DAX vs. CACX.L

Last updated Jun 6, 2026

DAX (Global X DAX Germany ETF) and CACX.L (Lyxor CAC 40 (DR) UCITS ETF - Dist) are both Europe Equities funds - DAX tracks the DAX Index while CACX.L tracks the Euronext Paris CAC 40 NR EUR. Both are passively managed. Over the past 10 years, DAX returned 8.59%/yr vs 9.75%/yr for CACX.L. A 0.73 correlation means they provide meaningful diversification when combined. DAX charges 0.20%/yr vs 0.25%/yr for CACX.L.

Performance

DAX vs. CACX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X DAX Germany ETF (DAX) and Lyxor CAC 40 (DR) UCITS ETF - Dist (CACX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DAX is traded in USD, while CACX.L is traded in GBp. To make them comparable, the CACX.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, DAX achieves a -1.95% return, which is significantly lower than CACX.L's 2.29% return. Over the past 10 years, DAX has underperformed CACX.L with an annualized return of 8.59%, while CACX.L has yielded a comparatively higher 9.75% annualized return.

DAX

• 1D: -2.38%
• 1M: -3.72%
• YTD: -1.95%
• 6M: 0.73%
• 1Y: 1.45%
• 3Y*: 17.51%
• 5Y*: 7.43%
• 10Y*: 8.59%

CACX.L

• 1D: 0.89%
• 1M: -1.36%
• YTD: 2.29%
• 6M: 3.46%
• 1Y: 10.41%
• 3Y*: 10.48%
• 5Y*: 6.86%
• 10Y*: 9.75%

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

DAX vs. CACX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAX Global X DAX Germany ETF	-1.95%	39.00%	10.55%	23.62%	-18.47%	7.73%	12.27%	22.11%	-22.92%	28.23%
CACX.L Lyxor CAC 40 (DR) UCITS ETF - Dist	2.29%	28.62%	-5.98%	22.99%	-11.19%	21.03%	3.87%	28.82%	-12.93%	28.25%

Correlation

The correlation between DAX and CACX.L is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 24, 2014	0.73

The correlation between DAX and CACX.L has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

DAX vs. CACX.L - Sectors Allocation Comparison

Sectors	DAX	CACX.L
Industrials	34.8%	34.9%
Financial Services	21.0%	15.4%
Technology	13.2%	4.0%
Consumer Cyclical	7.0%	14.9%
Communication Services	6.1%	3.2%
Healthcare	5.7%	9.5%
Basic Materials	5.3%	2.4%
Utilities	5.0%	0.5%
Real Estate	1.0%	0.7%
Consumer Defensive	0.9%	5.0%
Energy	-	9.6%

Return for Risk

DAX vs. CACX.L — Risk / Return Rank

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

DAX

DAX Risk / Return Rank: 10
DAX Sharpe Ratio Rank: 10
DAX Sortino Ratio Rank: 10
DAX Omega Ratio Rank: 10
DAX Calmar Ratio Rank: 10
DAX Martin Ratio Rank: 10

CACX.L

CACX.L Risk / Return Rank: 23
CACX.L Sharpe Ratio Rank: 23
CACX.L Sortino Ratio Rank: 23
CACX.L Omega Ratio Rank: 24
CACX.L Calmar Ratio Rank: 22
CACX.L Martin Ratio Rank: 23

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.

DAX vs. CACX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and Lyxor CAC 40 (DR) UCITS ETF - Dist (CACX.L). 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	CACX.L	Difference
Sharpe ratio: Return per unit of total volatility	0.08	0.64	-0.55
Sortino ratio: Return per unit of downside risk	0.24	1.00	-0.76
Omega ratio: Gain probability vs. loss probability	1.03	1.13	-0.10
Calmar ratio: Return relative to maximum drawdown	0.10	0.81	-0.72
Martin ratio: Return relative to average drawdown	0.31	2.52	-2.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DAX vs. CACX.L - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.08, which is lower than the CACX.L Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of DAX and CACX.L, 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

	DAX	CACX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	0.64	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.35	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.48	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.37	-0.02

Drawdowns

DAX vs. CACX.L - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, which is greater than CACX.L's maximum drawdown of -40.03%. Use the drawdown chart below to compare losses from any high point for DAX and CACX.L.

Drawdown Indicators

	DAX	CACX.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.58%	-40.03%	-5.55%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-12.77%	-2.05%
Max Drawdown (3Y) Largest decline over 3 years	-16.03%	-15.17%	-0.86%
Max Drawdown (5Y) Largest decline over 5 years	-39.96%	-32.43%	-7.53%
Max Drawdown (10Y) Largest decline over 10 years	-45.58%	-40.03%	-5.55%
Current Drawdown Current decline from peak	-5.87%	-4.01%	-1.86%
Average Drawdown Average peak-to-trough decline	-10.50%	-7.36%	-3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.70%	4.14%	+0.56%

Volatility

DAX vs. CACX.L - Volatility Comparison

Global X DAX Germany ETF (DAX) and Lyxor CAC 40 (DR) UCITS ETF - Dist (CACX.L) have volatilities of 5.66% and 5.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAX	CACX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	5.57%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	14.59%	12.57%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.82%	16.35%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.40%	19.88%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.29%	20.14%	+1.15%

DAX vs. CACX.L - Expense Ratio Comparison

DAX has a 0.20% expense ratio, which is lower than CACX.L's 0.25% 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%.

Dividends

DAX vs. CACX.L - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 1.50%, less than CACX.L's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CACX.L Lyxor CAC 40 (DR) UCITS ETF - Dist	2.83%	2.90%	3.00%	2.78%	2.54%	1.95%	1.66%	3.03%	3.70%	2.94%	3.49%	3.46%
DAX Global X DAX Germany ETF	1.50%	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 DAX and CACX.L in my portfolio?

DAX and CACX.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DAX or CACX.L?

On fees, DAX is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DAX or CACX.L?

DAX is cheaper with a 0.20% expense ratio, compared with 0.25% for CACX.L.

What is the main difference between DAX and CACX.L?

DAX tracks DAX Index, while CACX.L tracks Euronext Paris CAC 40 NR EUR. They also come from different issuers: Global X and Amundi. Their fees differ too: 0.20% for DAX and 0.25% for CACX.L.