DAX vs. DGIEX
DAX (Global X DAX Germany ETF) and DGIEX (BNY Mellon Global Emerging Markets Fund) are both funds - DAX is a Europe Equities fund tracking the DAX Index, while DGIEX is a Emerging Markets Diversified fund managed by BNY Mellon. Over the past 10 years, DAX returned 9.68%/yr vs 10.62%/yr for DGIEX. A 0.57 correlation means they provide meaningful diversification when combined. DAX charges 0.20%/yr vs 1.00%/yr for DGIEX.
Performance
DAX vs. DGIEX - Performance Comparison
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Returns By Period
In the year-to-date period, DAX achieves a -1.81% return, which is significantly lower than DGIEX's 21.28% return. Over the past 10 years, DAX has underperformed DGIEX with an annualized return of 9.68%, while DGIEX has yielded a comparatively higher 10.62% annualized return.
DAX
- 1D
- -1.06%
- 1M
- -1.26%
- YTD
- -1.81%
- 6M
- -1.55%
- 1Y
- 3.85%
- 3Y*
- 17.16%
- 5Y*
- 8.06%
- 10Y*
- 9.68%
DGIEX
- 1D
- -0.06%
- 1M
- 4.38%
- YTD
- 21.28%
- 6M
- 22.28%
- 1Y
- 41.26%
- 3Y*
- 15.92%
- 5Y*
- 4.14%
- 10Y*
- 10.62%
DAX vs. DGIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DAX Global X DAX Germany ETF | -1.81% | 39.00% | 10.55% | 23.62% | -18.47% | 7.73% | 12.27% | 22.11% | -22.92% | 28.23% |
DGIEX BNY Mellon Global Emerging Markets Fund | 21.28% | 22.65% | 4.34% | 7.01% | -23.34% | -3.12% | 58.75% | 23.34% | -23.67% | 46.01% |
Correlation
The correlation between DAX and DGIEX is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.57 |
The correlation between DAX and DGIEX has been stable across timeframes, ranging from 0.51 to 0.57 - a consistent structural relationship.
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Return for Risk
DAX vs. DGIEX — Risk / Return Rank
DAX
DGIEX
DAX vs. DGIEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and BNY Mellon Global Emerging Markets Fund (DGIEX). 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 | DGIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -2.74 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.44 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.26 | 4.19 | -3.92 |
| Martin ratioReturn relative to average drawdown | 0.80 | 13.40 | -12.60 |
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Drawdowns
DAX vs. DGIEX - Drawdown Comparison
The maximum DAX drawdown since its inception was -45.58%, which is greater than DGIEX's maximum drawdown of -42.97%. Use the drawdown chart below to compare losses from any high point for DAX and DGIEX.
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Drawdown Indicators
| DAX | DGIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.58% | -42.97% | -2.61% |
Max Drawdown (1Y)Largest decline over 1 year | -14.82% | -9.89% | -4.93% |
Max Drawdown (3Y)Largest decline over 3 years | -16.03% | -20.39% | +4.36% |
Max Drawdown (5Y)Largest decline over 5 years | -38.92% | -37.32% | -1.60% |
Max Drawdown (10Y)Largest decline over 10 years | -45.58% | -42.97% | -2.61% |
Current DrawdownCurrent decline from peak | -5.73% | -0.99% | -4.74% |
Average DrawdownAverage peak-to-trough decline | -10.48% | -17.28% | +6.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.82% | 3.08% | +1.74% |
Volatility
DAX vs. DGIEX - Volatility Comparison
The current volatility for Global X DAX Germany ETF (DAX) is 5.25%, while BNY Mellon Global Emerging Markets Fund (DGIEX) has a volatility of 8.22%. This indicates that DAX experiences smaller price fluctuations and is considered to be less risky than DGIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DAX | DGIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.25% | 8.22% | -2.97% |
Volatility (6M)Calculated over the trailing 6-month period | 14.86% | 14.78% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.98% | 17.32% | +0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.43% | 16.93% | +3.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.98% | 18.68% | +2.30% |
DAX vs. DGIEX - Expense Ratio Comparison
DAX has a 0.20% expense ratio, which is lower than DGIEX's 1.00% expense ratio.
Dividends
DAX vs. DGIEX - Dividend Comparison
DAX's dividend yield for the trailing twelve months is around 1.50%, more than DGIEX's 0.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
DGIEX BNY Mellon Global Emerging Markets Fund | 0.32% | 0.38% | 0.00% | 0.07% | 0.25% | 6.74% | 0.30% | 2.32% | 1.32% | 1.21% | 0.04% | 0.45% |
Frequently Asked Questions
DAX and DGIEX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGIEX has higher volatility (8.22%) compared to DAX (5.25%). In terms of maximum drawdown, DAX dropped -45.58% vs DGIEX's -42.97%.
DGIEX currently has the higher Sharpe Ratio (2.39 vs 0.22), 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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