DAX vs. FLSW

Last updated Jun 24, 2026

DAX (Global X DAX Germany ETF) and FLSW (Franklin FTSE Switzerland ETF) are both Europe Equities funds - DAX tracks the DAX Index while FLSW tracks the FTSE Switzerland RIC Capped Index. Both are passively managed. Over the past 5 years, DAX returned 8.06%/yr vs 7.06%/yr for FLSW. A 0.68 correlation means they provide meaningful diversification when combined. DAX charges 0.20%/yr vs 0.09%/yr for FLSW.

Performance

DAX vs. FLSW - Performance Comparison

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

Returns By Period

In the year-to-date period, DAX achieves a -1.81% return, which is significantly lower than FLSW's 4.52% 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%

FLSW

• 1D: 0.48%
• 1M: -0.04%
• YTD: 4.52%
• 6M: 3.79%
• 1Y: 17.63%
• 3Y*: 12.98%
• 5Y*: 7.06%
• 10Y*: —

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

DAX vs. FLSW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DAX Global X DAX Germany ETF	-1.81%	39.00%	10.55%	23.62%	-18.47%	7.73%	12.27%	22.11%	-22.23%
FLSW Franklin FTSE Switzerland ETF	4.52%	32.92%	-1.77%	16.79%	-18.14%	20.82%	13.25%	31.66%	-7.85%

Correlation

The correlation between DAX and FLSW is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 8, 2018	0.68

The correlation between DAX and FLSW has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

DAX vs. FLSW - Sectors Allocation Comparison

Sectors	DAX	FLSW
Industrials	34.1%	14.1%
Financial Services	20.0%	17.6%
Technology	15.4%	1.3%
Consumer Cyclical	7.3%	5.7%
Communication Services	6.2%	1.2%
Healthcare	5.5%	37.3%
Basic Materials	5.0%	7.8%
Utilities	4.5%	0.2%
Consumer Defensive	1.0%	13.7%
Real Estate	0.9%	1.2%
Energy	-	-

Return for Risk

DAX vs. FLSW — Risk / Return Rank

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

DAX

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

FLSW

FLSW Risk / Return Rank: 31
FLSW Sharpe Ratio Rank: 33
FLSW Sortino Ratio Rank: 34
FLSW Omega Ratio Rank: 31
FLSW Calmar Ratio Rank: 28
FLSW Martin Ratio Rank: 31

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. FLSW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and Franklin FTSE Switzerland ETF (FLSW). 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	FLSW	Difference
Sharpe ratio: Return per unit of total volatility	0.22	1.14	-0.92
Sortino ratio: Return per unit of downside risk	0.43	1.71	-1.28
Omega ratio: Gain probability vs. loss probability	1.05	1.20	-0.15
Calmar ratio: Return relative to maximum drawdown	0.26	1.32	-1.06
Martin ratio: Return relative to average drawdown	0.80	4.20	-3.40

DAX vs. FLSW - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.22, which is lower than the FLSW Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of DAX and FLSW, 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. FLSW - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, which is greater than FLSW's maximum drawdown of -28.16%. Use the drawdown chart below to compare losses from any high point for DAX and FLSW.

Drawdown Indicators

	DAX	FLSW	Difference
Max Drawdown Largest peak-to-trough decline	-45.58%	-28.16%	-17.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-13.38%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-16.03%	-13.38%	-2.65%
Max Drawdown (5Y) Largest decline over 5 years	-38.92%	-28.16%	-10.76%
Max Drawdown (10Y) Largest decline over 10 years	-45.58%	—	—
Current Drawdown Current decline from peak	-5.73%	-3.81%	-1.92%
Average Drawdown Average peak-to-trough decline	-10.48%	-5.95%	-4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	4.21%	+0.61%

Volatility

DAX vs. FLSW - Volatility Comparison

Global X DAX Germany ETF (DAX) has a higher volatility of 5.25% compared to Franklin FTSE Switzerland ETF (FLSW) at 4.57%. This indicates that DAX's price experiences larger fluctuations and is considered to be riskier than FLSW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAX	FLSW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	4.57%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	14.86%	12.43%	+2.43%
Volatility (1Y) Calculated over the trailing 1-year period	17.98%	15.65%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	15.76%	+4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.98%	16.88%	+4.10%

DAX vs. FLSW - Expense Ratio Comparison

DAX has a 0.20% expense ratio, which is higher than FLSW's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DAX vs. FLSW - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 1.50%, more than FLSW's 0.12% 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%
FLSW Franklin FTSE Switzerland ETF	0.12%	2.12%	2.04%	2.36%	2.02%	1.86%	2.28%	1.15%	2.86%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DAX and FLSW in my portfolio?

DAX and FLSW have a correlation of 0.72, 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 FLSW?

DAX has higher volatility (5.25%) compared to FLSW (4.57%). In terms of maximum drawdown, DAX dropped -45.58% vs FLSW's -28.16%.

Which ETF is better, DAX or FLSW?

On 5-year performance, DAX leads with 8.06% vs 7.06% for FLSW. On fees, FLSW is cheaper at 0.09% per year. On volatility, FLSW has been the lower-risk option at 4.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAX or FLSW?

Over the 5-year period, DAX has performed better with a 8.06% return vs 7.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAX or FLSW?

FLSW is cheaper with a 0.09% expense ratio, compared with 0.20% for DAX.

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

DAX has the higher dividend yield at 1.50%, compared with 0.12% for FLSW.

What is the main difference between DAX and FLSW?

DAX tracks DAX Index, while FLSW tracks FTSE Switzerland RIC Capped Index. They also come from different issuers: Global X and Franklin Templeton. Their fees differ too: 0.20% for DAX and 0.09% for FLSW.

Which has better risk-adjusted returns?

FLSW currently has the higher Sharpe Ratio (1.14 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.