DAX vs. NORW

Last updated Aug 2, 2026

DAX (Global X DAX Germany ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds from Global X - DAX tracks the DAX Index while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, DAX returned 9.35%/yr vs 9.90%/yr for NORW. Their 0.65 correlation means they have sometimes moved together and sometimes differently. DAX charges 0.20%/yr vs 0.50%/yr for NORW.

Performance

DAX vs. NORW - Performance Comparison

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

Returns By Period

In the year-to-date period, DAX achieves a 2.45% return, which is significantly lower than NORW's 25.23% return. Over the past 10 years, DAX has underperformed NORW with an annualized return of 9.35%, while NORW has yielded a comparatively higher 9.90% annualized return.

DAX

• 1D: 0.06%
• 1M: 1.29%
• 6M: 1.41%
• YTD: 2.45%
• 1Y: 8.50%
• 3Y*: 17.57%
• 5Y*: 9.16%
• 10Y*: 9.35%
• ALL TIME*: 7.68%

NORW

• 1D: 0.86%
• 1M: 8.72%
• 6M: 15.41%
• YTD: 25.23%
• 1Y: 34.00%
• 3Y*: 19.17%
• 5Y*: 7.45%
• 10Y*: 9.90%
• ALL TIME*: 8.95%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DAX Global X DAX Germany ETF	$1.64M	$2.14M	$1.96M
NORW Global X MSCI Norway ETF	$730.42K	$1.20M	$2.79M

DAX vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAX Global X DAX Germany ETF	2.45%	39.00%	10.55%	23.62%	-18.47%	7.73%	12.27%	22.11%	-22.92%	28.23%
NORW Global X MSCI Norway ETF	25.23%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%

Correlation

The correlation between DAX and NORW is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (5Y) Shows whether the relationship held over a longer period.	0.56
Correlation (10Y) Provides a long-term view across more market conditions.	0.62
Correlation (All Time) Calculated using the full available price history since Oct 23, 2014	0.65

Over the past year, the correlation between DAX and NORW has dropped to 0.33 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

DAX vs. NORW - Sectors Allocation Comparison

Sectors	DAX	NORW
Industrials	36.0%	14.8%
Financial Services	20.5%	23.8%
Technology	14.3%	3.7%
Healthcare	6.5%	-
Consumer Cyclical	6.4%	0.6%
Communication Services	5.2%	6.5%
Basic Materials	4.7%	9.5%
Utilities	4.5%	0.7%
Consumer Defensive	1.1%	11.7%
Real Estate	0.9%	0.4%
Energy	-	28.3%

Return for Risk

DAX vs. NORW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DAX

DAX Risk / Return Rank: 20
DAX Sharpe Ratio Rank: 20
DAX Sortino Ratio Rank: 20
DAX Omega Ratio Rank: 20
DAX Calmar Ratio Rank: 19
DAX Martin Ratio Rank: 22

NORW

NORW Risk / Return Rank: 75
NORW Sharpe Ratio Rank: 84
NORW Sortino Ratio Rank: 84
NORW Omega Ratio Rank: 79
NORW Calmar Ratio Rank: 68
NORW Martin Ratio Rank: 61

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DAX vs. NORW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and Global X MSCI Norway ETF (NORW). 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	NORW	Difference
Sharpe ratio: Return per unit of total volatility	0.41	1.96	-1.56
Sortino ratio: Return per unit of downside risk	0.70	2.75	-2.05
Omega ratio: Gain probability vs. loss probability	1.08	1.33	-0.25
Calmar ratio: Return relative to maximum drawdown	0.49	2.35	-1.86
Martin ratio: Return relative to average drawdown	1.51	7.35	-5.83

DAX vs. NORW - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.41, which is lower than the NORW Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of DAX and NORW, 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. NORW - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for DAX and NORW.

Drawdown Indicators

	DAX	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-45.58%	-35.62%	-9.96%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-14.49%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-16.03%	-16.06%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-38.92%	-32.78%	-6.14%
Max Drawdown (10Y) Largest decline over 10 years	-45.58%	-33.86%	-11.72%
Current Drawdown Current decline from peak	-1.64%	-4.36%	+2.72%
Average Drawdown Average peak-to-trough decline	-10.43%	-10.12%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.80%	4.63%	+0.17%

Volatility

DAX vs. NORW - Volatility Comparison

Global X DAX Germany ETF (DAX) and Global X MSCI Norway ETF (NORW) have volatilities of 4.82% and 5.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAX	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	5.02%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	15.31%	14.10%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	17.87%	17.33%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	22.01%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	20.56%	+0.36%

DAX vs. NORW - Expense Ratio Comparison

DAX has a 0.20% expense ratio, which is lower than NORW's 0.50% expense ratio.

Dividends

DAX vs. NORW - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 2.05%, less than NORW's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAX Global X DAX Germany ETF	2.05%	1.47%	2.24%	2.48%	2.80%	2.65%	2.25%	2.47%	3.33%	1.73%	1.78%	1.41%
NORW Global X MSCI Norway ETF	7.19%	3.44%	6.02%	5.27%	4.01%	1.51%	1.13%	2.47%	3.53%	3.64%	3.79%	2.95%

Frequently Asked Questions

Can I hold both DAX and NORW in my portfolio?

DAX and NORW have a correlation of 0.33, 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 NORW?

NORW has higher volatility (5.02%) compared to DAX (4.82%). In terms of maximum drawdown, DAX dropped -45.58% vs NORW's -35.62%.

Which ETF is better, DAX or NORW?

On 10-year performance, NORW leads with 9.90% vs 9.35% for DAX. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAX or NORW?

Over the 10-year period, NORW has performed better with a 9.90% return vs 9.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAX or NORW?

DAX is cheaper with a 0.20% expense ratio, compared with 0.50% for NORW.

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

NORW has the higher dividend yield at 7.19%, compared with 2.05% for DAX.

What is the main difference between DAX and NORW?

DAX tracks DAX Index, while NORW tracks MSCI Norway IMI 25/50 Index. Their fees differ too: 0.20% for DAX and 0.50% for NORW.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.96 vs 0.41), 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.