DAX vs. XYLD

Last updated Jun 4, 2026

DAX (Global X DAX Germany ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - DAX is a Europe Equities fund tracking the DAX Index, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past 10 years, DAX returned 8.97%/yr vs 8.25%/yr for XYLD. A 0.57 correlation means they provide meaningful diversification when combined. DAX charges 0.20%/yr vs 0.60%/yr for XYLD.

Performance

DAX vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X DAX Germany ETF (DAX) and Global X S&P 500 Covered Call ETF (XYLD). 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 XYLD's 4.96% return. Over the past 10 years, DAX has outperformed XYLD with an annualized return of 8.97%, while XYLD has yielded a comparatively lower 8.25% 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%

XYLD

• 1D: -0.15%
• 1M: 2.00%
• YTD: 4.96%
• 6M: 6.48%
• 1Y: 17.66%
• 3Y*: 11.27%
• 5Y*: 7.72%
• 10Y*: 8.25%

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

DAX vs. XYLD - 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%
XYLD Global X S&P 500 Covered Call ETF	4.96%	8.02%	19.49%	11.10%	-12.05%	19.59%	-0.56%	21.41%	-6.09%	16.49%

Correlation

The correlation between DAX and XYLD is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Oct 24, 2014	0.57

The correlation between DAX and XYLD shifts across timeframes, from 0.56 (3 years) to 0.67 (1 year), reflecting how their relationship changes across market environments.

DAX vs. XYLD - Sectors Allocation Comparison

Sectors	DAX	XYLD
Industrials	34.8%	8.3%
Financial Services	21.0%	11.8%
Technology	13.2%	35.6%
Consumer Cyclical	7.0%	10.2%
Communication Services	6.1%	11.2%
Healthcare	5.7%	8.5%
Basic Materials	5.3%	1.8%
Utilities	5.0%	2.3%
Real Estate	1.0%	1.9%
Consumer Defensive	0.9%	4.9%
Energy	-	3.5%

Return for Risk

DAX vs. XYLD — 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

XYLD

XYLD Risk / Return Rank: 82
XYLD Sharpe Ratio Rank: 81
XYLD Sortino Ratio Rank: 84
XYLD Omega Ratio Rank: 92
XYLD Calmar Ratio Rank: 66
XYLD Martin Ratio Rank: 85

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. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) and Global X S&P 500 Covered Call ETF (XYLD). 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	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	0.22	2.71	-2.49
Sortino ratio: Return per unit of downside risk	0.44	3.87	-3.43
Omega ratio: Gain probability vs. loss probability	1.05	1.64	-0.59
Calmar ratio: Return relative to maximum drawdown	0.26	3.35	-3.09
Martin ratio: Return relative to average drawdown	0.83	17.84	-17.01
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. XYLD - Sharpe Ratio Comparison

The current DAX Sharpe Ratio is 0.22, which is lower than the XYLD Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of DAX and XYLD, 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	XYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	2.71	-2.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.69	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.58	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.60	-0.25

Drawdowns

DAX vs. XYLD - Drawdown Comparison

The maximum DAX drawdown since its inception was -45.58%, which is greater than XYLD's maximum drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for DAX and XYLD.

Drawdown Indicators

	DAX	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-45.58%	-33.46%	-12.12%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-5.29%	-9.53%
Max Drawdown (3Y) Largest decline over 3 years	-16.03%	-15.53%	-0.50%
Max Drawdown (5Y) Largest decline over 5 years	-39.96%	-18.66%	-21.30%
Max Drawdown (10Y) Largest decline over 10 years	-45.58%	-33.46%	-12.12%
Current Drawdown Current decline from peak	-4.63%	-0.15%	-4.48%
Average Drawdown Average peak-to-trough decline	-10.51%	-3.72%	-6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	0.99%	+3.69%

Volatility

DAX vs. XYLD - Volatility Comparison

Global X DAX Germany ETF (DAX) has a higher volatility of 6.09% compared to Global X S&P 500 Covered Call ETF (XYLD) at 0.88%. This indicates that DAX's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAX	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	0.88%	+5.21%
Volatility (6M) Calculated over the trailing 6-month period	14.37%	5.37%	+9.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	6.55%	+11.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.38%	11.22%	+9.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	14.21%	+7.07%

DAX vs. XYLD - Expense Ratio Comparison

DAX has a 0.20% expense ratio, which is lower than XYLD's 0.60% expense ratio.

Dividends

DAX vs. XYLD - Dividend Comparison

DAX's dividend yield for the trailing twelve months is around 1.48%, less than XYLD's 10.52% 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%
XYLD Global X S&P 500 Covered Call ETF	10.52%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both DAX and XYLD in my portfolio?

DAX and XYLD have a correlation of 0.67, 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 XYLD?

DAX has higher volatility (6.09%) compared to XYLD (0.88%). In terms of maximum drawdown, DAX dropped -45.58% vs XYLD's -33.46%.

Which ETF is better, DAX or XYLD?

On 10-year performance, DAX leads with 8.97% vs 8.25% for XYLD. On fees, DAX is cheaper at 0.20% per year. On volatility, XYLD has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAX or XYLD?

Over the 10-year period, DAX has performed better with a 8.97% return vs 8.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAX or XYLD?

DAX is cheaper with a 0.20% expense ratio, compared with 0.60% for XYLD.

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

XYLD has the higher dividend yield at 10.52%, compared with 1.48% for DAX.

What is the main difference between DAX and XYLD?

DAX is categorized as Europe Equities, while XYLD is Derivative Income. DAX tracks DAX Index, while XYLD tracks Cboe S&P 500 BuyWrite Index. Their fees differ too: 0.20% for DAX and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.71 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.