DAX vs. SHLD

Last updated Apr 2, 2026

Compare and contrast key facts about Global X DAX Germany ETF (DAX) and Global X Defense Tech ETF (SHLD).

DAX and SHLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DAX is a passively managed fund by Global X that tracks the performance of the DAX Index. It was launched on Oct 22, 2014. SHLD is a passively managed fund by Global X that tracks the performance of the Global X Defense Tech Index - Benchmark TR Net. It was launched on Sep 11, 2023. Both DAX and SHLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DAX vs. SHLD - Performance Comparison

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

DAX vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DAX Global X DAX Germany ETF	-6.25%	39.00%	10.55%	10.18%
SHLD Global X Defense Tech ETF	13.41%	74.16%	35.03%	12.89%

Returns By Period

In the year-to-date period, DAX achieves a -6.25% return, which is significantly lower than SHLD's 13.41% return.

DAX

• 1D: 1.45%
• 1M: -6.35%
• YTD: -6.25%
• 6M: -5.30%
• 1Y: 10.17%
• 3Y*: 15.81%
• 5Y*: 7.90%
• 10Y*: 8.48%

SHLD

• 1D: 3.73%
• 1M: -4.67%
• YTD: 13.41%
• 6M: 5.02%
• 1Y: 56.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DAX vs. SHLD - Expense Ratio Comparison

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

SHLD

Global X Defense Tech ETF

DAX

Global X DAX Germany ETF

Return for Risk

DAX vs. SHLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DAX

DAX Risk / Return Rank: 28
DAX Sharpe Ratio Rank: 26
DAX Sortino Ratio Rank: 27
DAX Omega Ratio Rank: 26
DAX Calmar Ratio Rank: 30
DAX Martin Ratio Rank: 30

SHLD

SHLD Risk / Return Rank: 92
SHLD Sharpe Ratio Rank: 93
SHLD Sortino Ratio Rank: 93
SHLD Omega Ratio Rank: 89
SHLD Calmar Ratio Rank: 94
SHLD Martin Ratio Rank: 88

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio Return per unit of total volatility	0.51	2.22	-1.72
Sortino ratio Return per unit of downside risk	0.85	2.89	-2.04
Omega ratio Gain probability vs. loss probability	1.11	1.38	-0.27
Calmar ratio Return relative to maximum drawdown	0.75	3.90	-3.15
Martin ratio Return relative to average drawdown	2.61	11.34	-8.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DAX vs. SHLD - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.51, which is lower than the SHLD Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of DAX and SHLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DAX	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	2.22	-1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	2.62	-2.29

Correlation

The correlation between DAX and SHLD is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DAX vs. SHLD - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 1.57%, more than SHLD's 0.48% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAX Global X DAX Germany ETF	1.57%	1.47%	2.24%	2.48%	2.80%	2.65%	2.25%	2.47%	3.33%	1.73%	1.78%	1.41%
SHLD Global X Defense Tech ETF	0.48%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

DAX vs. SHLD - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, which is greater than SHLD's maximum drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for DAX and SHLD.

Drawdown Indicators

	DAX	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-45.58%	-15.06%	-30.52%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-15.06%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	-39.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.58%	—	—
Current Drawdown Current decline from peak	-10.00%	-5.82%	-4.18%
Average Drawdown Average peak-to-trough decline	-10.58%	-2.58%	-8.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	5.18%	-0.95%

Volatility

DAX vs. SHLD - Volatility Comparison

The current volatility for Global X DAX Germany ETF (DAX) is 8.46%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.74%. This indicates that DAX experiences smaller price fluctuations and is considered to be less risky than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAX	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.46%	9.74%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	12.77%	18.64%	-5.87%
Volatility (1Y) Calculated over the trailing 1-year period	20.20%	25.64%	-5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.20%	20.81%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.21%	20.81%	+0.40%