DBEZ vs HEZU: Grades, Fees and Holdings Compared

Xtrackers MSCI Eurozone Hedged Equity ETF

DBEZCNYSE Arca

iShares Currency Hedged MSCI Eurozone ETF

HEZUDNYSE Arca

Overlap

89.3%by weight

Expense ratio

DBEZ −0.67pt a year

DBEZ0.45%HEZU1.12%

Avg volume · 30D

HEZU 24.3×the volume

DBEZ3.51KHEZU85.3K

10Y return · a year

HEZU +0.3pt

DBEZ+11.4%HEZU+11.7%

DBEZ vs HEZU Performance

Oct 29, 2021 – Oct 30, 2026

+68.5%DBEZ+73.8%HEZU

Expense ratio: DBEZ 0.45%, better; HEZU 1.12%
Fund size: DBEZ $67M; HEZU $417M
1Y total return: DBEZ +13.3%; HEZU +13.9%, better
Yield (12M): DBEZ 1.30%; HEZU 2.63%, better
Holdings: DBEZ 595; HEZU 219
Avg volume (30D): DBEZ 3.51K sh; HEZU 85.3K sh, better
NAV per share: DBEZ $61.11; HEZU $47.62
52W range

ETF.net Grade

Pillar letters and Scores for DBEZ, HEZU, with each pillar’s weight
Pillar	DBEZ	HEZU
Cost30% weight	C53Higher	F11
Mission25% weight	Not scored	Not scored
Risk15% weight	C42	B55Higher
Tradability15% weight	F23	A81Higher
Holdings10% weight	C50Higher	D39
Durability5% weight	D31	B57Higher

Rank among International Stocks (USD-Hedged) funds

How we build Categories ›

Same Category. DBEZ 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 ›

DBEZ ranks 4th 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

DBEZCXtrackers MSCI Eurozone Hedged Equity ETF

HEZUDiShares Currency Hedged MSCI Eurozone 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.

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

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

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

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.

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

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.

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 DBEZ profile⁠

Full HEZU profile⁠

DBEZ vs HEZU Holdings

How DBEZ and HEZU differ

Overlap by weight

89.3%

Shared holdings make up 95.3% of HEZU and 89.4% of DBEZ.

Level by level

Holdings209 in both89.3%
Countryby domicile94.4%
Sector11 Sectors96.7%
Asset classEquity100%

Sector

Sector weights in DBEZ and HEZU, widest gap first
Sector	More in DBEZMore in HEZU	DBEZ	HEZU
Industrials	DBEZ +1.7 points	20.7%	19.0%
Utilities	HEZU +1.0 points	6.0%	7.0%
Financials	HEZU +0.8 points	25.1%	25.9%
Consumer Staples	HEZU +0.7 points	5.1%	5.8%
Real Estate	DBEZ +0.6 points	1.1%	0.5%
Health Care	HEZU +0.6 points	5.7%	6.3%
Communication	DBEZ +0.5 points	3.5%	3.0%
Materials	DBEZ +0.4 points	4.5%	4.1%
Energy	HEZU +0.2 points	4.2%	4.4%
Consumer Discretionary	DBEZ +0.1 points	7.7%	7.6%
Technology	Same weight	16.3%	16.3%

Country, concentration and asset class

Country by domicile

Country weights in DBEZ and HEZU, widest gap first
Country	More in DBEZMore in HEZU	DBEZ	HEZU
France	HEZU +3.3 points	24.1%	27.4%
United States	DBEZ +2.9 points	2.9%	0.0%
Spain	HEZU +0.8 points	10.6%	11.4%
Sweden	DBEZ +0.7 points	0.7%	0.0%
Portugal	DBEZ +0.6 points	0.6%	0.0%
Finland	HEZU +0.5 points	2.8%	3.3%
Other countries (11)	DBEZ +0.4 points	58.3%	57.9%

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

Concentration

Weight in the 10 largest Holdings

DBEZ27.2%
HEZU30.4%

Securities held

DBEZ594
HEZU215

Asset class

DBEZ: Equity
HEZU: Equity

Holdings

Only in DBEZ385
In both209
Only in HEZU6

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 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 DBEZ and HEZU, widest gap first
Holding	More in DBEZMore in HEZU	DBEZ	HEZU
ASML Holding NV	HEZU +0.97 points	7.73%	8.70%
Siemens AG-Reg	HEZU +0.24 points	2.71%	2.95%
Banco Santander SA	HEZU +0.19 points	2.04%	2.23%
Siemens Energy AG	HEZU +0.18 points	1.39%	1.57%
Schneider Electric SE	HEZU +0.19 points	1.84%	2.03%
Banco Bilbao Vizcaya Argentari	HEZU +0.16 points	1.66%	1.82%
Allianz SE-Reg	HEZU +0.14 points	2.35%	2.49%
Sap SE	HEZU +0.13 points	3.02%	3.15%
Airbus SE	HEZU +0.12 points	1.62%	1.74%
Infineon Technologies AG	HEZU +0.12 points	0.93%	1.05%
Total SA	HEZU +0.11 points	2.33%	2.44%
UniCredit SpA	HEZU +0.11 points	1.40%	1.51%
Iberdrola SA	HEZU +0.11 points	1.93%	2.04%
BNP Paribas SA	HEZU +0.09 points	1.20%	1.29%
Safran SA	HEZU +0.08 points	1.35%	1.43%
ING Groep NV	HEZU +0.08 points	1.15%	1.23%
Intesa Sanpaolo SpA	HEZU +0.09 points	1.17%	1.26%
Nokia OYJ	HEZU +0.08 points	0.55%	0.63%
Yandex N.V. Cl ANBIS	HEZU +0.06 points	0.40%	0.46%
ASM International NV	HEZU +0.06 points	0.48%	0.55%
Deutsche Bank AG-Registered	HEZU +0.07 points	0.73%	0.80%
Axa SA	HEZU +0.06 points	0.94%	1.00%
LVMH Moet Hennessy Louis Vuitton	HEZU +0.06 points	1.36%	1.42%
Air Liquide SA	HEZU +0.05 points	1.59%	1.64%
Enel SpA	HEZU +0.06 points	1.00%	1.06%
Nordea Bank Abp	HEZU +0.05 points	0.68%	0.73%
Industria de Diseno Textil SA	HEZU +0.04 points	0.87%	0.91%
Rwe AG	HEZU +0.04 points	0.52%	0.56%
L'Oreal SA	HEZU +0.04 points	1.47%	1.51%
Deutsche Telekom AG-Reg	HEZU +0.05 points	1.25%	1.30%
Societe Generale SA	HEZU +0.04 points	0.55%	0.59%
Rheinmetall Ag	HEZU +0.04 points	0.69%	0.73%
Vinci SA	HEZU +0.04 points	0.72%	0.76%
Deutsche Post AG-REG	HEZU +0.04 points	0.77%	0.81%
Muenchener Rueckversicherungs-Reg	HEZU +0.04 points	1.01%	1.05%
Prysmian SpA	HEZU +0.04 points	0.44%	0.48%
Legrand SA	HEZU +0.03 points	0.48%	0.51%
Engie SA	HEZU +0.04 points	0.59%	0.63%
Anheuser-Busch InBev SA/NV	HEZU +0.03 points	0.91%	0.94%
Ferrari NV	HEZU +0.03 points	0.61%	0.64%
Deutsche Boerse AG	HEZU +0.03 points	0.82%	0.85%
E.on SE	HEZU +0.03 points	0.60%	0.63%
CaixaBank SA	HEZU +0.03 points	0.55%	0.58%
Eni SpA	HEZU +0.03 points	0.70%	0.73%
Basf SE	HEZU +0.03 points	0.66%	0.69%
Cie de Saint-Gobain	HEZU +0.03 points	0.42%	0.45%
Ucb SA	HEZU +0.03 points	0.48%	0.51%
Prosus NV	HEZU +0.02 points	0.59%	0.61%
ABN AMRO Group NV	HEZU +0.03 points	0.34%	0.37%
Assicurazioni Generali SpA	HEZU +0.03 points	0.43%	0.46%
Commerzbank AG	HEZU +0.03 points	0.31%	0.34%
Dsm Firmenich	HEZU +0.02 points	0.24%	0.26%
Daimler AG	HEZU +0.03 points	0.38%	0.41%
Unipol Gruppo Finanziario SpA	DBEZ +0.02 points	0.18%	0.16%
Thales SA	HEZU +0.03 points	0.30%	0.33%
Ferrovial SA	HEZU +0.02 points	0.34%	0.36%
Amadeus IT Group SA-A SHS	HEZU +0.02 points	0.34%	0.36%
Leonardo SpA	HEZU +0.02 points	0.29%	0.31%
KBC Group NV	HEZU +0.03 points	0.37%	0.40%
Bank of Ireland Group PLC	HEZU +0.03 points	0.24%	0.27%
AerCap Holdings NVAER	HEZU +0.02 points	0.31%	0.33%
Banca Monte dei Paschi di Sien	HEZU +0.02 points	0.29%	0.31%
Erste Group Bank Ag	HEZU +0.02 points	0.47%	0.49%
BPER Banca	HEZU +0.02 points	0.26%	0.28%
adidas AG	HEZU +0.02 points	0.38%	0.40%
BE Semiconductor Indstries NV	HEZU +0.02 points	0.15%	0.17%
Banco de Sabadell SA	HEZU +0.02 points	0.22%	0.24%
Danone SA	HEZU +0.02 points	0.59%	0.61%
NN Group NV	HEZU +0.02 points	0.29%	0.31%
Aena Sme S.a. Eur 1.0	HEZU +0.01 points	0.29%	0.30%
Acs Actividades Cons Y Serv	HEZU +0.02 points	0.23%	0.25%
Compagnie Generale des Etablissements Michelin SCA	HEZU +0.02 points	0.28%	0.30%
Poste Italiane Spa	HEZU +0.01 points	0.26%	0.27%
MTU Aero Engines AG	HEZU +0.02 points	0.25%	0.27%
Koninklijke Philips NV	HEZU +0.01 points	0.27%	0.28%
Red Electrica Corp SA	DBEZ +0.02 points	0.09%	0.07%
Hermes International	HEZU +0.02 points	0.63%	0.65%
Credit Agricole SA	HEZU +0.02 points	0.19%	0.21%
AIB Group PLC	HEZU +0.01 points	0.33%	0.34%
BAWAG Group AG	HEZU +0.02 points	0.16%	0.18%
Orange SA	HEZU +0.02 points	0.38%	0.40%
HeidelbergCement AG	HEZU +0.02 points	0.28%	0.30%
Fresenius Medical Care AG & Co	HEZU +0.02 points	0.10%	0.12%
Ageas	HEZU +0.02 points	0.15%	0.17%
Koninklijke Ahold Delhaize NV	HEZU +0.02 points	0.41%	0.43%
FinecoBank Banca Fineco SpA	HEZU +0.02 points	0.17%	0.19%
Kingspan Group PLC	HEZU +0.02 points	0.20%	0.22%
Galp Energia SGPS SA-B	HEZU +0.01 points	0.11%	0.12%
Heineken NV	HEZU +0.01 points	0.30%	0.31%
Wartsila OYJ Abp	HEZU +0.01 points	0.18%	0.19%
Adyen NV	HEZU +0.02 points	0.31%	0.33%
UPM-Kymmene OYJ	HEZU +0.01 points	0.17%	0.18%
Merck KGaA	HEZU +0.01 points	0.28%	0.29%
Banco BPM SpA	HEZU +0.01 points	0.19%	0.20%
Fresenius	HEZU +0.02 points	0.28%	0.30%
ASR Nederland NV	HEZU +0.02 points	0.16%	0.18%
Metso Outotec Corp	HEZU +0.02 points	0.15%	0.17%
Accor SA	HEZU +0.01 points	0.12%	0.13%
Volkswagen AG	HEZU +0.02 points	0.20%	0.22%
Endesa SA	HEZU +0.01 points	0.19%	0.20%

All 597 DBEZ 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.

DBEZ vs HEZU Cost

Overpaying HEZU vs DBEZ

$11,566

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

DBEZ 0.45%
$9,041
HEZU 1.12%
$20,607

Amount$10,000

Years30 years

Cost over time

DBEZ 0.45%
HEZU 1.12%
Overpaying

Year by year

Year	DBEZ	HEZU	Overpaying
10	$812	$1,965	$1,153
20	$3,128	$7,344	$4,216
30	$9,041	$20,607	$11,566

Expense ratio

0.45%DBEZ, cheaper
1.12%HEZU

DBEZ0.45%HEZU1.12%

0.40%1.12%

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

DBEZ 2nd cheapest of 5 funds

HEZU 5th cheapest of 5 funds

DBEZ vs HEZU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DBEZ 1.30%; HEZU 2.63%, better
Payout (12M): DBEZ $0.79; HEZU $1.26
Last payment: DBEZ $0.04; HEZU $0.84
Ex-dividend: DBEZ Jun 18, 2026; HEZU Jul 2, 2026
Paid on: DBEZ Jun 26, 2026; HEZU Jul 8, 2026
Frequency: DBEZ Twice a year; HEZU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DBEZTwice a year · 17 paymentsAll DBEZ payments⁠

HEZUTwice a year · 21 paymentsAll HEZU payments⁠

DBEZ vs HEZU Risk

Fall from peak · 5 years

DBEZ
HEZU

Risk facts

VolatilityStd dev, 3 years: DBEZ 10.9%HEZU 10.9%
Return per unit of riskSharpe ratio, 3 years: DBEZ 1.30HEZU 1.34, better
Worst fallMax drawdown, 5 years: DBEZ −23.4%HEZU −22.7%, better
Market sensitivityBeta, 5 years: DBEZ 0.73HEZU 0.66; Market = 1

DBEZ 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

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DBEZ vs HEZU

In short

Stated mandate

Why people hold it