DBAW vs DBEZ: Grades, Fees and Holdings Compared

Xtrackers MSCI All World ex US Hedged Equity ETF

DBAWBNYSE Arca

Xtrackers MSCI Eurozone Hedged Equity ETF

DBEZCNYSE Arca

Overlap

21.1%by weight

Expense ratio

DBAW −0.05pt a year

DBAW0.40%DBEZ0.45%

Avg volume · 30D

DBAW 11.4×the volume

DBAW40.2KDBEZ3.51K

10Y return · a year

DBEZ +0.4pt

DBAW+11.0%DBEZ+11.4%

DBAW vs DBEZ Performance

Oct 29, 2021 – Oct 30, 2026

+72.2%DBAW+68.5%DBEZ

Expense ratio: DBAW 0.40%, better; DBEZ 0.45%
Fund size: DBAW $366M; DBEZ $67M
1Y total return: DBAW +15.1%, better; DBEZ +13.3%
Yield (12M): DBAW 1.74%, better; DBEZ 1.30%
Holdings: DBAW 1706; DBEZ 595
Avg volume (30D): DBAW 40.2K sh, better; DBEZ 3.51K sh
NAV per share: DBAW $46.63; DBEZ $61.11
52W range

ETF.net Grade

Pillar letters and Scores for DBAW, DBEZ, with each pillar’s weight
Pillar	DBAW	DBEZ
Cost30% weight	A76Higher	C53
Mission25% weight	Not scored	Not scored
Risk15% weight	B58Higher	C42
Tradability15% weight	C46Higher	F23
Holdings10% weight	A76Higher	C50
Durability5% weight	C47Higher	D31

Rank among International Stocks (USD-Hedged) funds

How we build Categories ›

Same Category. DBAW and DBEZ 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 DBEZ 4th 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
Rank 4CDBEZXtrackers MSCI Eurozone Hedged Equity ETFScore 42
Rank 5DHEZUiShares Currency Hedged MSCI Eurozone ETFScore 40

Our read on each fund

ETF.net Research

DBAWBXtrackers MSCI All World ex US Hedged Equity ETF

DBEZCXtrackers MSCI Eurozone 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.

DBEZ A euro-hedged Eurozone fund that doesn't stop at blue chips: its MSCI EMU IMI index reaches down through mid and small caps, roughly 600 stocks, while currency forwards strip out most euro-versus-dollar movement.

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.

DBEZ The Fund seeks investment results that generally correspond to the performance of its underlying Eurozone equity index before fees and expenses.

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

DBEZ Goes deeper than the usual large-cap Europe fund: the index captures large, mid and small caps across euro-member markets, around 99% of the region's free-float market value.msci.com
The hedge is rules-based, not a manager's currency call. The index sells euro exposure with one-month forward contracts and rolls them at each month end.msci.com
Single-currency by design: euro members only, so no UK, Swiss or non-euro Nordic names dilute the trade.msci.com
Running since 2014, so the mechanism has operated through stretches of both euro strength and dollar strength.

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.

DBEZ At 0.45% a year it costs more than the typical fund in its international peer group (median 0.35%) and well more than broad international index funds like VXUS at 0.05%.
Hedging cuts both ways: a rising euro no longer adds to your dollar return, and the forward roll reflects the gap between US and euro short-term rates.msci.com dws.com
A smaller, lightly traded fund whose distributions land once or twice a year, so spreads and limit orders matter more than with the category giants.

Full DBAW profile⁠

Full DBEZ profile⁠

DBAW vs DBEZ Holdings

How DBAW and DBEZ differ

Overlap by weight

21.1%

Shared holdings make up 92.5% of DBEZ and 22.1% of DBAW.

Level by level

Holdings215 in both21.1%
Countryby domicile22.7%
Sector11 Sectors88.6%
Asset classEquity100%

Sector

Sector weights in DBAW and DBEZ, widest gap first
Sector	More in DBAWMore in DBEZ	DBAW	DBEZ
Industrials	DBEZ +7.5 points	13.2%	20.7%
Technology	DBAW +5.0 points	21.3%	16.3%
Utilities	DBEZ +2.9 points	3.1%	6.0%
Materials	DBAW +2.1 points	6.6%	4.5%
Health Care	DBAW +1.7 points	7.4%	5.7%
Energy	DBAW +1.2 points	5.4%	4.2%
Communication	DBAW +1.1 points	4.6%	3.5%
Consumer Discretionary	DBEZ +0.9 points	6.8%	7.7%
Consumer Staples	DBAW +0.3 points	5.4%	5.1%
Real Estate	DBAW +0.1 points	1.2%	1.1%
Financials	Same weight	25.1%	25.1%

Country, concentration and asset class

Country by domicile

Country weights in DBAW and DBEZ, widest gap first
Country	More in DBAWMore in DBEZ	DBAW	DBEZ
Germany	DBEZ +20.4 points	5.3%	25.7%
France	DBEZ +19.2 points	4.9%	24.1%
Japan	DBAW +14.6 points	14.6%	0.0%
Netherlands	DBEZ +13.4 points	3.6%	17.0%
Taiwan	DBAW +9.5 points	9.5%	0.0%
Canada	DBAW +8.7 points	8.7%	0.0%
Spain	DBEZ +8.4 points	2.2%	10.6%
United Kingdom	DBAW +8.0 points	8.4%	0.4%
Other countries (31)	DBAW +20.6 points	42.7%	22.1%

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

Concentration

Weight in the 10 largest Holdings

DBAW17.0%
DBEZ27.2%

Securities held

DBAW1,704
DBEZ594

Asset class

DBAW: Equity
DBEZ: Equity

Holdings

Only in DBAW1,489
In both215
Only in DBEZ379

Only in DBAW

1,489 securities, 77.9% of DBAW by weight

Taiwan Semiconductor Manufacturing4.92%
Samsung Electronics Co Ltd2.17%
SK Hynix Inc1.62%
Roche Holding AG Part0.93%
Shell PLC0.86%
Tencent Holdings Ltd (CN)0.82%
Novartis AG-Reg0.81%
HSBC Holdings PLC0.80%
Royal Bank of Canada0.77%
AstraZeneca PLC0.77%
Nestle SA-Reg0.72%
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%
UBS Group AG0.41%
Sony Corp0.40%
Hitachi Ltd0.40%
Rolls-Royce Holdings PLC0.38%
Unilever PLC Npv0.38%
Tokyo Electron Ltd0.37%
ABB Ltd-Reg0.37%
Bp PLC0.35%
Novo-Nordisk B0.34%
British American Tobacco PLC0.33%
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%
Zurich Insurance Group AG0.31%
Enbridge Inc0.31%
Canadian Imperial Bank of Commerce0.30%
Samsung Electronics Co Ltd-PFD0.29%
Compagnie Financiere Richemont SA0.29%
SoftBank Group Corp0.29%
AIA Group Ltd0.28%
Kioxia Holdings Corp0.28%
Gsk Plc0.28%
Hon Hai Precision Industry Co0.27%
Suncor Energy Inc0.26%
Tokio Marine Holdings Inc0.26%

Only in DBEZ

379 securities, 7.5% of DBEZ by weight

iShares Currency Hedged MSCI Eurozone ETF0.16%
iShares MSCI Eurozone ETF0.14%
Gaztransport Et Technigaz SA0.10%
Spie SA0.10%
Lottomatica Group0.09%
Thyssenkrupp Ag0.08%
Aedifica SA0.08%
Scout24 AG0.08%
Ackermans & van Haaren NV0.08%
Saipem Eur 1.00.08%
IMCD Group NV0.08%
Andritz AG0.08%
Scor SE0.08%
Nordex SE0.07%
Edenred0.07%
Konecranes OYJ0.07%
Technip Energies0.07%
Merlin Properties Socimi SA0.07%
SBM Offshore NV0.06%
Nexans SA0.06%
voestalpine AG0.06%
Enagas SA0.06%
Randstad Holding Nv0.06%
Umicore SA0.06%
Glanbia PLC0.06%
Aalberts Industries NV0.05%
CTS Eventim AG & Co KGaA0.05%
Valmet OYJ0.05%
Azimut Holding SpA0.05%
KBC Ancora0.05%
Warehouses De Pauw CVA0.05%
Elis SA0.05%
LEG Immobilien AG0.05%
Banca Generali SpA0.05%
Austria Technologie & Systemtechnik0.05%
Vallourec SA0.05%
Koninklijke Vopak NV0.05%
Aixtron Se0.05%
Unicaja Banco SA0.05%
Teleperformance0.05%
A2A Spa0.05%
TUI10.04%
Renk Group AG0.04%
Soitec Eur 2.00.04%
Arkema SA0.04%
De' Longhi SpA0.04%
Aurubis Ag0.04%
Reply SpA Eur 0.130.04%
Pirelli & C SpA0.04%
Koninklijke BAM Groep NV0.04%

Weight gaps

The 100 widest of 215 Holdings in both funds.

Holding weights in DBAW and DBEZ, widest gap first
Holding	More in DBAWMore in DBEZ	DBAW	DBEZ
ASML Holding NV	DBEZ +6.05 points	1.68%	7.73%
Sap SE	DBEZ +2.37 points	0.65%	3.02%
Siemens AG-Reg	DBEZ +2.13 points	0.58%	2.71%
Allianz SE-Reg	DBEZ +1.84 points	0.51%	2.35%
Total SA	DBEZ +1.83 points	0.50%	2.33%
Banco Santander SA	DBEZ +1.60 points	0.44%	2.04%
Iberdrola SA	DBEZ +1.52 points	0.41%	1.93%
Schneider Electric SE	DBEZ +1.44 points	0.40%	1.84%
Banco Bilbao Vizcaya Argentari	DBEZ +1.30 points	0.36%	1.66%
Airbus SE	DBEZ +1.27 points	0.35%	1.62%
Air Liquide SA	DBEZ +1.24 points	0.35%	1.59%
L'Oreal SA	DBEZ +1.15 points	0.32%	1.47%
UniCredit SpA	DBEZ +1.10 points	0.30%	1.40%
Siemens Energy AG	DBEZ +1.09 points	0.30%	1.39%
LVMH Moet Hennessy Louis Vuitton	DBEZ +1.06 points	0.30%	1.36%
Safran SA	DBEZ +1.06 points	0.29%	1.35%
Deutsche Telekom AG-Reg	DBEZ +0.98 points	0.27%	1.25%
Sanofi-Aventis	DBEZ +0.96 points	0.27%	1.23%
BNP Paribas SA	DBEZ +0.95 points	0.25%	1.20%
Intesa Sanpaolo SpA	DBEZ +0.93 points	0.24%	1.17%
ING Groep NV	DBEZ +0.90 points	0.25%	1.15%
Muenchener Rueckversicherungs-Reg	DBEZ +0.79 points	0.22%	1.01%
Enel SpA	DBEZ +0.79 points	0.21%	1.00%
Infineon Technologies AG	DBEZ +0.73 points	0.20%	0.93%
Axa SA	DBEZ +0.73 points	0.21%	0.94%
Anheuser-Busch InBev SA/NV	DBEZ +0.72 points	0.19%	0.91%
Industria de Diseno Textil SA	DBEZ +0.69 points	0.18%	0.87%
Deutsche Boerse AG	DBEZ +0.64 points	0.18%	0.82%
Deutsche Post AG-REG	DBEZ +0.61 points	0.16%	0.77%
Essilor International SA	DBEZ +0.59 points	0.17%	0.76%
Vinci SA	DBEZ +0.57 points	0.15%	0.72%
Deutsche Bank AG-Registered	DBEZ +0.57 points	0.16%	0.73%
Argenx SE	DBEZ +0.57 points	0.15%	0.72%
Bayer AG	DBEZ +0.55 points	0.15%	0.70%
Rheinmetall Ag	DBEZ +0.54 points	0.15%	0.69%
Eni SpA	DBEZ +0.54 points	0.16%	0.70%
Nordea Bank Abp	DBEZ +0.54 points	0.14%	0.68%
Basf SE	DBEZ +0.52 points	0.14%	0.66%
Hermes International	DBEZ +0.50 points	0.13%	0.63%
Ferrari NV	DBEZ +0.48 points	0.13%	0.61%
E.on SE	DBEZ +0.47 points	0.13%	0.60%
Engie SA	DBEZ +0.47 points	0.12%	0.59%
Danone SA	DBEZ +0.47 points	0.12%	0.59%
Prosus NV	DBEZ +0.46 points	0.13%	0.59%
Nokia OYJ	DBEZ +0.43 points	0.12%	0.55%
Societe Generale SA	DBEZ +0.43 points	0.12%	0.55%
CaixaBank SA	DBEZ +0.43 points	0.12%	0.55%
Rwe AG	DBEZ +0.41 points	0.11%	0.52%
ASM International NV	DBEZ +0.39 points	0.10%	0.48%
Repsol SA	DBEZ +0.37 points	0.11%	0.48%
Legrand SA	DBEZ +0.38 points	0.10%	0.48%
Ucb SA	DBEZ +0.38 points	0.10%	0.48%
Erste Group Bank Ag	DBEZ +0.37 points	0.10%	0.47%
Prysmian SpA	DBEZ +0.35 points	0.09%	0.44%
Assicurazioni Generali SpA	DBEZ +0.34 points	0.09%	0.43%
Cie de Saint-Gobain	DBEZ +0.33 points	0.09%	0.42%
Koninklijke Ahold Delhaize NV	DBEZ +0.32 points	0.09%	0.41%
Yandex N.V. Cl ANBIS	DBEZ +0.31 points	0.09%	0.40%
adidas AG	DBEZ +0.30 points	0.08%	0.38%
Orange SA	DBEZ +0.29 points	0.09%	0.38%
KBC Group NV	DBEZ +0.29 points	0.08%	0.37%
Daimler AG	DBEZ +0.29 points	0.09%	0.38%
ABN AMRO Group NV	DBEZ +0.27 points	0.07%	0.34%
Amadeus IT Group SA-A SHS	DBEZ +0.27 points	0.07%	0.34%
Ferrovial SA	DBEZ +0.27 points	0.07%	0.34%
Sampo OYJ	DBEZ +0.26 points	0.06%	0.32%
AIB Group PLC	DBEZ +0.26 points	0.07%	0.33%
ArcelorMittal	DBEZ +0.25 points	0.07%	0.32%
Publicis Groupe SA	DBEZ +0.26 points	0.07%	0.33%
AerCap Holdings NVAER	DBEZ +0.24 points	0.07%	0.31%
Adyen NV	DBEZ +0.24 points	0.07%	0.31%
Commerzbank AG	DBEZ +0.23 points	0.08%	0.31%
Thales SA	DBEZ +0.23 points	0.07%	0.30%
Leonardo SpA	DBEZ +0.23 points	0.06%	0.29%
Heineken NV	DBEZ +0.23 points	0.07%	0.30%
Banca Monte dei Paschi di Sien	DBEZ +0.23 points	0.06%	0.29%
NN Group NV	DBEZ +0.23 points	0.06%	0.29%
Wolters Kluwer NV	DBEZ +0.23 points	0.05%	0.28%
Fresenius	DBEZ +0.22 points	0.06%	0.28%
Aena Sme S.a. Eur 1.0	DBEZ +0.23 points	0.06%	0.29%
Veolia Environnement SA	DBEZ +0.22 points	0.06%	0.28%
HeidelbergCement AG	DBEZ +0.22 points	0.06%	0.28%
Merck KGaA	DBEZ +0.22 points	0.06%	0.28%
Cap Gemini SA	DBEZ +0.22 points	0.06%	0.28%
Compagnie Generale des Etablissements Michelin SCA	DBEZ +0.22 points	0.06%	0.28%
Bayerische Motoren Werke Ag	DBEZ +0.22 points	0.05%	0.27%
Coca-Cola European PartnersCCEP.L	DBEZ +0.21 points	0.07%	0.28%
Koninklijke Philips NV	DBEZ +0.21 points	0.06%	0.27%
Daimler Truck Holding AG	DBEZ +0.21 points	0.06%	0.27%
Universal Music Group NV	DBEZ +0.20 points	0.05%	0.25%
Hannover Rueck SE	DBEZ +0.20 points	0.05%	0.25%
Poste Italiane Spa	DBEZ +0.20 points	0.06%	0.26%
MTU Aero Engines AG	DBEZ +0.19 points	0.06%	0.25%
STMicroelectronics NV	DBEZ +0.19 points	0.08%	0.27%
Bank of Ireland Group PLC	DBEZ +0.19 points	0.05%	0.24%
BPER Banca	DBEZ +0.19 points	0.07%	0.26%
Kone OYJ-B	DBEZ +0.19 points	0.06%	0.25%
Dassault Systemes Eur 0.1	DBEZ +0.19 points	0.05%	0.24%
Dsm Firmenich	DBEZ +0.19 points	0.05%	0.24%
Acs Actividades Cons Y Serv	DBEZ +0.18 points	0.05%	0.23%

All 1,737 DBAW holdings⁠All 597 DBEZ 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 DBEZ Cost

Overpaying DBEZ vs DBAW

$951

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

DBAW 0.40%
$8,090
DBEZ 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

DBAW 0.40%
DBEZ 0.45%
Overpaying

Year by year

Year	DBAW	DBEZ	Overpaying
10	$723	$812	$89
20	$2,793	$3,128	$335
30	$8,090	$9,041	$951

Expense ratio

0.40%DBAW, cheaper
0.45%DBEZ

DBAW0.40%DBEZ0.45%

0.40%1.12%

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

DBAW cheapest of 5 funds

DBEZ 2nd cheapest of 5 funds

DBAW vs DBEZ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DBAW 1.74%, better; DBEZ 1.30%
Payout (12M): DBAW $0.81; DBEZ $0.79
Last payment: DBAW $0.02; DBEZ $0.04
Ex-dividend: DBAW Jun 18, 2026; DBEZ Jun 18, 2026
Paid on: DBAW Jun 26, 2026; DBEZ Jun 26, 2026
Frequency: DBAW Twice a year; DBEZ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DBAWTwice a year · 20 paymentsAll DBAW payments⁠

DBEZTwice a year · 17 paymentsAll DBEZ payments⁠

DBAW vs DBEZ Risk

Fall from peak · 5 years

DBAW
DBEZ

Risk facts

VolatilityStd dev, 3 years: DBAW 9.3%, betterDBEZ 10.9%
Return per unit of riskSharpe ratio, 3 years: DBAW 1.65, betterDBEZ 1.30
Worst fallMax drawdown, 5 years: DBAW −17.9%, betterDBEZ −23.4%
Market sensitivityBeta, 5 years: DBAW 0.64DBEZ 0.73; Market = 1

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