DAX vs. ^NDX
DAX (Global X DAX Germany ETF) is Europe Equities fund tracking the DAX Index, while ^NDX (NASDAQ 100 Index) is an index. Over the past 10 years, DAX returned 9.07%/yr vs 19.88%/yr for ^NDX. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
DAX vs. ^NDX - Performance Comparison
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Returns By Period
In the year-to-date period, DAX achieves a -2.21% return, which is significantly lower than ^NDX's 13.28% return. Over the past 10 years, DAX has underperformed ^NDX with an annualized return of 9.07%, while ^NDX has yielded a comparatively higher 19.88% annualized return.
DAX
- 1D
- -0.16%
- 1M
- -1.66%
- 6M
- -4.43%
- YTD
- -2.21%
- 1Y
- -0.30%
- 3Y*
- 15.55%
- 5Y*
- 8.39%
- 10Y*
- 9.07%
- ALL TIME*
- 7.28%
^NDX
- 1D
- 0.04%
- 1M
- -5.93%
- 6M
- 12.04%
- YTD
- 13.28%
- 1Y
- 24.01%
- 3Y*
- 22.86%
- 5Y*
- 14.02%
- 10Y*
- 19.88%
- ALL TIME*
- 14.59%
DAX vs. ^NDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DAX Global X DAX Germany ETF | -2.21% | 39.00% | 10.55% | 23.62% | -18.47% | 7.73% | 12.27% | 22.11% | -22.92% | 28.23% |
^NDX NASDAQ 100 Index | 13.28% | 20.17% | 24.88% | 53.81% | -32.97% | 26.63% | 47.58% | 37.96% | -1.04% | 31.52% |
Correlation
The correlation between DAX and ^NDX is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 23, 2014 | 0.59 |
The correlation between DAX and ^NDX has been stable across timeframes, ranging from 0.58 to 0.68 - a consistent structural relationship.
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Return for Risk
DAX vs. ^NDX — Risk / Return Rank
DAX
^NDX
DAX vs. ^NDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and NASDAQ 100 Index (^NDX). 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.
| DAX | ^NDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.23 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 1.99 | -2.01 |
| Martin ratioReturn relative to average drawdown | -0.06 | 6.93 | -6.99 |
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Drawdowns
DAX vs. ^NDX - Drawdown Comparison
The maximum DAX drawdown since its inception was -45.58%, smaller than the maximum ^NDX drawdown of -82.90%. Use the drawdown chart below to compare losses from any high point for DAX and ^NDX.
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Drawdown Indicators
| DAX | ^NDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.58% | -82.90% | +37.32% |
Max Drawdown (1Y)Largest decline over 1 year | -14.82% | -12.12% | -2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -16.03% | -22.93% | +6.90% |
Max Drawdown (5Y)Largest decline over 5 years | -38.92% | -35.56% | -3.36% |
Max Drawdown (10Y)Largest decline over 10 years | -45.58% | -35.56% | -10.02% |
Current DrawdownCurrent decline from peak | -6.12% | -6.71% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -10.45% | -24.56% | +14.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 3.47% | +1.52% |
Volatility
DAX vs. ^NDX - Volatility Comparison
The current volatility for Global X DAX Germany ETF (DAX) is 4.69%, while NASDAQ 100 Index (^NDX) has a volatility of 7.15%. This indicates that DAX experiences smaller price fluctuations and is considered to be less risky than ^NDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DAX | ^NDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.69% | 7.15% | -2.46% |
Volatility (6M)Calculated over the trailing 6-month period | 15.31% | 15.43% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.04% | 18.75% | -0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.41% | 23.00% | -2.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.91% | 22.68% | -1.77% |
Frequently Asked Questions
DAX and ^NDX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^NDX has higher volatility (7.15%) compared to DAX (4.69%). In terms of maximum drawdown, DAX dropped -45.58% vs ^NDX's -82.90%.
^NDX currently has the higher Sharpe Ratio (1.29 vs -0.02), 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.
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