DAX vs. TISEX

Last updated Jun 4, 2026

DAX (Global X DAX Germany ETF) and TISEX (TIAA-CREF Quant Small-Cap Equity Fund) are both funds - DAX is a Europe Equities fund tracking the DAX Index, while TISEX is a Small Cap Blend Equities fund managed by TIAA Investments. Over the past 10 years, DAX returned 8.97%/yr vs 12.98%/yr for TISEX. A 0.61 correlation means they provide meaningful diversification when combined. DAX charges 0.20%/yr vs 0.41%/yr for TISEX.

Performance

DAX vs. TISEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X DAX Germany ETF (DAX) and TIAA-CREF Quant Small-Cap Equity Fund (TISEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DAX achieves a -0.66% return, which is significantly lower than TISEX's 19.56% return. Over the past 10 years, DAX has underperformed TISEX with an annualized return of 8.97%, while TISEX has yielded a comparatively higher 12.98% annualized return.

DAX

• 1D: -1.53%
• 1M: 2.29%
• YTD: -0.66%
• 6M: 2.93%
• 1Y: 3.88%
• 3Y*: 17.88%
• 5Y*: 7.71%
• 10Y*: 8.97%

TISEX

• 1D: 1.25%
• 1M: 5.20%
• YTD: 19.56%
• 6M: 19.03%
• 1Y: 43.20%
• 3Y*: 22.20%
• 5Y*: 10.85%
• 10Y*: 12.98%

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

DAX vs. TISEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAX Global X DAX Germany ETF	-0.66%	39.00%	10.55%	23.62%	-18.47%	7.73%	12.27%	22.11%	-22.92%	28.23%
TISEX TIAA-CREF Quant Small-Cap Equity Fund	19.56%	16.31%	16.29%	18.72%	-15.49%	25.00%	12.81%	23.94%	-12.33%	14.07%

Correlation

The correlation between DAX and TISEX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 24, 2014	0.61

The correlation between DAX and TISEX has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.

Return for Risk

DAX vs. TISEX — Risk / Return Rank

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

DAX

DAX Risk / Return Rank: 12
DAX Sharpe Ratio Rank: 12
DAX Sortino Ratio Rank: 11
DAX Omega Ratio Rank: 11
DAX Calmar Ratio Rank: 12
DAX Martin Ratio Rank: 12

TISEX

TISEX Risk / Return Rank: 72
TISEX Sharpe Ratio Rank: 67
TISEX Sortino Ratio Rank: 59
TISEX Omega Ratio Rank: 53
TISEX Calmar Ratio Rank: 92
TISEX Martin Ratio Rank: 91

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. TISEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and TIAA-CREF Quant Small-Cap Equity Fund (TISEX). 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	TISEX	Difference
Sharpe ratio: Return per unit of total volatility	0.22	2.40	-2.18
Sortino ratio: Return per unit of downside risk	0.44	3.24	-2.80
Omega ratio: Gain probability vs. loss probability	1.05	1.40	-0.35
Calmar ratio: Return relative to maximum drawdown	0.26	4.93	-4.66
Martin ratio: Return relative to average drawdown	0.83	18.46	-17.63
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. TISEX - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.22, which is lower than the TISEX Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of DAX and TISEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DAX	TISEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	2.40	-2.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.49	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.56	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.48	-0.13

Drawdowns

DAX vs. TISEX - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, smaller than the maximum TISEX drawdown of -59.91%. Use the drawdown chart below to compare losses from any high point for DAX and TISEX.

Drawdown Indicators

	DAX	TISEX	Difference
Max Drawdown Largest peak-to-trough decline	-45.58%	-59.91%	+14.33%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-9.20%	-5.62%
Max Drawdown (3Y) Largest decline over 3 years	-16.03%	-26.18%	+10.15%
Max Drawdown (5Y) Largest decline over 5 years	-39.96%	-27.92%	-12.04%
Max Drawdown (10Y) Largest decline over 10 years	-45.58%	-45.76%	+0.18%
Current Drawdown Current decline from peak	-4.63%	0.00%	-4.63%
Average Drawdown Average peak-to-trough decline	-10.51%	-9.36%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	2.45%	+2.23%

Volatility

DAX vs. TISEX - Volatility Comparison

Global X DAX Germany ETF (DAX) has a higher volatility of 6.09% compared to TIAA-CREF Quant Small-Cap Equity Fund (TISEX) at 5.57%. This indicates that DAX's price experiences larger fluctuations and is considered to be riskier than TISEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAX	TISEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	5.57%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	14.37%	13.29%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	18.91%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.38%	22.05%	-1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	23.39%	-2.11%

DAX vs. TISEX - Expense Ratio Comparison

DAX has a 0.20% expense ratio, which is lower than TISEX's 0.41% expense ratio.

Dividends

DAX vs. TISEX - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 1.48%, less than TISEX's 7.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAX Global X DAX Germany ETF	1.48%	1.47%	2.24%	2.48%	2.80%	2.65%	2.25%	2.47%	3.33%	1.73%	1.78%	1.41%
TISEX TIAA-CREF Quant Small-Cap Equity Fund	7.62%	9.11%	12.26%	2.08%	6.47%	21.14%	0.63%	5.41%	20.46%	10.29%	3.48%	7.75%

Frequently Asked Questions

Can I hold both DAX and TISEX in my portfolio?

DAX and TISEX have a correlation of 0.63, 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 TISEX?

DAX has higher volatility (6.09%) compared to TISEX (5.57%). In terms of maximum drawdown, DAX dropped -45.58% vs TISEX's -59.91%.

Which has better risk-adjusted returns?

TISEX currently has the higher Sharpe Ratio (2.40 vs 0.22), 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.