GSEU vs. DBEU

Last updated Aug 4, 2026

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and DBEU (Xtrackers MSCI Europe Hedged Equity Fund) are both Europe Equities funds - GSEU tracks the Goldman Sachs ActiveBeta Europe Equity Index while DBEU tracks the MSCI Europe US Dollar Hedged Index. Both are passively managed. Over the past 10 years, GSEU returned 9.89%/yr vs 11.33%/yr for DBEU. Their correlation of 0.83 means they have usually moved in the same direction. GSEU charges 0.25%/yr vs 0.45%/yr for DBEU.

Performance

GSEU vs. DBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) 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, GSEU achieves a 11.15% return, which is significantly lower than DBEU's 13.88% return. Over the past 10 years, GSEU has underperformed DBEU with an annualized return of 9.89%, while DBEU has yielded a comparatively higher 11.33% annualized return.

GSEU

• 1D: 0.57%
• 1M: 1.67%
• 6M: 5.72%
• YTD: 11.15%
• 1Y: 24.35%
• 3Y*: 17.59%
• 5Y*: 8.83%
• 10Y*: 9.89%
• ALL TIME*: 9.84%

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

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBEU Xtrackers MSCI Europe Hedged Equity Fund	$2.56M	$1.97M	$2.43M
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	$248.65K	$275.55K	$307.56K

GSEU vs. DBEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	11.15%	35.70%	2.00%	20.74%	-17.90%	17.33%	6.64%	24.57%	-14.29%	26.97%
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 GSEU and DBEU is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Mar 4, 2016	0.83

The correlation between GSEU and DBEU has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

GSEU vs. DBEU - Sectors Allocation Comparison

Sectors	GSEU	DBEU
Financial Services	24.7%	25.1%
Industrials	19.9%	18.5%
Healthcare	13.7%	12.8%
Technology	9.4%	9.4%
Consumer Defensive	8.4%	8.5%
Consumer Cyclical	6.7%	6.0%
Utilities	4.6%	4.4%
Basic Materials	4.6%	5.4%
Energy	3.8%	4.9%
Communication Services	3.7%	3.1%
Real Estate	0.5%	0.7%

Return for Risk

GSEU vs. DBEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GSEU

GSEU Risk / Return Rank: 62
GSEU Sharpe Ratio Rank: 65
GSEU Sortino Ratio Rank: 65
GSEU Omega Ratio Rank: 62
GSEU Calmar Ratio Rank: 55
GSEU Martin Ratio Rank: 63

DBEU

DBEU Risk / Return Rank: 82
DBEU Sharpe Ratio Rank: 85
DBEU Sortino Ratio Rank: 84
DBEU Omega Ratio Rank: 83
DBEU Calmar Ratio Rank: 75
DBEU Martin Ratio Rank: 81

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.

GSEU vs. DBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) 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.

	GSEU	DBEU	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.06	-0.47
Sortino ratio: Return per unit of downside risk	2.26	2.89	-0.63
Omega ratio: Gain probability vs. loss probability	1.28	1.37	-0.09
Calmar ratio: Return relative to maximum drawdown	2.05	2.76	-0.70
Martin ratio: Return relative to average drawdown	7.92	11.26	-3.34

GSEU vs. DBEU - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.59, which is comparable to the DBEU Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of GSEU 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

GSEU vs. DBEU - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, roughly equal to the maximum DBEU drawdown of -34.50%. Use the drawdown chart below to compare losses from any high point for GSEU and DBEU.

Drawdown Indicators

	GSEU	DBEU	Difference
Max Drawdown Largest peak-to-trough decline	-35.71%	-34.50%	-1.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-9.81%	-2.09%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-15.35%	+1.23%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	-17.67%	-16.31%
Max Drawdown (10Y) Largest decline over 10 years	-35.71%	-34.50%	-1.21%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.51%	-4.40%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	2.40%	+0.68%

Volatility

GSEU vs. DBEU - Volatility Comparison

Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) has a higher volatility of 3.94% compared to Xtrackers MSCI Europe Hedged Equity Fund (DBEU) at 3.67%. This indicates that GSEU'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

	GSEU	DBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	3.67%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	11.15%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.42%	13.13%	+2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	14.39%	+2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	16.25%	+1.44%

GSEU vs. DBEU - Expense Ratio Comparison

GSEU has a 0.25% expense ratio, which is lower than DBEU's 0.45% expense ratio.

Dividends

GSEU vs. DBEU - Dividend Comparison

GSEU's dividend yield for the trailing twelve months is around 2.70%, more than DBEU's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.70%	2.72%	2.35%	3.41%	3.34%	2.71%	1.84%	3.69%	3.40%	2.51%	2.74%	0.00%

Frequently Asked Questions

Can I hold both GSEU and DBEU in my portfolio?

GSEU and DBEU 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.

Which is riskier, GSEU or DBEU?

GSEU has higher volatility (3.94%) compared to DBEU (3.67%). In terms of maximum drawdown, GSEU dropped -35.71% vs DBEU's -34.50%.

Which ETF is better, GSEU or DBEU?

On 10-year performance, DBEU leads with 11.33% vs 9.89% for GSEU. On fees, GSEU is cheaper at 0.25% 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.

Which ETF has performed better, GSEU or DBEU?

Over the 10-year period, DBEU has performed better with a 11.33% return vs 9.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEU or DBEU?

GSEU is cheaper with a 0.25% expense ratio, compared with 0.45% for DBEU.

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

GSEU has the higher dividend yield at 2.70%, compared with 1.39% for DBEU.

What is the main difference between GSEU and DBEU?

GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while DBEU tracks MSCI Europe US Dollar Hedged Index. They also come from different issuers: Goldman Sachs and DWS. Their fees differ too: 0.25% for GSEU and 0.45% for DBEU.

Which has better risk-adjusted returns?

DBEU currently has the higher Sharpe Ratio (2.06 vs 1.59), 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.