BZ=F vs. ^GDAXI

Last updated Jun 3, 2026

BZ=F (Crude Oil Brent) is an asset, while ^GDAXI (DAX Performance Index) is an index. Over the past 10 years, BZ=F returned 6.79%/yr vs 9.79%/yr for ^GDAXI. At a 0.23 correlation, their price movements are largely independent.

Performance

BZ=F vs. ^GDAXI - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, BZ=F achieves a 57.40% return, which is significantly higher than ^GDAXI's 1.54% return. Over the past 10 years, BZ=F has underperformed ^GDAXI with an annualized return of 6.79%, while ^GDAXI has yielded a comparatively higher 9.79% annualized return.

BZ=F

• 1D: 0.84%
• 1M: -11.45%
• YTD: 57.40%
• 6M: 53.37%
• 1Y: 48.20%
• 3Y*: 7.95%
• 5Y*: 6.08%
• 10Y*: 6.79%

^GDAXI

• 1D: 0.45%
• 1M: 2.52%
• YTD: 1.54%
• 6M: 5.99%
• 1Y: 6.72%
• 3Y*: 19.35%
• 5Y*: 9.04%
• 10Y*: 9.79%

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

BZ=F vs. ^GDAXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BZ=F Crude Oil Brent	57.40%	-18.48%	-3.12%	-10.32%	10.45%	50.15%	-21.52%	22.68%	-19.55%	17.69%
^GDAXI DAX Performance Index	1.54%	38.87%	12.05%	24.11%	-17.17%	6.66%	13.66%	22.83%	-22.10%	28.42%

Correlation

The correlation between BZ=F and ^GDAXI is -0.34, 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	-0.34
Correlation (3Y) Calculated over the trailing 3-year period	-0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since May 22, 2007	0.23

The correlation between BZ=F and ^GDAXI shifts across timeframes, from -0.34 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BZ=F vs. ^GDAXI — Risk / Return Rank

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

BZ=F

BZ=F Risk / Return Rank: 33
BZ=F Sharpe Ratio Rank: 22
BZ=F Sortino Ratio Rank: 27
BZ=F Omega Ratio Rank: 20
BZ=F Calmar Ratio Rank: 51
BZ=F Martin Ratio Rank: 48

^GDAXI

^GDAXI Risk / Return Rank: 23
^GDAXI Sharpe Ratio Rank: 24
^GDAXI Sortino Ratio Rank: 23
^GDAXI Omega Ratio Rank: 22
^GDAXI Calmar Ratio Rank: 23
^GDAXI Martin Ratio Rank: 24

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.

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

This table presents a comparison of risk-adjusted performance metrics for Crude Oil Brent (BZ=F) and DAX Performance Index (^GDAXI). 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.

	BZ=F	^GDAXI	Difference
Sharpe ratio Return per unit of total volatility	0.89	0.38	+0.51
Sortino ratio Return per unit of downside risk	1.35	0.67	+0.68
Omega ratio Gain probability vs. loss probability	1.20	1.08	+0.12
Calmar ratio Return relative to maximum drawdown	1.75	0.46	+1.28
Martin ratio Return relative to average drawdown	3.64	1.47	+2.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BZ=F vs. ^GDAXI - Sharpe Ratio Comparison

The current BZ=F Sharpe Ratio is 0.89, which is higher than the ^GDAXI Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of BZ=F and ^GDAXI, 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

	BZ=F	^GDAXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.38	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.44	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.47	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.23	-0.10

Drawdowns

BZ=F vs. ^GDAXI - Drawdown Comparison

The maximum BZ=F drawdown since its inception was -86.77%, which is greater than ^GDAXI's maximum drawdown of -60.99%. Use the drawdown chart below to compare losses from any high point for BZ=F and ^GDAXI.

Drawdown Indicators

	BZ=F	^GDAXI	Difference
Max Drawdown Largest peak-to-trough decline	-86.77%	-60.99%	-25.78%
Max Drawdown (1Y) Largest decline over 1 year	-23.63%	-14.36%	-9.27%
Max Drawdown (3Y) Largest decline over 3 years	-38.97%	-15.86%	-23.11%
Max Drawdown (5Y) Largest decline over 5 years	-53.96%	-39.06%	-14.90%
Max Drawdown (10Y) Largest decline over 10 years	-77.60%	-44.80%	-32.80%
Current Drawdown Current decline from peak	-34.43%	-2.54%	-31.89%
Average Drawdown Average peak-to-trough decline	-40.98%	-14.85%	-26.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.34%	4.52%	+6.82%

Volatility

BZ=F vs. ^GDAXI - Volatility Comparison

Crude Oil Brent (BZ=F) has a higher volatility of 16.99% compared to DAX Performance Index (^GDAXI) at 6.14%. This indicates that BZ=F's price experiences larger fluctuations and is considered to be riskier than ^GDAXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BZ=F	^GDAXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.99%	6.14%	+10.85%
Volatility (6M) Calculated over the trailing 6-month period	45.63%	14.29%	+31.34%
Volatility (1Y) Calculated over the trailing 1-year period	47.56%	17.48%	+30.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.42%	20.27%	+17.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.20%	20.54%	+18.66%

Frequently Asked Questions

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

BZ=F and ^GDAXI have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BZ=F or ^GDAXI?

BZ=F has higher volatility (16.99%) compared to ^GDAXI (6.14%). In terms of maximum drawdown, BZ=F dropped -86.77% vs ^GDAXI's -60.99%.

Which has better risk-adjusted returns?

BZ=F currently has the higher Sharpe Ratio (0.89 vs 0.38), 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.