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DAX vs. EFNL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DAX vs. EFNL

Last updated Jun 4, 2026

DAX (Global X DAX Germany ETF) and EFNL (iShares MSCI Finland ETF) are both Europe Equities funds - DAX tracks the DAX Index while EFNL tracks the MSCI Finland IMI 25/50 Index. Both are passively managed. Over the past 10 years, DAX returned 8.97%/yr vs 10.07%/yr for EFNL. A 0.74 correlation means they provide meaningful diversification when combined. DAX charges 0.20%/yr vs 0.53%/yr for EFNL.

Performance

DAX vs. EFNL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X DAX Germany ETF (DAX) and iShares MSCI Finland ETF (EFNL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DAX achieves a -0.66% return, which is significantly lower than EFNL's 21.03% return. Over the past 10 years, DAX has underperformed EFNL with an annualized return of 8.97%, while EFNL has yielded a comparatively higher 10.07% annualized return.

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%

EFNL

1D
-0.44%
1M
6.63%
YTD
21.03%
6M
25.68%
1Y
48.56%
3Y*
21.52%
5Y*
6.67%
10Y*
10.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DAX vs. EFNL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EFNL
iShares MSCI Finland ETF		21.03%53.59%-5.28%-0.12%-17.29%10.50%20.19%13.64%-6.86%23.77%

Correlation

The correlation between DAX and EFNL 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

0.79

Correlation (10Y)
Calculated over the trailing 10-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2014

0.74

The correlation between DAX and EFNL shifts across timeframes, from 0.67 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

DAX vs. EFNL - Sectors Allocation Comparison

Sectors
DAX
EFNL

Industrials

34.8%
20.8%

Financial Services

21.0%
26.0%

Technology

13.2%
21.4%

Consumer Cyclical

7.0%
6.6%

Communication Services

6.1%
2.6%

Healthcare

5.7%
3.5%

Basic Materials

5.3%
6.3%

Utilities

5.0%
4.0%

Real Estate

1.0%
0.7%

Consumer Defensive

0.9%
2.9%

Energy

-

5.2%

Industrials

DAX
34.8%
EFNL
20.8%

Financial Services

DAX
21.0%
EFNL
26.0%

Technology

DAX
13.2%
EFNL
21.4%

Consumer Cyclical

DAX
7.0%
EFNL
6.6%

Communication Services

DAX
6.1%
EFNL
2.6%

Healthcare

DAX
5.7%
EFNL
3.5%

Basic Materials

DAX
5.3%
EFNL
6.3%

Utilities

DAX
5.0%
EFNL
4.0%

Real Estate

DAX
1.0%
EFNL
0.7%

Consumer Defensive

DAX
0.9%
EFNL
2.9%

Energy

DAX

-

EFNL
5.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Global X DAX Germany ETF

iShares MSCI Finland ETF

Often compared with DAX:
DAX vs. SPYDAX vs. ^NIFTY500DAX vs. CACDAX vs. BMW.DEDAX vs. ^FCHIDAX vs. QQQDAX vs. VOO
Often compared with EFNL:
EFNL vs. CN1G.DEEFNL vs. FNDAEFNL vs. EDENEFNL vs. EIRLEFNL vs. VFMFEFNL vs. VOOEFNL vs. VTI

Return for Risk

DAX vs. EFNL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DAX
DAX Risk / Return Rank: 1212
Overall Rank
DAX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
DAX Sortino Ratio Rank: 1111
Sortino Ratio Rank
DAX Omega Ratio Rank: 1111
Omega Ratio Rank
DAX Calmar Ratio Rank: 1212
Calmar Ratio Rank
DAX Martin Ratio Rank: 1212
Martin Ratio Rank
EFNL
EFNL Risk / Return Rank: 8686
Overall Rank
EFNL Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
EFNL Sortino Ratio Rank: 8282
Sortino Ratio Rank
EFNL Omega Ratio Rank: 7979
Omega Ratio Rank
EFNL Calmar Ratio Rank: 9292
Calmar Ratio Rank
EFNL Martin Ratio Rank: 9191
Martin Ratio Rank
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. EFNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and iShares MSCI Finland ETF (EFNL). 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.

DAXEFNLDifference
Sharpe ratioReturn per unit of total volatility
0.22
2.83

-2.61

Sortino ratioReturn per unit of downside risk
0.44
3.69

-3.25

Omega ratioGain probability vs. loss probability

1.05

1.47

-0.42

Calmar ratioReturn relative to maximum drawdown

0.26

6.16

-5.90

Martin ratioReturn relative to average drawdown

0.83

21.80

-20.97

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. EFNL - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.22, which is lower than the EFNL Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of DAX and EFNL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DAXEFNLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.22

2.83

-2.61

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.38

0.34

+0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

0.50

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.47

-0.11

Drawdowns

DAX vs. EFNL - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, which is greater than EFNL's maximum drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for DAX and EFNL.

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Drawdown Indicators

DAXEFNLDifference

Max Drawdown

Largest peak-to-trough decline

-45.58%

-38.70%

-6.88%

Max Drawdown (1Y)

Largest decline over 1 year

-14.82%

-7.92%

-6.90%

Max Drawdown (3Y)

Largest decline over 3 years

-16.03%

-18.19%

+2.16%

Max Drawdown (5Y)

Largest decline over 5 years

-39.96%

-38.70%

-1.26%

Max Drawdown (10Y)

Largest decline over 10 years

-45.58%

-38.70%

-6.88%

Current Drawdown

Current decline from peak

-4.63%

-0.44%

-4.19%

Average Drawdown

Average peak-to-trough decline

-10.51%

-10.93%

+0.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.68%

2.23%

+2.45%

Volatility

DAX vs. EFNL - Volatility Comparison

The current volatility for Global X DAX Germany ETF (DAX) is 6.09%, while iShares MSCI Finland ETF (EFNL) has a volatility of 6.77%. This indicates that DAX experiences smaller price fluctuations and is considered to be less risky than EFNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DAXEFNLDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.09%

6.77%

-0.68%

Volatility (6M)

Calculated over the trailing 6-month period

14.37%

13.87%

+0.50%

Volatility (1Y)

Calculated over the trailing 1-year period

17.66%

17.28%

+0.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.38%

19.60%

+0.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.28%

20.09%

+1.19%

DAX vs. EFNL - Expense Ratio Comparison

DAX has a 0.20% expense ratio, which is lower than EFNL's 0.53% expense ratio.

Dividends

DAX vs. EFNL - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 1.48%, less than EFNL's 2.81% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EFNL
iShares MSCI Finland ETF		2.81%3.40%5.05%4.31%5.94%2.29%2.94%5.70%3.83%3.30%2.40%1.57%

Frequently Asked Questions

DAX and EFNL 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.

EFNL has higher volatility (6.77%) compared to DAX (6.09%). In terms of maximum drawdown, DAX dropped -45.58% vs EFNL's -38.70%.

On 10-year performance, EFNL leads with 10.07% vs 8.97% for DAX. 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.

Over the 10-year period, EFNL has performed better with a 10.07% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DAX is cheaper with a 0.20% expense ratio, compared with 0.53% for EFNL.

EFNL has the higher dividend yield at 2.81%, compared with 1.48% for DAX.

DAX tracks DAX Index, while EFNL tracks MSCI Finland IMI 25/50 Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.20% for DAX and 0.53% for EFNL.

EFNL currently has the higher Sharpe Ratio (2.83 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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