DBEF vs IEFA: Grades, Fees and Holdings Compared

Xtrackers MSCI EAFE Hedged Equity ETF

DBEFDNYSE Arca

iShares Core MSCI EAFE ETF

IEFAACboe

Overlap

83.7%by weight

Expense ratio

IEFA −0.28pt a year

DBEF0.35%IEFA0.07%

Avg volume · 30D

IEFA 18.0×the volume

DBEF491KIEFA8.85M

10Y return · a year

DBEF +2.7pt

DBEF+11.9%IEFA+9.2%

DBEF vs IEFA Performance

Oct 29, 2021 – Oct 30, 2026

+83.8%DBEF+48.4%IEFA

Expense ratio: DBEF 0.35%; IEFA 0.07%, better
Fund size: DBEF $9.32B; IEFA $189B
1Y total return: DBEF +16.8%, better; IEFA +13.3%
Yield (12M): DBEF 2.28%; IEFA 3.41%, better
Holdings: DBEF 659; IEFA 2638
Avg volume (30D): DBEF 491K sh; IEFA 8.85M sh, better
NAV per share: DBEF $54.85; IEFA $96.14
52W range

ETF.net Grade

Pillar letters and Scores for DBEF, IEFA, with each pillar’s weight
Pillar	DBEF	IEFA
Cost30% weight	F10	B68Higher
Mission25% weight	Not scored	A100
Risk15% weight	B68Higher	C44
Tradability15% weight	C49	A80Higher
Holdings10% weight	B69	A87Higher
Durability5% weight	B60	A85Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. DBEF and IEFA are both graded against the same 20 Developed International Core funds, so their Grades compare head to head.

Developed International Core⁠

Category · 20 funds

See all 20 ›

IEFA ranks 4th and DBEF 19th of 20 funds in the Developed International Core Category.

Rank 1AIDEViShares Core MSCI International Developed Markets ETFScore 81
Rank 2ASPDWState Street SPDR Portfolio Developed World ex-US ETFScore 80
Rank 2AVEAVanguard FTSE Developed Markets ETFScore 80
Rank 4AIEFAiShares Core MSCI EAFE ETFScore 76
Rank 4ASCHFSchwab International Equity ETFScore 76
Rank 18CHFXINYLI FTSE International Equity Currency Neutral ETFScore 41
Rank 19DDBEFXtrackers MSCI EAFE Hedged Equity ETFScore 40
Rank 19DHEFAiShares Currency Hedged MSCI EAFE ETFScore 40

Our read on each fund

ETF.net Research

DBEFDXtrackers MSCI EAFE Hedged Equity ETF

IEFAAiShares Core MSCI EAFE ETF

In short

DBEF Overseas stocks come with a side currency bet. DBEF owns roughly 700 EAFE blue chips and hedges the dollar exposure out, so the companies drive the result rather than the yen or the euro. It has run that playbook since 2011.

IEFA Developed markets outside the US and Canada, right down to the small caps: roughly 2,600 stocks for 0.07% a year. The category's workhorse, and one of the biggest, most heavily traded funds on the shelf.

Stated mandate

DBEF The Fund uses a passive indexing strategy to track the MSCI EAFE US Dollar Hedged Index before fees and expenses. The strategy targets developed-market equities outside the United States and mitigates currency movements against the U.S. dollar.

IEFA The fund seeks to track an index of large-, mid- and small-capitalization developed-market equities outside the United States and Canada.

Why people hold it

DBEF Tracks the dollar-hedged version of MSCI EAFE: the same developed-market names as a standard EAFE fund, with currency moves against the dollar hedged out.
Roughly 700 companies across developed markets outside the US, held by index rule rather than stock-picking.
Launched in 2011, before the currency-hedging rush, and now a multi-billion-dollar fund with steady day-to-day trading.

IEFA Charges 0.07% a year, against a 0.18% median for its developed-markets index peers.
The index reaches past large and mid caps into small caps, so you hold roughly 2,600 names across Europe, Japan and Australasia, not just the blue-chip layer.ishares.com
Trading since 2012 and now one of the largest and most actively traded funds in its group, which usually means a deep pool of buyers and sellers.
Sticks tightly to its stated mandate: a plain index wrapper on MSCI EAFE IMI, no active tilts hiding under the hood. Among the stronger builds in its peer group.

Worth knowing

DBEF The hedge costs real money: 0.35% a year, against 0.03% at unhedged core EAFE trackers like VEA and SCHF.
Hedging cuts both ways. When the dollar weakens, the currency lift that unhedged funds pick up is stripped out here along with the drag.
Distributions come once or twice a year, not monthly.

IEFA Not the cheapest option: VEA, SPDW and SCHF each run 0.03%. The few extra basis points buy the EAFE index and its small-cap reach.
EAFE stops at developed markets and leaves out Canada, so a full international sleeve needs emerging markets (and Canada) from somewhere else.
Distributions arrive once or twice a year rather than monthly or quarterly.

Full DBEF profile⁠

Full IEFA profile⁠

DBEF vs IEFA Holdings

How DBEF and IEFA differ

Overlap by weight

83.7%

Shared holdings make up 95.9% of DBEF and 83.8% of IEFA.

Level by level

Holdings642 in both83.7%
Countryby domicile93.8%
Sector11 Sectors95.4%
Asset classEquity100%

Sector

Sector weights in DBEF and IEFA, widest gap first
Sector	More in DBEFMore in IEFA	DBEF	IEFA
Financials	DBEF +2.4 points	26.1%	23.7%
Consumer Discretionary	IEFA +1.4 points	7.2%	8.6%
Technology	DBEF +1.4 points	12.0%	10.6%
Real Estate	IEFA +1.1 points	1.5%	2.6%
Communication	DBEF +0.9 points	4.7%	3.8%
Materials	IEFA +0.6 points	5.9%	6.5%
Industrials	IEFA +0.5 points	18.7%	19.2%
Energy	IEFA +0.3 points	4.0%	4.3%
Consumer Staples	IEFA +0.3 points	6.4%	6.7%
Health Care	IEFA +0.2 points	10.1%	10.3%
Utilities	Same weight	3.6%	3.6%

Country, concentration and asset class

Country by domicile

Country weights in DBEF and IEFA, widest gap first
Country	More in DBEFMore in IEFA	DBEF	IEFA
Japan	IEFA +2.6 points	24.0%	26.6%
United States	DBEF +1.4 points	1.4%	0.0%
Switzerland	DBEF +1.1 points	10.3%	9.2%
Netherlands	DBEF +0.8 points	6.0%	5.2%
Norway	DBEF +0.7 points	0.7%	0.0%
Australia	IEFA +0.6 points	6.8%	7.4%
United Kingdom	IEFA +0.6 points	14.1%	14.7%
Ireland	DBEF +0.6 points	0.6%	0.0%
Other countries (17)	IEFA +0.8 points	36.1%	36.9%

Outside the US: DBEF 99% developed, 1% emerging. IEFA 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

DBEF15.3%
IEFA12.4%

Securities held

DBEF657
IEFA2,621

Asset class

DBEF: Equity
IEFA: Equity

Holdings

Only in DBEF15
In both642
Only in IEFA1,979

Only in DBEF

15 securities, 2.0% of DBEF by weight

Spotify Technology SA0.40%
Glencore PLC0.30%
Argenx SE0.26%
Teva Pharmaceutical Industries Ltd0.22%
iShares Core SPI ETF (CH)0.13%
ArcelorMittal0.12%
iShares Currency Hedged MSCI EAFE ETF0.10%
Coca-Cola European Partners0.10%
STMicroelectronics NV0.10%
UPM-Kymmene OYJ0.06%
Coca-Cola HBC AG-CDI0.06%
Check Point Software Technologies Ltd0.06%
Jardine Matheson Holdings Ltd0.04%
STMicroelectronics NV EUR 1.04 ADR0.04%
Jeronimo Martins SGPS SA0.03%

Only in IEFA

1,979 securities, 15.6% of IEFA by weight

Spotify Technology0.35%
Glencore PLC0.26%
Argenx0.23%
Teva Pharmaceutical Industries0.20%
Stmicroelectronics0.12%
Arcelormittal SA0.10%
Coca Cola Europacific Partners PLC0.09%
Coca Cola Hbc AG0.05%
Check Point Software Technologies0.05%
Baycurrent Inc0.04%
Bluescope Steel0.04%
Imi PLC0.04%
Jardine Matheson Holdings0.04%
Upm-Kymmene Corp0.04%
Weir PLC0.04%
Psp Swiss Property AG0.03%
Mebuki Financial Group Inc0.03%
Storebrand0.03%
Frontline PLC0.03%
Shizuoka Financial Group Inc0.03%
Food & Life Companies0.03%
Hiscox Ltd0.03%
Dcc Energy PLC0.03%
Subsea0.03%
Gaztransport & Technigaz SA0.03%
Orica0.03%
Als0.03%
St Jamess Place PLC0.03%
Ramsay Health Care0.03%
Accelleron N AG0.03%
Nippon Express Holdings0.03%
Fukuoka Financial Group0.03%
Stockland Stapled Units Ltd0.03%
Rohm0.03%
Al Sydbank0.03%
Icg PLC0.03%
Isetan Mitsukoshi Holdings0.03%
Spie SA0.03%
Lottomatica Group0.03%
Sandfire Resources0.03%
Ringkjobing Landbobank0.03%
SCOUT24 N0.03%
Games Workshop Group PLC0.03%
Misumi Group0.03%
Sojitz Corp0.03%
Nice0.03%
Niterra0.03%
Nkt0.03%
Charter Hall Group Stapled Units0.03%
Thyssenkrupp AG0.03%

Weight gaps

The 100 widest of 642 Holdings in both funds.

Holding weights in DBEF and IEFA, widest gap first
Holding	More in DBEFMore in IEFA	DBEF	IEFA
ASML Holding NV	DBEF +0.35 points	2.80%	2.45%
Roche Holding AG Part	DBEF +0.19 points	1.57%	1.38%
Shell PLCSHEL.L	DBEF +0.19 points	1.44%	1.25%
HSBC Holdings PLCHSBA.L	DBEF +0.18 points	1.35%	1.17%
Novartis AG-Reg	DBEF +0.17 points	1.36%	1.19%
AstraZeneca PLCAZN.L	DBEF +0.17 points	1.29%	1.13%
Nestle SA-Reg	DBEF +0.15 points	1.21%	1.06%
Sap SE	DBEF +0.14 points	1.10%	0.96%
Mitsubishi UFJ Financial Group	DBEF +0.13 points	1.07%	0.94%
Siemens AG-Reg	DBEF +0.12 points	0.98%	0.86%
BHP Billiton Ltd	DBEF +0.11 points	0.94%	0.83%
Commonwealth Bank of Australia	DBEF +0.11 points	0.90%	0.79%
Allianz SE-Reg	DBEF +0.12 points	0.86%	0.74%
Toyota Motor Corp	DBEF +0.11 points	0.85%	0.74%
Total SA	DBEF +0.11 points	0.85%	0.74%
Banco Santander SA	DBEF +0.10 points	0.74%	0.64%
Advantest Corp	DBEF +0.09 points	0.74%	0.65%
Recruit Holdings Co Ltd	DBEF +0.09 points	0.74%	0.65%
Iberdrola SA	DBEF +0.08 points	0.70%	0.62%
Sumitomo Mitsui Financial Group	DBEF +0.08 points	0.68%	0.60%
Schneider Electric SE	DBEF +0.09 points	0.67%	0.58%
Sony Corp	DBEF +0.09 points	0.67%	0.58%
Hitachi Ltd	DBEF +0.08 points	0.65%	0.57%
UBS Group AG	DBEF +0.08 points	0.68%	0.60%
Rolls-Royce Holdings PLCRR.L	DBEF +0.09 points	0.64%	0.55%
Unilever PLC NpvULVR.L	DBEF +0.08 points	0.64%	0.56%
Tokyo Electron Ltd	DBEF +0.08 points	0.62%	0.54%
Banco Bilbao Vizcaya Argentari	DBEF +0.08 points	0.60%	0.52%
ABB Ltd-Reg	DBEF +0.08 points	0.61%	0.53%
Bp PLCBP.L	DBEF +0.07 points	0.60%	0.53%
Novo-Nordisk B	DBEF +0.08 points	0.59%	0.51%
Airbus SE	DBEF +0.07 points	0.58%	0.51%
DBS Group Holdings Ltd	DBEF +0.07 points	0.54%	0.47%
L'Oreal SA	DBEF +0.08 points	0.54%	0.46%
British American Tobacco PLCBATS.L	DBEF +0.06 points	0.56%	0.50%
Hong Kong Exchanges & Clear	DBEF +0.07 points	0.26%	0.19%
UniCredit SpA	DBEF +0.07 points	0.51%	0.44%
Air Liquide SA	DBEF +0.06 points	0.57%	0.51%
LVMH Moet Hennessy Louis Vuitton	DBEF +0.06 points	0.49%	0.43%
Mizuho Financial Group Inc	DBEF +0.06 points	0.52%	0.46%
Safran SA	DBEF +0.07 points	0.49%	0.42%
Zurich Insurance Group AG	DBEF +0.06 points	0.51%	0.45%
Siemens Energy AG	DBEF +0.06 points	0.50%	0.44%
Gsk PlcGSK.L	DBEF +0.06 points	0.46%	0.40%
Compagnie Financiere Richemont SA	DBEF +0.06 points	0.49%	0.43%
Sanofi-Aventis	DBEF +0.06 points	0.45%	0.39%
SoftBank Group Corp	DBEF +0.06 points	0.48%	0.42%
Kioxia Holdings Corp	DBEF +0.06 points	0.45%	0.39%
Tokio Marine Holdings Inc	DBEF +0.05 points	0.45%	0.40%
Deutsche Telekom AG-Reg	DBEF +0.05 points	0.45%	0.40%
BNP Paribas SA	DBEF +0.05 points	0.43%	0.38%
AIA Group Ltd	DBEF +0.06 points	0.46%	0.40%
Keyence Corp	DBEF +0.06 points	0.43%	0.37%
Rio Tinto PLCRIO.L	DBEF +0.05 points	0.40%	0.35%
Intesa Sanpaolo SpA	DBEF +0.06 points	0.43%	0.37%
Fast Retailing Co Ltd	DBEF +0.05 points	0.40%	0.35%
Mitsubishi Corp	DBEF +0.06 points	0.43%	0.37%
ING Groep NV	DBEF +0.06 points	0.42%	0.36%
National Grid PLCNG.L	DBEF +0.05 points	0.38%	0.33%
Australia & New Zealand Banking Group Ltd	DBEF +0.05 points	0.40%	0.35%
National Australia Bank Ltd	DBEF +0.06 points	0.42%	0.36%
BAE Systems PLCBA.L	DBEF +0.05 points	0.37%	0.32%
Westpac Banking Corp	DBEF +0.04 points	0.40%	0.36%
Oversea-Chinese Banking Corp	DBEF +0.05 points	0.35%	0.30%
ITOCHU Corp	DBEF +0.04 points	0.37%	0.33%
Investor AB	DBEF +0.05 points	0.35%	0.30%
Enel SpA	DBEF +0.04 points	0.36%	0.32%
Mitsui & Co Ltd	DBEF +0.05 points	0.35%	0.30%
Barclays PLCBARC.L	DBEF +0.04 points	0.34%	0.30%
Lloyds Banking Group PLCLLOY.L	DBEF +0.04 points	0.33%	0.29%
Takeda Pharmaceutical Co Ltd	DBEF +0.04 points	0.31%	0.27%
Anheuser-Busch InBev SA/NV	DBEF +0.04 points	0.33%	0.29%
Infineon Technologies AG	DBEF +0.04 points	0.34%	0.30%
Muenchener Rueckversicherungs-Reg	DBEF +0.04 points	0.36%	0.32%
Mitsubishi Heavy Industries Ltd	DBEF +0.04 points	0.32%	0.28%
Relx PLCREL.L	DBEF +0.04 points	0.32%	0.28%
Industria de Diseno Textil SA	DBEF +0.04 points	0.31%	0.27%
Macquarie Group Ltd	DBEF +0.04 points	0.30%	0.26%
CSL Ltd	DBEF +0.04 points	0.31%	0.27%
Deutsche Post AG-REG	DBEF +0.04 points	0.28%	0.24%
Shin-Etsu Chemical Co Ltd	DBEF +0.04 points	0.29%	0.25%
Murata Manufacturing Co Ltd	DBEF +0.04 points	0.30%	0.26%
Wesfarmers Ltd	DBEF +0.03 points	0.28%	0.25%
NatWest Group PLCNWG.L	DBEF +0.03 points	0.28%	0.25%
Axa SA	DBEF +0.04 points	0.34%	0.30%
Deutsche Boerse AG	DBEF +0.04 points	0.30%	0.26%
Swiss Re AG	DBEF +0.03 points	0.25%	0.22%
Mitsubishi Electric Corp	DBEF +0.04 points	0.26%	0.22%
Hoya Corp	DBEF +0.04 points	0.26%	0.22%
Essilor International SA	DBEF +0.04 points	0.28%	0.24%
Compass Group PLCCPG.L	DBEF +0.03 points	0.26%	0.23%
Panasonic Corp	DBEF +0.03 points	0.24%	0.21%
Bank Hapoalim BM	DBEF +0.04 points	0.14%	0.10%
Deutsche Bank AG-Registered	DBEF +0.03 points	0.26%	0.23%
Hermes International	DBEF +0.03 points	0.23%	0.20%
Bayer AG	DBEF +0.03 points	0.25%	0.22%
Vinci SA	DBEF +0.03 points	0.26%	0.23%
Nintendo Co Ltd	DBEF +0.03 points	0.26%	0.23%
Japan Tobacco Inc	DBEF +0.03 points	0.23%	0.20%
Eni SpA	DBEF +0.03 points	0.25%	0.22%

All 670 DBEF holdings⁠All 2,625 IEFA 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.

DBEF vs IEFA Cost

Overpaying DBEF vs IEFA

$5,646

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

DBEF 0.35%
$7,126
IEFA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

DBEF 0.35%
IEFA 0.07%
Overpaying

Year by year

Year	DBEF	IEFA	Overpaying
10	$634	$128	$506
20	$2,454	$503	$1,951
30	$7,126	$1,480	$5,646

Expense ratio

0.35%DBEF
0.07%IEFA, cheaper

IEFA0.07%DBEF0.35%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

IEFA 7th cheapest of 20 funds

DBEF 18th cheapest of 20 funds

DBEF vs IEFA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DBEF 2.28%; IEFA 3.41%, better
Payout (12M): DBEF $1.25; IEFA $3.29
Last payment: DBEF $1.25; IEFA $1.58
Ex-dividend: DBEF Dec 19, 2025; IEFA Jun 15, 2026
Paid on: DBEF Dec 29, 2025; IEFA Jun 18, 2026
Frequency: DBEF Twice a year; IEFA Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DBEFTwice a year · 19 paymentsAll DBEF payments⁠

IEFATwice a year · 20 paymentsAll IEFA payments⁠

DBEF vs IEFA Risk

Fall from peak · 5 years

DBEF
IEFA

Risk facts

VolatilityStd dev, 3 years: DBEF 8.4%, betterIEFA 11.9%
Return per unit of riskSharpe ratio, 3 years: DBEF 1.69, betterIEFA 1.20
Worst fallMax drawdown, 5 years: DBEF −15.0%, betterIEFA −30.0%
Market sensitivityBeta, 5 years: DBEF 0.63IEFA 0.89; Market = 1

DBEF and IEFA in the news

All news⁠

Head-to-Head
IEFA vs. EFA: the cheaper fund is the one to hold
Oct 27, 2026IEFA
Head-to-Head
South Korea is the difference between VWO and IEMG
Oct 20, 2026IEFA
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026IEFA
Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026DBEF
ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026IEFA
New ETFs
PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million
Sep 8, 2026IEFA

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DBEF vs IEFA

In short

Stated mandate

Why people hold it