DGIEX vs. DAX

Last updated Jun 24, 2026

DGIEX (BNY Mellon Global Emerging Markets Fund) and DAX (Global X DAX Germany ETF) are both funds - DGIEX is a Emerging Markets Diversified fund managed by BNY Mellon, while DAX is a Europe Equities fund tracking the DAX Index. Over the past 10 years, DGIEX returned 10.62%/yr vs 9.68%/yr for DAX. A 0.57 correlation means they provide meaningful diversification when combined. DGIEX charges 1.00%/yr vs 0.20%/yr for DAX.

Performance

DGIEX vs. DAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Global Emerging Markets Fund (DGIEX) and Global X DAX Germany ETF (DAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGIEX achieves a 21.28% return, which is significantly higher than DAX's -1.81% return. Over the past 10 years, DGIEX has outperformed DAX with an annualized return of 10.62%, while DAX has yielded a comparatively lower 9.68% annualized return.

DGIEX

• 1D: -0.06%
• 1M: 4.38%
• YTD: 21.28%
• 6M: 22.28%
• 1Y: 41.26%
• 3Y*: 15.92%
• 5Y*: 4.14%
• 10Y*: 10.62%

DAX

• 1D: -1.06%
• 1M: -1.26%
• YTD: -1.81%
• 6M: -1.55%
• 1Y: 3.85%
• 3Y*: 17.16%
• 5Y*: 8.06%
• 10Y*: 9.68%

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

DGIEX vs. DAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGIEX BNY Mellon Global Emerging Markets Fund	21.28%	22.65%	4.34%	7.01%	-23.34%	-3.12%	58.75%	23.34%	-23.67%	46.01%
DAX Global X DAX Germany ETF	-1.81%	39.00%	10.55%	23.62%	-18.47%	7.73%	12.27%	22.11%	-22.92%	28.23%

Correlation

The correlation between DGIEX and DAX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.57

The correlation between DGIEX and DAX has been stable across timeframes, ranging from 0.51 to 0.57 - a consistent structural relationship.

Return for Risk

DGIEX vs. DAX — Risk / Return Rank

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

DGIEX

DGIEX Risk / Return Rank: 77
DGIEX Sharpe Ratio Rank: 78
DGIEX Sortino Ratio Rank: 70
DGIEX Omega Ratio Rank: 74
DGIEX Calmar Ratio Rank: 89
DGIEX Martin Ratio Rank: 76

DAX

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

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.

DGIEX vs. DAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Global Emerging Markets Fund (DGIEX) and Global X DAX Germany ETF (DAX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DGIEX	DAX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	0.22	+2.18
Sortino ratio: Return per unit of downside risk	3.17	0.43	+2.74
Omega ratio: Gain probability vs. loss probability	1.44	1.05	+0.39
Calmar ratio: Return relative to maximum drawdown	4.19	0.26	+3.92
Martin ratio: Return relative to average drawdown	13.40	0.80	+12.60

DGIEX vs. DAX - Sharpe Ratio Comparison

The current DGIEX Sharpe Ratio is 2.39, which is higher than the DAX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of DGIEX and DAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DGIEX vs. DAX - Drawdown Comparison

The maximum DGIEX drawdown since its inception was -42.97%, smaller than the maximum DAX drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for DGIEX and DAX.

Drawdown Indicators

	DGIEX	DAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.97%	-45.58%	+2.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-14.82%	+4.93%
Max Drawdown (3Y) Largest decline over 3 years	-20.39%	-16.03%	-4.36%
Max Drawdown (5Y) Largest decline over 5 years	-37.32%	-38.92%	+1.60%
Max Drawdown (10Y) Largest decline over 10 years	-42.97%	-45.58%	+2.61%
Current Drawdown Current decline from peak	-0.99%	-5.73%	+4.74%
Average Drawdown Average peak-to-trough decline	-17.28%	-10.48%	-6.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	4.82%	-1.74%

Volatility

DGIEX vs. DAX - Volatility Comparison

BNY Mellon Global Emerging Markets Fund (DGIEX) has a higher volatility of 8.22% compared to Global X DAX Germany ETF (DAX) at 5.25%. This indicates that DGIEX's price experiences larger fluctuations and is considered to be riskier than DAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGIEX	DAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	5.25%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	14.78%	14.86%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	17.98%	-0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	20.43%	-3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	20.98%	-2.30%

DGIEX vs. DAX - Expense Ratio Comparison

DGIEX has a 1.00% expense ratio, which is higher than DAX's 0.20% expense ratio.

Dividends

DGIEX vs. DAX - Dividend Comparison

DGIEX's dividend yield for the trailing twelve months is around 0.32%, less than DAX's 1.50% 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%
DGIEX BNY Mellon Global Emerging Markets Fund	0.32%	0.38%	0.00%	0.07%	0.25%	6.74%	0.30%	2.32%	1.32%	1.21%	0.04%	0.45%

Frequently Asked Questions

Can I hold both DGIEX and DAX in my portfolio?

DGIEX and DAX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGIEX or DAX?

DGIEX has higher volatility (8.22%) compared to DAX (5.25%). In terms of maximum drawdown, DGIEX dropped -42.97% vs DAX's -45.58%.

Which has better risk-adjusted returns?

DGIEX currently has the higher Sharpe Ratio (2.39 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.