DBEF vs SPDW: Grades, Fees and Holdings Compared

Xtrackers MSCI EAFE Hedged Equity ETF

DBEFDNYSE Arca

State Street SPDR Portfolio Developed World ex-US ETF

SPDWANYSE Arca

Overlap

32.2%by weight

Expense ratio

SPDW −0.32pt a year

DBEF0.35%SPDW0.03%

Avg volume · 30D

SPDW 5.7×the volume

DBEF491KSPDW2.8M

10Y return · a year

DBEF +2.1pt

DBEF+11.9%SPDW+9.8%

DBEF vs SPDW Performance

Oct 29, 2021 – Oct 30, 2026

+83.8%DBEF+54.5%SPDW

Expense ratio: DBEF 0.35%; SPDW 0.03%, better
Fund size: DBEF $9.32B; SPDW $41.4B
1Y total return: DBEF +16.8%; SPDW +17.0%, better
Yield (12M): DBEF 2.28%; SPDW 3.07%, better
Holdings: DBEF 659; SPDW 2444
Avg volume (30D): DBEF 491K sh; SPDW 2.8M sh, better
NAV per share: DBEF $54.85; SPDW $49.93
52W range

ETF.net Grade

Pillar letters and Scores for DBEF, SPDW, with each pillar’s weight
Pillar	DBEF	SPDW
Cost30% weight	F10	A90Higher
Mission25% weight	Not scored	A100
Risk15% weight	B68Higher	C43
Tradability15% weight	C49	B66Higher
Holdings10% weight	B69	A87Higher
Durability5% weight	B60	A76Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. DBEF and SPDW 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 ›

SPDW ranks 2nd 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 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

SPDWAState Street SPDR Portfolio Developed World ex-US 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.

SPDW Developed markets outside the US, roughly 2,400 stocks deep, for three basis points. State Street's 2007-vintage international core: priced at the category floor and built wide rather than mega-cap-only.

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.

SPDW The fund seeks to provide investment results that generally correspond, before fees and expenses, to the total return performance of the S&P Developed Ex-U.S. BMI Index.

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.

SPDW 0.03% is the floor for this category. It matches VEA and SCHF penny for penny and sits far under what the typical developed-markets index fund charges.
Roughly 2,400 names across developed markets ex-US. The S&P Developed Ex-U.S. BMI is a broad-market index, so the sweep runs well past the household-name giants.
Tracking is among the tightest in its peer group, and it's a multi-billion-dollar fund that trades actively, which helps at the point of execution.
Trading since 2007 under one of the largest ETF issuers, a long operating history for a fund at this price point.

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.

SPDW Developed markets only. No US stocks, no emerging markets, by mandate. This is one slice of a global allocation, not the whole map.
Plain index exposure to foreign equities, with no hedge or defensive screen in the mandate. Overseas market swings pass straight through.
Distributions arrive once or twice a year rather than quarterly or monthly, so the income rhythm is lumpier than some peers.

Full DBEF profile⁠

Full SPDW profile⁠

DBEF vs SPDW Holdings

How DBEF and SPDW differ

Overlap by weight

32.2%

Shared holdings make up 44.3% of DBEF and 32.4% of SPDW.

Level by level

Holdings302 in both32.2%
Countryby domicile80.4%
Sector11 Sectors93.0%
Asset classEquity100%

Sector

Sector weights in DBEF and SPDW, widest gap first
Sector	More in DBEFMore in SPDW	DBEF	SPDW
Technology	SPDW +2.8 points	12.0%	14.8%
Financials	DBEF +2.2 points	26.1%	23.9%
Health Care	DBEF +1.6 points	10.1%	8.5%
Energy	SPDW +1.5 points	4.0%	5.5%
Communication	DBEF +1.3 points	4.7%	3.4%
Materials	SPDW +1.2 points	5.9%	7.1%
Industrials	DBEF +1.0 points	18.7%	17.7%
Consumer Discretionary	SPDW +0.8 points	7.2%	8.0%
Real Estate	SPDW +0.7 points	1.5%	2.2%
Consumer Staples	DBEF +0.6 points	6.4%	5.8%
Utilities	DBEF +0.3 points	3.6%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in DBEF and SPDW, widest gap first
Country	More in DBEFMore in SPDW	DBEF	SPDW
Canada	SPDW +11.0 points	0.0%	11.0%
South Korea	SPDW +8.2 points	0.0%	8.2%
United Kingdom	DBEF +3.4 points	14.1%	10.7%
Switzerland	DBEF +3.1 points	10.3%	7.2%
Germany	DBEF +2.6 points	8.8%	6.2%
France	DBEF +2.3 points	8.3%	6.0%
Netherlands	DBEF +1.9 points	6.0%	4.1%
Japan	DBEF +1.7 points	24.0%	22.3%
Other countries (22)	DBEF +4.2 points	28.5%	24.3%

Outside the US: DBEF 99% developed, 1% emerging. SPDW 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

DBEF15.3%
SPDW12.6%

Securities held

DBEF657
SPDW2,416

Asset class

DBEF: Equity
SPDW: Equity

Holdings

Only in DBEF355
In both302
Only in SPDW2,114

Only in DBEF

355 securities, 53.6% of DBEF by weight

ASML Holding NV2.80%
Shell PLC1.44%
HSBC Holdings PLC1.35%
AstraZeneca PLC1.29%
Sap SE1.10%
Siemens AG-Reg0.98%
Allianz SE-Reg0.86%
Total SA0.85%
Banco Santander SA0.74%
Iberdrola SA0.70%
Schneider Electric SE0.67%
Unilever PLC Npv0.64%
Rolls-Royce Holdings PLC0.64%
Bp PLC0.60%
Banco Bilbao Vizcaya Argentari0.60%
Novo-Nordisk B0.59%
Airbus SE0.58%
Air Liquide SA0.57%
British American Tobacco PLC0.56%
L'Oreal SA0.54%
UniCredit SpA0.51%
Siemens Energy AG0.50%
LVMH Moet Hennessy Louis Vuitton0.49%
Safran SA0.49%
Gsk Plc0.46%
Deutsche Telekom AG-Reg0.45%
Sanofi-Aventis0.45%
BNP Paribas SA0.43%
Intesa Sanpaolo SpA0.43%
ING Groep NV0.42%
Rio Tinto PLC0.40%
Spotify Technology SA0.40%
National Grid PLC0.38%
BAE Systems PLC0.37%
Muenchener Rueckversicherungs-Reg0.36%
Enel SpA0.36%
Investor AB0.35%
Barclays PLC0.34%
Axa SA0.34%
Infineon Technologies AG0.34%
Lloyds Banking Group PLC0.33%
Anheuser-Busch InBev SA/NV0.33%
Relx PLC0.32%
Industria de Diseno Textil SA0.31%
Glencore PLC0.30%
Deutsche Boerse AG0.30%
NatWest Group PLC0.28%
Deutsche Post AG-REG0.28%
Essilor International SA0.28%
Deutsche Bank AG-Registered0.26%

Only in SPDW

2,114 securities, 67.5% of SPDW by weight

Samsung Electr Gdr Reg’s2.39%
Sk Hynix Inc2.01%
Asml Holding NV1.96%
Shell PLC0.95%
Hsbc Holdings PLC0.89%
Royal Bank of Canada0.87%
Astrazeneca PLC0.82%
Banco Santander SA0.81%
Sap SE0.72%
Siemens AG Reg0.68%
Toronto Dominion Bank0.64%
Shopify Inc Class A0.62%
Totalenergies SE0.60%
Allianz SE Reg0.56%
Iberdrola SA0.47%
Schneider Electric SE0.47%
Rolls Royce Holdings PLC0.46%
Unilever PLC0.43%
Banco Bilbao Vizcaya Argenta0.43%
Bp PLC0.43%
Airbus SE0.41%
Unicredit Spa0.41%
Air Liquide SA0.38%
Bank of Montreal0.38%
British American Tobacco PLC0.38%
Novo Nordisk A/S B0.37%
Bank of Nova Scotia0.37%
Canadian Natural Resources0.34%
Can Imperial Bk of Commerce0.33%
Enbridge Inc0.33%
Samsung Electronics Pref0.33%
Lvmh Moet Hennessy Louis Vui0.33%
Siemens Energy AG0.33%
Intesa Sanpaolo0.33%
L Oreal0.33%
Safran SA0.32%
Bnp Paribas0.30%
Deutsche Telekom AG Reg0.30%
Gsk PLC0.29%
Ing Groep NV0.29%
Agnico Eagle Mines Ltd0.28%
Suncor Energy Inc0.28%
Rio Tinto PLC0.27%
Lloyds Banking Group PLC0.27%
Brookfield Corp0.26%
Spotify Technology SA0.26%
Bae Systems PLC0.26%
National Grid PLC0.25%
Canadian Pacific Kansas City0.25%
Axa SA0.25%

Weight gaps

The 100 widest of 302 Holdings in both funds.

Holding weights in DBEF and SPDW, widest gap first
Holding	More in DBEFMore in SPDW	DBEF	SPDW
Roche Holding AG Part	DBEF +0.54 points	1.57%	1.03%
Novartis AG-Reg	DBEF +0.47 points	1.36%	0.89%
Nestle SA-Reg	DBEF +0.43 points	1.21%	0.78%
BHP Billiton Ltd	DBEF +0.32 points	0.94%	0.62%
Commonwealth Bank of Australia	DBEF +0.31 points	0.90%	0.59%
Mitsubishi UFJ Financial Group	DBEF +0.27 points	1.07%	0.80%
UBS Group AG	DBEF +0.22 points	0.68%	0.46%
Hitachi Ltd	DBEF +0.21 points	0.65%	0.44%
Recruit Holdings Co Ltd	DBEF +0.21 points	0.74%	0.53%
Sumitomo Mitsui Financial Group	DBEF +0.20 points	0.68%	0.48%
Advantest Corp	DBEF +0.19 points	0.74%	0.55%
Sony Corp	DBEF +0.19 points	0.67%	0.48%
DBS Group Holdings Ltd	DBEF +0.18 points	0.54%	0.36%
ABB Ltd-Reg	DBEF +0.18 points	0.61%	0.43%
Compagnie Financiere Richemont SA	DBEF +0.17 points	0.49%	0.32%
Zurich Insurance Group AG	DBEF +0.17 points	0.51%	0.34%
Tokyo Electron Ltd	DBEF +0.16 points	0.62%	0.46%
Mizuho Financial Group Inc	DBEF +0.15 points	0.52%	0.37%
Keyence Corp	DBEF +0.15 points	0.43%	0.28%
AIA Group Ltd	DBEF +0.15 points	0.46%	0.31%
National Australia Bank Ltd	DBEF +0.15 points	0.42%	0.27%
Australia & New Zealand Banking Group Ltd	DBEF +0.14 points	0.40%	0.26%
Toyota Motor Corp	DBEF +0.14 points	0.85%	0.71%
Westpac Banking Corp	DBEF +0.13 points	0.40%	0.27%
Kioxia Holdings Corp	DBEF +0.13 points	0.45%	0.32%
Tokio Marine Holdings Inc	DBEF +0.13 points	0.45%	0.32%
SoftBank Group Corp	DBEF +0.12 points	0.48%	0.36%
Takeda Pharmaceutical Co Ltd	DBEF +0.11 points	0.31%	0.20%
Fast Retailing Co Ltd	DBEF +0.10 points	0.40%	0.30%
CSL Ltd	DBEF +0.11 points	0.31%	0.20%
Macquarie Group Ltd	DBEF +0.11 points	0.30%	0.19%
Wesfarmers Ltd	DBEF +0.10 points	0.28%	0.18%
Mitsubishi Heavy Industries Ltd	DBEF +0.10 points	0.32%	0.22%
Swiss Re AG	DBEF +0.09 points	0.25%	0.16%
KDDI Corp	DBEF +0.09 points	0.24%	0.15%
Givaudan SA-REG	DBEF +0.08 points	0.20%	0.12%
Lonza Group AG-REG	DBEF +0.09 points	0.25%	0.16%
Hong Kong Exchanges & Clear	DBEF +0.09 points	0.26%	0.17%
Oversea-Chinese Banking Corp	DBEF +0.08 points	0.35%	0.27%
Nintendo Co Ltd	DBEF +0.07 points	0.26%	0.19%
Woodside P Npv	DBEF +0.07 points	0.20%	0.13%
Softbank Corp	DBEF +0.08 points	0.20%	0.12%
Galderma Group N AG	DBEF +0.07 points	0.20%	0.13%
Panasonic Corp	DBEF +0.07 points	0.24%	0.17%
Japan Tobacco Inc	DBEF +0.06 points	0.23%	0.17%
LafargeHolcim Ltd-REG	DBEF +0.07 points	0.20%	0.13%
Hoya Corp	DBEF +0.07 points	0.26%	0.19%
Mitsubishi Electric Corp	DBEF +0.06 points	0.26%	0.20%
Dsv A/S	DBEF +0.06 points	0.18%	0.12%
ITOCHU Corp	DBEF +0.06 points	0.37%	0.31%
Woolworths Ltd	DBEF +0.06 points	0.16%	0.10%
Nippon Telegraph & Telephone Co	DBEF +0.05 points	0.15%	0.10%
Goodman Group	DBEF +0.05 points	0.17%	0.12%
Rio Tinto Ltd	DBEF +0.06 points	0.18%	0.12%
Honda Motor Co Ltd	DBEF +0.05 points	0.19%	0.14%
Sandoz Group	DBEF +0.05 points	0.19%	0.14%
Shin-Etsu Chemical Co Ltd	DBEF +0.06 points	0.29%	0.23%
Japan Post Bank	DBEF +0.05 points	0.16%	0.11%
Alcon AG	DBEF +0.05 points	0.16%	0.11%
Genmab A/S	DBEF +0.05 points	0.16%	0.11%
Mitsui & Co Ltd	DBEF +0.05 points	0.35%	0.30%
Transurban Group	DBEF +0.05 points	0.14%	0.09%
Mitsubishi Corp	DBEF +0.05 points	0.43%	0.38%
NEC Corp	DBEF +0.04 points	0.17%	0.13%
United Overseas Bank Ltd	DBEF +0.04 points	0.18%	0.14%
Marubeni Corp	DBEF +0.04 points	0.20%	0.16%
CK Hutchison Holdings Ltd	DBEF +0.04 points	0.10%	0.06%
Techtronic Industries Co Ltd	DBEF +0.04 points	0.11%	0.07%
Sika AG	DBEF +0.04 points	0.15%	0.11%
Orix Corp	DBEF +0.05 points	0.19%	0.14%
Chugai Pharmaceutical Co Ltd	DBEF +0.04 points	0.13%	0.09%
BOC Hong Kong Holdings Ltd	DBEF +0.04 points	0.11%	0.07%
Swisscom AG	DBEF +0.04 points	0.10%	0.06%
STMicroelectronics NV EUR 1.04 ADRSTM	DBEF +0.04 points	0.04%	<0.01%
Ajinomoto Co Inc	DBEF +0.04 points	0.13%	0.09%
Qbe Insurance Group Ltd	DBEF +0.03 points	0.12%	0.09%
Nomura Holdings Inc	DBEF +0.04 points	0.13%	0.09%
Daikin Industries Ltd	DBEF +0.03 points	0.15%	0.12%
Sea Ltd (Singapore) Sponsored ADR Class ASE	DBEF +0.04 points	0.13%	0.09%
Fujikura Ltd (5803.T)	DBEF +0.04 points	0.17%	0.13%
Daiichi Sankyo Co Ltd	DBEF +0.03 points	0.13%	0.10%
MS&AD Insurance Group Holdings	DBEF +0.04 points	0.18%	0.14%
Mitsui Fudosan Co Ltd	DBEF +0.04 points	0.12%	0.08%
Resona Holdings Inc	DBEF +0.03 points	0.13%	0.10%
Vestas Wind Systems A/S	DBEF +0.04 points	0.13%	0.09%
Oriental Land Co Ltd/Japan	DBEF +0.04 points	0.11%	0.07%
Sumitomo Electric Industries Ltd	DBEF +0.04 points	0.15%	0.11%
Inpex Corp	DBEF +0.03 points	0.10%	0.07%
Fujitsu Ltd	DBEF +0.04 points	0.18%	0.14%
Murata Manufacturing Co Ltd	DBEF +0.04 points	0.30%	0.26%
Disco Corp	DBEF +0.04 points	0.13%	0.09%
Renesas Electronics Corp	DBEF +0.03 points	0.14%	0.11%
Brambles Ltd	DBEF +0.03 points	0.09%	0.06%
Santos Ltd	DBEF +0.04 points	0.10%	0.06%
SMC Corp	DBEF +0.03 points	0.10%	0.07%
Bridgestone Corp	DBEF +0.03 points	0.12%	0.09%
Northern Star Resources Ltd	DBEF +0.03 points	0.11%	0.08%
South32 Ltd	DBEF +0.03 points	0.06%	0.03%
Singapore Telecom	DBEF +0.03 points	0.11%	0.08%
FANUC Corp	DBEF +0.03 points	0.15%	0.12%

All 670 DBEF holdings⁠All 2,436 SPDW 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 SPDW Cost

Overpaying DBEF vs SPDW

$6,488

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

DBEF 0.35%
$7,126
SPDW 0.03%
$638

Amount$10,000

Years30 years

Cost over time

DBEF 0.35%
SPDW 0.03%
Overpaying

Year by year

Year	DBEF	SPDW	Overpaying
10	$634	$55	$579
20	$2,454	$216	$2,238
30	$7,126	$638	$6,488

Expense ratio

0.35%DBEF
0.03%SPDW, cheaper

SPDW0.03%DBEF0.35%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

SPDW cheapest of 20 funds

DBEF 18th cheapest of 20 funds

DBEF vs SPDW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DBEF 2.28%; SPDW 3.07%, better
Payout (12M): DBEF $1.25; SPDW $1.52
Last payment: DBEF $1.25; SPDW $0.72
Ex-dividend: DBEF Dec 19, 2025; SPDW Jun 22, 2026
Paid on: DBEF Dec 29, 2025; SPDW Jun 26, 2026
Frequency: DBEF Twice a year; SPDW Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DBEFTwice a year · 19 paymentsAll DBEF payments⁠

SPDWTwice a year · 19 paymentsAll SPDW payments⁠

DBEF vs SPDW Risk

Fall from peak · 5 years

DBEF
SPDW

Risk facts

VolatilityStd dev, 3 years: DBEF 8.4%, betterSPDW 12.7%
Return per unit of riskSharpe ratio, 3 years: DBEF 1.69, betterSPDW 1.27
Worst fallMax drawdown, 5 years: DBEF −15.0%, betterSPDW −29.9%
Market sensitivityBeta, 5 years: DBEF 0.63SPDW 1.03; Market = 1

DBEF and SPDW in the news

All news⁠

Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026SPDW
Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026DBEF

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DBEF vs SPDW

In short

Stated mandate

Why people hold it

Worth knowing

How DBEF and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DBEF

Only in SPDW

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Vanguard's total international fund is the one-fund pick, and Korea splits the rest

Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%

How DBEF and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DBEF

Only in SPDW

Weight gaps