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DAX vs. PAVE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DAX vs. PAVE

Last updated Aug 2, 2026
Documentation

DAX (Global X DAX Germany ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - DAX is a Europe Equities fund tracking the DAX Index, while PAVE is a Infrastructure Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, DAX returned 9.16%/yr vs 17.15%/yr for PAVE. Their 0.61 correlation means they have sometimes moved together and sometimes differently. DAX charges 0.20%/yr vs 0.47%/yr for PAVE.

Performance

DAX vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X DAX Germany ETF (DAX) and Global X US Infrastructure Development ETF (PAVE). 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 2.45% return, which is significantly lower than PAVE's 18.14% 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%

PAVE

1D
0.46%
1M
-1.38%
6M
11.25%
YTD
18.14%
1Y
26.28%
3Y*
20.94%
5Y*
17.15%
10Y*
—
ALL TIME*
16.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DAX

Global X DAX Germany ETF
$1.64M$2.14M$1.96M

PAVE

Global X US Infrastructure Development ETF
$109.69M$125.02M$111.27M

DAX vs. PAVE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DAX
Global X DAX Germany ETF		2.45%39.00%10.55%23.62%-18.47%7.73%12.27%22.11%-22.92%22.35%
PAVE
Global X US Infrastructure Development ETF		18.14%19.36%17.92%31.01%-7.17%36.42%19.72%33.26%-19.15%13.41%

Correlation

The correlation between DAX and PAVE is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.55

Correlation (3Y)
Balances recent behavior with more history.

0.56

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.62

Correlation (All Time)
Calculated using the full available price history since Mar 8, 2017

0.61

The correlation between DAX and PAVE has been stable across timeframes, ranging from 0.55 to 0.62 - a consistent structural relationship.

DAX vs. PAVE - Sectors Allocation Comparison

Sectors
DAX
PAVE

Industrials

36.0%
72.3%

Financial Services

20.5%

-

Technology

14.3%
1.9%

Healthcare

6.5%

-

Consumer Cyclical

6.4%

-

Communication Services

5.2%

-

Basic Materials

4.7%
22.1%

Utilities

4.5%
3.5%

Consumer Defensive

1.1%
0.3%

Real Estate

0.9%

-

Energy

-

0.2%

Industrials

DAX
36.0%
PAVE
72.3%

Financial Services

DAX
20.5%
PAVE

-

Technology

DAX
14.3%
PAVE
1.9%

Healthcare

DAX
6.5%
PAVE

-

Consumer Cyclical

DAX
6.4%
PAVE

-

Communication Services

DAX
5.2%
PAVE

-

Basic Materials

DAX
4.7%
PAVE
22.1%

Utilities

DAX
4.5%
PAVE
3.5%

Consumer Defensive

DAX
1.1%
PAVE
0.3%

Real Estate

DAX
0.9%
PAVE

-

Energy

DAX

-

PAVE
0.2%

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

Global X US Infrastructure Development ETF

Often compared with DAX:
DAX vs. SPYDAX vs. CACDAX vs. BMW.DEDAX vs. QQQDAX vs. ^FCHIDAX vs. VOODAX vs. VGK
Often compared with PAVE:
PAVE vs. IFRAPAVE vs. XLIPAVE vs. AIRRPAVE vs. GRIDPAVE vs. SPGPPAVE vs. VAWPAVE vs. GII

Return for Risk

DAX vs. PAVE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
DAX
DAX Risk / Return Rank: 2020
Overall Rank
DAX Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
DAX Sortino Ratio Rank: 2020
Sortino Ratio Rank
DAX Omega Ratio Rank: 2020
Omega Ratio Rank
DAX Calmar Ratio Rank: 1919
Calmar Ratio Rank
DAX Martin Ratio Rank: 2222
Martin Ratio Rank
PAVE
PAVE Risk / Return Rank: 5252
Overall Rank
PAVE Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
PAVE Sortino Ratio Rank: 5050
Sortino Ratio Rank
PAVE Omega Ratio Rank: 4646
Omega Ratio Rank
PAVE Calmar Ratio Rank: 5959
Calmar Ratio Rank
PAVE Martin Ratio Rank: 5757
Martin Ratio Rank
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. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and Global X US Infrastructure Development ETF (PAVE). 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.

DAXPAVEDifference
Sharpe ratioReturn per unit of total volatility
0.41
1.20

-0.79

Sortino ratioReturn per unit of downside risk
0.70
1.76

-1.06

Omega ratioGain probability vs. loss probability

1.08

1.21

-0.13

Calmar ratioReturn relative to maximum drawdown

0.49

2.06

-1.57

Martin ratioReturn relative to average drawdown

1.51

6.77

-5.25

DAX vs. PAVE - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.41, which is lower than the PAVE Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of DAX and PAVE, 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. PAVE - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, roughly equal to the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for DAX and PAVE.

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Drawdown Indicators

DAXPAVEDifference

Max Drawdown

Largest peak-to-trough decline

-45.58%

-44.08%

-1.50%

Max Drawdown (1Y)

Largest decline over 1 year

-14.82%

-11.91%

-2.91%

Max Drawdown (3Y)

Largest decline over 3 years

-16.03%

-26.23%

+10.20%

Max Drawdown (5Y)

Largest decline over 5 years

-38.92%

-26.23%

-12.69%

Max Drawdown (10Y)

Largest decline over 10 years

-45.58%

—

—

Current Drawdown

Current decline from peak

-1.64%

-5.89%

+4.25%

Average Drawdown

Average peak-to-trough decline

-10.43%

-6.19%

-4.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.80%

3.62%

+1.18%

Volatility

DAX vs. PAVE - Volatility Comparison

The current volatility for Global X DAX Germany ETF (DAX) is 4.82%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.09%. This indicates that DAX experiences smaller price fluctuations and is considered to be less risky than PAVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DAXPAVEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.82%

6.09%

-1.27%

Volatility (6M)

Calculated over the trailing 6-month period

15.31%

16.61%

-1.30%

Volatility (1Y)

Calculated over the trailing 1-year period

17.87%

20.42%

-2.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.43%

21.71%

-1.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.92%

24.37%

-3.45%

DAX vs. PAVE - Expense Ratio Comparison

DAX has a 0.20% expense ratio, which is lower than PAVE's 0.47% expense ratio.

Dividends

DAX vs. PAVE - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 2.05%, more than PAVE's 0.76% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
PAVE
Global X US Infrastructure Development ETF		0.76%0.92%0.54%0.68%0.84%0.48%0.44%0.67%0.78%0.30%0.00%0.00%

Frequently Asked Questions

DAX and PAVE have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PAVE has higher volatility (6.09%) compared to DAX (4.82%). In terms of maximum drawdown, DAX dropped -45.58% vs PAVE's -44.08%.

On 5-year performance, PAVE leads with 17.15% vs 9.16% 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.

Over the 5-year period, PAVE has performed better with a 17.15% return vs 9.16%. 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 0.47% for PAVE.

DAX has the higher dividend yield at 2.05%, compared with 0.76% for PAVE.

DAX is categorized as Europe Equities, while PAVE is Infrastructure Equities. DAX tracks DAX Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. Their fees differ too: 0.20% for DAX and 0.47% for PAVE.

PAVE currently has the higher Sharpe Ratio (1.20 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.

Portfolio Optimizer

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