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DAX vs. EWG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DAX vs. EWG

Last updated Jun 13, 2026

DAX (Global X DAX Germany ETF) and EWG (iShares MSCI Germany ETF) are both Europe Equities funds - DAX tracks the DAX Index while EWG tracks the MSCI Germany Index. Both are passively managed. Over the past 10 years, DAX returned 9.57%/yr vs 8.18%/yr for EWG. Their correlation of 0.93 suggests significant overlap in exposure. DAX charges 0.20%/yr vs 0.49%/yr for EWG.

Performance

DAX vs. EWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X DAX Germany ETF (DAX) and iShares MSCI Germany ETF (EWG). 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 EWG's -0.45% return. Over the past 10 years, DAX has outperformed EWG with an annualized return of 9.57%, while EWG has yielded a comparatively lower 8.18% 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%

EWG

1D
0.09%
1M
0.36%
YTD
-0.45%
6M
0.31%
1Y
1.88%
3Y*
15.78%
5Y*
5.72%
10Y*
8.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DAX vs. EWG - 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%
EWG
iShares MSCI Germany ETF		-0.45%35.79%9.79%23.35%-22.27%5.84%10.09%19.15%-21.40%27.42%

Correlation

The correlation between DAX and EWG is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.98

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

0.97

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

0.97

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

0.94

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

0.93

The correlation between DAX and EWG has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

DAX vs. EWG - Sectors Allocation Comparison

Sectors
DAX
EWG

Industrials

33.8%
30.3%

Financial Services

19.8%
21.6%

Technology

15.2%
13.8%

Consumer Cyclical

7.2%
8.2%

Communication Services

5.9%
6.6%

Healthcare

5.4%
6.1%

Basic Materials

5.0%
5.8%

Utilities

4.5%
4.9%

Real Estate

1.2%
1.3%

Consumer Defensive

0.9%
1.4%

Energy

-

-

Industrials

DAX
33.8%
EWG
30.3%

Financial Services

DAX
19.8%
EWG
21.6%

Technology

DAX
15.2%
EWG
13.8%

Consumer Cyclical

DAX
7.2%
EWG
8.2%

Communication Services

DAX
5.9%
EWG
6.6%

Healthcare

DAX
5.4%
EWG
6.1%

Basic Materials

DAX
5.0%
EWG
5.8%

Utilities

DAX
4.5%
EWG
4.9%

Real Estate

DAX
1.2%
EWG
1.3%

Consumer Defensive

DAX
0.9%
EWG
1.4%

Energy

DAX

-

EWG

-

Compare stocks, funds, or ETFs

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Global X DAX Germany ETF

iShares MSCI Germany ETF

Often compared with DAX:
DAX vs. SPYDAX vs. ^NIFTY500DAX vs. CACDAX vs. BMW.DEDAX vs. ^FCHIDAX vs. QQQDAX vs. VOO
Often compared with EWG:
EWG vs. EWQEWG vs. SPYEWG vs. EWPEWG vs. IEUREWG vs. FLGREWG vs. EFAEWG vs. VOO

Return for Risk

DAX vs. EWG — 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
EWG
EWG Risk / Return Rank: 1111
Overall Rank
EWG Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
EWG Sortino Ratio Rank: 1111
Sortino Ratio Rank
EWG Omega Ratio Rank: 1111
Omega Ratio Rank
EWG Calmar Ratio Rank: 1111
Calmar Ratio Rank
EWG Martin Ratio Rank: 1111
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. EWG - Risk-Adjusted Trends Comparison

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

DAXEWGDifference
Sharpe ratioReturn per unit of total volatility
0.15
0.11

+0.05

Sortino ratioReturn per unit of downside risk
0.34
0.27

+0.07

Omega ratioGain probability vs. loss probability

1.04

1.03

+0.01

Calmar ratioReturn relative to maximum drawdown

0.19

0.13

+0.06

Martin ratioReturn relative to average drawdown

0.58

0.38

+0.20

DAX vs. EWG - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.15, which is higher than the EWG Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of DAX and EWG, 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. EWG - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, smaller than the maximum EWG drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for DAX and EWG.

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Drawdown Indicators

DAXEWGDifference

Max Drawdown

Largest peak-to-trough decline

-45.58%

-67.57%

+21.99%

Max Drawdown (1Y)

Largest decline over 1 year

-14.82%

-14.54%

-0.28%

Max Drawdown (3Y)

Largest decline over 3 years

-16.03%

-15.81%

-0.22%

Max Drawdown (5Y)

Largest decline over 5 years

-39.72%

-43.23%

+3.51%

Max Drawdown (10Y)

Largest decline over 10 years

-45.58%

-46.80%

+1.22%

Current Drawdown

Current decline from peak

-5.39%

-5.05%

-0.34%

Average Drawdown

Average peak-to-trough decline

-10.49%

-19.18%

+8.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.77%

4.97%

-0.20%

Volatility

DAX vs. EWG - Volatility Comparison

The current volatility for Global X DAX Germany ETF (DAX) is 5.86%, while iShares MSCI Germany ETF (EWG) has a volatility of 6.22%. This indicates that DAX experiences smaller price fluctuations and is considered to be less risky than EWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DAXEWGDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.86%

6.22%

-0.36%

Volatility (6M)

Calculated over the trailing 6-month period

14.79%

14.61%

+0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

18.01%

17.66%

+0.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.44%

20.54%

-0.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.25%

21.10%

+0.15%

DAX vs. EWG - Expense Ratio Comparison

DAX has a 0.20% expense ratio, which is lower than EWG's 0.49% expense ratio.

Dividends

DAX vs. EWG - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 1.50%, less than EWG's 1.61% 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%
EWG
iShares MSCI Germany ETF		1.61%1.60%2.38%2.56%3.24%2.70%1.67%2.51%2.93%2.06%2.35%1.93%

Frequently Asked Questions

With a correlation of 0.98, DAX and EWG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

EWG has higher volatility (6.22%) compared to DAX (5.86%). In terms of maximum drawdown, DAX dropped -45.58% vs EWG's -67.57%.

On 10-year performance, DAX leads with 9.57% vs 8.18% for EWG. 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, DAX has performed better with a 9.57% return vs 8.18%. 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 0.49% for EWG.

EWG has the higher dividend yield at 1.61%, compared with 1.50% for DAX.

DAX tracks DAX Index, while EWG tracks MSCI Germany Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.20% for DAX and 0.49% for EWG.

DAX currently has the higher Sharpe Ratio (0.15 vs 0.11), 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.

Portfolio Optimizer

Find the right allocation for DAX and EWG

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