+0.07

EWI vs. DBEU - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.90, which is comparable to the DBEU Sharpe Ratio of 1.92. 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.

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.

Drawdown Indicators

	EWI	DBEU	Difference
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	-0.46%	0.00%	-0.46%
Average Drawdown Average peak-to-trough decline	-28.90%	-4.43%	-24.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	2.40%	+0.94%

Volatility

EWI vs. DBEU - Volatility Comparison

iShares MSCI Italy ETF (EWI) has a higher volatility of 5.44% compared to Xtrackers MSCI Europe Hedged Equity Fund (DBEU) at 3.94%. 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.

Volatility by Period

	EWI	DBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	3.94%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	15.29%	10.93%	+4.36%
Volatility (1Y) Calculated over the trailing 1-year period	18.39%	13.01%	+5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.15%	14.38%	+6.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.15%	16.43%	+6.72%

EWI vs. DBEU - Expense Ratio Comparison

EWI has a 0.49% 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 3.10%, more than DBEU's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEU Xtrackers MSCI Europe Hedged Equity Fund	1.42%	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	3.10%	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

Can I hold both EWI and DBEU in my portfolio?

EWI and DBEU have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWI or DBEU?

EWI has higher volatility (5.44%) compared to DBEU (3.94%). In terms of maximum drawdown, EWI dropped -70.38% vs DBEU's -34.50%.

Which ETF is better, EWI or DBEU?

On 10-year performance, EWI leads with 15.04% vs 12.08% for DBEU. On fees, DBEU is cheaper at 0.45% per year. On volatility, DBEU has been the lower-risk option at 3.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWI or DBEU?

Over the 10-year period, EWI has performed better with a 15.04% return vs 12.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWI or DBEU?

DBEU is cheaper with a 0.45% expense ratio, compared with 0.49% for EWI.

Which ETF pays a higher dividend yield, EWI or DBEU?

EWI has the higher dividend yield at 3.10%, compared with 1.42% for DBEU.

What is the main difference between EWI and DBEU?

EWI tracks MSCI Italy Index, while DBEU tracks MSCI Europe US Dollar Hedged Index. They also come from different issuers: iShares and DWS. Their fees differ too: 0.49% for EWI and 0.45% for DBEU.

Which has better risk-adjusted returns?

DBEU currently has the higher Sharpe Ratio (1.92 vs 1.90), 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.