HEZU vs. DBEZ

Last updated Aug 2, 2026

HEZU (iShares Currency Hedged MSCI Eurozone ETF) and DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) are both Europe Equities funds - HEZU tracks the MSCI EMU 100% USD Hedged Index while DBEZ tracks the MSCI EMU IMI 100% Hedged to USD Net Variant. Both are passively managed. Over the past 10 years, HEZU returned 12.59%/yr vs 12.37%/yr for DBEZ. Their 0.98 correlation means they have historically moved very closely together. HEZU charges 0.52%/yr vs 0.47%/yr for DBEZ.

Performance

HEZU vs. DBEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Eurozone ETF (HEZU) and Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HEZU having a 13.74% return and DBEZ slightly lower at 13.66%. Both investments have delivered pretty close results over the past 10 years, with HEZU having a 12.59% annualized return and DBEZ not far behind at 12.37%.

HEZU

• 1D: -0.23%
• 1M: -0.42%
• 6M: 9.99%
• YTD: 13.74%
• 1Y: 27.06%
• 3Y*: 18.00%
• 5Y*: 13.04%
• 10Y*: 12.59%
• ALL TIME*: 10.94%

DBEZ

• 1D: 0.01%
• 1M: 0.02%
• 6M: 10.08%
• YTD: 13.66%
• 1Y: 26.45%
• 3Y*: 17.45%
• 5Y*: 12.38%
• 10Y*: 12.37%
• ALL TIME*: 11.33%

*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)
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	$401.75K	$249.36K	$196.33K
HEZU iShares Currency Hedged MSCI Eurozone ETF	$555.49K	$1.29M	$2.41M

HEZU vs. DBEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEZU iShares Currency Hedged MSCI Eurozone ETF	13.74%	25.93%	10.63%	22.98%	-9.54%	23.51%	0.52%	29.48%	-10.23%	14.26%
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	13.66%	26.14%	9.51%	21.78%	-10.13%	23.52%	0.36%	29.94%	-10.81%	15.62%

Correlation

The correlation between HEZU and DBEZ is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Dec 15, 2014	0.98

The correlation between HEZU and DBEZ has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

HEZU vs. DBEZ - Sectors Allocation Comparison

Sectors	HEZU	DBEZ
Financial Services	24.7%	23.6%
Industrials	20.5%	21.3%
Technology	16.8%	16.8%
Consumer Cyclical	7.9%	8.2%
Utilities	6.5%	6.2%
Healthcare	5.8%	5.8%
Consumer Defensive	5.5%	5.2%
Communication Services	3.9%	3.8%
Basic Materials	3.9%	4.3%
Energy	3.5%	3.6%
Real Estate	0.8%	1.3%

Return for Risk

HEZU vs. DBEZ — Risk / Return Rank

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

HEZU

HEZU Risk / Return Rank: 67
HEZU Sharpe Ratio Rank: 67
HEZU Sortino Ratio Rank: 68
HEZU Omega Ratio Rank: 66
HEZU Calmar Ratio Rank: 64
HEZU Martin Ratio Rank: 70

DBEZ

DBEZ Risk / Return Rank: 67
DBEZ Sharpe Ratio Rank: 68
DBEZ Sortino Ratio Rank: 69
DBEZ Omega Ratio Rank: 67
DBEZ Calmar Ratio Rank: 61
DBEZ Martin Ratio Rank: 69

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.

HEZU vs. DBEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Eurozone ETF (HEZU) and Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ). 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.

	HEZU	DBEZ	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.57	-0.03
Sortino ratio: Return per unit of downside risk	2.22	2.24	-0.02
Omega ratio: Gain probability vs. loss probability	1.28	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	2.21	2.16	+0.05
Martin ratio: Return relative to average drawdown	8.63	8.52	+0.12

HEZU vs. DBEZ - Sharpe Ratio Comparison

The current HEZU Sharpe Ratio is 1.54, which is comparable to the DBEZ Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of HEZU and DBEZ, 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

HEZU vs. DBEZ - Drawdown Comparison

The maximum HEZU drawdown since its inception was -38.80%, roughly equal to the maximum DBEZ drawdown of -38.76%. Use the drawdown chart below to compare losses from any high point for HEZU and DBEZ.

Drawdown Indicators

	HEZU	DBEZ	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-38.76%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-11.03%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-14.83%	-15.59%	+0.76%
Max Drawdown (5Y) Largest decline over 5 years	-22.79%	-23.38%	+0.59%
Max Drawdown (10Y) Largest decline over 10 years	-38.80%	-38.76%	-0.04%
Current Drawdown Current decline from peak	-1.27%	-0.79%	-0.48%
Average Drawdown Average peak-to-trough decline	-5.77%	-5.75%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	2.80%	+0.01%

Volatility

HEZU vs. DBEZ - Volatility Comparison

iShares Currency Hedged MSCI Eurozone ETF (HEZU) and Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) have volatilities of 4.25% and 4.27%, 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.

Volatility by Period

	HEZU	DBEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	4.27%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	13.47%	13.03%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	15.80%	15.24%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	16.53%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	18.09%	+0.05%

HEZU vs. DBEZ - Expense Ratio Comparison

HEZU has a 0.52% expense ratio, which is higher than DBEZ's 0.47% expense ratio.

Dividends

HEZU vs. DBEZ - Dividend Comparison

HEZU's dividend yield for the trailing twelve months is around 2.57%, more than DBEZ's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	1.26%	4.20%	0.62%	1.84%	1.68%	1.64%	1.99%	2.86%	2.56%	2.11%	3.42%	4.92%
HEZU iShares Currency Hedged MSCI Eurozone ETF	2.57%	2.92%	2.77%	2.52%	23.26%	2.25%	2.32%	5.40%	3.48%	1.92%	3.11%	2.68%

Frequently Asked Questions

Can I hold both HEZU and DBEZ in my portfolio?

With a correlation of 0.98, HEZU and DBEZ 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, HEZU or DBEZ?

DBEZ has higher volatility (4.27%) compared to HEZU (4.25%). In terms of maximum drawdown, HEZU dropped -38.80% vs DBEZ's -38.76%.

Which ETF is better, HEZU or DBEZ?

On 10-year performance, HEZU leads with 12.59% vs 12.37% for DBEZ. On fees, DBEZ is cheaper at 0.47% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEZU or DBEZ?

Over the 10-year period, HEZU has performed better with a 12.59% return vs 12.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEZU or DBEZ?

DBEZ is cheaper with a 0.47% expense ratio, compared with 0.52% for HEZU.

Which ETF pays a higher dividend yield, HEZU or DBEZ?

HEZU has the higher dividend yield at 2.57%, compared with 1.26% for DBEZ.

What is the main difference between HEZU and DBEZ?

HEZU tracks MSCI EMU 100% USD Hedged Index, while DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant. They also come from different issuers: iShares and Deutsche Bank. Their fees differ too: 0.52% for HEZU and 0.47% for DBEZ.

Which has better risk-adjusted returns?

DBEZ currently has the higher Sharpe Ratio (1.57 vs 1.54), 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.