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DAX vs. EUFN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DAX vs. EUFN

Last updated Jun 13, 2026

DAX (Global X DAX Germany ETF) and EUFN (iShares MSCI Europe Financials ETF) are both exchange-traded funds - DAX is a Europe Equities fund tracking the DAX Index, while EUFN is a Financials Equities fund tracking the MSCI Europe Financials Index. Both are passively managed. Over the past 10 years, DAX returned 9.57%/yr vs 13.48%/yr for EUFN. A 0.79 correlation means they provide meaningful diversification when combined. DAX charges 0.20%/yr vs 0.48%/yr for EUFN.

Performance

DAX vs. EUFN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X DAX Germany ETF (DAX) and iShares MSCI Europe Financials ETF (EUFN). 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 -1.45% return, which is significantly lower than EUFN's 4.75% return. Over the past 10 years, DAX has underperformed EUFN with an annualized return of 9.57%, while EUFN has yielded a comparatively higher 13.48% 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%

EUFN

1D
1.20%
1M
3.32%
YTD
4.75%
6M
9.10%
1Y
26.28%
3Y*
32.04%
5Y*
18.43%
10Y*
13.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DAX vs. EUFN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EUFN
iShares MSCI Europe Financials ETF		4.75%65.73%17.20%26.15%-8.78%19.13%-8.55%20.73%-23.14%26.94%

Correlation

The correlation between DAX and EUFN is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.84

Correlation (3Y)
Calculated over the trailing 3-year period

0.85

Correlation (5Y)
Calculated over the trailing 5-year period

0.86

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

0.79

Correlation (All Time)
Calculated using the full available price history since Oct 23, 2014

0.79

The correlation between DAX and EUFN has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

DAX vs. EUFN - Sectors Allocation Comparison

Sectors
DAX
EUFN

Industrials

33.8%
0.4%

Financial Services

19.8%
97.1%

Technology

15.2%
1.0%

Consumer Cyclical

7.2%
0.2%

Communication Services

5.9%

-

Healthcare

5.4%

-

Basic Materials

5.0%

-

Utilities

4.5%

-

Real Estate

1.2%

-

Consumer Defensive

0.9%

-

Energy

-

-

Industrials

DAX
33.8%
EUFN
0.4%

Financial Services

DAX
19.8%
EUFN
97.1%

Technology

DAX
15.2%
EUFN
1.0%

Consumer Cyclical

DAX
7.2%
EUFN
0.2%

Communication Services

DAX
5.9%
EUFN

-

Healthcare

DAX
5.4%
EUFN

-

Basic Materials

DAX
5.0%
EUFN

-

Utilities

DAX
4.5%
EUFN

-

Real Estate

DAX
1.2%
EUFN

-

Consumer Defensive

DAX
0.9%
EUFN

-

Energy

DAX

-

EUFN

-

Compare stocks, funds, or ETFs

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Global X DAX Germany ETF

iShares MSCI Europe Financials ETF

Often compared with DAX:
DAX vs. SPYDAX vs. ^NIFTY500DAX vs. CACDAX vs. BMW.DEDAX vs. ^FCHIDAX vs. QQQDAX vs. VOO
Often compared with EUFN:
EUFN vs. XLFEUFN vs. FDDEUFN vs. SPYEUFN vs. GSIBEUFN vs. EURLEUFN vs. IEUREUFN vs. EIRL

Return for Risk

DAX vs. EUFN — 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
EUFN
EUFN Risk / Return Rank: 4242
Overall Rank
EUFN Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
EUFN Sortino Ratio Rank: 4242
Sortino Ratio Rank
EUFN Omega Ratio Rank: 3939
Omega Ratio Rank
EUFN Calmar Ratio Rank: 4141
Calmar Ratio Rank
EUFN Martin Ratio Rank: 4444
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. EUFN - Risk-Adjusted Trends Comparison

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

DAXEUFNDifference
Sharpe ratioReturn per unit of total volatility
0.15
1.31

-1.16

Sortino ratioReturn per unit of downside risk
0.34
1.92

-1.58

Omega ratioGain probability vs. loss probability

1.04

1.23

-0.19

Calmar ratioReturn relative to maximum drawdown

0.19

1.79

-1.60

Martin ratioReturn relative to average drawdown

0.58

6.24

-5.66

DAX vs. EUFN - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.15, which is lower than the EUFN Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of DAX and EUFN, 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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Drawdowns

DAX vs. EUFN - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, smaller than the maximum EUFN drawdown of -53.25%. Use the drawdown chart below to compare losses from any high point for DAX and EUFN.

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Drawdown Indicators

DAXEUFNDifference

Max Drawdown

Largest peak-to-trough decline

-45.58%

-53.25%

+7.67%

Max Drawdown (1Y)

Largest decline over 1 year

-14.82%

-14.77%

-0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-16.03%

-15.95%

-0.08%

Max Drawdown (5Y)

Largest decline over 5 years

-39.72%

-35.15%

-4.57%

Max Drawdown (10Y)

Largest decline over 10 years

-45.58%

-53.25%

+7.67%

Current Drawdown

Current decline from peak

-5.39%

-0.10%

-5.29%

Average Drawdown

Average peak-to-trough decline

-10.49%

-14.53%

+4.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.77%

4.23%

+0.54%

Volatility

DAX vs. EUFN - Volatility Comparison

The current volatility for Global X DAX Germany ETF (DAX) is 5.86%, while iShares MSCI Europe Financials ETF (EUFN) has a volatility of 6.96%. This indicates that DAX experiences smaller price fluctuations and is considered to be less risky than EUFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DAXEUFNDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.86%

6.96%

-1.10%

Volatility (6M)

Calculated over the trailing 6-month period

14.79%

17.05%

-2.26%

Volatility (1Y)

Calculated over the trailing 1-year period

18.01%

20.17%

-2.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.44%

21.88%

-1.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.25%

24.53%

-3.28%

DAX vs. EUFN - Expense Ratio Comparison

DAX has a 0.20% expense ratio, which is lower than EUFN's 0.48% expense ratio.

Dividends

DAX vs. EUFN - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 1.50%, less than EUFN's 3.41% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EUFN
iShares MSCI Europe Financials ETF		3.41%3.57%5.36%5.00%4.24%4.15%1.38%4.55%6.48%3.04%4.03%3.65%

Frequently Asked Questions

DAX and EUFN have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EUFN has higher volatility (6.96%) compared to DAX (5.86%). In terms of maximum drawdown, DAX dropped -45.58% vs EUFN's -53.25%.

On 10-year performance, EUFN leads with 13.48% 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.

Over the 10-year period, EUFN has performed better with a 13.48% return vs 9.57%. 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 0.48% for EUFN.

EUFN has the higher dividend yield at 3.41%, compared with 1.50% for DAX.

DAX is categorized as Europe Equities, while EUFN is Financials Equities. DAX tracks DAX Index, while EUFN tracks MSCI Europe Financials Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.20% for DAX and 0.48% for EUFN.

EUFN currently has the higher Sharpe Ratio (1.31 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.

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