DAX vs. GBPUSD=X
DAX (Global X DAX Germany ETF) is Europe Equities fund tracking the DAX Index, while GBPUSD=X (GBP/USD) is a currency. Over the past 10 years, DAX returned 9.57%/yr vs -0.52%/yr for GBPUSD=X. At a 0.36 correlation, their price movements are largely independent.
Performance
DAX vs. GBPUSD=X - Performance Comparison
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Returns By Period
In the year-to-date period, DAX achieves a -1.45% return, which is significantly lower than GBPUSD=X's -0.45% return. Over the past 10 years, DAX has outperformed GBPUSD=X with an annualized return of 9.57%, while GBPUSD=X has yielded a comparatively lower -0.52% 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%
GBPUSD=X
- 1D
- -0.16%
- 1M
- -0.95%
- YTD
- -0.45%
- 6M
- 0.22%
- 1Y
- -1.60%
- 3Y*
- 2.03%
- 5Y*
- -1.04%
- 10Y*
- -0.52%
DAX vs. GBPUSD=X - 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% |
GBPUSD=X GBP/USD | -0.45% | 7.55% | -1.67% | 5.28% | -10.69% | -0.91% | 3.06% | 4.01% | -5.66% | 9.52% |
Correlation
The correlation between DAX and GBPUSD=X is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Oct 23, 2014 | 0.36 |
The correlation between DAX and GBPUSD=X shifts across timeframes, from 0.36 (all time) to 0.52 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
DAX vs. GBPUSD=X — Risk / Return Rank
DAX
GBPUSD=X
DAX vs. GBPUSD=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and GBP/USD (GBPUSD=X). 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 | GBPUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.97 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | -0.25 | +0.43 |
| Martin ratioReturn relative to average drawdown | 0.58 | -0.47 | +1.05 |
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Drawdowns
DAX vs. GBPUSD=X - Drawdown Comparison
The maximum DAX drawdown since its inception was -45.58%, smaller than the maximum GBPUSD=X drawdown of -49.29%. Use the drawdown chart below to compare losses from any high point for DAX and GBPUSD=X.
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Drawdown Indicators
| DAX | GBPUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.58% | -49.29% | +3.71% |
Max Drawdown (1Y)Largest decline over 1 year | -14.82% | -5.26% | -9.56% |
Max Drawdown (3Y)Largest decline over 3 years | -16.03% | -9.34% | -6.69% |
Max Drawdown (5Y)Largest decline over 5 years | -39.72% | -24.23% | -15.49% |
Max Drawdown (10Y)Largest decline over 10 years | -45.58% | -27.99% | -17.59% |
Current DrawdownCurrent decline from peak | -5.39% | -36.44% | +31.05% |
Average DrawdownAverage peak-to-trough decline | -10.49% | -31.18% | +20.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.77% | 2.56% | +2.21% |
Volatility
DAX vs. GBPUSD=X - Volatility Comparison
Global X DAX Germany ETF (DAX) has a higher volatility of 5.86% compared to GBP/USD (GBPUSD=X) at 1.22%. This indicates that DAX's price experiences larger fluctuations and is considered to be riskier than GBPUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DAX | GBPUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.86% | 1.22% | +4.64% |
Volatility (6M)Calculated over the trailing 6-month period | 14.79% | 4.96% | +9.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.01% | 6.25% | +11.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.44% | 8.24% | +12.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.25% | 9.09% | +12.16% |
Frequently Asked Questions
DAX and GBPUSD=X have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DAX has higher volatility (5.86%) compared to GBPUSD=X (1.22%). In terms of maximum drawdown, DAX dropped -45.58% vs GBPUSD=X's -49.29%.
DAX currently has the higher Sharpe Ratio (0.15 vs -0.21), 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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