DBAW vs DBEU: Grades, Fees and Holdings Compared

Xtrackers MSCI All World ex US Hedged Equity ETF

DBAWBNYSE Arca

Xtrackers MSCI Europe Hedged Equity ETF

DBEUBNYSE Arca

Overlap

39.4%by weight

Expense ratio

DBAW −0.06pt a year

DBAW0.40%DBEU0.46%

Avg volume · 30D

DBAW 1.3×the volume

DBAW40.2KDBEU32.1K

10Y return · a year

DBAW+11.0%DBEU+11.0%

DBAW vs DBEU Performance

Oct 29, 2021 – Oct 30, 2026

+72.2%DBAW+69.1%DBEU

Expense ratio: DBAW 0.40%, better; DBEU 0.46%
Fund size: DBAW $366M; DBEU $785M
1Y total return: DBAW +15.1%; DBEU +16.4%, better
Yield (12M): DBAW 1.74%, better; DBEU 1.41%
Holdings: DBAW 1706; DBEU 389
Avg volume (30D): DBAW 40.2K sh, better; DBEU 32.1K sh
NAV per share: DBAW $46.63; DBEU $54.12
52W range

ETF.net Grade

Pillar letters and Scores for DBAW, DBEU, with each pillar’s weight
Pillar	DBAW	DBEU
Cost30% weight	A76Higher	C53
Mission25% weight	Not scored	Not scored
Risk15% weight	B58	B60Higher
Tradability15% weight	C46	C50Higher
Holdings10% weight	A76Higher	B59
Durability5% weight	C47	B61Higher

Rank among International Stocks (USD-Hedged) funds

How we build Categories ›

Same Category. DBAW and DBEU are both graded against the same 5 International Stocks (USD-Hedged) funds, so their Grades compare head to head.

International Stocks (USD-Hedged)⁠

Category · 5 funds

See all 5 ›

DBAW ranks 1st and DBEU 2nd of 5 funds in the International Stocks (USD-Hedged) Category.

Rank 1BDBAWXtrackers MSCI All World ex US Hedged Equity ETFScore 64
Rank 2BDBEUXtrackers MSCI Europe Hedged Equity ETFScore 55
Rank 3CHAWXiShares Currency Hedged MSCI ACWI ex U.S. ETFScore 44

Our read on each fund

ETF.net Research

DBAWBXtrackers MSCI All World ex US Hedged Equity ETF

DBEUBXtrackers MSCI Europe Hedged Equity ETF

In short

DBAW One ticker for the whole non-US stock market, developed and emerging, with the currency risk stripped out. Running since 2014, DBAW aims to give you what foreign stocks did at home, not what the dollar did to them.

DBEU All of developed Europe with the currency risk sold forward: UK banks, Swiss pharma, Nordic industrials. The eurozone-only hedged funds leave that whole non-euro half of the map out.

Stated mandate

DBAW The fund seeks, before fees and expenses, to track the MSCI ACWI ex USA US Dollar Hedged Index. Its mandate provides broad non-U.S. equity exposure through a currency-hedged index.

DBEU The Fund seeks investment results that correspond to the performance of the MSCI EM US Dollar Hedged Index.

Why people hold it

DBAW Hedges the full ex-US market: the index sells each foreign currency forward at the one-month rate across developed and emerging markets, not just Europe and Japan.msci.com dws.com
About 1,800 stocks from developed and emerging markets outside the US, held through representative sampling of the index rather than stock picking.
A decade-plus of live history since its 2014 launch, one of the earlier US-listed funds to wrap the entire non-US market and its currency hedge into a single ticker.dws.com

DBEU Hedges each European currency back to dollars, not just the euro, by selling every one forward at the one-month rate. Pounds and francs get the same treatment.sec.gov
Roughly 400 large and mid caps across 15 developed European markets, held by full replication rather than a sampled slice of the index.sec.gov sec.gov 2
0.46% a year, gross and net, with no waiver propping it up. Near the going rate for currency-hedged international funds and well under HEZU at 1.12%.
Running since 2013 and sitting in the upper half of its currency-hedged international peer group.

Worth knowing

DBAW The hedging machinery costs: 0.40% a year, above the typical fund in its international peer group and far above unhedged options such as VXUS at 0.05%.
The hedge cuts both ways: forward contracts can wipe out the gain unhedged international funds pick up when foreign currencies rise against the dollar.dws.com
Trades thinly next to the category's giants, and distributions land once or twice a year rather than quarterly.

DBEU The hedge cuts both ways: it damps the hit when European currencies fall against the dollar and gives up the lift when they rise.sec.gov
Forwards reset monthly at the one-month rate, so coverage between resets is an approximation of the index hedge, not an exact offset.sec.gov
One of the quieter tickers in its category, which can widen bid-ask spreads. Distributions arrive semiannually, not quarterly.dws.com

Full DBAW profile⁠

Full DBEU profile⁠

DBAW vs DBEU Holdings

How DBAW and DBEU differ

Overlap by weight

39.4%

Shared holdings make up 99.6% of DBEU and 40.0% of DBAW.

Level by level

Countryby domicile39.2%
Holdings384 in both39.4%
Sector11 Sectors84.4%
Asset classEquity100%

Sector

Sector weights in DBAW and DBEU, widest gap first
Sector	More in DBAWMore in DBEU	DBAW	DBEU
Technology	DBAW +11.5 points	21.3%	9.8%
Industrials	DBEU +5.8 points	13.2%	19.0%
Health Care	DBEU +5.3 points	7.4%	12.7%
Consumer Staples	DBEU +2.9 points	5.4%	8.3%
Utilities	DBEU +1.5 points	3.1%	4.6%
Communication	DBAW +1.3 points	4.6%	3.3%
Materials	DBAW +1.1 points	6.6%	5.5%
Consumer Discretionary	DBAW +0.9 points	6.8%	5.9%
Real Estate	DBAW +0.6 points	1.2%	0.6%
Financials	DBAW +0.1 points	25.1%	25.0%
Energy	Same weight	5.4%	5.4%

Country, concentration and asset class

Country by domicile

Country weights in DBAW and DBEU, widest gap first
Country	More in DBAWMore in DBEU	DBAW	DBEU
Japan	DBAW +14.6 points	14.6%	0.0%
United Kingdom	DBEU +13.5 points	8.4%	21.9%
Switzerland	DBEU +9.8 points	6.1%	15.9%
Taiwan	DBAW +9.5 points	9.5%	0.0%
Canada	DBAW +8.7 points	8.7%	0.0%
Germany	DBEU +8.4 points	5.3%	13.7%
France	DBEU +8.0 points	4.9%	12.9%
South Korea	DBAW +6.6 points	6.6%	0.0%
Other countries (31)	DBAW +0.3 points	35.9%	35.6%

Outside the US: DBAW 68% developed, 32% emerging. DBEU 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

DBAW17.0%
DBEU22.2%

Securities held

DBAW1,704
DBEU387

Asset class

DBAW: Equity
DBEU: Equity

Holdings

Only in DBAW1,320
In both384
Only in DBEU3

Only in DBAW

1,320 securities, 60.0% of DBAW by weight

Taiwan Semiconductor Manufacturing4.92%
Samsung Electronics Co Ltd2.17%
SK Hynix Inc1.62%
Tencent Holdings Ltd (CN)0.82%
Royal Bank of Canada0.77%
Mitsubishi UFJ Financial Group0.63%
Alibaba Group Holding Ltd0.57%
BHP Billiton Ltd0.56%
Toronto-Dominion Bank0.56%
Commonwealth Bank of Australia0.53%
Shopify Inc0.52%
Toyota Motor Corp0.50%
MediaTek Inc0.47%
Advantest Corp0.45%
Recruit Holdings Co Ltd0.44%
Sumitomo Mitsui Financial Group0.41%
Sony Corp0.40%
Hitachi Ltd0.40%
Tokyo Electron Ltd0.37%
Mizuho Financial Group Inc0.33%
Bank of Montreal0.32%
Bank of Nova Scotia0.32%
DBS Group Holdings Ltd0.31%
China Construction Bank Corp-H0.31%
Canadian Natural Resources Ltd0.31%
Enbridge Inc0.31%
Canadian Imperial Bank of Commerce0.30%
Samsung Electronics Co Ltd-PFD0.29%
SoftBank Group Corp0.29%
AIA Group Ltd0.28%
Kioxia Holdings Corp0.28%
Hon Hai Precision Industry Co0.27%
Suncor Energy Inc0.26%
Tokio Marine Holdings Inc0.26%
Mitsubishi Corp0.25%
Keyence Corp0.25%
National Australia Bank Ltd0.25%
Westpac Banking Corp0.24%
ITOCHU Corp0.23%
Australia & New Zealand Banking Group Ltd0.23%
Fast Retailing Co Ltd0.23%
Agnico Eagle Mines Ltd0.23%
Canadian Pacific Kansas City Ltd0.22%
Hdfc Bank Ltd0.22%
Delta Electronics Inc0.22%
Bn0.21%
Mitsui & Co Ltd0.21%
ICICI Bank Ltd0.20%
Manulife Financial Corp0.20%
Oversea-Chinese Banking Corp0.20%

Only in DBEU

3 securities, 0.4% of DBEU by weight

iShares Core SPI ETF (CH)0.19%
iShares Core MSCI Europe0.14%
Chocoladefabriken Lindt & Spruengli-REG0.07%

Weight gaps

The 100 widest of 384 Holdings in both funds.

Holding weights in DBAW and DBEU, widest gap first
Holding	More in DBAWMore in DBEU	DBAW	DBEU
ASML Holding NV	DBEU +2.69 points	1.68%	4.37%
Roche Holding AG Part	DBEU +1.52 points	0.93%	2.45%
Shell PLCSHEL.L	DBEU +1.37 points	0.86%	2.23%
Novartis AG-Reg	DBEU +1.31 points	0.81%	2.12%
HSBC Holdings PLCHSBA.L	DBEU +1.30 points	0.80%	2.10%
AstraZeneca PLCAZN.L	DBEU +1.25 points	0.77%	2.02%
Nestle SA-Reg	DBEU +1.17 points	0.72%	1.89%
Sap SE	DBEU +1.05 points	0.65%	1.70%
Siemens AG-Reg	DBEU +0.95 points	0.58%	1.53%
Allianz SE-Reg	DBEU +0.82 points	0.51%	1.33%
Total SA	DBEU +0.82 points	0.50%	1.32%
Banco Santander SA	DBEU +0.71 points	0.44%	1.15%
Iberdrola SA	DBEU +0.69 points	0.41%	1.10%
UBS Group AG	DBEU +0.65 points	0.41%	1.06%
Schneider Electric SE	DBEU +0.64 points	0.40%	1.04%
Unilever PLC NpvULVR.L	DBEU +0.62 points	0.38%	1.00%
Rolls-Royce Holdings PLCRR.L	DBEU +0.61 points	0.38%	0.99%
Bp PLCBP.L	DBEU +0.59 points	0.35%	0.94%
ABB Ltd-Reg	DBEU +0.58 points	0.37%	0.95%
Banco Bilbao Vizcaya Argentari	DBEU +0.58 points	0.36%	0.94%
Novo-Nordisk B	DBEU +0.57 points	0.34%	0.91%
Airbus SE	DBEU +0.56 points	0.35%	0.91%
Air Liquide SA	DBEU +0.55 points	0.35%	0.90%
British American Tobacco PLCBATS.L	DBEU +0.55 points	0.33%	0.88%
L'Oreal SA	DBEU +0.52 points	0.32%	0.84%
Zurich Insurance Group AG	DBEU +0.49 points	0.31%	0.80%
UniCredit SpA	DBEU +0.49 points	0.30%	0.79%
Siemens Energy AG	DBEU +0.48 points	0.30%	0.78%
Compagnie Financiere Richemont SA	DBEU +0.48 points	0.29%	0.77%
LVMH Moet Hennessy Louis Vuitton	DBEU +0.47 points	0.30%	0.77%
Safran SA	DBEU +0.47 points	0.29%	0.76%
Gsk PlcGSK.L	DBEU +0.44 points	0.28%	0.72%
Deutsche Telekom AG-Reg	DBEU +0.43 points	0.27%	0.70%
Sanofi-Aventis	DBEU +0.43 points	0.27%	0.70%
BNP Paribas SA	DBEU +0.42 points	0.25%	0.67%
Intesa Sanpaolo SpA	DBEU +0.42 points	0.24%	0.66%
ING Groep NV	DBEU +0.40 points	0.25%	0.65%
Rio Tinto PLCRIO.L	DBEU +0.39 points	0.23%	0.62%
Spotify Technology SA	DBEU +0.39 points	0.23%	0.62%
National Grid PLCNG.L	DBEU +0.37 points	0.23%	0.60%
BAE Systems PLCBA.L	DBEU +0.36 points	0.22%	0.58%
Muenchener Rueckversicherungs-Reg	DBEU +0.36 points	0.22%	0.58%
Enel SpA	DBEU +0.36 points	0.21%	0.57%
Investor AB	DBEU +0.34 points	0.20%	0.54%
Barclays PLCBARC.L	DBEU +0.33 points	0.20%	0.53%
Axa SA	DBEU +0.32 points	0.21%	0.53%
Anheuser-Busch InBev SA/NV	DBEU +0.32 points	0.19%	0.51%
Lloyds Banking Group PLCLLOY.L	DBEU +0.32 points	0.20%	0.52%
Infineon Technologies AG	DBEU +0.32 points	0.20%	0.52%
Relx PLCREL.L	DBEU +0.31 points	0.19%	0.50%
Industria de Diseno Textil SA	DBEU +0.31 points	0.18%	0.49%
Glencore PLC	DBEU +0.29 points	0.18%	0.47%
Deutsche Boerse AG	DBEU +0.29 points	0.18%	0.47%
Deutsche Post AG-REG	DBEU +0.27 points	0.16%	0.43%
NatWest Group PLCNWG.L	DBEU +0.27 points	0.17%	0.44%
Essilor International SA	DBEU +0.25 points	0.17%	0.42%
Vinci SA	DBEU +0.25 points	0.15%	0.40%
Compass Group PLCCPG.L	DBEU +0.25 points	0.16%	0.41%
Argenx SE	DBEU +0.25 points	0.15%	0.40%
Deutsche Bank AG-Registered	DBEU +0.25 points	0.16%	0.41%
London Stock Exchange Group PLCLSEG.L	DBEU +0.25 points	0.15%	0.40%
Bayer AG	DBEU +0.24 points	0.15%	0.39%
Swiss Re AG	DBEU +0.24 points	0.15%	0.39%
Nordea Bank Abp	DBEU +0.25 points	0.14%	0.39%
Lonza Group AG-REG	DBEU +0.24 points	0.15%	0.39%
Rheinmetall Ag	DBEU +0.23 points	0.15%	0.38%
Diageo PLCDGE.L	DBEU +0.23 points	0.14%	0.37%
Anglo American PLC NpvAAL.L	DBEU +0.23 points	0.14%	0.37%
Eni SpA	DBEU +0.23 points	0.16%	0.39%
Basf SE	DBEU +0.23 points	0.14%	0.37%
Hermes International	DBEU +0.23 points	0.13%	0.36%
Volvo AB-B SHS	DBEU +0.22 points	0.13%	0.35%
Engie SA	DBEU +0.21 points	0.12%	0.33%
Standard Chartered PLCSTAN.L	DBEU +0.21 points	0.13%	0.34%
Ferrari NV	DBEU +0.21 points	0.13%	0.34%
E.on SE	DBEU +0.21 points	0.13%	0.34%
Atlas Copco Ab Npv	DBEU +0.21 points	0.13%	0.34%
Reckitt Benck Grp 10.416667PRKT.L	DBEU +0.21 points	0.12%	0.33%
Danone SA	DBEU +0.21 points	0.12%	0.33%
Prosus NV	DBEU +0.20 points	0.13%	0.33%
Sse PLCSSE.L	DBEU +0.19 points	0.11%	0.30%
Tesco PLCTSCO.L	DBEU +0.19 points	0.13%	0.32%
Nokia OYJ	DBEU +0.19 points	0.12%	0.31%
Societe Generale SA	DBEU +0.19 points	0.12%	0.31%
CaixaBank SA	DBEU +0.19 points	0.12%	0.31%
Galderma Group N AG	DBEU +0.19 points	0.12%	0.31%
LafargeHolcim Ltd-REG	DBEU +0.18 points	0.12%	0.30%
Rwe AG	DBEU +0.18 points	0.11%	0.29%
Sandoz Group	DBEU +0.18 points	0.12%	0.30%
Givaudan SA-REG	DBEU +0.18 points	0.14%	0.32%
Dsv A/S	DBEU +0.18 points	0.11%	0.29%
Haleon PlcHLN.L	DBEU +0.17 points	0.10%	0.27%
Ucb SA	DBEU +0.17 points	0.10%	0.27%
Assa Abloy Ab-B	DBEU +0.17 points	0.11%	0.28%
ASM International NV	DBEU +0.17 points	0.10%	0.27%
Legrand SA	DBEU +0.17 points	0.10%	0.27%
Sandvik AB	DBEU +0.17 points	0.10%	0.27%
Repsol SA	DBEU +0.16 points	0.11%	0.27%
Erste Group Bank Ag	DBEU +0.16 points	0.10%	0.26%
Experian PLCEXPN.L	DBEU +0.16 points	0.09%	0.25%

All 1,737 DBAW holdings⁠All 396 DBEU holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DBAW vs DBEU Cost

Overpaying DBEU vs DBAW

$1,140

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DBAW 0.40%
$8,090
DBEU 0.46%
$9,230

Amount$10,000

Years30 years

Cost over time

DBAW 0.40%
DBEU 0.46%
Overpaying

Year by year

Year	DBAW	DBEU	Overpaying
10	$723	$830	$107
20	$2,793	$3,195	$402
30	$8,090	$9,230	$1,140

Expense ratio

0.40%DBAW, cheaper
0.46%DBEU

DBAW0.40%DBEU0.46%

0.40%1.12%

Middle half of International Stocks (USD-Hedged) funds
Median 0.46%

DBAW cheapest of 5 funds

DBEU 3rd cheapest of 5 funds

DBAW vs DBEU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DBAW 1.74%, better; DBEU 1.41%
Payout (12M): DBAW $0.81; DBEU $0.76
Last payment: DBAW $0.02; DBEU $0.76
Ex-dividend: DBAW Jun 18, 2026; DBEU Dec 19, 2025
Paid on: DBAW Jun 26, 2026; DBEU Dec 29, 2025
Frequency: DBAW Twice a year; DBEU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DBAWTwice a year · 20 paymentsAll DBAW payments⁠

DBEUTwice a year · 16 paymentsAll DBEU payments⁠

DBAW vs DBEU Risk

Fall from peak · 5 years

DBAW
DBEU

Risk facts

VolatilityStd dev, 3 years: DBAW 9.3%, betterDBEU 9.4%
Return per unit of riskSharpe ratio, 3 years: DBAW 1.65, betterDBEU 1.35
Worst fallMax drawdown, 5 years: DBAW −17.9%DBEU −17.7%, better
Market sensitivityBeta, 5 years: DBAW 0.64DBEU 0.60; Market = 1

DBAW and DBEU in the news

All news⁠

Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026DBEU

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Category

DBAW vs DBEU

In short

Stated mandate

Why people hold it

Worth knowing

How DBAW and DBEU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DBAW

Only in DBEU

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Unhedged Japan rose 2.5% on the yen; Europe funds slipped

How DBAW and DBEU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DBAW

Only in DBEU

Weight gaps