DAX vs. EPOL

Last updated Jun 13, 2026

DAX (Global X DAX Germany ETF) and EPOL (iShares MSCI Poland ETF) are both Europe Equities funds - DAX tracks the DAX Index while EPOL tracks the MSCI Poland Investable Market Index. Both are passively managed. Over the past 10 years, DAX returned 9.57%/yr vs 12.21%/yr for EPOL. A 0.61 correlation means they provide meaningful diversification when combined. DAX charges 0.20%/yr vs 0.61%/yr for EPOL.

Performance

DAX vs. EPOL - Performance Comparison

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

Returns By Period

In the year-to-date period, DAX achieves a -1.45% return, which is significantly lower than EPOL's 16.37% return. Over the past 10 years, DAX has underperformed EPOL with an annualized return of 9.57%, while EPOL has yielded a comparatively higher 12.21% annualized return.

DAX

• 1D: 0.26%
• 1M: 0.49%
• YTD: -1.45%
• 6M: -0.46%
• 1Y: 2.74%
• 3Y*: 16.82%
• 5Y*: 7.62%
• 10Y*: 9.57%

EPOL

• 1D: 0.96%
• 1M: 3.49%
• YTD: 16.37%
• 6M: 20.25%
• 1Y: 40.61%
• 3Y*: 36.58%
• 5Y*: 17.10%
• 10Y*: 12.21%

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

DAX vs. EPOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAX Global X DAX Germany ETF	-1.45%	39.00%	10.55%	23.62%	-18.47%	7.73%	12.27%	22.11%	-22.92%	28.23%
EPOL iShares MSCI Poland ETF	16.37%	77.34%	-2.61%	50.70%	-24.62%	12.21%	-8.38%	-6.13%	-13.76%	52.43%

Correlation

The correlation between DAX and EPOL 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	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 23, 2014	0.61

The correlation between DAX and EPOL has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

DAX vs. EPOL - Sectors Allocation Comparison

Sectors	DAX	EPOL
Industrials	33.8%	1.7%
Financial Services	19.8%	45.6%
Technology	15.2%	1.9%
Consumer Cyclical	7.2%	12.4%
Communication Services	5.9%	6.3%
Healthcare	5.4%	0.3%
Basic Materials	5.0%	6.6%
Utilities	4.5%	5.1%
Real Estate	1.2%	-
Consumer Defensive	0.9%	5.5%
Energy	-	14.6%

Return for Risk

DAX vs. EPOL — Risk / Return Rank

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

DAX

DAX Risk / Return Rank: 12
DAX Sharpe Ratio Rank: 12
DAX Sortino Ratio Rank: 11
DAX Omega Ratio Rank: 11
DAX Calmar Ratio Rank: 12
DAX Martin Ratio Rank: 12

EPOL

EPOL Risk / Return Rank: 63
EPOL Sharpe Ratio Rank: 59
EPOL Sortino Ratio Rank: 60
EPOL Omega Ratio Rank: 53
EPOL Calmar Ratio Rank: 81
EPOL Martin Ratio Rank: 64

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. EPOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and iShares MSCI Poland ETF (EPOL). 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	EPOL	Difference
Sharpe ratio: Return per unit of total volatility	0.15	1.73	-1.58
Sortino ratio: Return per unit of downside risk	0.34	2.43	-2.09
Omega ratio: Gain probability vs. loss probability	1.04	1.29	-0.25
Calmar ratio: Return relative to maximum drawdown	0.19	3.69	-3.51
Martin ratio: Return relative to average drawdown	0.58	10.10	-9.53

DAX vs. EPOL - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.15, which is lower than the EPOL Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of DAX and EPOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DAX vs. EPOL - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, smaller than the maximum EPOL drawdown of -63.72%. Use the drawdown chart below to compare losses from any high point for DAX and EPOL.

Drawdown Indicators

	DAX	EPOL	Difference
Max Drawdown Largest peak-to-trough decline	-45.58%	-63.72%	+18.14%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-11.04%	-3.78%
Max Drawdown (3Y) Largest decline over 3 years	-16.03%	-21.81%	+5.78%
Max Drawdown (5Y) Largest decline over 5 years	-39.72%	-54.21%	+14.49%
Max Drawdown (10Y) Largest decline over 10 years	-45.58%	-61.41%	+15.83%
Current Drawdown Current decline from peak	-5.39%	0.00%	-5.39%
Average Drawdown Average peak-to-trough decline	-10.49%	-26.85%	+16.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.77%	4.04%	+0.73%

Volatility

DAX vs. EPOL - Volatility Comparison

The current volatility for Global X DAX Germany ETF (DAX) is 5.86%, while iShares MSCI Poland ETF (EPOL) has a volatility of 8.08%. This indicates that DAX experiences smaller price fluctuations and is considered to be less risky than EPOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAX	EPOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	8.08%	-2.22%
Volatility (6M) Calculated over the trailing 6-month period	14.79%	18.16%	-3.37%
Volatility (1Y) Calculated over the trailing 1-year period	18.01%	23.57%	-5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.44%	29.14%	-8.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.25%	27.66%	-6.41%

DAX vs. EPOL - Expense Ratio Comparison

DAX has a 0.20% expense ratio, which is lower than EPOL's 0.61% expense ratio.

Dividends

DAX vs. EPOL - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 1.50%, less than EPOL's 4.11% 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%
EPOL iShares MSCI Poland ETF	4.11%	4.78%	6.04%	2.87%	2.65%	1.33%	1.44%	2.51%	1.44%	1.88%	2.14%	2.53%

Frequently Asked Questions

Can I hold both DAX and EPOL in my portfolio?

DAX and EPOL 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 is riskier, DAX or EPOL?

EPOL has higher volatility (8.08%) compared to DAX (5.86%). In terms of maximum drawdown, DAX dropped -45.58% vs EPOL's -63.72%.

Which ETF is better, DAX or EPOL?

On 10-year performance, EPOL leads with 12.21% vs 9.57% for DAX. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 5.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAX or EPOL?

Over the 10-year period, EPOL has performed better with a 12.21% return vs 9.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAX or EPOL?

DAX is cheaper with a 0.20% expense ratio, compared with 0.61% for EPOL.

Which ETF pays a higher dividend yield, DAX or EPOL?

EPOL has the higher dividend yield at 4.11%, compared with 1.50% for DAX.

What is the main difference between DAX and EPOL?

DAX tracks DAX Index, while EPOL tracks MSCI Poland Investable Market Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.20% for DAX and 0.61% for EPOL.

Which has better risk-adjusted returns?

EPOL currently has the higher Sharpe Ratio (1.73 vs 0.15), 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.