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EWU vs. DBEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWU vs. DBEU

Last updated Aug 5, 2026
Documentation

EWU (iShares MSCI United Kingdom ETF) and DBEU (Xtrackers MSCI Europe Hedged Equity Fund) are both Europe Equities funds - EWU tracks the MSCI United Kingdom Index (Net) while DBEU tracks the MSCI Europe US Dollar Hedged Index. Both are passively managed. Over the past 10 years, EWU returned 8.54%/yr vs 11.43%/yr for DBEU. Their 0.78 correlation means they have sometimes moved together and sometimes differently. EWU charges 0.50%/yr vs 0.45%/yr for DBEU.

Performance

EWU vs. DBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI United Kingdom ETF (EWU) 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, EWU achieves a 11.49% return, which is significantly lower than DBEU's 14.88% return. Over the past 10 years, EWU has underperformed DBEU with an annualized return of 8.54%, while DBEU has yielded a comparatively higher 11.43% annualized return.

EWU

1D
0.23%
1M
2.50%
6M
5.51%
YTD
11.49%
1Y
24.30%
3Y*
18.84%
5Y*
12.00%
10Y*
8.54%
ALL TIME*
6.08%

DBEU

1D
0.88%
1M
1.75%
6M
10.72%
YTD
14.88%
1Y
26.39%
3Y*
17.44%
5Y*
11.89%
10Y*
11.43%
ALL TIME*
9.98%
*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
$2.64M$1.95M$2.39M

EWU

iShares MSCI United Kingdom ETF
$58.72M$68.87M$65.85M

EWU vs. DBEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWU
iShares MSCI United Kingdom ETF		11.49%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%
DBEU
Xtrackers MSCI Europe Hedged Equity Fund		14.88%22.18%9.17%17.43%-6.25%23.99%-1.42%27.32%-8.49%14.60%

Correlation

The correlation between EWU and DBEU is 0.78, 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.

0.78

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

0.75

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

0.78

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

0.79

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

0.78

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

EWU vs. DBEU - Sectors Allocation Comparison

Sectors
EWU
DBEU

Financial Services

27.5%
25.1%

Industrials

14.0%
18.5%

Consumer Defensive

13.9%
8.5%

Healthcare

13.2%
12.8%

Energy

11.2%
4.9%

Basic Materials

7.7%
5.4%

Utilities

4.5%
4.4%

Consumer Cyclical

3.9%
6.0%

Communication Services

2.2%
3.1%

Real Estate

0.7%
0.7%

Technology

0.6%
9.4%

Financial Services

EWU
27.5%
DBEU
25.1%

Industrials

EWU
14.0%
DBEU
18.5%

Consumer Defensive

EWU
13.9%
DBEU
8.5%

Healthcare

EWU
13.2%
DBEU
12.8%

Energy

EWU
11.2%
DBEU
4.9%

Basic Materials

EWU
7.7%
DBEU
5.4%

Utilities

EWU
4.5%
DBEU
4.4%

Consumer Cyclical

EWU
3.9%
DBEU
6.0%

Communication Services

EWU
2.2%
DBEU
3.1%

Real Estate

EWU
0.7%
DBEU
0.7%

Technology

EWU
0.6%
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 United Kingdom ETF

Xtrackers MSCI Europe Hedged Equity Fund

Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO
Often compared with DBEU:
DBEU vs. DBEFDBEU vs. HEDJDBEU vs. VGKDBEU vs. IEUSDBEU vs. PTEUDBEU vs. FLEEDBEU vs. FEZ

Return for Risk

EWU vs. DBEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWU
EWU Risk / Return Rank: 6161
Overall Rank
EWU Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 6363
Sortino Ratio Rank
EWU Omega Ratio Rank: 5959
Omega Ratio Rank
EWU Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWU Martin Ratio Rank: 6060
Martin Ratio Rank
DBEU
DBEU Risk / Return Rank: 7676
Overall Rank
DBEU Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
DBEU Sortino Ratio Rank: 7878
Sortino Ratio Rank
DBEU Omega Ratio Rank: 7777
Omega Ratio Rank
DBEU Calmar Ratio Rank: 6969
Calmar Ratio Rank
DBEU Martin Ratio Rank: 7777
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.

EWU vs. DBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom ETF (EWU) 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.

EWUDBEUDifference
Sharpe ratioReturn per unit of total volatility
1.63
2.03

-0.39

Sortino ratioReturn per unit of downside risk
2.35
2.84

-0.48

Omega ratioGain probability vs. loss probability

1.29

1.36

-0.07

Calmar ratioReturn relative to maximum drawdown

2.46

2.70

-0.24

Martin ratioReturn relative to average drawdown

8.07

11.04

-2.97

EWU vs. DBEU - Sharpe Ratio Comparison

The current EWU Sharpe Ratio is 1.63, which is comparable to the DBEU Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of EWU 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

EWU vs. DBEU - Drawdown Comparison

The maximum EWU drawdown since its inception was -63.99%, which is greater than DBEU's maximum drawdown of -34.50%. Use the drawdown chart below to compare losses from any high point for EWU and DBEU.

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Drawdown Indicators

EWUDBEUDifference

Max Drawdown

Largest peak-to-trough decline

-63.99%

-34.50%

-29.49%

Max Drawdown (1Y)

Largest decline over 1 year

-9.92%

-9.81%

-0.11%

Max Drawdown (3Y)

Largest decline over 3 years

-12.63%

-15.35%

+2.72%

Max Drawdown (5Y)

Largest decline over 5 years

-24.91%

-17.67%

-7.24%

Max Drawdown (10Y)

Largest decline over 10 years

-43.33%

-34.50%

-8.83%

Current Drawdown

Current decline from peak

-0.70%

0.00%

-0.70%

Average Drawdown

Average peak-to-trough decline

-14.10%

-4.40%

-9.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

2.40%

+0.62%

Volatility

EWU vs. DBEU - Volatility Comparison

iShares MSCI United Kingdom ETF (EWU) and Xtrackers MSCI Europe Hedged Equity Fund (DBEU) have volatilities of 3.70% and 3.73%, 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.

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Volatility by Period

EWUDBEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.70%

3.73%

-0.03%

Volatility (6M)

Calculated over the trailing 6-month period

12.88%

11.13%

+1.75%

Volatility (1Y)

Calculated over the trailing 1-year period

14.95%

13.13%

+1.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.39%

14.39%

+2.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.23%

16.25%

+1.98%

EWU vs. DBEU - Expense Ratio Comparison

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

Dividends

EWU vs. DBEU - Dividend Comparison

EWU's dividend yield for the trailing twelve months is around 3.09%, more than DBEU's 1.38% yield.

PositionTTM20252024202320222021202020192018201720162015
DBEU
Xtrackers MSCI Europe Hedged Equity Fund		1.38%4.55%0.07%3.64%1.96%1.87%2.44%2.77%3.55%2.28%9.92%5.50%
EWU
iShares MSCI United Kingdom ETF		3.09%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%

Frequently Asked Questions

EWU 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.

DBEU has higher volatility (3.73%) compared to EWU (3.70%). In terms of maximum drawdown, EWU dropped -63.99% vs DBEU's -34.50%.

On 10-year performance, DBEU leads with 11.43% vs 8.54% for EWU. On fees, DBEU is cheaper at 0.45% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBEU has performed better with a 11.43% return vs 8.54%. 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 EWU.

EWU has the higher dividend yield at 3.09%, compared with 1.38% for DBEU.

EWU tracks MSCI United Kingdom 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 EWU and 0.45% for DBEU.

DBEU currently has the higher Sharpe Ratio (2.03 vs 1.63), 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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