PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
IEFA vs. DBEF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. DBEF

Last updated Jul 22, 2026
Documentation

IEFA (iShares Core MSCI EAFE ETF) and DBEF (Xtrackers MSCI EAFE Hedged Equity ETF) are both Foreign Large Cap Equities funds - IEFA tracks the MSCI EAFE IMI Index (Net) while DBEF tracks the MSCI EAFE US Dollar Hedged Index. Both are passively managed. Over the past 10 years, IEFA returned 9.48%/yr vs 12.22%/yr for DBEF. Their correlation of 0.87 suggests significant overlap in exposure. IEFA charges 0.07%/yr vs 0.35%/yr for DBEF.

Performance

IEFA vs. DBEF - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, IEFA achieves a 10.11% return, which is significantly lower than DBEF's 13.76% return. Over the past 10 years, IEFA has underperformed DBEF with an annualized return of 9.48%, while DBEF has yielded a comparatively higher 12.22% annualized return.

IEFA

1D
1.41%
1M
-0.38%
6M
7.75%
YTD
10.11%
1Y
20.91%
3Y*
15.73%
5Y*
8.84%
10Y*
9.48%
ALL TIME*
8.43%

DBEF

1D
1.24%
1M
0.05%
6M
10.88%
YTD
13.76%
1Y
27.46%
3Y*
18.38%
5Y*
13.77%
10Y*
12.22%
ALL TIME*
10.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEFA vs. DBEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEFA
iShares Core MSCI EAFE ETF		10.11%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%
DBEF
Xtrackers MSCI EAFE Hedged Equity ETF		13.76%23.16%13.40%20.15%-5.13%19.60%2.03%24.94%-9.52%16.74%

Correlation

The correlation between IEFA and DBEF is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.91

Correlation (3Y)
Calculated over the trailing 3-year period

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.89

Correlation (10Y)
Calculated over the trailing 10-year period

0.88

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

0.87

The correlation between IEFA and DBEF has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

IEFA vs. DBEF - Sectors Allocation Comparison

Sectors
IEFA
DBEF

Financial Services

24.2%
24.8%

Industrials

19.4%
19.0%

Technology

12.1%
12.7%

Healthcare

9.6%
10.4%

Consumer Cyclical

7.8%
7.4%

Basic Materials

6.5%
5.8%

Consumer Defensive

6.4%
6.7%

Communication Services

3.7%
4.4%

Energy

3.5%
3.3%

Utilities

3.5%
3.8%

Real Estate

2.7%
1.7%

Financial Services

IEFA
24.2%
DBEF
24.8%

Industrials

IEFA
19.4%
DBEF
19.0%

Technology

IEFA
12.1%
DBEF
12.7%

Healthcare

IEFA
9.6%
DBEF
10.4%

Consumer Cyclical

IEFA
7.8%
DBEF
7.4%

Basic Materials

IEFA
6.5%
DBEF
5.8%

Consumer Defensive

IEFA
6.4%
DBEF
6.7%

Communication Services

IEFA
3.7%
DBEF
4.4%

Energy

IEFA
3.5%
DBEF
3.3%

Utilities

IEFA
3.5%
DBEF
3.8%

Real Estate

IEFA
2.7%
DBEF
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core MSCI EAFE ETF

Xtrackers MSCI EAFE Hedged Equity ETF

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with DBEF:
DBEF vs. HEFADBEF vs. VXUSDBEF vs. IHDGDBEF vs. DBEUDBEF vs. SCHDDBEF vs. VOODBEF vs. HFXI

Return for Risk

IEFA vs. DBEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEFA
IEFA Risk / Return Rank: 5252
Overall Rank
IEFA Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 5353
Sortino Ratio Rank
IEFA Omega Ratio Rank: 5151
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4848
Calmar Ratio Rank
IEFA Martin Ratio Rank: 5555
Martin Ratio Rank
DBEF
DBEF Risk / Return Rank: 8484
Overall Rank
DBEF Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
DBEF Sortino Ratio Rank: 8585
Sortino Ratio Rank
DBEF Omega Ratio Rank: 8585
Omega Ratio Rank
DBEF Calmar Ratio Rank: 7777
Calmar Ratio Rank
DBEF Martin Ratio Rank: 8484
Martin Ratio Rank
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.

IEFA vs. DBEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and Xtrackers MSCI EAFE Hedged Equity ETF (DBEF). 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.

IEFADBEFDifference
Sharpe ratioReturn per unit of total volatility
1.34
2.11

-0.77

Sortino ratioReturn per unit of downside risk
1.95
2.94

-0.99

Omega ratioGain probability vs. loss probability

1.24

1.39

-0.14

Calmar ratioReturn relative to maximum drawdown

1.83

2.93

-1.10

Martin ratioReturn relative to average drawdown

6.90

12.22

-5.32

IEFA vs. DBEF - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.34, which is lower than the DBEF Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of IEFA and DBEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

IEFA vs. DBEF - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, which is greater than DBEF's maximum drawdown of -32.46%. Use the drawdown chart below to compare losses from any high point for IEFA and DBEF.

Loading charts...

Drawdown Indicators

IEFADBEFDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-32.46%

-2.32%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-9.41%

-2.09%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-14.62%

+0.86%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-14.95%

-15.46%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-32.46%

-2.32%

Current Drawdown

Current decline from peak

-1.41%

-1.17%

-0.24%

Average Drawdown

Average peak-to-trough decline

-6.64%

-4.70%

-1.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.04%

2.25%

+0.79%

Volatility

IEFA vs. DBEF - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 4.22% compared to Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) at 3.65%. This indicates that IEFA's price experiences larger fluctuations and is considered to be riskier than DBEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

IEFADBEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.22%

3.65%

+0.57%

Volatility (6M)

Calculated over the trailing 6-month period

13.52%

11.13%

+2.39%

Volatility (1Y)

Calculated over the trailing 1-year period

15.67%

13.08%

+2.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.59%

13.81%

+2.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.02%

15.58%

+1.44%

IEFA vs. DBEF - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than DBEF's 0.35% expense ratio.

Dividends

IEFA vs. DBEF - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.39%, more than DBEF's 2.29% yield.

PositionTTM20252024202320222021202020192018201720162015
DBEF
Xtrackers MSCI EAFE Hedged Equity ETF		2.29%5.55%1.29%4.46%15.85%2.28%2.41%3.03%3.22%2.98%2.55%3.70%
IEFA
iShares Core MSCI EAFE ETF		3.39%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%

Frequently Asked Questions

With a correlation of 0.91, IEFA and DBEF 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.

IEFA has higher volatility (4.22%) compared to DBEF (3.65%). In terms of maximum drawdown, IEFA dropped -34.78% vs DBEF's -32.46%.

On 10-year performance, DBEF leads with 12.22% vs 9.48% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, DBEF has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBEF has performed better with a 12.22% return vs 9.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.35% for DBEF.

IEFA has the higher dividend yield at 3.39%, compared with 2.29% for DBEF.

IEFA tracks MSCI EAFE IMI Index (Net), while DBEF tracks MSCI EAFE US Dollar Hedged Index. They also come from different issuers: iShares and DWS. Their fees differ too: 0.07% for IEFA and 0.35% for DBEF.

DBEF currently has the higher Sharpe Ratio (2.11 vs 1.34), 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.

Portfolio Optimizer

Find the right allocation for IEFA and DBEF

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer