DBEU vs DBEZ: Grades, Fees and Holdings Compared

Xtrackers MSCI Europe Hedged Equity ETF

DBEUBNYSE Arca

Xtrackers MSCI Eurozone Hedged Equity ETF

DBEZCNYSE Arca

Overlap

52.8%by weight

Expense ratio

DBEZ −0.01pt a year

DBEU0.46%DBEZ0.45%

Avg volume · 30D

DBEU 9.1×the volume

DBEU32.1KDBEZ3.51K

10Y return · a year

DBEZ +0.4pt

DBEU+11.0%DBEZ+11.4%

DBEU vs DBEZ Performance

Oct 29, 2021 – Oct 30, 2026

+69.1%DBEU+68.5%DBEZ

Expense ratio: DBEU 0.46%; DBEZ 0.45%, better
Fund size: DBEU $785M; DBEZ $67M
1Y total return: DBEU +16.4%, better; DBEZ +13.3%
Yield (12M): DBEU 1.41%, better; DBEZ 1.30%
Holdings: DBEU 389; DBEZ 595
Avg volume (30D): DBEU 32.1K sh, better; DBEZ 3.51K sh
NAV per share: DBEU $54.12; DBEZ $61.11
52W range

ETF.net Grade

Pillar letters and Scores for DBEU, DBEZ, with each pillar’s weight
Pillar	DBEU	DBEZ
Cost30% weight	C53	C53
Mission25% weight	Not scored	Not scored
Risk15% weight	B60Higher	C42
Tradability15% weight	C50Higher	F23
Holdings10% weight	B59Higher	C50
Durability5% weight	B61Higher	D31

Rank among International Stocks (USD-Hedged) funds

How we build Categories ›

Same Category. DBEU 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 ›

DBEU ranks 2nd 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

DBEUBXtrackers MSCI Europe Hedged Equity ETF

DBEZCXtrackers MSCI Eurozone Hedged Equity ETF

In short

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.

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

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

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.

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

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

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 DBEU profile⁠

Full DBEZ profile⁠

DBEU vs DBEZ Holdings

How DBEU and DBEZ differ

Overlap by weight

52.8%

Shared holdings make up 92.5% of DBEZ and 53.3% of DBEU.

Level by level

Holdings215 in both52.8%
Countryby domicile54.4%
Sector11 Sectors87.6%
Asset classEquity100%

Sector

Sector weights in DBEU and DBEZ, widest gap first
Sector	More in DBEUMore in DBEZ	DBEU	DBEZ
Health Care	DBEU +7.0 points	12.7%	5.7%
Technology	DBEZ +6.5 points	9.8%	16.3%
Consumer Staples	DBEU +3.2 points	8.3%	5.1%
Consumer Discretionary	DBEZ +1.8 points	5.9%	7.7%
Industrials	DBEZ +1.7 points	19.0%	20.7%
Utilities	DBEZ +1.4 points	4.6%	6.0%
Energy	DBEU +1.2 points	5.4%	4.2%
Materials	DBEU +1.0 points	5.5%	4.5%
Real Estate	DBEZ +0.5 points	0.6%	1.1%
Communication	DBEZ +0.2 points	3.3%	3.5%
Financials	DBEZ +0.1 points	25.0%	25.1%

Country, concentration and asset class

Country by domicile

Country weights in DBEU and DBEZ, widest gap first
Country	More in DBEUMore in DBEZ	DBEU	DBEZ
United Kingdom	DBEU +21.5 points	21.9%	0.4%
Switzerland	DBEU +15.7 points	15.9%	0.2%
Germany	DBEZ +12.0 points	13.7%	25.7%
France	DBEZ +11.2 points	12.9%	24.1%
Netherlands	DBEZ +7.7 points	9.3%	17.0%
Spain	DBEZ +4.9 points	5.7%	10.6%
Sweden	DBEU +4.6 points	5.3%	0.7%
Italy	DBEZ +4.4 points	4.5%	8.9%
Other countries (12)	DBEZ +1.5 points	10.8%	12.3%

Outside the US: DBEU 100% developed, 0% emerging. DBEZ 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

DBEU22.2%
DBEZ27.2%

Securities held

DBEU387
DBEZ594

Asset class

DBEU: Equity
DBEZ: Equity

Holdings

Only in DBEU172
In both215
Only in DBEZ379

Only in DBEU

172 securities, 46.7% of DBEU by weight

Roche Holding AG Part2.45%
Shell PLC2.23%
Novartis AG-Reg2.12%
HSBC Holdings PLC2.10%
AstraZeneca PLC2.02%
Nestle SA-Reg1.89%
UBS Group AG1.06%
Unilever PLC Npv1.00%
Rolls-Royce Holdings PLC0.99%
ABB Ltd-Reg0.95%
Bp PLC0.94%
Novo-Nordisk B0.91%
British American Tobacco PLC0.88%
Zurich Insurance Group AG0.80%
Compagnie Financiere Richemont SA0.77%
Gsk Plc0.72%
Rio Tinto PLC0.62%
Spotify Technology SA0.62%
National Grid PLC0.60%
BAE Systems PLC0.58%
Investor AB0.54%
Barclays PLC0.53%
Lloyds Banking Group PLC0.52%
Relx PLC0.50%
Glencore PLC0.47%
NatWest Group PLC0.44%
Compass Group PLC0.41%
London Stock Exchange Group PLC0.40%
Swiss Re AG0.39%
Lonza Group AG-REG0.39%
Anglo American PLC Npv0.37%
Diageo PLC0.37%
Volvo AB-B SHS0.35%
Standard Chartered PLC0.34%
Atlas Copco Ab Npv0.34%
Reckitt Benck Grp 10.416667P0.33%
Tesco PLC0.32%
Givaudan SA-REG0.32%
Galderma Group N AG0.31%
LafargeHolcim Ltd-REG0.30%
Sse PLC0.30%
Sandoz Group0.30%
Dsv A/S0.29%
Assa Abloy Ab-B0.28%
Haleon Plc0.27%
Sandvik AB0.27%
Experian PLC0.25%
Alcon AG0.25%
Genmab A/S0.25%
Sika AG0.24%

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 DBEU and DBEZ, widest gap first
Holding	More in DBEUMore in DBEZ	DBEU	DBEZ
ASML Holding NV	DBEZ +3.36 points	4.37%	7.73%
Sap SE	DBEZ +1.32 points	1.70%	3.02%
Siemens AG-Reg	DBEZ +1.18 points	1.53%	2.71%
Allianz SE-Reg	DBEZ +1.02 points	1.33%	2.35%
Total SA	DBEZ +1.01 points	1.32%	2.33%
Banco Santander SA	DBEZ +0.89 points	1.15%	2.04%
Iberdrola SA	DBEZ +0.83 points	1.10%	1.93%
Schneider Electric SE	DBEZ +0.80 points	1.04%	1.84%
Banco Bilbao Vizcaya Argentari	DBEZ +0.72 points	0.94%	1.66%
Airbus SE	DBEZ +0.71 points	0.91%	1.62%
Air Liquide SA	DBEZ +0.69 points	0.90%	1.59%
L'Oreal SA	DBEZ +0.63 points	0.84%	1.47%
UniCredit SpA	DBEZ +0.61 points	0.79%	1.40%
Siemens Energy AG	DBEZ +0.61 points	0.78%	1.39%
LVMH Moet Hennessy Louis Vuitton	DBEZ +0.59 points	0.77%	1.36%
Safran SA	DBEZ +0.59 points	0.76%	1.35%
Deutsche Telekom AG-Reg	DBEZ +0.55 points	0.70%	1.25%
Sanofi-Aventis	DBEZ +0.53 points	0.70%	1.23%
BNP Paribas SA	DBEZ +0.53 points	0.67%	1.20%
Intesa Sanpaolo SpA	DBEZ +0.51 points	0.66%	1.17%
ING Groep NV	DBEZ +0.50 points	0.65%	1.15%
Enel SpA	DBEZ +0.43 points	0.57%	1.00%
Muenchener Rueckversicherungs-Reg	DBEZ +0.43 points	0.58%	1.01%
Infineon Technologies AG	DBEZ +0.41 points	0.52%	0.93%
Axa SA	DBEZ +0.41 points	0.53%	0.94%
Anheuser-Busch InBev SA/NV	DBEZ +0.40 points	0.51%	0.91%
Industria de Diseno Textil SA	DBEZ +0.38 points	0.49%	0.87%
Deutsche Boerse AG	DBEZ +0.35 points	0.47%	0.82%
Deutsche Post AG-REG	DBEZ +0.34 points	0.43%	0.77%
Essilor International SA	DBEZ +0.34 points	0.42%	0.76%
Deutsche Bank AG-Registered	DBEZ +0.32 points	0.41%	0.73%
Vinci SA	DBEZ +0.32 points	0.40%	0.72%
Argenx SE	DBEZ +0.32 points	0.40%	0.72%
Bayer AG	DBEZ +0.31 points	0.39%	0.70%
Rheinmetall Ag	DBEZ +0.31 points	0.38%	0.69%
Eni SpA	DBEZ +0.31 points	0.39%	0.70%
Nordea Bank Abp	DBEZ +0.29 points	0.39%	0.68%
Basf SE	DBEZ +0.29 points	0.37%	0.66%
Hermes International	DBEZ +0.27 points	0.36%	0.63%
Ferrari NV	DBEZ +0.27 points	0.34%	0.61%
E.on SE	DBEZ +0.26 points	0.34%	0.60%
Danone SA	DBEZ +0.26 points	0.33%	0.59%
Engie SA	DBEZ +0.26 points	0.33%	0.59%
Prosus NV	DBEZ +0.26 points	0.33%	0.59%
Nokia OYJ	DBEZ +0.24 points	0.31%	0.55%
Societe Generale SA	DBEZ +0.24 points	0.31%	0.55%
CaixaBank SA	DBEZ +0.24 points	0.31%	0.55%
Rwe AG	DBEZ +0.23 points	0.29%	0.52%
Repsol SA	DBEZ +0.21 points	0.27%	0.48%
ASM International NV	DBEZ +0.22 points	0.27%	0.48%
Legrand SA	DBEZ +0.21 points	0.27%	0.48%
Erste Group Bank Ag	DBEZ +0.21 points	0.26%	0.47%
Ucb SA	DBEZ +0.21 points	0.27%	0.48%
Prysmian SpA	DBEZ +0.19 points	0.25%	0.44%
Assicurazioni Generali SpA	DBEZ +0.18 points	0.25%	0.43%
Koninklijke Ahold Delhaize NV	DBEZ +0.18 points	0.23%	0.41%
Cie de Saint-Gobain	DBEZ +0.18 points	0.24%	0.42%
Yandex N.V. Cl ANBIS	DBEZ +0.18 points	0.22%	0.40%
Daimler AG	DBEZ +0.16 points	0.22%	0.38%
Orange SA	DBEZ +0.16 points	0.22%	0.38%
adidas AG	DBEZ +0.16 points	0.22%	0.38%
KBC Group NV	DBEZ +0.16 points	0.21%	0.37%
ABN AMRO Group NV	DBEZ +0.15 points	0.19%	0.34%
Ferrovial SA	DBEZ +0.15 points	0.19%	0.34%
AIB Group PLC	DBEZ +0.15 points	0.18%	0.33%
Publicis Groupe SA	DBEZ +0.15 points	0.18%	0.33%
Sampo OYJ	DBEZ +0.14 points	0.18%	0.32%
Amadeus IT Group SA-A SHS	DBEZ +0.15 points	0.19%	0.34%
ArcelorMittal	DBEZ +0.14 points	0.18%	0.32%
Adyen NV	DBEZ +0.13 points	0.18%	0.31%
Commerzbank AG	DBEZ +0.13 points	0.18%	0.31%
Thales SA	DBEZ +0.13 points	0.17%	0.30%
AerCap Holdings NVAER	DBEZ +0.13 points	0.18%	0.31%
Aena Sme S.a. Eur 1.0	DBEZ +0.13 points	0.16%	0.29%
Leonardo SpA	DBEZ +0.12 points	0.17%	0.29%
HeidelbergCement AG	DBEZ +0.12 points	0.16%	0.28%
Veolia Environnement SA	DBEZ +0.12 points	0.16%	0.28%
Heineken NV	DBEZ +0.13 points	0.17%	0.30%
Banca Monte dei Paschi di Sien	DBEZ +0.13 points	0.16%	0.29%
Fresenius	DBEZ +0.12 points	0.16%	0.28%
NN Group NV	DBEZ +0.12 points	0.17%	0.29%
Compagnie Generale des Etablissements Michelin SCA	DBEZ +0.12 points	0.16%	0.28%
Wolters Kluwer NV	DBEZ +0.12 points	0.16%	0.28%
Coca-Cola European PartnersCCEP.L	DBEZ +0.12 points	0.16%	0.28%
Cap Gemini SA	DBEZ +0.12 points	0.16%	0.28%
Bayerische Motoren Werke Ag	DBEZ +0.12 points	0.15%	0.27%
Daimler Truck Holding AG	DBEZ +0.12 points	0.15%	0.27%
Merck KGaA	DBEZ +0.12 points	0.16%	0.28%
Koninklijke Philips NV	DBEZ +0.12 points	0.15%	0.27%
Hannover Rueck SE	DBEZ +0.11 points	0.14%	0.25%
STMicroelectronics NV	DBEZ +0.11 points	0.16%	0.27%
Universal Music Group NV	DBEZ +0.11 points	0.14%	0.25%
MTU Aero Engines AG	DBEZ +0.11 points	0.14%	0.25%
BPER Banca	DBEZ +0.11 points	0.15%	0.26%
Kone OYJ-B	DBEZ +0.11 points	0.14%	0.25%
Dassault Systemes Eur 0.1	DBEZ +0.10 points	0.14%	0.24%
Bank of Ireland Group PLC	DBEZ +0.10 points	0.14%	0.24%
Poste Italiane Spa	DBEZ +0.11 points	0.15%	0.26%
Acs Actividades Cons Y Serv	DBEZ +0.10 points	0.13%	0.23%
Dsm Firmenich	DBEZ +0.10 points	0.14%	0.24%

All 396 DBEU 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.

DBEU vs DBEZ Cost

Overpaying DBEU vs DBEZ

$189

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

DBEU 0.46%
$9,230
DBEZ 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

DBEU 0.46%
DBEZ 0.45%
Overpaying

Year by year

Year	DBEU	DBEZ	Overpaying
10	$830	$812	$18
20	$3,195	$3,128	$67
30	$9,230	$9,041	$189

Expense ratio

0.46%DBEU
0.45%DBEZ, cheaper

DBEZ0.45%DBEU0.46%

0.40%1.12%

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

DBEZ 2nd cheapest of 5 funds

DBEU 3rd cheapest of 5 funds

DBEU vs DBEZ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DBEU 1.41%, better; DBEZ 1.30%
Payout (12M): DBEU $0.76; DBEZ $0.79
Last payment: DBEU $0.76; DBEZ $0.04
Ex-dividend: DBEU Dec 19, 2025; DBEZ Jun 18, 2026
Paid on: DBEU Dec 29, 2025; DBEZ Jun 26, 2026
Frequency: DBEU Twice a year; DBEZ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DBEUTwice a year · 16 paymentsAll DBEU payments⁠

DBEZTwice a year · 17 paymentsAll DBEZ payments⁠

DBEU vs DBEZ Risk

Fall from peak · 5 years

DBEU
DBEZ

Risk facts

VolatilityStd dev, 3 years: DBEU 9.4%, betterDBEZ 10.9%
Return per unit of riskSharpe ratio, 3 years: DBEU 1.35, betterDBEZ 1.30
Worst fallMax drawdown, 5 years: DBEU −17.7%, betterDBEZ −23.4%
Market sensitivityBeta, 5 years: DBEU 0.60DBEZ 0.73; Market = 1

DBEU and DBEZ 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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