AQWA vs. DAX

Last updated Jul 18, 2026

AQWA (Global X Clean Water ETF) and DAX (Global X DAX Germany ETF) are both exchange-traded funds - AQWA is a Water Equities fund tracking the Solactive Global Clean Water Industry Index, while DAX is a Europe Equities fund tracking the DAX Index. Both are passively managed. Over the past 5 years, AQWA returned 5.10%/yr vs 8.36%/yr for DAX. A 0.61 correlation means they provide meaningful diversification when combined. AQWA charges 0.50%/yr vs 0.20%/yr for DAX.

Performance

AQWA vs. DAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Clean Water ETF (AQWA) and Global X DAX Germany ETF (DAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AQWA achieves a 3.20% return, which is significantly higher than DAX's -2.05% return.

AQWA

• 1D: -0.86%
• 1M: 2.94%
• 6M: -2.14%
• YTD: 3.20%
• 1Y: 2.60%
• 3Y*: 8.68%
• 5Y*: 5.10%
• 10Y*: —

DAX

• 1D: -0.83%
• 1M: -0.43%
• 6M: -4.27%
• YTD: -2.05%
• 1Y: -0.76%
• 3Y*: 15.29%
• 5Y*: 8.36%
• 10Y*: 9.24%

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

AQWA vs. DAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AQWA Global X Clean Water ETF	3.20%	13.15%	4.34%	20.13%	-19.89%	15.67%
DAX Global X DAX Germany ETF	-2.05%	39.00%	10.55%	23.62%	-18.47%	-1.07%

Correlation

The correlation between AQWA and DAX is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.61

The correlation between AQWA and DAX has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.

Return for Risk

AQWA vs. DAX — Risk / Return Rank

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

AQWA

AQWA Risk / Return Rank: 12
AQWA Sharpe Ratio Rank: 13
AQWA Sortino Ratio Rank: 12
AQWA Omega Ratio Rank: 12
AQWA Calmar Ratio Rank: 13
AQWA Martin Ratio Rank: 12

DAX

DAX Risk / Return Rank: 9
DAX Sharpe Ratio Rank: 9
DAX Sortino Ratio Rank: 9
DAX Omega Ratio Rank: 9
DAX Calmar Ratio Rank: 9
DAX Martin Ratio Rank: 9

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.

AQWA vs. DAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Clean Water ETF (AQWA) and Global X DAX Germany ETF (DAX). 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.

	AQWA	DAX	Difference
Sharpe ratio: Return per unit of total volatility	0.18	-0.04	+0.22
Sortino ratio: Return per unit of downside risk	0.35	0.07	+0.29
Omega ratio: Gain probability vs. loss probability	1.04	1.01	+0.03
Calmar ratio: Return relative to maximum drawdown	0.21	-0.05	+0.26
Martin ratio: Return relative to average drawdown	0.46	-0.15	+0.61

AQWA vs. DAX - Sharpe Ratio Comparison

The current AQWA Sharpe Ratio is 0.18, which is higher than the DAX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of AQWA and DAX, 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

AQWA vs. DAX - Drawdown Comparison

The maximum AQWA drawdown since its inception was -29.44%, smaller than the maximum DAX drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for AQWA and DAX.

Drawdown Indicators

	AQWA	DAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.44%	-45.58%	+16.14%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-14.82%	+2.48%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-16.03%	+1.48%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-38.92%	+9.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.58%	—
Current Drawdown Current decline from peak	-7.29%	-5.97%	-1.32%
Average Drawdown Average peak-to-trough decline	-8.27%	-10.45%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.69%	4.98%	+0.71%

Volatility

AQWA vs. DAX - Volatility Comparison

Global X Clean Water ETF (AQWA) has a higher volatility of 5.29% compared to Global X DAX Germany ETF (DAX) at 4.84%. This indicates that AQWA's price experiences larger fluctuations and is considered to be riskier than DAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AQWA	DAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	4.84%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	11.68%	15.32%	-3.64%
Volatility (1Y) Calculated over the trailing 1-year period	14.85%	18.03%	-3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	20.43%	-3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	20.91%	-4.26%

AQWA vs. DAX - Expense Ratio Comparison

AQWA has a 0.50% expense ratio, which is higher than DAX's 0.20% expense ratio.

Dividends

AQWA vs. DAX - Dividend Comparison

AQWA's dividend yield for the trailing twelve months is around 1.55%, less than DAX's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQWA Global X Clean Water ETF	1.55%	1.47%	1.40%	1.53%	1.56%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DAX Global X DAX Germany ETF	2.15%	1.47%	2.24%	2.48%	2.80%	2.65%	2.25%	2.47%	3.33%	1.73%	1.78%	1.41%

Frequently Asked Questions

Can I hold both AQWA and DAX in my portfolio?

AQWA and DAX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AQWA or DAX?

AQWA has higher volatility (5.29%) compared to DAX (4.84%). In terms of maximum drawdown, AQWA dropped -29.44% vs DAX's -45.58%.

Which ETF is better, AQWA or DAX?

On 5-year performance, DAX leads with 8.36% vs 5.10% for AQWA. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 4.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AQWA or DAX?

Over the 5-year period, DAX has performed better with a 8.36% return vs 5.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AQWA or DAX?

DAX is cheaper with a 0.20% expense ratio, compared with 0.50% for AQWA.

Which ETF pays a higher dividend yield, AQWA or DAX?

DAX has the higher dividend yield at 2.15%, compared with 1.55% for AQWA.

What is the main difference between AQWA and DAX?

AQWA is categorized as Water Equities, while DAX is Europe Equities. AQWA tracks Solactive Global Clean Water Industry Index, while DAX tracks DAX Index. Their fees differ too: 0.50% for AQWA and 0.20% for DAX.

Which has better risk-adjusted returns?

AQWA currently has the higher Sharpe Ratio (0.18 vs -0.04), 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.