CEUG.DE vs. DAX

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.DE) and Global X DAX Germany ETF (DAX).

CEUG.DE and DAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CEUG.DE is a passively managed fund by Amundi that tracks the performance of the MSCI Europe NR EUR. It was launched on Mar 22, 2018. DAX is a passively managed fund by Global X that tracks the performance of the DAX Index. It was launched on Oct 22, 2014. Both CEUG.DE and DAX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CEUG.DE vs. DAX - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.DE) and Global X DAX Germany ETF (DAX). The values are adjusted to include any dividend payments, if applicable.

CEUG.DE vs. DAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEUG.DE iShares MSCI EMU UCITS ETF GBP Hedged (Dist)	0.99%	19.02%	9.58%	15.40%	-11.56%	25.11%	-3.26%	27.70%	-10.95%	10.55%
DAX Global X DAX Germany ETF	-5.33%	22.50%	17.84%	19.91%	-13.42%	15.78%	3.02%	24.87%	-19.30%	12.47%

Different Trading Currencies

CEUG.DE is traded in EUR, while DAX is traded in USD. To make them comparable, the DAX values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, CEUG.DE achieves a 0.99% return, which is significantly higher than DAX's -4.81% return. Both investments have delivered pretty close results over the past 10 years, with CEUG.DE having a 8.64% annualized return and DAX not far behind at 8.31%.

CEUG.DE

• 1D: 2.71%
• 1M: -1.20%
• YTD: 0.99%
• 6M: 5.84%
• 1Y: 14.16%
• 3Y*: 11.96%
• 5Y*: 9.16%
• 10Y*: 8.64%

DAX

• 1D: 0.00%
• 1M: -2.97%
• YTD: -4.81%
• 6M: -4.90%
• 1Y: 3.21%
• 3Y*: 13.39%
• 5Y*: 8.29%
• 10Y*: 8.31%

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

CEUG.DE vs. DAX - Expense Ratio Comparison

CEUG.DE has a 0.12% expense ratio, which is lower than DAX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

DAX

Global X DAX Germany ETF

CEUG.DE

iShares MSCI EMU UCITS ETF GBP Hedged (Dist)

Return for Risk

CEUG.DE vs. DAX — Risk / Return Rank

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

CEUG.DE

CEUG.DE Risk / Return Rank: 45
CEUG.DE Sharpe Ratio Rank: 46
CEUG.DE Sortino Ratio Rank: 41
CEUG.DE Omega Ratio Rank: 44
CEUG.DE Calmar Ratio Rank: 47
CEUG.DE Martin Ratio Rank: 46

DAX

DAX Risk / Return Rank: 24
DAX Sharpe Ratio Rank: 24
DAX Sortino Ratio Rank: 25
DAX Omega Ratio Rank: 24
DAX Calmar Ratio Rank: 23
DAX 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.

CEUG.DE vs. DAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.DE) 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.

	CEUG.DE	DAX	Difference
Sharpe ratio Return per unit of total volatility	0.91	0.16	+0.74
Sortino ratio Return per unit of downside risk	1.24	0.38	+0.87
Omega ratio Gain probability vs. loss probability	1.19	1.05	+0.14
Calmar ratio Return relative to maximum drawdown	1.41	0.21	+1.20
Martin ratio Return relative to average drawdown	5.16	0.70	+4.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEUG.DE vs. DAX - Sharpe Ratio Comparison

The current CEUG.DE Sharpe Ratio is 0.91, which is higher than the DAX Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of CEUG.DE and DAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CEUG.DE	DAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	0.16	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.48	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.43	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.39	+0.11

Correlation

The correlation between CEUG.DE and DAX is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CEUG.DE vs. DAX - Dividend Comparison

CEUG.DE has not paid dividends to shareholders, while DAX's dividend yield for the trailing twelve months is around 1.58%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEUG.DE iShares MSCI EMU UCITS ETF GBP Hedged (Dist)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DAX Global X DAX Germany ETF	1.58%	1.47%	2.24%	2.48%	2.80%	2.65%	2.25%	2.47%	3.33%	1.73%	1.78%	1.41%

Drawdowns

CEUG.DE vs. DAX - Drawdown Comparison

The maximum CEUG.DE drawdown since its inception was -35.67%, smaller than the maximum DAX drawdown of -39.14%. Use the drawdown chart below to compare losses from any high point for CEUG.DE and DAX.

Drawdown Indicators

	CEUG.DE	DAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.67%	-45.58%	+9.91%
Max Drawdown (1Y) Largest decline over 1 year	-12.45%	-14.82%	+2.37%
Max Drawdown (5Y) Largest decline over 5 years	-21.04%	-39.96%	+18.92%
Max Drawdown (10Y) Largest decline over 10 years	-35.67%	-45.58%	+9.91%
Current Drawdown Current decline from peak	-5.86%	-10.73%	+4.87%
Average Drawdown Average peak-to-trough decline	-5.60%	-10.58%	+4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	4.28%	-1.53%

Volatility

CEUG.DE vs. DAX - Volatility Comparison

The current volatility for iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.DE) is 6.19%, while Global X DAX Germany ETF (DAX) has a volatility of 7.40%. This indicates that CEUG.DE experiences smaller price fluctuations and is considered to be less risky than DAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEUG.DE	DAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	7.40%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	11.72%	-2.23%
Volatility (1Y) Calculated over the trailing 1-year period	15.20%	19.84%	-4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.16%	17.21%	-3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.58%	19.48%	-3.90%