HEDJ vs. DBEU

Last updated Aug 2, 2026

HEDJ (WisdomTree Europe Hedged Equity Fund) and DBEU (Xtrackers MSCI Europe Hedged Equity Fund) are both Europe Equities funds - HEDJ tracks the WisdomTree Europe Hedged Equity Index while DBEU tracks the MSCI Europe US Dollar Hedged Index. Both are passively managed. Over the past 10 years, HEDJ returned 10.96%/yr vs 11.45%/yr for DBEU. Their correlation of 0.93 means they have usually moved in the same direction. HEDJ charges 0.58%/yr vs 0.45%/yr for DBEU.

Performance

HEDJ vs. DBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Europe Hedged Equity Fund (HEDJ) 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, HEDJ achieves a 8.59% return, which is significantly lower than DBEU's 13.04% return. Both investments have delivered pretty close results over the past 10 years, with HEDJ having a 10.96% annualized return and DBEU not far ahead at 11.45%.

HEDJ

• 1D: -0.87%
• 1M: -0.79%
• 6M: 6.02%
• YTD: 8.59%
• 1Y: 21.05%
• 3Y*: 13.72%
• 5Y*: 10.78%
• 10Y*: 10.96%
• ALL TIME*: 8.89%

DBEU

• 1D: -0.52%
• 1M: 0.12%
• 6M: 9.37%
• YTD: 13.04%
• 1Y: 25.99%
• 3Y*: 15.98%
• 5Y*: 11.88%
• 10Y*: 11.45%
• ALL TIME*: 9.85%

*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	$1.19M	$1.29M	$2.18M
HEDJ WisdomTree Europe Hedged Equity Fund	$3.72M	$3.36M	$5.37M

HEDJ vs. DBEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEDJ WisdomTree Europe Hedged Equity Fund	8.59%	23.55%	5.28%	26.89%	-10.09%	23.54%	-3.35%	27.50%	-9.27%	13.51%
DBEU Xtrackers MSCI Europe Hedged Equity Fund	13.04%	22.18%	9.17%	17.43%	-6.25%	23.99%	-1.42%	27.32%	-8.49%	14.60%

Correlation

The correlation between HEDJ and DBEU is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Oct 1, 2013	0.93

The correlation between HEDJ and DBEU has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

HEDJ vs. DBEU - Sectors Allocation Comparison

Sectors	HEDJ	DBEU
Industrials	22.6%	18.5%
Financial Services	15.8%	25.1%
Technology	13.2%	9.4%
Consumer Cyclical	12.9%	6.0%
Consumer Defensive	12.7%	8.5%
Healthcare	7.9%	12.8%
Basic Materials	6.6%	5.4%
Communication Services	4.7%	3.1%
Energy	3.4%	4.9%
Real Estate	-	0.7%
Utilities	-	4.4%

Return for Risk

HEDJ vs. DBEU — Risk / Return Rank

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

HEDJ

HEDJ Risk / Return Rank: 48
HEDJ Sharpe Ratio Rank: 48
HEDJ Sortino Ratio Rank: 48
HEDJ Omega Ratio Rank: 47
HEDJ Calmar Ratio Rank: 43
HEDJ Martin Ratio Rank: 54

DBEU

DBEU Risk / Return Rank: 78
DBEU Sharpe Ratio Rank: 80
DBEU Sortino Ratio Rank: 80
DBEU Omega Ratio Rank: 78
DBEU Calmar Ratio Rank: 71
DBEU Martin Ratio Rank: 79

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.

HEDJ vs. DBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Europe Hedged Equity Fund (HEDJ) 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.

	HEDJ	DBEU	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.83	-0.66
Sortino ratio: Return per unit of downside risk	1.75	2.58	-0.84
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio: Return relative to maximum drawdown	1.54	2.47	-0.93
Martin ratio: Return relative to average drawdown	6.28	10.08	-3.80

HEDJ vs. DBEU - Sharpe Ratio Comparison

The current HEDJ Sharpe Ratio is 1.17, which is lower than the DBEU Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of HEDJ 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

HEDJ vs. DBEU - Drawdown Comparison

The maximum HEDJ drawdown since its inception was -38.18%, which is greater than DBEU's maximum drawdown of -34.50%. Use the drawdown chart below to compare losses from any high point for HEDJ and DBEU.

Drawdown Indicators

	HEDJ	DBEU	Difference
Max Drawdown Largest peak-to-trough decline	-38.18%	-34.50%	-3.68%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-9.81%	-2.09%
Max Drawdown (3Y) Largest decline over 3 years	-15.93%	-15.35%	-0.58%
Max Drawdown (5Y) Largest decline over 5 years	-22.17%	-17.67%	-4.50%
Max Drawdown (10Y) Largest decline over 10 years	-38.18%	-34.50%	-3.68%
Current Drawdown Current decline from peak	-1.22%	-0.52%	-0.70%
Average Drawdown Average peak-to-trough decline	-5.87%	-4.40%	-1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.40%	+0.52%

Volatility

HEDJ vs. DBEU - Volatility Comparison

WisdomTree Europe Hedged Equity Fund (HEDJ) has a higher volatility of 4.39% compared to Xtrackers MSCI Europe Hedged Equity Fund (DBEU) at 3.81%. This indicates that HEDJ'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

	HEDJ	DBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	3.81%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	11.14%	+2.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	13.24%	+2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	14.38%	+2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.15%	16.24%	+1.91%

HEDJ vs. DBEU - Expense Ratio Comparison

HEDJ has a 0.58% expense ratio, which is higher than DBEU's 0.45% expense ratio.

Dividends

HEDJ vs. DBEU - Dividend Comparison

HEDJ's dividend yield for the trailing twelve months is around 1.79%, more than DBEU's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEU Xtrackers MSCI Europe Hedged Equity Fund	1.40%	4.55%	0.07%	3.64%	1.96%	1.87%	2.44%	2.77%	3.55%	2.28%	9.92%	5.50%
HEDJ WisdomTree Europe Hedged Equity Fund	1.79%	1.63%	3.28%	3.31%	2.83%	2.08%	2.65%	1.82%	2.73%	2.27%	2.74%	9.43%

Frequently Asked Questions

Can I hold both HEDJ and DBEU in my portfolio?

With a correlation of 0.91, HEDJ and DBEU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HEDJ or DBEU?

HEDJ has higher volatility (4.39%) compared to DBEU (3.81%). In terms of maximum drawdown, HEDJ dropped -38.18% vs DBEU's -34.50%.

Which ETF is better, HEDJ or DBEU?

On 10-year performance, DBEU leads with 11.45% vs 10.96% for HEDJ. On fees, DBEU is cheaper at 0.45% per year. On volatility, DBEU has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEDJ or DBEU?

Over the 10-year period, DBEU has performed better with a 11.45% return vs 10.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEDJ or DBEU?

DBEU is cheaper with a 0.45% expense ratio, compared with 0.58% for HEDJ.

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

HEDJ has the higher dividend yield at 1.79%, compared with 1.40% for DBEU.

What is the main difference between HEDJ and DBEU?

HEDJ tracks WisdomTree Europe Hedged Equity Index, while DBEU tracks MSCI Europe US Dollar Hedged Index. They also come from different issuers: WisdomTree and DWS. Their fees differ too: 0.58% for HEDJ and 0.45% for DBEU.

Which has better risk-adjusted returns?

DBEU currently has the higher Sharpe Ratio (1.83 vs 1.17), 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.