DBEU vs HEZU: Grades, Fees and Holdings Compared

Xtrackers MSCI Europe Hedged Equity ETF

DBEUBNYSE Arca

iShares Currency Hedged MSCI Eurozone ETF

HEZUDNYSE Arca

Overlap

50.5%by weight

Expense ratio

DBEU −0.66pt a year

DBEU0.46%HEZU1.12%

Avg volume · 30D

HEZU 2.7×the volume

DBEU32.1KHEZU85.3K

10Y return · a year

HEZU +0.7pt

DBEU+11.0%HEZU+11.7%

DBEU vs HEZU Performance

Oct 29, 2021 – Oct 30, 2026

+69.1%DBEU+73.8%HEZU

Expense ratio: DBEU 0.46%, better; HEZU 1.12%
Fund size: DBEU $785M; HEZU $417M
1Y total return: DBEU +16.4%, better; HEZU +13.9%
Yield (12M): DBEU 1.41%; HEZU 2.63%, better
Holdings: DBEU 389; HEZU 219
Avg volume (30D): DBEU 32.1K sh; HEZU 85.3K sh, better
NAV per share: DBEU $54.12; HEZU $47.62
52W range

ETF.net Grade

Pillar letters and Scores for DBEU, HEZU, with each pillar’s weight
Pillar	DBEU	HEZU
Cost30% weight	C53Higher	F11
Mission25% weight	Not scored	Not scored
Risk15% weight	B60Higher	B55
Tradability15% weight	C50	A81Higher
Holdings10% weight	B59Higher	D39
Durability5% weight	B61Higher	B57

Rank among International Stocks (USD-Hedged) funds

How we build Categories ›

Same Category. DBEU 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 ›

DBEU ranks 2nd 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 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

HEZUDiShares Currency Hedged MSCI Eurozone 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.

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

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

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.

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

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

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 DBEU profile⁠

Full HEZU profile⁠

DBEU vs HEZU Holdings

How DBEU and HEZU differ

Overlap by weight

50.5%

Shared holdings make up 95.3% of HEZU and 50.5% of DBEU.

Level by level

Countryby domicile50.4%
Holdings209 in both50.5%
Sector11 Sectors88.4%
Asset classEquity100%

Sector

Sector weights in DBEU and HEZU, widest gap first
Sector	More in DBEUMore in HEZU	DBEU	HEZU
Technology	HEZU +6.5 points	9.8%	16.3%
Health Care	DBEU +6.4 points	12.7%	6.3%
Consumer Staples	DBEU +2.5 points	8.3%	5.8%
Utilities	HEZU +2.4 points	4.6%	7.0%
Consumer Discretionary	HEZU +1.7 points	5.9%	7.6%
Materials	DBEU +1.4 points	5.5%	4.1%
Energy	DBEU +1.0 points	5.4%	4.4%
Financials	HEZU +0.9 points	25.0%	25.9%
Communication	DBEU +0.3 points	3.3%	3.0%
Real Estate	DBEU +0.1 points	0.6%	0.5%
Industrials	Same weight	19.0%	19.0%

Country, concentration and asset class

Country by domicile

Country weights in DBEU and HEZU, widest gap first
Country	More in DBEUMore in HEZU	DBEU	HEZU
United Kingdom	DBEU +21.9 points	21.9%	0.0%
Switzerland	DBEU +15.9 points	15.9%	0.0%
France	HEZU +14.5 points	12.9%	27.4%
Germany	HEZU +12.3 points	13.7%	26.0%
Netherlands	HEZU +7.6 points	9.3%	16.9%
Spain	HEZU +5.7 points	5.7%	11.4%
Sweden	DBEU +5.3 points	5.3%	0.0%
Italy	HEZU +4.8 points	4.5%	9.3%
Other countries (11)	DBEU +1.7 points	10.8%	9.1%

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

Concentration

Weight in the 10 largest Holdings

DBEU22.2%
HEZU30.4%

Securities held

DBEU387
HEZU215

Asset class

DBEU: Equity
HEZU: Equity

Holdings

Only in DBEU178
In both209
Only in HEZU6

Only in DBEU

178 securities, 47.7% 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%
Argenx SE0.40%
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%

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 DBEU and HEZU, widest gap first
Holding	More in DBEUMore in HEZU	DBEU	HEZU
ASML Holding NV	HEZU +4.33 points	4.37%	8.70%
Sap SE	HEZU +1.45 points	1.70%	3.15%
Siemens AG-Reg	HEZU +1.42 points	1.53%	2.95%
Allianz SE-Reg	HEZU +1.16 points	1.33%	2.49%
Total SA	HEZU +1.12 points	1.32%	2.44%
Banco Santander SA	HEZU +1.08 points	1.15%	2.23%
Schneider Electric SE	HEZU +0.99 points	1.04%	2.03%
Iberdrola SA	HEZU +0.94 points	1.10%	2.04%
Banco Bilbao Vizcaya Argentari	HEZU +0.88 points	0.94%	1.82%
Airbus SE	HEZU +0.83 points	0.91%	1.74%
Siemens Energy AG	HEZU +0.79 points	0.78%	1.57%
Air Liquide SA	HEZU +0.74 points	0.90%	1.64%
UniCredit SpA	HEZU +0.72 points	0.79%	1.51%
L'Oreal SA	HEZU +0.67 points	0.84%	1.51%
Safran SA	HEZU +0.67 points	0.76%	1.43%
LVMH Moet Hennessy Louis Vuitton	HEZU +0.65 points	0.77%	1.42%
BNP Paribas SA	HEZU +0.62 points	0.67%	1.29%
Intesa Sanpaolo SpA	HEZU +0.60 points	0.66%	1.26%
Deutsche Telekom AG-Reg	HEZU +0.60 points	0.70%	1.30%
ING Groep NV	HEZU +0.58 points	0.65%	1.23%
Sanofi-Aventis	HEZU +0.54 points	0.70%	1.24%
Infineon Technologies AG	HEZU +0.53 points	0.52%	1.05%
Enel SpA	HEZU +0.49 points	0.57%	1.06%
Muenchener Rueckversicherungs-Reg	HEZU +0.47 points	0.58%	1.05%
Axa SA	HEZU +0.47 points	0.53%	1.00%
Anheuser-Busch InBev SA/NV	HEZU +0.43 points	0.51%	0.94%
Industria de Diseno Textil SA	HEZU +0.42 points	0.49%	0.91%
Deutsche Bank AG-Registered	HEZU +0.39 points	0.41%	0.80%
Deutsche Boerse AG	HEZU +0.38 points	0.47%	0.85%
Deutsche Post AG-REG	HEZU +0.38 points	0.43%	0.81%
Vinci SA	HEZU +0.36 points	0.40%	0.76%
Nordea Bank Abp	HEZU +0.34 points	0.39%	0.73%
Rheinmetall Ag	HEZU +0.35 points	0.38%	0.73%
Essilor International SA	HEZU +0.35 points	0.42%	0.77%
Eni SpA	HEZU +0.34 points	0.39%	0.73%
Basf SE	HEZU +0.32 points	0.37%	0.69%
Nokia OYJ	HEZU +0.32 points	0.31%	0.63%
Bayer AG	HEZU +0.31 points	0.39%	0.70%
Ferrari NV	HEZU +0.30 points	0.34%	0.64%
E.on SE	HEZU +0.29 points	0.34%	0.63%
Engie SA	HEZU +0.30 points	0.33%	0.63%
Hermes International	HEZU +0.29 points	0.36%	0.65%
Prosus NV	HEZU +0.28 points	0.33%	0.61%
Societe Generale SA	HEZU +0.28 points	0.31%	0.59%
ASM International NV	HEZU +0.28 points	0.27%	0.55%
Danone SA	HEZU +0.28 points	0.33%	0.61%
CaixaBank SA	HEZU +0.27 points	0.31%	0.58%
Rwe AG	HEZU +0.27 points	0.29%	0.56%
Legrand SA	HEZU +0.24 points	0.27%	0.51%
Yandex N.V. Cl ANBIS	HEZU +0.24 points	0.22%	0.46%
Ucb SA	HEZU +0.24 points	0.27%	0.51%
Prysmian SpA	HEZU +0.23 points	0.25%	0.48%
Erste Group Bank Ag	HEZU +0.23 points	0.26%	0.49%
Repsol SA	HEZU +0.21 points	0.27%	0.48%
Assicurazioni Generali SpA	HEZU +0.21 points	0.25%	0.46%
Cie de Saint-Gobain	HEZU +0.21 points	0.24%	0.45%
Koninklijke Ahold Delhaize NV	HEZU +0.20 points	0.23%	0.43%
Daimler AG	HEZU +0.19 points	0.22%	0.41%
KBC Group NV	HEZU +0.19 points	0.21%	0.40%
adidas AG	HEZU +0.18 points	0.22%	0.40%
Orange SA	HEZU +0.18 points	0.22%	0.40%
ABN AMRO Group NV	HEZU +0.18 points	0.19%	0.37%
Ferrovial SA	HEZU +0.17 points	0.19%	0.36%
Amadeus IT Group SA-A SHS	HEZU +0.17 points	0.19%	0.36%
AIB Group PLC	HEZU +0.16 points	0.18%	0.34%
Commerzbank AG	HEZU +0.16 points	0.18%	0.34%
Publicis Groupe SA	HEZU +0.16 points	0.18%	0.34%
Thales SA	HEZU +0.16 points	0.17%	0.33%
Sampo OYJ	HEZU +0.16 points	0.18%	0.34%
AerCap Holdings NVAER	HEZU +0.15 points	0.18%	0.33%
Adyen NV	HEZU +0.15 points	0.18%	0.33%
Leonardo SpA	HEZU +0.14 points	0.17%	0.31%
Banca Monte dei Paschi di Sien	HEZU +0.15 points	0.16%	0.31%
Aena Sme S.a. Eur 1.0	HEZU +0.14 points	0.16%	0.30%
NN Group NV	HEZU +0.14 points	0.17%	0.31%
Compagnie Generale des Etablissements Michelin SCA	HEZU +0.14 points	0.16%	0.30%
HeidelbergCement AG	HEZU +0.14 points	0.16%	0.30%
Heineken NV	HEZU +0.14 points	0.17%	0.31%
Fresenius	HEZU +0.14 points	0.16%	0.30%
Veolia Environnement SA	HEZU +0.13 points	0.16%	0.29%
Koninklijke Philips NV	HEZU +0.13 points	0.15%	0.28%
Merck KGaA	HEZU +0.13 points	0.16%	0.29%
Wolters Kluwer NV	HEZU +0.13 points	0.16%	0.29%
Daimler Truck Holding AG	HEZU +0.13 points	0.15%	0.28%
Bayerische Motoren Werke Ag	HEZU +0.13 points	0.15%	0.28%
BPER Banca	HEZU +0.13 points	0.15%	0.28%
Bank of Ireland Group PLC	HEZU +0.13 points	0.14%	0.27%
MTU Aero Engines AG	HEZU +0.13 points	0.14%	0.27%
Dsm Firmenich	HEZU +0.12 points	0.14%	0.26%
Cap Gemini SA	HEZU +0.12 points	0.16%	0.28%
Poste Italiane Spa	HEZU +0.12 points	0.15%	0.27%
Hannover Rueck SE	HEZU +0.11 points	0.14%	0.25%
Acs Actividades Cons Y Serv	HEZU +0.12 points	0.13%	0.25%
Kone OYJ-B	HEZU +0.12 points	0.14%	0.26%
Banco de Sabadell SA	HEZU +0.11 points	0.13%	0.24%
Dassault Systemes Eur 0.1	HEZU +0.11 points	0.14%	0.25%
Koninklijke KPN NV	HEZU +0.10 points	0.14%	0.24%
Universal Music Group NV	HEZU +0.11 points	0.14%	0.25%
Kerry Group PLC	HEZU +0.11 points	0.12%	0.23%
Kingspan Group PLC	HEZU +0.10 points	0.12%	0.22%

All 396 DBEU 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.

DBEU vs HEZU Cost

Overpaying HEZU vs DBEU

$11,377

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

DBEU 0.46%
$9,230
HEZU 1.12%
$20,607

Amount$10,000

Years30 years

Cost over time

DBEU 0.46%
HEZU 1.12%
Overpaying

Year by year

Year	DBEU	HEZU	Overpaying
10	$830	$1,965	$1,135
20	$3,195	$7,344	$4,149
30	$9,230	$20,607	$11,377

Expense ratio

0.46%DBEU, cheaper
1.12%HEZU

DBEU0.46%HEZU1.12%

0.40%1.12%

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

DBEU 3rd cheapest of 5 funds

HEZU 5th cheapest of 5 funds

DBEU vs HEZU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DBEU 1.41%; HEZU 2.63%, better
Payout (12M): DBEU $0.76; HEZU $1.26
Last payment: DBEU $0.76; HEZU $0.84
Ex-dividend: DBEU Dec 19, 2025; HEZU Jul 2, 2026
Paid on: DBEU Dec 29, 2025; HEZU Jul 8, 2026
Frequency: DBEU Twice a year; HEZU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DBEUTwice a year · 16 paymentsAll DBEU payments⁠

HEZUTwice a year · 21 paymentsAll HEZU payments⁠

DBEU vs HEZU Risk

Fall from peak · 5 years

DBEU
HEZU

Risk facts

VolatilityStd dev, 3 years: DBEU 9.4%, betterHEZU 10.9%
Return per unit of riskSharpe ratio, 3 years: DBEU 1.35, betterHEZU 1.34
Worst fallMax drawdown, 5 years: DBEU −17.7%, betterHEZU −22.7%
Market sensitivityBeta, 5 years: DBEU 0.60HEZU 0.66; Market = 1

DBEU 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
Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026DBEU

Popular comparisons

DBEUBvsDBAWB
Xtrackers MSCI Europe Hedged Equity ETF · Xtrackers MSCI All World ex US Hedged Equity ETF
Expense ratio
0.46% · 0.40%
Category
HEZUDvsDBAWB
iShares Currency Hedged MSCI Eurozone ETF · Xtrackers MSCI All World ex US Hedged Equity ETF
Expense ratio
1.12% · 0.40%
Category
DBEUBvsHAWXC
Xtrackers MSCI Europe Hedged Equity ETF · iShares Currency Hedged MSCI ACWI ex U.S. ETF
Expense ratio
0.46% · 0.70%
Category
HEZUDvsHAWXC
iShares Currency Hedged MSCI Eurozone ETF · iShares Currency Hedged MSCI ACWI ex U.S. ETF
Expense ratio
1.12% · 0.70%
Category
DBEUBvsDBEZC
Xtrackers MSCI Europe Hedged Equity ETF · Xtrackers MSCI Eurozone Hedged Equity ETF
Expense ratio
0.46% · 0.45%
Category
HEZUDvsDBEZC
iShares Currency Hedged MSCI Eurozone ETF · Xtrackers MSCI Eurozone Hedged Equity ETF
Expense ratio
1.12% · 0.45%
Category

DBEU vs HEZU

In short

Stated mandate

Why people hold it