^GDAXI vs. BZ=F

Last updated Jun 5, 2026

^GDAXI (DAX Performance Index) is an index, while BZ=F (Crude Oil Brent) is an asset. Over the past 10 years, ^GDAXI returned 9.44%/yr vs 6.29%/yr for BZ=F. At a 0.17 correlation, their price movements are largely independent.

Performance

^GDAXI vs. BZ=F - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in DAX Performance Index (^GDAXI) and Crude Oil Brent (BZ=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

^GDAXI is traded in EUR, while BZ=F is traded in USD. To make them comparable, the BZ=F values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, ^GDAXI achieves a 1.86% return, which is significantly lower than BZ=F's 58.13% return. Over the past 10 years, ^GDAXI has outperformed BZ=F with an annualized return of 9.44%, while BZ=F has yielded a comparatively lower 6.29% annualized return.

^GDAXI

• 1D: 0.60%
• 1M: 2.23%
• YTD: 1.86%
• 6M: 4.45%
• 1Y: 2.75%
• 3Y*: 16.04%
• 5Y*: 9.71%
• 10Y*: 9.44%

BZ=F

• 1D: -2.87%
• 1M: -12.83%
• YTD: 58.13%
• 6M: 50.80%
• 1Y: 44.22%
• 3Y*: 4.58%
• 5Y*: 6.75%
• 10Y*: 6.29%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^GDAXI vs. BZ=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^GDAXI DAX Performance Index	1.86%	23.01%	18.85%	20.31%	-12.35%	15.79%	3.55%	25.48%	-18.26%	12.51%
BZ=F Crude Oil Brent	58.13%	-28.15%	3.28%	-13.01%	17.30%	61.39%	-27.98%	25.45%	-15.77%	3.22%

Correlation

The correlation between ^GDAXI and BZ=F is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.13
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Aug 28, 2007	0.17

The correlation between ^GDAXI and BZ=F shifts across timeframes, from -0.30 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

^GDAXI vs. BZ=F — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^GDAXI

^GDAXI Risk / Return Rank: 20
^GDAXI Sharpe Ratio Rank: 20
^GDAXI Sortino Ratio Rank: 18
^GDAXI Omega Ratio Rank: 18
^GDAXI Calmar Ratio Rank: 20
^GDAXI Martin Ratio Rank: 23

BZ=F

BZ=F Risk / Return Rank: 29
BZ=F Sharpe Ratio Rank: 26
BZ=F Sortino Ratio Rank: 28
BZ=F Omega Ratio Rank: 20
BZ=F Calmar Ratio Rank: 37
BZ=F Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^GDAXI vs. BZ=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DAX Performance Index (^GDAXI) and Crude Oil Brent (BZ=F). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^GDAXI	BZ=F	Difference
Sharpe ratio: Return per unit of total volatility	0.17	0.79	-0.61
Sortino ratio: Return per unit of downside risk	0.36	1.26	-0.90
Omega ratio: Gain probability vs. loss probability	1.04	1.19	-0.14
Calmar ratio: Return relative to maximum drawdown	0.22	1.55	-1.32
Martin ratio: Return relative to average drawdown	0.70	2.55	-1.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^GDAXI vs. BZ=F - Sharpe Ratio Comparison

The current ^GDAXI Sharpe Ratio is 0.17, which is lower than the BZ=F Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of ^GDAXI and BZ=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^GDAXI	BZ=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	0.79	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.17	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.15	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.06	+0.35

Drawdowns

^GDAXI vs. BZ=F - Drawdown Comparison

The maximum ^GDAXI drawdown since its inception was -72.68%, smaller than the maximum BZ=F drawdown of -81.55%. Use the drawdown chart below to compare losses from any high point for ^GDAXI and BZ=F.

Drawdown Indicators

	^GDAXI	BZ=F	Difference
Max Drawdown Largest peak-to-trough decline	-72.68%	-81.55%	+8.87%
Max Drawdown (1Y) Largest decline over 1 year	-12.27%	-25.22%	+12.95%
Max Drawdown (3Y) Largest decline over 3 years	-16.01%	-45.42%	+29.41%
Max Drawdown (5Y) Largest decline over 5 years	-26.40%	-57.30%	+30.90%
Max Drawdown (10Y) Largest decline over 10 years	-38.78%	-76.30%	+37.52%
Current Drawdown Current decline from peak	-1.87%	-30.26%	+28.39%
Average Drawdown Average peak-to-trough decline	-14.71%	-34.99%	+20.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	13.02%	-9.10%

Volatility

^GDAXI vs. BZ=F - Volatility Comparison

The current volatility for DAX Performance Index (^GDAXI) is 5.14%, while Crude Oil Brent (BZ=F) has a volatility of 15.64%. This indicates that ^GDAXI experiences smaller price fluctuations and is considered to be less risky than BZ=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^GDAXI	BZ=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	15.64%	-10.50%
Volatility (6M) Calculated over the trailing 6-month period	12.92%	46.98%	-34.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.99%	49.66%	-33.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	38.37%	-21.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.35%	40.05%	-21.70%

Frequently Asked Questions

Can I hold both ^GDAXI and BZ=F in my portfolio?

^GDAXI and BZ=F have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^GDAXI or BZ=F?

BZ=F has higher volatility (15.64%) compared to ^GDAXI (5.14%). In terms of maximum drawdown, ^GDAXI dropped -72.68% vs BZ=F's -81.55%.

Which has better risk-adjusted returns?

BZ=F currently has the higher Sharpe Ratio (0.79 vs 0.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.