^GDAXI vs. VOO

Last updated Jun 24, 2026

^GDAXI (DAX Performance Index) is an index, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ^GDAXI returned 10.15%/yr vs 15.45%/yr for VOO. At a 0.46 correlation, their price movements are largely independent.

Performance

^GDAXI vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in DAX Performance Index (^GDAXI) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ^GDAXI achieves a 2.65% return, which is significantly lower than VOO's 12.83% return. Over the past 10 years, ^GDAXI has underperformed VOO with an annualized return of 10.15%, while VOO has yielded a comparatively higher 15.45% annualized return.

^GDAXI

• 1D: 0.00%
• 1M: 1.01%
• YTD: 2.65%
• 6M: 3.29%
• 1Y: 8.04%
• 3Y*: 16.67%
• 5Y*: 10.03%
• 10Y*: 10.15%

VOO

• 1D: 0.00%
• 1M: 1.61%
• YTD: 12.83%
• 6M: 12.29%
• 1Y: 27.15%
• 3Y*: 19.45%
• 5Y*: 14.43%
• 10Y*: 15.45%

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

^GDAXI vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^GDAXI DAX Performance Index	2.65%	23.01%	18.85%	20.31%	-12.35%	15.79%	3.55%	25.48%	-18.26%	12.51%
VOO Vanguard S&P 500 ETF	11.73%	3.84%	33.23%	22.54%	-13.10%	38.43%	8.57%	34.33%	-0.02%	6.81%

Correlation

The correlation between ^GDAXI and VOO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.46

The correlation between ^GDAXI and VOO shifts across timeframes, from 0.34 (3 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

^GDAXI vs. VOO — Risk / Return Rank

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

^GDAXI

^GDAXI Risk / Return Rank: 26
^GDAXI Sharpe Ratio Rank: 27
^GDAXI Sortino Ratio Rank: 23
^GDAXI Omega Ratio Rank: 24
^GDAXI Calmar Ratio Rank: 26
^GDAXI Martin Ratio Rank: 29

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DAX Performance Index (^GDAXI) and Vanguard S&P 500 ETF (VOO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	^GDAXI	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.50	2.19	-1.69
Sortino ratio: Return per unit of downside risk	0.83	2.81	-1.98
Omega ratio: Gain probability vs. loss probability	1.10	1.41	-0.31
Calmar ratio: Return relative to maximum drawdown	0.65	3.70	-3.05
Martin ratio: Return relative to average drawdown	2.06	13.89	-11.83

^GDAXI vs. VOO - Sharpe Ratio Comparison

The current ^GDAXI Sharpe Ratio is 0.50, which is lower than the VOO Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of ^GDAXI and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

^GDAXI vs. VOO - Drawdown Comparison

The maximum ^GDAXI drawdown since its inception was -72.68%, which is greater than VOO's maximum drawdown of -33.49%. Use the drawdown chart below to compare losses from any high point for ^GDAXI and VOO.

Drawdown Indicators

	^GDAXI	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-72.68%	-33.49%	-39.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.27%	-7.37%	-4.90%
Max Drawdown (3Y) Largest decline over 3 years	-16.01%	-23.87%	+7.86%
Max Drawdown (5Y) Largest decline over 5 years	-26.40%	-23.87%	-2.53%
Max Drawdown (10Y) Largest decline over 10 years	-38.78%	-33.49%	-5.29%
Current Drawdown Current decline from peak	-1.11%	0.00%	-1.11%
Average Drawdown Average peak-to-trough decline	-15.51%	-4.03%	-11.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	1.96%	+1.93%

Volatility

^GDAXI vs. VOO - Volatility Comparison

The current volatility for DAX Performance Index (^GDAXI) is 3.29%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.78%. This indicates that ^GDAXI experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^GDAXI	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	3.78%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	13.04%	9.06%	+3.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.95%	12.47%	+3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	16.76%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	18.55%	-0.38%

Frequently Asked Questions

Can I hold both ^GDAXI and VOO in my portfolio?

^GDAXI and VOO have a correlation of 0.48, 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 VOO?

VOO has higher volatility (3.78%) compared to ^GDAXI (3.29%). In terms of maximum drawdown, ^GDAXI dropped -72.68% vs VOO's -33.49%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.19 vs 0.50), 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.