DAXX.L vs. GLD

Last updated Jun 5, 2026

DAXX.L (Lyxor DAX (DR) UCITS ETF - Acc) and GLD (SPDR Gold Shares) are both exchange-traded funds - DAXX.L is a Europe Equities fund tracking the FSE DAX TR EUR, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, DAXX.L returned 9.91%/yr vs 14.13%/yr for GLD. At a 0.03 correlation, their price movements are largely independent. DAXX.L charges 0.15%/yr vs 0.40%/yr for GLD.

Performance

DAXX.L vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor DAX (DR) UCITS ETF - Acc (DAXX.L) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DAXX.L is traded in GBp, while GLD is traded in USD. To make them comparable, the GLD values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, DAXX.L achieves a 0.50% return, which is significantly lower than GLD's 4.20% return. Over the past 10 years, DAXX.L has underperformed GLD with an annualized return of 9.91%, while GLD has yielded a comparatively higher 14.13% annualized return.

DAXX.L

• 1D: 0.65%
• 1M: -0.09%
• YTD: 0.50%
• 6M: 2.40%
• 1Y: 4.76%
• 3Y*: 15.60%
• 5Y*: 9.26%
• 10Y*: 9.91%

GLD

• 1D: 0.00%
• 1M: -3.34%
• YTD: 4.20%
• 6M: 5.72%
• 1Y: 34.48%
• 3Y*: 27.81%
• 5Y*: 19.62%
• 10Y*: 14.13%

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

DAXX.L vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAXX.L Lyxor DAX (DR) UCITS ETF - Acc	0.50%	28.48%	13.18%	17.11%	-7.69%	7.55%	9.67%	16.14%	-17.07%	16.46%
GLD SPDR Gold Shares	0.99%	52.02%	28.87%	7.06%	11.03%	-3.24%	21.15%	13.37%	3.87%	3.05%

Correlation

The correlation between DAXX.L and GLD is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Aug 28, 2014	0.03

DAXX.L vs. GLD - Sectors Allocation Comparison

Sectors	DAXX.L	GLD
Industrials	34.2%	-
Financial Services	20.5%	-
Technology	14.7%	-
Consumer Cyclical	7.1%	-
Communication Services	6.4%	-
Healthcare	5.7%	-
Basic Materials	5.0%	100.0%
Utilities	4.7%	-
Consumer Defensive	1.0%	-
Real Estate	0.9%	-
Energy	-	-

Return for Risk

DAXX.L vs. GLD — Risk / Return Rank

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

DAXX.L

DAXX.L Risk / Return Rank: 14
DAXX.L Sharpe Ratio Rank: 14
DAXX.L Sortino Ratio Rank: 14
DAXX.L Omega Ratio Rank: 14
DAXX.L Calmar Ratio Rank: 14
DAXX.L Martin Ratio Rank: 15

GLD

GLD Risk / Return Rank: 29
GLD Sharpe Ratio Rank: 30
GLD Sortino Ratio Rank: 27
GLD Omega Ratio Rank: 33
GLD Calmar Ratio Rank: 29
GLD Martin Ratio Rank: 26

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.

DAXX.L vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor DAX (DR) UCITS ETF - Acc (DAXX.L) and SPDR Gold Shares (GLD). 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.

	DAXX.L	GLD	Difference
Sharpe ratio: Return per unit of total volatility	0.34	1.37	-1.03
Sortino ratio: Return per unit of downside risk	0.57	1.78	-1.21
Omega ratio: Gain probability vs. loss probability	1.07	1.28	-0.21
Calmar ratio: Return relative to maximum drawdown	0.39	1.95	-1.55
Martin ratio: Return relative to average drawdown	1.26	4.77	-3.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DAXX.L vs. GLD - Sharpe Ratio Comparison

The current DAXX.L Sharpe Ratio is 0.34, which is lower than the GLD Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of DAXX.L and GLD, 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

	DAXX.L	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	1.37	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	1.18	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.87	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.70	-0.23

Drawdowns

DAXX.L vs. GLD - Drawdown Comparison

The maximum DAXX.L drawdown since its inception was -35.41%, smaller than the maximum GLD drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for DAXX.L and GLD.

Drawdown Indicators

	DAXX.L	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-35.41%	-41.89%	+6.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.92%	-17.78%	+4.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-17.78%	+3.89%
Max Drawdown (5Y) Largest decline over 5 years	-23.43%	-17.78%	-5.65%
Max Drawdown (10Y) Largest decline over 10 years	-35.41%	-22.78%	-12.63%
Current Drawdown Current decline from peak	-3.20%	-16.16%	+12.96%
Average Drawdown Average peak-to-trough decline	-6.82%	-13.21%	+6.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	7.24%	-3.18%

Volatility

DAXX.L vs. GLD - Volatility Comparison

Lyxor DAX (DR) UCITS ETF - Acc (DAXX.L) has a higher volatility of 4.74% compared to SPDR Gold Shares (GLD) at 3.81%. This indicates that DAXX.L's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAXX.L	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	3.81%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	21.73%	-9.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.16%	25.28%	-10.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	16.70%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	16.22%	+1.80%

DAXX.L vs. GLD - Expense Ratio Comparison

DAXX.L has a 0.15% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

DAXX.L vs. GLD - Dividend Comparison

Neither DAXX.L nor GLD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DAXX.L and GLD in my portfolio?

DAXX.L and GLD have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DAXX.L or GLD?

On fees, DAXX.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DAXX.L or GLD?

DAXX.L is cheaper with a 0.15% expense ratio, compared with 0.40% for GLD.

What is the main difference between DAXX.L and GLD?

DAXX.L is categorized as Europe Equities, while GLD is Gold. DAXX.L tracks FSE DAX TR EUR, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Amundi and State Street. Their fees differ too: 0.15% for DAXX.L and 0.40% for GLD.