DBEZ vs HAWX: Grades, Fees and Holdings Compared

Xtrackers MSCI Eurozone Hedged Equity ETF

DBEZCNYSE Arca

iShares Currency Hedged MSCI ACWI ex U.S. ETF

HAWXCNYSE Arca

Overlap

19.7%by weight

Expense ratio

DBEZ −0.25pt a year

DBEZ0.45%HAWX0.70%

Avg volume · 30D

HAWX 6.2×the volume

DBEZ3.51KHAWX21.6K

10Y return · a year

DBEZ +0.1pt

DBEZ+11.4%HAWX+11.3%

DBEZ vs HAWX Performance

Oct 29, 2021 – Oct 30, 2026

+68.5%DBEZ+76.4%HAWX

Expense ratio: DBEZ 0.45%, better; HAWX 0.70%
Fund size: DBEZ $67M; HAWX $349M
1Y total return: DBEZ +13.3%; HAWX +15.6%, better
Yield (12M): DBEZ 1.30%; HAWX 2.56%, better
Holdings: DBEZ 595; HAWX 1892
Avg volume (30D): DBEZ 3.51K sh; HAWX 21.6K sh, better
NAV per share: DBEZ $61.11; HAWX $44.21
52W range

ETF.net Grade

Pillar letters and Scores for DBEZ, HAWX, with each pillar’s weight
Pillar	DBEZ	HAWX
Cost30% weight	C53Higher	D28
Mission25% weight	Not scored	Not scored
Risk15% weight	C42	B55Higher
Tradability15% weight	F23	C46Higher
Holdings10% weight	C50	A72Higher
Durability5% weight	D31	B57Higher

Rank among International Stocks (USD-Hedged) funds

How we build Categories ›

Same Category. DBEZ 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 ›

HAWX ranks 3rd 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

DBEZCXtrackers MSCI Eurozone Hedged Equity ETF

HAWXCiShares Currency Hedged MSCI ACWI ex U.S. ETF

In short

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.

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

DBEZ The Fund seeks investment results that generally correspond to the performance of its underlying Eurozone equity index before fees and expenses.

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

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.

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

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.

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 DBEZ profile⁠

Full HAWX profile⁠

DBEZ vs HAWX Holdings

How DBEZ and HAWX differ

Overlap by weight

19.7%

Shared holdings make up 89.4% of DBEZ and 19.7% of HAWX.

Level by level

Holdings209 in both19.7%
Countryby domicile21.8%
Sector11 Sectors89.7%
Asset classEquity100%

Sector

Sector weights in DBEZ and HAWX, widest gap first
Sector	More in DBEZMore in HAWX	DBEZ	HAWX
Industrials	DBEZ +7.0 points	20.7%	13.7%
Technology	HAWX +4.6 points	16.3%	20.9%
Utilities	DBEZ +2.9 points	6.0%	3.1%
Materials	HAWX +2.1 points	4.5%	6.6%
Health Care	HAWX +1.6 points	5.7%	7.3%
Energy	HAWX +1.0 points	4.2%	5.2%
Communication	HAWX +0.7 points	3.5%	4.2%
Financials	DBEZ +0.2 points	25.1%	24.9%
Consumer Discretionary	DBEZ +0.2 points	7.7%	7.5%
Consumer Staples	HAWX +0.2 points	5.1%	5.3%
Real Estate	HAWX +0.1 points	1.1%	1.2%

Country, concentration and asset class

Country by domicile

Country weights in DBEZ and HAWX, widest gap first
Country	More in DBEZMore in HAWX	DBEZ	HAWX
Germany	DBEZ +19.9 points	25.7%	5.8%
France	DBEZ +18.0 points	24.1%	6.1%
Japan	HAWX +15.7 points	0.0%	15.7%
Netherlands	DBEZ +13.3 points	17.0%	3.7%
Taiwan	HAWX +10.4 points	0.0%	10.4%
Canada	HAWX +9.6 points	0.0%	9.6%
United Kingdom	HAWX +9.1 points	0.4%	9.5%
Spain	DBEZ +8.1 points	10.6%	2.5%
Other countries (17)	HAWX +14.7 points	22.1%	36.8%

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

Concentration

Weight in the 10 largest Holdings

DBEZ27.2%
HAWX15.8%

Securities held

DBEZ594
HAWX1,858

Asset class

DBEZ: Equity
HAWX: Equity

Holdings

Only in DBEZ385
In both209
Only in HAWX1,649

Only in DBEZ

385 securities, 9.3% of DBEZ by weight

Argenx SE0.72%
ArcelorMittal0.32%
Coca-Cola European Partners0.28%
STMicroelectronics NV0.27%
iShares Currency Hedged MSCI Eurozone ETF0.16%
iShares MSCI Eurozone ETF0.14%
STMicroelectronics NV EUR 1.04 ADR0.11%
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%
Jeronimo Martins SGPS SA0.08%
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%

Only in HAWX

1,649 securities, 80.2% of HAWX by weight

Taiwan Semiconductor Manufacturing5.02%
Samsung Electronics Ltd2.23%
Sk Hynix1.74%
Roche Ps Par AG0.94%
Shell0.86%
Tencent Holdings0.82%
Novartis AG0.81%
Hsbc Holdings PLC0.81%
Royal Bank of Canada0.79%
Astrazeneca PLC0.72%
Nestle SA0.71%
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%
Ubs Group AG0.42%
Sony Group0.41%
Hitachi0.40%
Tokyo Electron0.39%
Rolls-Royce Holdings PLC0.39%
Eur/Usd0.39%
Abb Ltd0.38%
Unilever PLC0.38%
Bp PLC0.36%
Novo Nordisk Class B0.34%
Bank of Montreal0.34%
British American Tobacco0.33%
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%
Compagnie Financiere Richemont SA0.30%
Enbridge0.30%
Zurich Insurance Group AG0.29%
Kioxia Holdings0.29%
Aia Group0.28%
Tokio Marine Holdings0.27%
Glaxosmithkline0.27%
Mitsubishi0.26%

Weight gaps

The 100 widest of 209 Holdings in both funds.

Holding weights in DBEZ and HAWX, widest gap first
Holding	More in DBEZMore in HAWX	DBEZ	HAWX
ASML Holding NV	DBEZ +5.94 points	7.73%	1.79%
Sap SE	DBEZ +2.37 points	3.02%	0.65%
Siemens AG-Reg	DBEZ +2.10 points	2.71%	0.61%
Allianz SE-Reg	DBEZ +1.84 points	2.35%	0.51%
Total SA	DBEZ +1.83 points	2.33%	0.50%
Banco Santander SA	DBEZ +1.58 points	2.04%	0.46%
Iberdrola SA	DBEZ +1.51 points	1.93%	0.42%
Schneider Electric SE	DBEZ +1.42 points	1.84%	0.42%
Banco Bilbao Vizcaya Argentari	DBEZ +1.29 points	1.66%	0.37%
Airbus SE	DBEZ +1.26 points	1.62%	0.36%
Air Liquide SA	DBEZ +1.25 points	1.59%	0.34%
L'Oreal SA	DBEZ +1.15 points	1.47%	0.32%
UniCredit SpA	DBEZ +1.09 points	1.40%	0.31%
LVMH Moet Hennessy Louis Vuitton	DBEZ +1.07 points	1.36%	0.29%
Siemens Energy AG	DBEZ +1.06 points	1.39%	0.33%
Safran SA	DBEZ +1.05 points	1.35%	0.30%
Deutsche Telekom AG-Reg	DBEZ +0.98 points	1.25%	0.27%
Sanofi-Aventis	DBEZ +0.97 points	1.23%	0.26%
BNP Paribas SA	DBEZ +0.93 points	1.20%	0.27%
Intesa Sanpaolo SpA	DBEZ +0.91 points	1.17%	0.26%
ING Groep NV	DBEZ +0.89 points	1.15%	0.26%
Muenchener Rueckversicherungs-Reg	DBEZ +0.79 points	1.01%	0.22%
Enel SpA	DBEZ +0.78 points	1.00%	0.22%
Axa SA	DBEZ +0.74 points	0.94%	0.20%
Infineon Technologies AG	DBEZ +0.71 points	0.93%	0.22%
Anheuser-Busch InBev SA/NV	DBEZ +0.71 points	0.91%	0.20%
Industria de Diseno Textil SA	DBEZ +0.68 points	0.87%	0.19%
Deutsche Boerse AG	DBEZ +0.64 points	0.82%	0.18%
Deutsche Post AG-REG	DBEZ +0.61 points	0.77%	0.16%
Essilor International SA	DBEZ +0.60 points	0.76%	0.16%
Vinci SA	DBEZ +0.56 points	0.72%	0.16%
Deutsche Bank AG-Registered	DBEZ +0.56 points	0.73%	0.17%
Bayer AG	DBEZ +0.55 points	0.70%	0.15%
Eni SpA	DBEZ +0.55 points	0.70%	0.15%
Nordea Bank Abp	DBEZ +0.54 points	0.68%	0.14%
Rheinmetall Ag	DBEZ +0.54 points	0.69%	0.15%
Basf SE	DBEZ +0.51 points	0.66%	0.15%
Hermes International	DBEZ +0.50 points	0.63%	0.13%
Ferrari NV	DBEZ +0.48 points	0.61%	0.13%
E.on SE	DBEZ +0.47 points	0.60%	0.13%
Danone SA	DBEZ +0.46 points	0.59%	0.13%
Prosus NV	DBEZ +0.46 points	0.59%	0.13%
Engie SA	DBEZ +0.45 points	0.59%	0.14%
CaixaBank SA	DBEZ +0.43 points	0.55%	0.12%
Societe Generale SA	DBEZ +0.43 points	0.55%	0.12%
Nokia OYJ	DBEZ +0.42 points	0.55%	0.13%
Rwe AG	DBEZ +0.40 points	0.52%	0.12%
Repsol SA	DBEZ +0.38 points	0.48%	0.10%
ASM International NV	DBEZ +0.38 points	0.48%	0.11%
Erste Group Bank Ag	DBEZ +0.37 points	0.47%	0.10%
Ucb SA	DBEZ +0.37 points	0.48%	0.11%
Legrand SA	DBEZ +0.37 points	0.48%	0.11%
Prysmian SpA	DBEZ +0.34 points	0.44%	0.10%
Assicurazioni Generali SpA	DBEZ +0.33 points	0.43%	0.10%
Cie de Saint-Gobain	DBEZ +0.33 points	0.42%	0.09%
Koninklijke Ahold Delhaize NV	DBEZ +0.32 points	0.41%	0.09%
Daimler AG	DBEZ +0.30 points	0.38%	0.08%
Orange SA	DBEZ +0.30 points	0.38%	0.08%
Yandex N.V. Cl ANBIS	DBEZ +0.30 points	0.40%	0.10%
adidas AG	DBEZ +0.30 points	0.38%	0.08%
KBC Group NV	DBEZ +0.29 points	0.37%	0.08%
AIB Group PLC	DBEZ +0.27 points	0.33%	0.06%
ABN AMRO Group NV	DBEZ +0.26 points	0.34%	0.08%
Amadeus IT Group SA-A SHS	DBEZ +0.26 points	0.34%	0.08%
Ferrovial SA	DBEZ +0.26 points	0.34%	0.08%
Publicis Groupe SA	DBEZ +0.26 points	0.33%	0.07%
Sampo OYJ	DBEZ +0.25 points	0.32%	0.07%
Adyen NV	DBEZ +0.24 points	0.31%	0.07%
Commerzbank AG	DBEZ +0.24 points	0.31%	0.07%
AerCap Holdings NVAER	DBEZ +0.24 points	0.31%	0.07%
Thales SA	DBEZ +0.23 points	0.30%	0.07%
Leonardo SpA	DBEZ +0.23 points	0.29%	0.06%
Heineken NV	DBEZ +0.23 points	0.30%	0.07%
Aena Sme S.a. Eur 1.0	DBEZ +0.23 points	0.29%	0.06%
Fresenius	DBEZ +0.22 points	0.28%	0.06%
NN Group NV	DBEZ +0.23 points	0.29%	0.06%
Banca Monte dei Paschi di Sien	DBEZ +0.23 points	0.29%	0.06%
HeidelbergCement AG	DBEZ +0.22 points	0.28%	0.06%
Veolia Environnement SA	DBEZ +0.22 points	0.28%	0.06%
Cap Gemini SA	DBEZ +0.22 points	0.28%	0.06%
Wolters Kluwer NV	DBEZ +0.22 points	0.28%	0.06%
Compagnie Generale des Etablissements Michelin SCA	DBEZ +0.22 points	0.28%	0.06%
Merck KGaA	DBEZ +0.22 points	0.28%	0.06%
Bayerische Motoren Werke Ag	DBEZ +0.21 points	0.27%	0.06%
Koninklijke Philips NV	DBEZ +0.22 points	0.27%	0.05%
Daimler Truck Holding AG	DBEZ +0.21 points	0.27%	0.06%
Universal Music Group NV	DBEZ +0.20 points	0.25%	0.05%
Hannover Rueck SE	DBEZ +0.20 points	0.25%	0.05%
Poste Italiane Spa	DBEZ +0.20 points	0.26%	0.06%
BPER Banca	DBEZ +0.20 points	0.26%	0.06%
MTU Aero Engines AG	DBEZ +0.20 points	0.25%	0.05%
Kone OYJ-B	DBEZ +0.20 points	0.25%	0.05%
Bank of Ireland Group PLC	DBEZ +0.18 points	0.24%	0.06%
Dassault Systemes Eur 0.1	DBEZ +0.19 points	0.24%	0.05%
Koninklijke KPN NV	DBEZ +0.18 points	0.23%	0.05%
Dsm Firmenich	DBEZ +0.19 points	0.24%	0.05%
Acs Actividades Cons Y Serv	DBEZ +0.18 points	0.23%	0.05%
Kerry Group PLC	DBEZ +0.18 points	0.22%	0.04%
Banco de Sabadell SA	DBEZ +0.17 points	0.22%	0.05%
Siemens Healthineers AG	DBEZ +0.17 points	0.21%	0.04%

All 597 DBEZ 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.

DBEZ vs HAWX Cost

Overpaying HAWX vs DBEZ

$4,565

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

DBEZ 0.45%
$9,041
HAWX 0.70%
$13,606

Amount$10,000

Years30 years

Cost over time

DBEZ 0.45%
HAWX 0.70%
Overpaying

Year by year

Year	DBEZ	HAWX	Overpaying
10	$812	$1,250	$438
20	$3,128	$4,760	$1,632
30	$9,041	$13,606	$4,565

Expense ratio

0.45%DBEZ, cheaper
0.70%HAWX

DBEZ0.45%HAWX0.70%

0.40%1.12%

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

DBEZ 2nd cheapest of 5 funds

HAWX 4th cheapest of 5 funds

DBEZ vs HAWX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DBEZ 1.30%; HAWX 2.56%, better
Payout (12M): DBEZ $0.79; HAWX $1.13
Last payment: DBEZ $0.04; HAWX $0.50
Ex-dividend: DBEZ Jun 18, 2026; HAWX Jul 2, 2026
Paid on: DBEZ Jun 26, 2026; HAWX Jul 8, 2026
Frequency: DBEZ Twice a year; HAWX Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DBEZTwice a year · 17 paymentsAll DBEZ payments⁠

HAWXTwice a year · 21 paymentsAll HAWX payments⁠

DBEZ vs HAWX Risk

Fall from peak · 5 years

DBEZ
HAWX

Risk facts

VolatilityStd dev, 3 years: DBEZ 10.9%HAWX 9.0%, better
Return per unit of riskSharpe ratio, 3 years: DBEZ 1.30HAWX 1.72, better
Worst fallMax drawdown, 5 years: DBEZ −23.4%HAWX −17.5%, better
Market sensitivityBeta, 5 years: DBEZ 0.73HAWX 0.59; Market = 1

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