DBAW vs HEZU: Grades, Fees and Holdings Compared

Xtrackers MSCI All World ex US Hedged Equity ETF

DBAWBNYSE Arca

iShares Currency Hedged MSCI Eurozone ETF

HEZUDNYSE Arca

Overlap

19.4%by weight

Expense ratio

DBAW −0.72pt a year

DBAW0.40%HEZU1.12%

Avg volume · 30D

HEZU 2.1×the volume

DBAW40.2KHEZU85.3K

10Y return · a year

HEZU +0.7pt

DBAW+11.0%HEZU+11.7%

DBAW vs HEZU Performance

Oct 29, 2021 – Oct 30, 2026

+72.2%DBAW+73.8%HEZU

Expense ratio: DBAW 0.40%, better; HEZU 1.12%
Fund size: DBAW $366M; HEZU $417M
1Y total return: DBAW +15.1%, better; HEZU +13.9%
Yield (12M): DBAW 1.74%; HEZU 2.63%, better
Holdings: DBAW 1706; HEZU 219
Avg volume (30D): DBAW 40.2K sh; HEZU 85.3K sh, better
NAV per share: DBAW $46.63; HEZU $47.62
52W range

ETF.net Grade

Pillar letters and Scores for DBAW, HEZU, with each pillar’s weight
Pillar	DBAW	HEZU
Cost30% weight	A76Higher	F11
Mission25% weight	Not scored	Not scored
Risk15% weight	B58Higher	B55
Tradability15% weight	C46	A81Higher
Holdings10% weight	A76Higher	D39
Durability5% weight	C47	B57Higher

Rank among International Stocks (USD-Hedged) funds

How we build Categories ›

Same Category. DBAW and HEZU 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 HEZU 5th 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 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

HEZUDiShares Currency Hedged MSCI Eurozone 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.

HEZU The hedged twin of a big eurozone index fund: same large- and mid-cap basket, euro/dollar swings neutralized. You own the shares, not the currency. That built-in hedge carries a fee well above the typical index wrapper.

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.

HEZU The fund seeks to track an index of large- and mid-cap equities from developed countries that use the euro.

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

HEZU Currency hedging is baked into the wrapper: the euro/dollar move is neutralized, so results follow the eurozone shares rather than the exchange rate.
Tracks the same declared index as the unhedged EZU (MSCI EMU), so moving between hedged and unhedged versions keeps the stock lineup identical.
One ticket for large- and mid-cap companies across developed countries that use the euro, running since 2014 under the iShares roof.ishares.com

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.

HEZU Cost is the headline trade-off: a 1.12% expense ratio against a 0.45% median for index wrappers, and against 0.50% on the unhedged EZU tracking the same index.
The hedge cuts both ways: a strengthening euro no longer adds to dollar-based results the way it can in an unhedged eurozone fund.
Moderately traded rather than a volume heavyweight, so spreads and order size are worth a look before hitting the button.

Full DBAW profile⁠

Full HEZU profile⁠

DBAW vs HEZU Holdings

How DBAW and HEZU differ

Overlap by weight

19.4%

Shared holdings make up 95.3% of HEZU and 19.4% of DBAW.

Level by level

Holdings209 in both19.4%
Countryby domicile19.5%
Sector11 Sectors88.1%
Asset classEquity100%

Sector

Sector weights in DBAW and HEZU, widest gap first
Sector	More in DBAWMore in HEZU	DBAW	HEZU
Industrials	HEZU +5.8 points	13.2%	19.0%
Technology	DBAW +5.0 points	21.3%	16.3%
Utilities	HEZU +3.9 points	3.1%	7.0%
Materials	DBAW +2.5 points	6.6%	4.1%
Communication	DBAW +1.6 points	4.6%	3.0%
Health Care	DBAW +1.1 points	7.4%	6.3%
Energy	DBAW +1.0 points	5.4%	4.4%
Financials	HEZU +0.8 points	25.1%	25.9%
Consumer Discretionary	HEZU +0.8 points	6.8%	7.6%
Real Estate	DBAW +0.7 points	1.2%	0.5%
Consumer Staples	HEZU +0.4 points	5.4%	5.8%

Country, concentration and asset class

Country by domicile

Country weights in DBAW and HEZU, widest gap first
Country	More in DBAWMore in HEZU	DBAW	HEZU
France	HEZU +22.5 points	4.9%	27.4%
Germany	HEZU +20.7 points	5.3%	26.0%
Japan	DBAW +14.6 points	14.6%	0.0%
Netherlands	HEZU +13.3 points	3.6%	16.9%
Taiwan	DBAW +9.5 points	9.5%	0.0%
Spain	HEZU +9.2 points	2.2%	11.4%
Canada	DBAW +8.7 points	8.7%	0.0%
United Kingdom	DBAW +8.4 points	8.4%	0.0%
Other countries (31)	DBAW +24.3 points	42.7%	18.4%

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

Concentration

Weight in the 10 largest Holdings

DBAW17.0%
HEZU30.4%

Securities held

DBAW1,704
HEZU215

Asset class

DBAW: Equity
HEZU: Equity

Holdings

Only in DBAW1,495
In both209
Only in HEZU6

Only in DBAW

1,495 securities, 78.2% 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 HEZU

6 securities, 4.4% of HEZU by weight

Eur/Usd2.51%
Argenx0.75%
Stmicroelectronics0.42%
Arcelormittal SA0.35%
Coca Cola Europacific Partners PLC0.30%
Jeronimo Martins SA0.08%

Weight gaps

The 100 widest of 209 Holdings in both funds.

Holding weights in DBAW and HEZU, widest gap first
Holding	More in DBAWMore in HEZU	DBAW	HEZU
ASML Holding NV	HEZU +7.02 points	1.68%	8.70%
Sap SE	HEZU +2.50 points	0.65%	3.15%
Siemens AG-Reg	HEZU +2.37 points	0.58%	2.95%
Allianz SE-Reg	HEZU +1.98 points	0.51%	2.49%
Total SA	HEZU +1.94 points	0.50%	2.44%
Banco Santander SA	HEZU +1.79 points	0.44%	2.23%
Schneider Electric SE	HEZU +1.63 points	0.40%	2.03%
Iberdrola SA	HEZU +1.63 points	0.41%	2.04%
Banco Bilbao Vizcaya Argentari	HEZU +1.46 points	0.36%	1.82%
Airbus SE	HEZU +1.39 points	0.35%	1.74%
Air Liquide SA	HEZU +1.29 points	0.35%	1.64%
Siemens Energy AG	HEZU +1.27 points	0.30%	1.57%
UniCredit SpA	HEZU +1.21 points	0.30%	1.51%
L'Oreal SA	HEZU +1.19 points	0.32%	1.51%
Safran SA	HEZU +1.14 points	0.29%	1.43%
LVMH Moet Hennessy Louis Vuitton	HEZU +1.12 points	0.30%	1.42%
BNP Paribas SA	HEZU +1.04 points	0.25%	1.29%
Deutsche Telekom AG-Reg	HEZU +1.03 points	0.27%	1.30%
Intesa Sanpaolo SpA	HEZU +1.02 points	0.24%	1.26%
ING Groep NV	HEZU +0.98 points	0.25%	1.23%
Sanofi-Aventis	HEZU +0.97 points	0.27%	1.24%
Infineon Technologies AG	HEZU +0.85 points	0.20%	1.05%
Enel SpA	HEZU +0.85 points	0.21%	1.06%
Muenchener Rueckversicherungs-Reg	HEZU +0.83 points	0.22%	1.05%
Axa SA	HEZU +0.79 points	0.21%	1.00%
Anheuser-Busch InBev SA/NV	HEZU +0.75 points	0.19%	0.94%
Industria de Diseno Textil SA	HEZU +0.73 points	0.18%	0.91%
Deutsche Boerse AG	HEZU +0.67 points	0.18%	0.85%
Deutsche Post AG-REG	HEZU +0.65 points	0.16%	0.81%
Deutsche Bank AG-Registered	HEZU +0.64 points	0.16%	0.80%
Vinci SA	HEZU +0.61 points	0.15%	0.76%
Essilor International SA	HEZU +0.60 points	0.17%	0.77%
Nordea Bank Abp	HEZU +0.59 points	0.14%	0.73%
Rheinmetall Ag	HEZU +0.58 points	0.15%	0.73%
Eni SpA	HEZU +0.57 points	0.16%	0.73%
Bayer AG	HEZU +0.55 points	0.15%	0.70%
Basf SE	HEZU +0.55 points	0.14%	0.69%
Hermes International	HEZU +0.52 points	0.13%	0.65%
Ferrari NV	HEZU +0.51 points	0.13%	0.64%
Nokia OYJ	HEZU +0.51 points	0.12%	0.63%
E.on SE	HEZU +0.50 points	0.13%	0.63%
Engie SA	HEZU +0.51 points	0.12%	0.63%
Danone SA	HEZU +0.49 points	0.12%	0.61%
Prosus NV	HEZU +0.48 points	0.13%	0.61%
Societe Generale SA	HEZU +0.47 points	0.12%	0.59%
CaixaBank SA	HEZU +0.46 points	0.12%	0.58%
Rwe AG	HEZU +0.45 points	0.11%	0.56%
ASM International NV	HEZU +0.45 points	0.10%	0.55%
Legrand SA	HEZU +0.41 points	0.10%	0.51%
Ucb SA	HEZU +0.41 points	0.10%	0.51%
Erste Group Bank Ag	HEZU +0.39 points	0.10%	0.49%
Prysmian SpA	HEZU +0.39 points	0.09%	0.48%
Repsol SA	HEZU +0.37 points	0.11%	0.48%
Yandex N.V. Cl ANBIS	HEZU +0.37 points	0.09%	0.46%
Assicurazioni Generali SpA	HEZU +0.37 points	0.09%	0.46%
Cie de Saint-Gobain	HEZU +0.36 points	0.09%	0.45%
Koninklijke Ahold Delhaize NV	HEZU +0.34 points	0.09%	0.43%
adidas AG	HEZU +0.32 points	0.08%	0.40%
KBC Group NV	HEZU +0.32 points	0.08%	0.40%
Daimler AG	HEZU +0.32 points	0.09%	0.41%
Orange SA	HEZU +0.31 points	0.09%	0.40%
ABN AMRO Group NV	HEZU +0.30 points	0.07%	0.37%
Amadeus IT Group SA-A SHS	HEZU +0.29 points	0.07%	0.36%
Ferrovial SA	HEZU +0.29 points	0.07%	0.36%
AIB Group PLC	HEZU +0.27 points	0.07%	0.34%
Sampo OYJ	HEZU +0.28 points	0.06%	0.34%
AerCap Holdings NVAER	HEZU +0.26 points	0.07%	0.33%
Publicis Groupe SA	HEZU +0.27 points	0.07%	0.34%
Commerzbank AG	HEZU +0.26 points	0.08%	0.34%
Thales SA	HEZU +0.26 points	0.07%	0.33%
Adyen NV	HEZU +0.26 points	0.07%	0.33%
Leonardo SpA	HEZU +0.25 points	0.06%	0.31%
Banca Monte dei Paschi di Sien	HEZU +0.25 points	0.06%	0.31%
NN Group NV	HEZU +0.25 points	0.06%	0.31%
Aena Sme S.a. Eur 1.0	HEZU +0.24 points	0.06%	0.30%
Heineken NV	HEZU +0.24 points	0.07%	0.31%
Fresenius	HEZU +0.24 points	0.06%	0.30%
Veolia Environnement SA	HEZU +0.23 points	0.06%	0.29%
HeidelbergCement AG	HEZU +0.24 points	0.06%	0.30%
Wolters Kluwer NV	HEZU +0.24 points	0.05%	0.29%
Compagnie Generale des Etablissements Michelin SCA	HEZU +0.24 points	0.06%	0.30%
Merck KGaA	HEZU +0.23 points	0.06%	0.29%
Koninklijke Philips NV	HEZU +0.22 points	0.06%	0.28%
Bayerische Motoren Werke Ag	HEZU +0.23 points	0.05%	0.28%
Daimler Truck Holding AG	HEZU +0.22 points	0.06%	0.28%
Cap Gemini SA	HEZU +0.22 points	0.06%	0.28%
Bank of Ireland Group PLC	HEZU +0.22 points	0.05%	0.27%
Poste Italiane Spa	HEZU +0.21 points	0.06%	0.27%
Dsm Firmenich	HEZU +0.21 points	0.05%	0.26%
MTU Aero Engines AG	HEZU +0.21 points	0.06%	0.27%
BPER Banca	HEZU +0.21 points	0.07%	0.28%
Acs Actividades Cons Y Serv	HEZU +0.20 points	0.05%	0.25%
Hannover Rueck SE	HEZU +0.20 points	0.05%	0.25%
Kone OYJ-B	HEZU +0.20 points	0.06%	0.26%
Dassault Systemes Eur 0.1	HEZU +0.20 points	0.05%	0.25%
Universal Music Group NV	HEZU +0.20 points	0.05%	0.25%
Banco de Sabadell SA	HEZU +0.19 points	0.05%	0.24%
Koninklijke KPN NV	HEZU +0.19 points	0.05%	0.24%
Kerry Group PLC	HEZU +0.18 points	0.05%	0.23%
Volkswagen AG	HEZU +0.18 points	0.04%	0.22%

All 1,737 DBAW holdings⁠All HEZU 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 HEZU Cost

Overpaying HEZU vs DBAW

$12,517

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

DBAW 0.40%
$8,090
HEZU 1.12%
$20,607

Amount$10,000

Years30 years

Cost over time

DBAW 0.40%
HEZU 1.12%
Overpaying

Year by year

Year	DBAW	HEZU	Overpaying
10	$723	$1,965	$1,242
20	$2,793	$7,344	$4,551
30	$8,090	$20,607	$12,517

Expense ratio

0.40%DBAW, cheaper
1.12%HEZU

DBAW0.40%HEZU1.12%

0.40%1.12%

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

DBAW cheapest of 5 funds

HEZU 5th cheapest of 5 funds

DBAW vs HEZU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DBAW 1.74%; HEZU 2.63%, better
Payout (12M): DBAW $0.81; HEZU $1.26
Last payment: DBAW $0.02; HEZU $0.84
Ex-dividend: DBAW Jun 18, 2026; HEZU Jul 2, 2026
Paid on: DBAW Jun 26, 2026; HEZU Jul 8, 2026
Frequency: DBAW Twice a year; HEZU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DBAWTwice a year · 20 paymentsAll DBAW payments⁠

HEZUTwice a year · 21 paymentsAll HEZU payments⁠

DBAW vs HEZU Risk

Fall from peak · 5 years

DBAW
HEZU

Risk facts

VolatilityStd dev, 3 years: DBAW 9.3%, betterHEZU 10.9%
Return per unit of riskSharpe ratio, 3 years: DBAW 1.65, betterHEZU 1.34
Worst fallMax drawdown, 5 years: DBAW −17.9%, betterHEZU −22.7%
Market sensitivityBeta, 5 years: DBAW 0.64HEZU 0.66; Market = 1

DBAW and HEZU in the news

All news⁠

Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026HEZU
Deep Dive
Unhedged Japan funds rose 0.3% on the yen; VGK fell 1.9% after the ECB hike
Sep 13, 2026HEZU
News
ECB raises the deposit rate to 2.50% as energy inflation climbs to 14.3%
Sep 10, 2026HEZU

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DBAW vs HEZU

In short

Stated mandate

Why people hold it