SPEU vs. DBEZ

Last updated Jun 4, 2026

SPEU (SPDR Portfolio Europe ETF) and DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) are both Europe Equities funds - SPEU tracks the STOXX Europe Total Market while DBEZ tracks the MSCI EMU IMI 100% Hedged to USD Net Variant. Both are passively managed. Over the past 10 years, SPEU returned 9.17%/yr vs 11.73%/yr for DBEZ. Their correlation of 0.84 suggests significant overlap in exposure. SPEU charges 0.09%/yr vs 0.47%/yr for DBEZ.

Performance

SPEU vs. DBEZ - Performance Comparison

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

Returns By Period

In the year-to-date period, SPEU achieves a 5.34% return, which is significantly lower than DBEZ's 9.52% return. Over the past 10 years, SPEU has underperformed DBEZ with an annualized return of 9.17%, while DBEZ has yielded a comparatively higher 11.73% annualized return.

SPEU

• 1D: -1.25%
• 1M: 2.61%
• YTD: 5.34%
• 6M: 8.65%
• 1Y: 17.93%
• 3Y*: 16.24%
• 5Y*: 8.03%
• 10Y*: 9.17%

DBEZ

• 1D: -0.83%
• 1M: 5.81%
• YTD: 9.52%
• 6M: 11.46%
• 1Y: 18.85%
• 3Y*: 16.73%
• 5Y*: 11.78%
• 10Y*: 11.73%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPEU vs. DBEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEU SPDR Portfolio Europe ETF	5.34%	35.80%	1.93%	19.85%	-15.97%	16.20%	6.35%	26.15%	-13.79%	23.80%
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	9.52%	26.14%	9.51%	21.78%	-10.13%	23.52%	0.36%	29.94%	-10.81%	15.62%

Correlation

The correlation between SPEU and DBEZ is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 16, 2014	0.84

The correlation between SPEU and DBEZ has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

SPEU vs. DBEZ - Sectors Allocation Comparison

Sectors	SPEU	DBEZ
Financial Services	13.3%	23.1%
Healthcare	10.4%	5.7%
Technology	9.2%	14.2%
Industrials	6.1%	21.9%
Energy	5.3%	4.4%
Consumer Defensive	3.6%	5.3%
Basic Materials	3.4%	4.6%
Consumer Cyclical	3.3%	8.7%
Real Estate	1.6%	1.4%
Utilities	1.5%	6.6%
Communication Services	0.9%	4.0%

Return for Risk

SPEU vs. DBEZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPEU

SPEU Risk / Return Rank: 32
SPEU Sharpe Ratio Rank: 32
SPEU Sortino Ratio Rank: 31
SPEU Omega Ratio Rank: 30
SPEU Calmar Ratio Rank: 30
SPEU Martin Ratio Rank: 35

DBEZ

DBEZ Risk / Return Rank: 37
DBEZ Sharpe Ratio Rank: 36
DBEZ Sortino Ratio Rank: 36
DBEZ Omega Ratio Rank: 36
DBEZ Calmar Ratio Rank: 35
DBEZ Martin Ratio Rank: 42

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.

SPEU vs. DBEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) 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.

	SPEU	DBEZ	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.30	-0.13
Sortino ratio: Return per unit of downside risk	1.71	1.88	-0.17
Omega ratio: Gain probability vs. loss probability	1.21	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.49	1.72	-0.23
Martin ratio: Return relative to average drawdown	5.47	6.67	-1.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPEU vs. DBEZ - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 1.17, which is comparable to the DBEZ Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of SPEU 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.

Sharpe Ratios by Period

	SPEU	DBEZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	1.30	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.72	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.64	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.59	-0.28

Drawdowns

SPEU vs. DBEZ - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, which is greater than DBEZ's maximum drawdown of -38.76%. Use the drawdown chart below to compare losses from any high point for SPEU and DBEZ.

Drawdown Indicators

	SPEU	DBEZ	Difference
Max Drawdown Largest peak-to-trough decline	-62.45%	-38.76%	-23.69%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-11.03%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-15.59%	+1.42%
Max Drawdown (5Y) Largest decline over 5 years	-32.70%	-23.38%	-9.32%
Max Drawdown (10Y) Largest decline over 10 years	-36.83%	-38.76%	+1.93%
Current Drawdown Current decline from peak	-2.56%	-0.83%	-1.73%
Average Drawdown Average peak-to-trough decline	-13.85%	-5.81%	-8.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	2.83%	+0.46%

Volatility

SPEU vs. DBEZ - Volatility Comparison

SPDR Portfolio Europe ETF (SPEU) and Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) have volatilities of 5.75% and 5.60%, 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

	SPEU	DBEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	5.60%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	12.02%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	15.42%	14.57%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	16.43%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.51%	18.36%	+0.15%

SPEU vs. DBEZ - Expense Ratio Comparison

SPEU has a 0.09% expense ratio, which is lower than DBEZ's 0.47% expense ratio.

Dividends

SPEU vs. DBEZ - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.40%, less than DBEZ's 3.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF	3.84%	4.20%	0.62%	1.84%	1.68%	1.64%	1.99%	2.86%	2.56%	2.11%	3.42%	4.92%
SPEU SPDR Portfolio Europe ETF	3.40%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Frequently Asked Questions

Can I hold both SPEU and DBEZ in my portfolio?

SPEU and DBEZ have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPEU or DBEZ?

SPEU has higher volatility (5.75%) compared to DBEZ (5.60%). In terms of maximum drawdown, SPEU dropped -62.45% vs DBEZ's -38.76%.

Which ETF is better, SPEU or DBEZ?

On 10-year performance, DBEZ leads with 11.73% vs 9.17% for SPEU. On fees, SPEU is cheaper at 0.09% per year. On volatility, DBEZ has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEU or DBEZ?

Over the 10-year period, DBEZ has performed better with a 11.73% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEU or DBEZ?

SPEU is cheaper with a 0.09% expense ratio, compared with 0.47% for DBEZ.

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

DBEZ has the higher dividend yield at 3.84%, compared with 3.40% for SPEU.

What is the main difference between SPEU and DBEZ?

SPEU tracks STOXX Europe Total Market, while DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant. They also come from different issuers: State Street and Deutsche Bank. Their fees differ too: 0.09% for SPEU and 0.47% for DBEZ.

Which has better risk-adjusted returns?

DBEZ currently has the higher Sharpe Ratio (1.30 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.