DAX vs. BTC-USD
DAX (Global X DAX Germany ETF) is Europe Equities fund tracking the DAX Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, DAX returned 9.21%/yr vs 59.68%/yr for BTC-USD. At a 0.15 correlation, their price movements are largely independent.
Performance
DAX vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, DAX achieves a -2.02% return, which is significantly higher than BTC-USD's -28.54% return. Over the past 10 years, DAX has underperformed BTC-USD with an annualized return of 9.21%, while BTC-USD has yielded a comparatively higher 59.68% annualized return.
DAX
- 1D
- -0.07%
- 1M
- -1.60%
- YTD
- -2.02%
- 6M
- 0.86%
- 1Y
- 1.43%
- 3Y*
- 17.37%
- 5Y*
- 7.56%
- 10Y*
- 9.21%
BTC-USD
- 1D
- -1.22%
- 1M
- -22.47%
- YTD
- -28.54%
- 6M
- -31.02%
- 1Y
- -40.89%
- 3Y*
- 33.16%
- 5Y*
- 10.82%
- 10Y*
- 59.68%
DAX vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DAX Global X DAX Germany ETF | -2.02% | 39.00% | 10.55% | 23.62% | -18.47% | 7.73% | 12.27% | 22.11% | -22.92% | 28.23% |
BTC-USD Bitcoin | -28.54% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between DAX and BTC-USD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 23, 2014 | 0.15 |
Over the past year, DAX and BTC-USD have become more correlated (0.37) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
DAX vs. BTC-USD — Risk / Return Rank
DAX
BTC-USD
DAX vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and Bitcoin (BTC-USD). 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.
| DAX | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.86 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | -0.80 | +0.90 |
| Martin ratioReturn relative to average drawdown | 0.30 | -1.42 | +1.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DAX | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.08 | -0.95 | +1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.20 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.87 | -0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 1.13 | -0.79 |
Drawdowns
DAX vs. BTC-USD - Drawdown Comparison
The maximum DAX drawdown since its inception was -45.58%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for DAX and BTC-USD.
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Drawdown Indicators
| DAX | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.58% | -85.30% | +39.72% |
Max Drawdown (1Y)Largest decline over 1 year | -14.82% | -51.21% | +36.39% |
Max Drawdown (3Y)Largest decline over 3 years | -16.03% | -51.21% | +35.18% |
Max Drawdown (5Y)Largest decline over 5 years | -39.72% | -76.67% | +36.95% |
Max Drawdown (10Y)Largest decline over 10 years | -45.58% | -83.80% | +38.22% |
Current DrawdownCurrent decline from peak | -5.93% | -49.86% | +43.93% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -42.32% | +31.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.71% | 34.46% | -29.75% |
Volatility
DAX vs. BTC-USD - Volatility Comparison
The current volatility for Global X DAX Germany ETF (DAX) is 5.30%, while Bitcoin (BTC-USD) has a volatility of 11.59%. This indicates that DAX experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DAX | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 11.59% | -6.29% |
Volatility (6M)Calculated over the trailing 6-month period | 14.59% | 34.53% | -19.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.86% | 35.67% | -17.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.41% | 44.95% | -24.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.28% | 56.71% | -35.43% |
Frequently Asked Questions
DAX and BTC-USD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (11.59%) compared to DAX (5.30%). In terms of maximum drawdown, DAX dropped -45.58% vs BTC-USD's -85.30%.
DAX currently has the higher Sharpe Ratio (0.08 vs -0.95), 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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