DBEU vs HAWX: Grades, Fees and Holdings Compared

Xtrackers MSCI Europe Hedged Equity ETF

DBEUBNYSE Arca

iShares Currency Hedged MSCI ACWI ex U.S. ETF

HAWXCNYSE Arca

Overlap

37.1%by weight

Expense ratio

DBEU −0.24pt a year

DBEU0.46%HAWX0.70%

Avg volume · 30D

DBEU 1.5×the volume

DBEU32.1KHAWX21.6K

10Y return · a year

HAWX +0.3pt

DBEU+11.0%HAWX+11.3%

DBEU vs HAWX Performance

Oct 29, 2021 – Oct 30, 2026

+69.1%DBEU+76.4%HAWX

Expense ratio: DBEU 0.46%, better; HAWX 0.70%
Fund size: DBEU $785M; HAWX $349M
1Y total return: DBEU +16.4%, better; HAWX +15.6%
Yield (12M): DBEU 1.41%; HAWX 2.56%, better
Holdings: DBEU 389; HAWX 1892
Avg volume (30D): DBEU 32.1K sh, better; HAWX 21.6K sh
NAV per share: DBEU $54.12; HAWX $44.21
52W range

ETF.net Grade

Pillar letters and Scores for DBEU, HAWX, with each pillar’s weight
Pillar	DBEU	HAWX
Cost30% weight	C53Higher	D28
Mission25% weight	Not scored	Not scored
Risk15% weight	B60Higher	B55
Tradability15% weight	C50Higher	C46
Holdings10% weight	B59	A72Higher
Durability5% weight	B61Higher	B57

Rank among International Stocks (USD-Hedged) funds

How we build Categories ›

Same Category. DBEU and HAWX 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 HAWX 3rd 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

Our read on each fund

ETF.net Research

DBEUBXtrackers MSCI Europe Hedged Equity ETF

HAWXCiShares Currency Hedged MSCI ACWI ex U.S. 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.

HAWX International stocks without the currency ride. HAWX tracks a broad developed-plus-emerging ex-US index that is 100% hedged back to the US dollar, so results lean on the shares themselves rather than foreign exchange swings.

Stated mandate

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

HAWX The Fund seeks to track an index of international equities excluding the United States while mitigating the effect of currency movements.

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.

HAWX One ticker for developed and emerging markets outside the US, with the currency layer built into the mandate instead of bolted on.
The benchmark is the MSCI ACWI ex USA 100% Hedged to USD Index, so foreign-currency exposure is neutralized by design rather than left to drift.ishares.com
Trading since 2015 under the iShares banner, so it has operated through both strong-dollar and weak-dollar stretches.
With the currency swing hedged out, it measures up as one of the steadier profiles among broad international stock funds on risk metrics.

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

HAWX The hedge is a paid feature: 0.70% a year, against 0.32% for the unhedged iShares sibling ACWX and 0.07% for IXUS.
Hedging cuts both ways. When the dollar weakens, this fund forgoes the currency tailwind an unhedged ex-US fund would pick up.
Thinly traded next to the giants of the category, so bid-ask spreads and order type matter more at entry and exit.

Full DBEU profile⁠

Full HAWX profile⁠

DBEU vs HAWX Holdings

How DBEU and HAWX differ

Overlap by weight

37.1%

Shared holdings make up 95.7% of DBEU and 37.1% of HAWX.

Level by level

Holdings376 in both37.1%
Countryby domicile38.6%
Sector11 Sectors84.6%
Asset classEquity100%

Sector

Sector weights in DBEU and HAWX, widest gap first
Sector	More in DBEUMore in HAWX	DBEU	HAWX
Technology	HAWX +11.1 points	9.8%	20.9%
Health Care	DBEU +5.4 points	12.7%	7.3%
Industrials	DBEU +5.3 points	19.0%	13.7%
Consumer Staples	DBEU +3.0 points	8.3%	5.3%
Consumer Discretionary	HAWX +1.6 points	5.9%	7.5%
Utilities	DBEU +1.5 points	4.6%	3.1%
Materials	HAWX +1.1 points	5.5%	6.6%
Communication	HAWX +0.9 points	3.3%	4.2%
Real Estate	HAWX +0.6 points	0.6%	1.2%
Energy	DBEU +0.2 points	5.4%	5.2%
Financials	DBEU +0.1 points	25.0%	24.9%

Country, concentration and asset class

Country by domicile

Country weights in DBEU and HAWX, widest gap first
Country	More in DBEUMore in HAWX	DBEU	HAWX
Japan	HAWX +15.7 points	0.0%	15.7%
United Kingdom	DBEU +12.4 points	21.9%	9.5%
Taiwan	HAWX +10.4 points	0.0%	10.4%
Canada	HAWX +9.6 points	0.0%	9.6%
Switzerland	DBEU +9.6 points	15.9%	6.3%
Germany	DBEU +7.9 points	13.7%	5.8%
South Korea	HAWX +7.2 points	0.0%	7.2%
China	HAWX +6.9 points	0.0%	6.9%
Other countries (19)	DBEU +19.9 points	48.5%	28.6%

Outside the US: DBEU 100% developed, 0% emerging. HAWX 70% developed, 30% emerging.

Concentration

Weight in the 10 largest Holdings

DBEU22.2%
HAWX15.8%

Securities held

DBEU387
HAWX1,858

Asset class

DBEU: Equity
HAWX: Equity

Holdings

Only in DBEU11
In both376
Only in HAWX1,482

Only in DBEU

11 securities, 2.5% of DBEU by weight

Spotify Technology SA0.62%
Glencore PLC0.47%
Argenx SE0.40%
iShares Core SPI ETF (CH)0.19%
ArcelorMittal0.18%
Coca-Cola European Partners0.16%
STMicroelectronics NV0.16%
iShares Core MSCI Europe0.14%
Coca-Cola HBC AG-CDI0.09%
STMicroelectronics NV EUR 1.04 ADR0.05%
Jeronimo Martins SGPS SA0.05%

Only in HAWX

1,482 securities, 62.8% of HAWX by weight

Taiwan Semiconductor Manufacturing5.02%
Samsung Electronics Ltd2.23%
Sk Hynix1.74%
Tencent Holdings0.82%
Royal Bank of Canada0.79%
Mitsubishi Ufj Financial Group0.65%
Toronto Dominion0.58%
Alibaba Group Holding0.57%
Bhp Group Ltd0.57%
Shopify Subordinate Voting Class A0.56%
Commonwealth Bank of Australia0.54%
Toyota Motor0.52%
Mediatek0.49%
Advantest0.47%
Recruit Holdings Ltd0.43%
Sumitomo Mitsui Financial Group0.43%
Sony Group0.41%
Hitachi0.40%
Tokyo Electron0.39%
Eur/Usd0.39%
Bank of Montreal0.34%
Dbs Group Holdings Ltd0.33%
Bank of Nova Scotia0.32%
Canadian Natural Resources Ltd0.32%
Samsung Electronics Non Voting Pre0.31%
Mizuho Financial Group0.31%
Softbank Group Corp0.31%
Canadian Imperial Bank of Commerce0.30%
China Construction Bank Corp H0.30%
Enbridge0.30%
Kioxia Holdings0.29%
Aia Group0.28%
Tokio Marine Holdings0.27%
Mitsubishi0.26%
Hon Hai Precision Industry0.26%
Suncor Energy Inc0.26%
National Australia Bank0.25%
Agnico Eagle Mines0.25%
Westpac Banking Corporation0.25%
Keyence0.24%
Delta Electronics0.24%
Anz Group Holdings Ltd0.24%
Itochu0.24%
Spotify Technology0.23%
Fast Retailing0.22%
Hdfc Bank0.22%
Canadian Pacific Kansas City0.22%
Brookfield Class A0.21%
Mitsui0.21%
Manulife Financial0.21%

Weight gaps

The 100 widest of 376 Holdings in both funds.

Holding weights in DBEU and HAWX, widest gap first
Holding	More in DBEUMore in HAWX	DBEU	HAWX
ASML Holding NV	DBEU +2.58 points	4.37%	1.79%
Roche Holding AG Part	DBEU +1.51 points	2.45%	0.94%
Shell PLCSHEL.L	DBEU +1.37 points	2.23%	0.86%
Novartis AG-Reg	DBEU +1.31 points	2.12%	0.81%
AstraZeneca PLCAZN.L	DBEU +1.30 points	2.02%	0.72%
HSBC Holdings PLCHSBA.L	DBEU +1.29 points	2.10%	0.81%
Nestle SA-Reg	DBEU +1.18 points	1.89%	0.71%
Sap SE	DBEU +1.05 points	1.70%	0.65%
Siemens AG-Reg	DBEU +0.92 points	1.53%	0.61%
Allianz SE-Reg	DBEU +0.82 points	1.33%	0.51%
Total SA	DBEU +0.82 points	1.32%	0.50%
Banco Santander SA	DBEU +0.69 points	1.15%	0.46%
Iberdrola SA	DBEU +0.68 points	1.10%	0.42%
UBS Group AG	DBEU +0.64 points	1.06%	0.42%
Unilever PLC NpvULVR.L	DBEU +0.62 points	1.00%	0.38%
Schneider Electric SE	DBEU +0.62 points	1.04%	0.42%
Rolls-Royce Holdings PLCRR.L	DBEU +0.60 points	0.99%	0.39%
Bp PLCBP.L	DBEU +0.58 points	0.94%	0.36%
Novo-Nordisk B	DBEU +0.56 points	0.91%	0.34%
ABB Ltd-Reg	DBEU +0.57 points	0.95%	0.38%
Banco Bilbao Vizcaya Argentari	DBEU +0.57 points	0.94%	0.37%
Air Liquide SA	DBEU +0.56 points	0.90%	0.34%
Airbus SE	DBEU +0.55 points	0.91%	0.36%
British American Tobacco PLCBATS.L	DBEU +0.55 points	0.88%	0.33%
L'Oreal SA	DBEU +0.52 points	0.84%	0.32%
Zurich Insurance Group AG	DBEU +0.51 points	0.80%	0.29%
LVMH Moet Hennessy Louis Vuitton	DBEU +0.48 points	0.77%	0.29%
UniCredit SpA	DBEU +0.48 points	0.79%	0.31%
Compagnie Financiere Richemont SA	DBEU +0.47 points	0.77%	0.30%
Safran SA	DBEU +0.46 points	0.76%	0.30%
Gsk PlcGSK.L	DBEU +0.45 points	0.72%	0.27%
Siemens Energy AG	DBEU +0.45 points	0.78%	0.33%
Sanofi-Aventis	DBEU +0.44 points	0.70%	0.26%
Deutsche Telekom AG-Reg	DBEU +0.43 points	0.70%	0.27%
Intesa Sanpaolo SpA	DBEU +0.40 points	0.66%	0.26%
BNP Paribas SA	DBEU +0.40 points	0.67%	0.27%
ING Groep NV	DBEU +0.39 points	0.65%	0.26%
Rio Tinto PLCRIO.L	DBEU +0.37 points	0.62%	0.25%
National Grid PLCNG.L	DBEU +0.37 points	0.60%	0.23%
BAE Systems PLCBA.L	DBEU +0.36 points	0.58%	0.22%
Muenchener Rueckversicherungs-Reg	DBEU +0.36 points	0.58%	0.22%
Enel SpA	DBEU +0.35 points	0.57%	0.22%
Axa SA	DBEU +0.33 points	0.53%	0.20%
Investor AB	DBEU +0.33 points	0.54%	0.21%
Lloyds Banking Group PLCLLOY.L	DBEU +0.32 points	0.52%	0.20%
Barclays PLCBARC.L	DBEU +0.31 points	0.53%	0.22%
Anheuser-Busch InBev SA/NV	DBEU +0.31 points	0.51%	0.20%
Relx PLCREL.L	DBEU +0.31 points	0.50%	0.19%
Industria de Diseno Textil SA	DBEU +0.30 points	0.49%	0.19%
Infineon Technologies AG	DBEU +0.30 points	0.52%	0.22%
Deutsche Boerse AG	DBEU +0.29 points	0.47%	0.18%
Deutsche Post AG-REG	DBEU +0.27 points	0.43%	0.16%
Essilor International SA	DBEU +0.26 points	0.42%	0.16%
NatWest Group PLCNWG.L	DBEU +0.26 points	0.44%	0.18%
Swiss Re AG	DBEU +0.25 points	0.39%	0.14%
Compass Group PLCCPG.L	DBEU +0.25 points	0.41%	0.15%
Bayer AG	DBEU +0.24 points	0.39%	0.15%
Vinci SA	DBEU +0.24 points	0.40%	0.16%
Nordea Bank Abp	DBEU +0.25 points	0.39%	0.14%
Deutsche Bank AG-Registered	DBEU +0.24 points	0.41%	0.17%
Eni SpA	DBEU +0.24 points	0.39%	0.15%
London Stock Exchange Group PLCLSEG.L	DBEU +0.24 points	0.40%	0.16%
Diageo PLCDGE.L	DBEU +0.23 points	0.37%	0.14%
Rheinmetall Ag	DBEU +0.23 points	0.38%	0.15%
Lonza Group AG-REG	DBEU +0.23 points	0.39%	0.16%
Anglo American PLC NpvAAL.L	DBEU +0.22 points	0.37%	0.15%
Hermes International	DBEU +0.23 points	0.36%	0.13%
Basf SE	DBEU +0.22 points	0.37%	0.15%
Volvo AB-B SHS	DBEU +0.22 points	0.35%	0.13%
Atlas Copco Ab Npv	DBEU +0.21 points	0.34%	0.13%
Ferrari NV	DBEU +0.21 points	0.34%	0.13%
E.on SE	DBEU +0.21 points	0.34%	0.13%
Reckitt Benck Grp 10.416667PRKT.L	DBEU +0.21 points	0.33%	0.12%
Prosus NV	DBEU +0.20 points	0.33%	0.13%
Danone SA	DBEU +0.20 points	0.33%	0.13%
Standard Chartered PLCSTAN.L	DBEU +0.20 points	0.34%	0.14%
Tesco PLCTSCO.L	DBEU +0.20 points	0.32%	0.12%
Givaudan SA-REG	DBEU +0.20 points	0.32%	0.12%
Engie SA	DBEU +0.19 points	0.33%	0.14%
Sse PLCSSE.L	DBEU +0.18 points	0.30%	0.12%
CaixaBank SA	DBEU +0.19 points	0.31%	0.12%
Galderma Group N AG	DBEU +0.19 points	0.31%	0.12%
Societe Generale SA	DBEU +0.19 points	0.31%	0.12%
LafargeHolcim Ltd-REG	DBEU +0.18 points	0.30%	0.12%
Sandoz Group	DBEU +0.18 points	0.30%	0.12%
Nokia OYJ	DBEU +0.18 points	0.31%	0.13%
Assa Abloy Ab-B	DBEU +0.18 points	0.28%	0.10%
Dsv A/S	DBEU +0.18 points	0.29%	0.11%
Rwe AG	DBEU +0.17 points	0.29%	0.12%
Repsol SA	DBEU +0.17 points	0.27%	0.10%
Haleon PlcHLN.L	DBEU +0.17 points	0.27%	0.10%
Sandvik AB	DBEU +0.16 points	0.27%	0.11%
Ucb SA	DBEU +0.16 points	0.27%	0.11%
Erste Group Bank Ag	DBEU +0.16 points	0.26%	0.10%
ASM International NV	DBEU +0.16 points	0.27%	0.11%
Experian PLCEXPN.L	DBEU +0.16 points	0.25%	0.09%
Legrand SA	DBEU +0.16 points	0.27%	0.11%
Assicurazioni Generali SpA	DBEU +0.15 points	0.25%	0.10%
Genmab A/S	DBEU +0.16 points	0.25%	0.09%
Cie de Saint-Gobain	DBEU +0.15 points	0.24%	0.09%

All 396 DBEU holdings⁠All HAWX 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 HAWX Cost

Overpaying HAWX vs DBEU

$4,376

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

DBEU 0.46%
$9,230
HAWX 0.70%
$13,606

Amount$10,000

Years30 years

Cost over time

DBEU 0.46%
HAWX 0.70%
Overpaying

Year by year

Year	DBEU	HAWX	Overpaying
10	$830	$1,250	$420
20	$3,195	$4,760	$1,565
30	$9,230	$13,606	$4,376

Expense ratio

0.46%DBEU, cheaper
0.70%HAWX

DBEU0.46%HAWX0.70%

0.40%1.12%

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

DBEU 3rd cheapest of 5 funds

HAWX 4th cheapest of 5 funds

DBEU vs HAWX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DBEU 1.41%; HAWX 2.56%, better
Payout (12M): DBEU $0.76; HAWX $1.13
Last payment: DBEU $0.76; HAWX $0.50
Ex-dividend: DBEU Dec 19, 2025; HAWX Jul 2, 2026
Paid on: DBEU Dec 29, 2025; HAWX Jul 8, 2026
Frequency: DBEU Twice a year; HAWX Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DBEUTwice a year · 16 paymentsAll DBEU payments⁠

HAWXTwice a year · 21 paymentsAll HAWX payments⁠

DBEU vs HAWX Risk

Fall from peak · 5 years

DBEU
HAWX

Risk facts

VolatilityStd dev, 3 years: DBEU 9.4%HAWX 9.0%, better
Return per unit of riskSharpe ratio, 3 years: DBEU 1.35HAWX 1.72, better
Worst fallMax drawdown, 5 years: DBEU −17.7%HAWX −17.5%, better
Market sensitivityBeta, 5 years: DBEU 0.60HAWX 0.59; Market = 1

DBEU and HAWX 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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