XZEU.L vs. XDNS.L

Last updated Jun 5, 2026

XZEU.L (Xtrackers MSCI Europe ESG UCITS ETF 1C) and XDNS.L (Xtrackers MSCI Japan ESG Screened UCITS ETF 1D) are both exchange-traded funds - XZEU.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while XDNS.L is a Japan Equities fund tracking the TOPIX TR JPY. Both are passively managed. Over the past 5 years, XZEU.L returned 7.64%/yr vs 9.38%/yr for XDNS.L. A 0.56 correlation means they provide meaningful diversification when combined. XZEU.L charges 0.20%/yr vs 0.15%/yr for XDNS.L.

Performance

XZEU.L vs. XDNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers MSCI Europe ESG UCITS ETF 1C (XZEU.L) and Xtrackers MSCI Japan ESG Screened UCITS ETF 1D (XDNS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XZEU.L achieves a 5.27% return, which is significantly lower than XDNS.L's 15.48% return.

XZEU.L

• 1D: 0.91%
• 1M: 5.23%
• YTD: 5.27%
• 6M: 6.95%
• 1Y: 8.86%
• 3Y*: 10.14%
• 5Y*: 7.64%
• 10Y*: —

XDNS.L

• 1D: -0.57%
• 1M: 6.27%
• YTD: 15.48%
• 6M: 14.59%
• 1Y: 32.42%
• 3Y*: 14.60%
• 5Y*: 9.38%
• 10Y*: 9.68%

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

XZEU.L vs. XDNS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
XZEU.L Xtrackers MSCI Europe ESG UCITS ETF 1C	5.27%	12.69%	6.78%	14.21%	-7.80%	17.47%	5.84%	21.04%	-6.83%
XDNS.L Xtrackers MSCI Japan ESG Screened UCITS ETF 1D	15.48%	16.58%	9.87%	11.58%	-7.42%	1.12%	12.12%	14.51%	-11.07%

Correlation

The correlation between XZEU.L and XDNS.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jun 11, 2018	0.56

The correlation between XZEU.L and XDNS.L shifts across timeframes, from 0.43 (3 years) to 0.56 (all time), reflecting how their relationship changes across market environments.

XZEU.L vs. XDNS.L - Sectors Allocation Comparison

Sectors	XZEU.L	XDNS.L
Financial Services	25.0%	18.5%
Industrials	20.4%	25.8%
Technology	17.1%	19.8%
Healthcare	14.1%	7.0%
Consumer Defensive	5.5%	2.6%
Basic Materials	5.3%	3.2%
Consumer Cyclical	5.2%	11.3%
Communication Services	4.6%	8.8%
Utilities	1.5%	0.6%
Real Estate	1.3%	2.5%
Energy	-	-

Return for Risk

XZEU.L vs. XDNS.L — Risk / Return Rank

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

XZEU.L

XZEU.L Risk / Return Rank: 21
XZEU.L Sharpe Ratio Rank: 21
XZEU.L Sortino Ratio Rank: 21
XZEU.L Omega Ratio Rank: 21
XZEU.L Calmar Ratio Rank: 19
XZEU.L Martin Ratio Rank: 22

XDNS.L

XDNS.L Risk / Return Rank: 67
XDNS.L Sharpe Ratio Rank: 64
XDNS.L Sortino Ratio Rank: 63
XDNS.L Omega Ratio Rank: 65
XDNS.L Calmar Ratio Rank: 76
XDNS.L Martin Ratio Rank: 64

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.

XZEU.L vs. XDNS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Europe ESG UCITS ETF 1C (XZEU.L) and Xtrackers MSCI Japan ESG Screened UCITS ETF 1D (XDNS.L). 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.

	XZEU.L	XDNS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.68	2.09	-1.40
Sortino ratio: Return per unit of downside risk	1.05	2.91	-1.86
Omega ratio: Gain probability vs. loss probability	1.13	1.39	-0.26
Calmar ratio: Return relative to maximum drawdown	0.78	3.81	-3.03
Martin ratio: Return relative to average drawdown	2.62	11.43	-8.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XZEU.L vs. XDNS.L - Sharpe Ratio Comparison

The current XZEU.L Sharpe Ratio is 0.68, which is lower than the XDNS.L Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of XZEU.L and XDNS.L, 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

	XZEU.L	XDNS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	2.09	-1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.68	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.60	-0.07

Drawdowns

XZEU.L vs. XDNS.L - Drawdown Comparison

The maximum XZEU.L drawdown since its inception was -26.17%, which is greater than XDNS.L's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for XZEU.L and XDNS.L.

Drawdown Indicators

	XZEU.L	XDNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.17%	-24.75%	-1.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-10.70%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-13.04%	-14.32%	+1.28%
Max Drawdown (5Y) Largest decline over 5 years	-19.28%	-19.29%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.75%	—
Current Drawdown Current decline from peak	0.00%	-0.57%	+0.57%
Average Drawdown Average peak-to-trough decline	-4.34%	-5.35%	+1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	4.04%	-0.67%

Volatility

XZEU.L vs. XDNS.L - Volatility Comparison

Xtrackers MSCI Europe ESG UCITS ETF 1C (XZEU.L) has a higher volatility of 4.37% compared to Xtrackers MSCI Japan ESG Screened UCITS ETF 1D (XDNS.L) at 3.89%. This indicates that XZEU.L's price experiences larger fluctuations and is considered to be riskier than XDNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XZEU.L	XDNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	3.89%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	14.64%	-3.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.96%	19.56%	-6.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.13%	17.83%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.51%	17.31%	-1.80%

XZEU.L vs. XDNS.L - Expense Ratio Comparison

XZEU.L has a 0.20% expense ratio, which is higher than XDNS.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XZEU.L vs. XDNS.L - Dividend Comparison

XZEU.L has not paid dividends to shareholders, while XDNS.L's dividend yield for the trailing twelve months is around 1.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
XDNS.L Xtrackers MSCI Japan ESG Screened UCITS ETF 1D	1.43%	1.63%	1.65%	1.81%	2.83%	1.46%	1.79%	1.77%	1.20%	1.97%	0.64%
XZEU.L Xtrackers MSCI Europe ESG UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XZEU.L and XDNS.L in my portfolio?

XZEU.L and XDNS.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XZEU.L or XDNS.L?

On fees, XDNS.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XZEU.L or XDNS.L?

XDNS.L is cheaper with a 0.15% expense ratio, compared with 0.20% for XZEU.L.

What is the main difference between XZEU.L and XDNS.L?

XZEU.L is categorized as Europe Equities, while XDNS.L is Japan Equities. XZEU.L tracks MSCI Europe NR EUR, while XDNS.L tracks TOPIX TR JPY. They also come from different issuers: Xtrackers and DWS. Their fees differ too: 0.20% for XZEU.L and 0.15% for XDNS.L.