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DAX vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DAX vs. IWM

Last updated Jun 13, 2026

DAX (Global X DAX Germany ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - DAX is a Europe Equities fund tracking the DAX Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, DAX returned 9.57%/yr vs 11.27%/yr for IWM. A 0.61 correlation means they provide meaningful diversification when combined. DAX charges 0.20%/yr vs 0.19%/yr for IWM.

Performance

DAX vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X DAX Germany ETF (DAX) and iShares Russell 2000 ETF (IWM). 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 IWM's 19.22% return. Over the past 10 years, DAX has underperformed IWM with an annualized return of 9.57%, while IWM has yielded a comparatively higher 11.27% 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%

IWM

1D
0.87%
1M
3.64%
YTD
19.22%
6M
16.00%
1Y
39.16%
3Y*
17.23%
5Y*
6.07%
10Y*
11.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DAX vs. IWM - 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%
IWM
iShares Russell 2000 ETF		19.22%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between DAX and IWM 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

0.61

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

0.65

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

0.61

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

0.61

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

DAX vs. IWM - Sectors Allocation Comparison

Sectors
DAX
IWM

Industrials

33.8%
17.2%

Financial Services

19.8%
15.6%

Technology

15.2%
19.5%

Consumer Cyclical

7.2%
7.9%

Communication Services

5.9%
2.1%

Healthcare

5.4%
16.1%

Basic Materials

5.0%
4.5%

Utilities

4.5%
3.0%

Real Estate

1.2%
5.6%

Consumer Defensive

0.9%
2.1%

Energy

-

5.8%

Industrials

DAX
33.8%
IWM
17.2%

Financial Services

DAX
19.8%
IWM
15.6%

Technology

DAX
15.2%
IWM
19.5%

Consumer Cyclical

DAX
7.2%
IWM
7.9%

Communication Services

DAX
5.9%
IWM
2.1%

Healthcare

DAX
5.4%
IWM
16.1%

Basic Materials

DAX
5.0%
IWM
4.5%

Utilities

DAX
4.5%
IWM
3.0%

Real Estate

DAX
1.2%
IWM
5.6%

Consumer Defensive

DAX
0.9%
IWM
2.1%

Energy

DAX

-

IWM
5.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Global X DAX Germany ETF

iShares Russell 2000 ETF

Often compared with DAX:
DAX vs. SPYDAX vs. ^NIFTY500DAX vs. CACDAX vs. BMW.DEDAX vs. ^FCHIDAX vs. QQQDAX vs. VOO
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. TNA

Return for Risk

DAX vs. IWM — 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
IWM
IWM Risk / Return Rank: 7272
Overall Rank
IWM Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 7171
Sortino Ratio Rank
IWM Omega Ratio Rank: 6363
Omega Ratio Rank
IWM Calmar Ratio Rank: 7979
Calmar Ratio Rank
IWM Martin Ratio Rank: 7676
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. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and iShares Russell 2000 ETF (IWM). 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.

DAXIWMDifference
Sharpe ratioReturn per unit of total volatility
0.15
1.99

-1.84

Sortino ratioReturn per unit of downside risk
0.34
2.75

-2.40

Omega ratioGain probability vs. loss probability

1.04

1.33

-0.29

Calmar ratioReturn relative to maximum drawdown

0.19

3.57

-3.38

Martin ratioReturn relative to average drawdown

0.58

12.63

-12.05

DAX vs. IWM - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.15, which is lower than the IWM Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of DAX and IWM, 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. IWM - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for DAX and IWM.

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Drawdown Indicators

DAXIWMDifference

Max Drawdown

Largest peak-to-trough decline

-45.58%

-59.05%

+13.47%

Max Drawdown (1Y)

Largest decline over 1 year

-14.82%

-11.03%

-3.79%

Max Drawdown (3Y)

Largest decline over 3 years

-16.03%

-27.50%

+11.47%

Max Drawdown (5Y)

Largest decline over 5 years

-39.72%

-31.91%

-7.81%

Max Drawdown (10Y)

Largest decline over 10 years

-45.58%

-41.13%

-4.45%

Current Drawdown

Current decline from peak

-5.39%

0.00%

-5.39%

Average Drawdown

Average peak-to-trough decline

-10.49%

-10.76%

+0.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.77%

3.12%

+1.65%

Volatility

DAX vs. IWM - Volatility Comparison

The current volatility for Global X DAX Germany ETF (DAX) is 5.86%, while iShares Russell 2000 ETF (IWM) has a volatility of 7.16%. This indicates that DAX experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DAXIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.86%

7.16%

-1.30%

Volatility (6M)

Calculated over the trailing 6-month period

14.79%

14.29%

+0.50%

Volatility (1Y)

Calculated over the trailing 1-year period

18.01%

19.73%

-1.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.44%

22.61%

-2.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.25%

23.08%

-1.83%

DAX vs. IWM - Expense Ratio Comparison

DAX has a 0.20% expense ratio, which is higher than IWM's 0.19% 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. IWM - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 1.50%, more than IWM's 0.87% 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%
IWM
iShares Russell 2000 ETF		0.87%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%

Frequently Asked Questions

DAX and IWM 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.

IWM has higher volatility (7.16%) compared to DAX (5.86%). In terms of maximum drawdown, DAX dropped -45.58% vs IWM's -59.05%.

On 10-year performance, IWM leads with 11.27% vs 9.57% for DAX. On fees, IWM is cheaper at 0.19% 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, IWM has performed better with a 11.27% return vs 9.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.20% for DAX.

DAX has the higher dividend yield at 1.50%, compared with 0.87% for IWM.

DAX is categorized as Europe Equities, while IWM is Small Cap Blend Equities. DAX tracks DAX Index, while IWM tracks Russell 2000 Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.20% for DAX and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (1.99 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.

Portfolio Optimizer

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