DAX vs. SDEU.L
DAX (Global X DAX Germany ETF) and SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) are both exchange-traded funds - DAX is a Europe Equities fund tracking the DAX Index, while SDEU.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR. Both are passively managed. Over the past 10 years, DAX returned 9.21%/yr vs -1.13%/yr for SDEU.L. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.
Performance
DAX vs. SDEU.L - Performance Comparison
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Different Trading Currencies
DAX is traded in USD, while SDEU.L is traded in GBP. To make them comparable, the SDEU.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, DAX achieves a -2.02% return, which is significantly higher than SDEU.L's -2.22% return. Over the past 10 years, DAX has outperformed SDEU.L with an annualized return of 9.21%, while SDEU.L has yielded a comparatively lower -1.13% annualized return.
DAX
- 1D
- -0.07%
- 1M
- -1.60%
- YTD
- -2.02%
- 6M
- 0.86%
- 1Y
- 1.43%
- 3Y*
- 17.37%
- 5Y*
- 7.56%
- 10Y*
- 9.21%
SDEU.L
- 1D
- 0.12%
- 1M
- -2.24%
- YTD
- -2.22%
- 6M
- -0.83%
- 1Y
- -0.16%
- 3Y*
- 3.14%
- 5Y*
- -4.21%
- 10Y*
- -1.13%
DAX vs. SDEU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DAX Global X DAX Germany ETF | -2.02% | 39.00% | 10.55% | 23.62% | -18.47% | 7.73% | 12.27% | 22.11% | -22.92% | 28.23% |
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | -2.22% | 11.34% | -5.80% | 8.51% | -22.46% | -9.88% | 11.78% | 1.74% | -2.72% | 11.56% |
Correlation
The correlation between DAX and SDEU.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2014 | 0.23 |
Over the past year, DAX and SDEU.L have become more correlated (0.44) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
DAX vs. SDEU.L — Risk / Return Rank
DAX
SDEU.L
DAX vs. SDEU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L). 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.
| DAX | SDEU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.00 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | -0.03 | +0.12 |
| Martin ratioReturn relative to average drawdown | 0.30 | -0.06 | +0.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DAX | SDEU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.08 | -0.02 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | -0.42 | +0.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | -0.12 | +0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | -0.22 | +0.56 |
Drawdowns
DAX vs. SDEU.L - Drawdown Comparison
The maximum DAX drawdown since its inception was -45.58%, which is greater than SDEU.L's maximum drawdown of -41.52%. Use the drawdown chart below to compare losses from any high point for DAX and SDEU.L.
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Drawdown Indicators
| DAX | SDEU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.58% | -41.52% | -4.06% |
Max Drawdown (1Y)Largest decline over 1 year | -14.82% | -5.67% | -9.15% |
Max Drawdown (3Y)Largest decline over 3 years | -16.03% | -10.32% | -5.71% |
Max Drawdown (5Y)Largest decline over 5 years | -39.72% | -34.26% | -5.46% |
Max Drawdown (10Y)Largest decline over 10 years | -45.58% | -37.02% | -8.56% |
Current DrawdownCurrent decline from peak | -5.93% | -28.28% | +22.35% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -22.07% | +11.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.71% | 2.49% | +2.22% |
Volatility
DAX vs. SDEU.L - Volatility Comparison
Global X DAX Germany ETF (DAX) has a higher volatility of 5.30% compared to iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) at 2.39%. This indicates that DAX's price experiences larger fluctuations and is considered to be riskier than SDEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DAX | SDEU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 2.39% | +2.91% |
Volatility (6M)Calculated over the trailing 6-month period | 14.59% | 5.97% | +8.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.86% | 8.05% | +9.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.41% | 10.12% | +10.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.28% | 9.32% | +11.96% |
DAX vs. SDEU.L - Expense Ratio Comparison
Both DAX and SDEU.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
DAX vs. SDEU.L - Dividend Comparison
DAX's dividend yield for the trailing twelve months is around 1.50%, less than SDEU.L's 2.19% 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% |
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | 2.19% | 2.16% | 2.14% | 0.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.34% |
Frequently Asked Questions
DAX and SDEU.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
DAX and SDEU.L have the same expense ratio: 0.20% per year.
DAX is categorized as Europe Equities, while SDEU.L is European Government Bonds. DAX tracks DAX Index, while SDEU.L tracks Bloomberg Euro Agg Govt TR EUR. They also come from different issuers: Global X and iShares.
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