CHIQ vs. DAX

Last updated Jun 4, 2026

CHIQ (Global X MSCI China Consumer Discretionary ETF) and DAX (Global X DAX Germany ETF) are both exchange-traded funds - CHIQ is a China Equities fund tracking the MSCI China Consumer Discretionary 10/50 Index, while DAX is a Europe Equities fund tracking the DAX Index. Both are passively managed. Over the past 10 years, CHIQ returned 6.73%/yr vs 8.97%/yr for DAX. At a 0.46 correlation, their price movements are largely independent. CHIQ charges 0.65%/yr vs 0.20%/yr for DAX.

Performance

CHIQ vs. DAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI China Consumer Discretionary ETF (CHIQ) 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, CHIQ achieves a -13.71% return, which is significantly lower than DAX's -0.66% return. Over the past 10 years, CHIQ has underperformed DAX with an annualized return of 6.73%, while DAX has yielded a comparatively higher 8.97% annualized return.

CHIQ

• 1D: -2.91%
• 1M: -7.37%
• YTD: -13.71%
• 6M: -15.32%
• 1Y: -12.29%
• 3Y*: 3.13%
• 5Y*: -10.45%
• 10Y*: 6.73%

DAX

• 1D: -1.53%
• 1M: 2.29%
• YTD: -0.66%
• 6M: 2.93%
• 1Y: 3.88%
• 3Y*: 17.88%
• 5Y*: 7.71%
• 10Y*: 8.97%

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

CHIQ vs. DAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHIQ Global X MSCI China Consumer Discretionary ETF	-13.71%	13.69%	10.74%	-10.70%	-22.01%	-27.07%	92.61%	44.19%	-28.65%	67.74%
DAX Global X DAX Germany ETF	-0.66%	39.00%	10.55%	23.62%	-18.47%	7.73%	12.27%	22.11%	-22.92%	28.23%

Correlation

The correlation between CHIQ and DAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Oct 24, 2014	0.46

CHIQ vs. DAX - Sectors Allocation Comparison

Sectors	CHIQ	DAX
Consumer Cyclical	96.1%	7.0%
Consumer Defensive	3.2%	0.9%
Real Estate	0.4%	1.0%
Industrials	0.2%	34.8%
Basic Materials	-	5.3%
Communication Services	-	6.1%
Energy	-	-
Financial Services	-	21.0%
Healthcare	-	5.7%
Technology	-	13.2%
Utilities	-	5.0%

Return for Risk

CHIQ vs. DAX — Risk / Return Rank

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

CHIQ

CHIQ Risk / Return Rank: 4
CHIQ Sharpe Ratio Rank: 4
CHIQ Sortino Ratio Rank: 4
CHIQ Omega Ratio Rank: 4
CHIQ Calmar Ratio Rank: 5
CHIQ Martin Ratio Rank: 4

DAX

DAX Risk / Return Rank: 12
DAX Sharpe Ratio Rank: 12
DAX Sortino Ratio Rank: 11
DAX Omega Ratio Rank: 11
DAX Calmar Ratio Rank: 12
DAX Martin Ratio Rank: 12

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.

CHIQ vs. DAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI China Consumer Discretionary ETF (CHIQ) 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.

	CHIQ	DAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	0.22	-0.77
Sortino ratio: Return per unit of downside risk	-0.66	0.44	-1.10
Omega ratio: Gain probability vs. loss probability	0.93	1.05	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.47	0.26	-0.74
Martin ratio: Return relative to average drawdown	-1.02	0.83	-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.

CHIQ vs. DAX - Sharpe Ratio Comparison

The current CHIQ Sharpe Ratio is -0.55, which is lower than the DAX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of CHIQ 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.

Sharpe Ratios by Period

	CHIQ	DAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	0.22	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	0.38	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.42	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.35	-0.28

Drawdowns

CHIQ vs. DAX - Drawdown Comparison

The maximum CHIQ drawdown since its inception was -67.04%, which is greater than DAX's maximum drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for CHIQ and DAX.

Drawdown Indicators

	CHIQ	DAX	Difference
Max Drawdown Largest peak-to-trough decline	-67.04%	-45.58%	-21.46%
Max Drawdown (1Y) Largest decline over 1 year	-26.10%	-14.82%	-11.28%
Max Drawdown (3Y) Largest decline over 3 years	-29.67%	-16.03%	-13.64%
Max Drawdown (5Y) Largest decline over 5 years	-59.95%	-39.96%	-19.99%
Max Drawdown (10Y) Largest decline over 10 years	-67.04%	-45.58%	-21.46%
Current Drawdown Current decline from peak	-54.73%	-4.63%	-50.10%
Average Drawdown Average peak-to-trough decline	-30.61%	-10.51%	-20.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.12%	4.68%	+7.44%

Volatility

CHIQ vs. DAX - Volatility Comparison

Global X MSCI China Consumer Discretionary ETF (CHIQ) has a higher volatility of 7.26% compared to Global X DAX Germany ETF (DAX) at 6.09%. This indicates that CHIQ'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

	CHIQ	DAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	6.09%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	15.80%	14.37%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	22.49%	17.66%	+4.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.72%	20.38%	+17.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.44%	21.28%	+11.16%

CHIQ vs. DAX - Expense Ratio Comparison

CHIQ has a 0.65% expense ratio, which is higher than DAX's 0.20% expense ratio.

Dividends

CHIQ vs. DAX - Dividend Comparison

CHIQ's dividend yield for the trailing twelve months is around 1.71%, more than DAX's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHIQ Global X MSCI China Consumer Discretionary ETF	1.71%	1.48%	2.65%	2.26%	0.38%	0.00%	0.11%	1.05%	2.71%	0.62%	1.51%	4.86%
DAX Global X DAX Germany ETF	1.48%	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 CHIQ and DAX in my portfolio?

CHIQ and DAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHIQ or DAX?

CHIQ has higher volatility (7.26%) compared to DAX (6.09%). In terms of maximum drawdown, CHIQ dropped -67.04% vs DAX's -45.58%.

Which ETF is better, CHIQ or DAX?

On 10-year performance, DAX leads with 8.97% vs 6.73% for CHIQ. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 6.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHIQ or DAX?

Over the 10-year period, DAX has performed better with a 8.97% return vs 6.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHIQ or DAX?

DAX is cheaper with a 0.20% expense ratio, compared with 0.65% for CHIQ.

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

CHIQ has the higher dividend yield at 1.71%, compared with 1.48% for DAX.

What is the main difference between CHIQ and DAX?

CHIQ is categorized as China Equities, while DAX is Europe Equities. CHIQ tracks MSCI China Consumer Discretionary 10/50 Index, while DAX tracks DAX Index. Their fees differ too: 0.65% for CHIQ and 0.20% for DAX.

Which has better risk-adjusted returns?

DAX currently has the higher Sharpe Ratio (0.22 vs -0.55), 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.