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EFNL vs. DAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFNL vs. DAX

Last updated Jun 24, 2026

EFNL (iShares MSCI Finland ETF) and DAX (Global X DAX Germany ETF) are both Europe Equities funds - EFNL tracks the MSCI Finland IMI 25/50 Index while DAX tracks the DAX Index. Both are passively managed. Over the past 10 years, EFNL returned 10.11%/yr vs 9.68%/yr for DAX. A 0.74 correlation means they provide meaningful diversification when combined. EFNL charges 0.53%/yr vs 0.20%/yr for DAX.

Performance

EFNL vs. DAX - Performance Comparison

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

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Returns By Period

In the year-to-date period, EFNL achieves a 11.71% return, which is significantly higher than DAX's -1.81% return. Both investments have delivered pretty close results over the past 10 years, with EFNL having a 10.11% annualized return and DAX not far behind at 9.68%.

EFNL

1D
-2.56%
1M
-5.85%
YTD
11.71%
6M
12.28%
1Y
34.67%
3Y*
19.81%
5Y*
5.46%
10Y*
10.11%

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)

EFNL vs. DAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFNL
iShares MSCI Finland ETF		11.71%53.59%-5.28%-0.12%-17.29%10.50%20.19%13.64%-6.86%23.77%
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 EFNL and DAX 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

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.79

Correlation (10Y)
Calculated over the trailing 10-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Oct 23, 2014

0.74

The correlation between EFNL and DAX shifts across timeframes, from 0.67 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

EFNL vs. DAX - Sectors Allocation Comparison

Sectors
EFNL
DAX

Financial Services

25.9%
20.0%

Technology

23.3%
15.4%

Industrials

20.3%
34.1%

Basic Materials

8.9%
5.0%

Consumer Cyclical

4.2%
7.3%

Energy

4.1%

-

Utilities

3.6%
4.5%

Healthcare

3.5%
5.5%

Consumer Defensive

2.8%
1.0%

Communication Services

2.3%
6.2%

Real Estate

0.7%
0.9%

Financial Services

EFNL
25.9%
DAX
20.0%

Technology

EFNL
23.3%
DAX
15.4%

Industrials

EFNL
20.3%
DAX
34.1%

Basic Materials

EFNL
8.9%
DAX
5.0%

Consumer Cyclical

EFNL
4.2%
DAX
7.3%

Energy

EFNL
4.1%
DAX

-

Utilities

EFNL
3.6%
DAX
4.5%

Healthcare

EFNL
3.5%
DAX
5.5%

Consumer Defensive

EFNL
2.8%
DAX
1.0%

Communication Services

EFNL
2.3%
DAX
6.2%

Real Estate

EFNL
0.7%
DAX
0.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Finland ETF

Global X DAX Germany ETF

Often compared with EFNL:
EFNL vs. CN1G.DEEFNL vs. FNDAEFNL vs. EDENEFNL vs. EIRLEFNL vs. VFMFEFNL vs. VOOEFNL vs. VTI
Often compared with DAX:
DAX vs. SPYDAX vs. ^NIFTY500DAX vs. CACDAX vs. BMW.DEDAX vs. ^FCHIDAX vs. QQQDAX vs. VOO

Return for Risk

EFNL vs. DAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EFNL
EFNL Risk / Return Rank: 6666
Overall Rank
EFNL Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
EFNL Sortino Ratio Rank: 5555
Sortino Ratio Rank
EFNL Omega Ratio Rank: 5555
Omega Ratio Rank
EFNL Calmar Ratio Rank: 8383
Calmar Ratio Rank
EFNL Martin Ratio Rank: 7676
Martin Ratio Rank
DAX
DAX Risk / Return Rank: 1111
Overall Rank
DAX Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
DAX Sortino Ratio Rank: 1111
Sortino Ratio Rank
DAX Omega Ratio Rank: 1111
Omega Ratio Rank
DAX Calmar Ratio Rank: 1111
Calmar Ratio Rank
DAX Martin Ratio Rank: 1212
Martin Ratio Rank
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.

EFNL vs. DAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) 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.

EFNLDAXDifference
Sharpe ratioReturn per unit of total volatility
1.86
0.22

+1.65

Sortino ratioReturn per unit of downside risk
2.47
0.43

+2.03

Omega ratioGain probability vs. loss probability

1.32

1.05

+0.27

Calmar ratioReturn relative to maximum drawdown

4.15

0.26

+3.89

Martin ratioReturn relative to average drawdown

13.42

0.80

+12.62

EFNL vs. DAX - Sharpe Ratio Comparison

The current EFNL Sharpe Ratio is 1.86, which is higher than the DAX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of EFNL 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.

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Drawdowns

EFNL vs. DAX - Drawdown Comparison

The maximum EFNL drawdown since its inception was -38.70%, smaller than the maximum DAX drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for EFNL and DAX.

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Drawdown Indicators

EFNLDAXDifference

Max Drawdown

Largest peak-to-trough decline

-38.70%

-45.58%

+6.88%

Max Drawdown (1Y)

Largest decline over 1 year

-8.38%

-14.82%

+6.44%

Max Drawdown (3Y)

Largest decline over 3 years

-15.93%

-16.03%

+0.10%

Max Drawdown (5Y)

Largest decline over 5 years

-38.70%

-38.92%

+0.22%

Max Drawdown (10Y)

Largest decline over 10 years

-38.70%

-45.58%

+6.88%

Current Drawdown

Current decline from peak

-8.22%

-5.73%

-2.49%

Average Drawdown

Average peak-to-trough decline

-10.91%

-10.48%

-0.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

4.82%

-2.23%

Volatility

EFNL vs. DAX - Volatility Comparison

iShares MSCI Finland ETF (EFNL) has a higher volatility of 8.82% compared to Global X DAX Germany ETF (DAX) at 5.25%. This indicates that EFNL'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.

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Volatility by Period

EFNLDAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.82%

5.25%

+3.57%

Volatility (6M)

Calculated over the trailing 6-month period

15.81%

14.86%

+0.95%

Volatility (1Y)

Calculated over the trailing 1-year period

18.70%

17.98%

+0.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.88%

20.43%

-0.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.93%

20.98%

-1.05%

EFNL vs. DAX - Expense Ratio Comparison

EFNL has a 0.53% expense ratio, which is higher than DAX's 0.20% expense ratio.

Dividends

EFNL vs. DAX - Dividend Comparison

EFNL's dividend yield for the trailing twelve months is around 1.02%, less than DAX's 1.50% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EFNL
iShares MSCI Finland ETF		1.02%3.40%5.05%4.31%5.94%2.29%2.94%5.70%3.83%3.30%2.40%1.57%

Frequently Asked Questions

EFNL and DAX 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.

EFNL has higher volatility (8.82%) compared to DAX (5.25%). In terms of maximum drawdown, EFNL dropped -38.70% vs DAX's -45.58%.

On 10-year performance, EFNL leads with 10.11% vs 9.68% for DAX. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EFNL has performed better with a 10.11% return vs 9.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DAX is cheaper with a 0.20% expense ratio, compared with 0.53% for EFNL.

DAX has the higher dividend yield at 1.50%, compared with 1.02% for EFNL.

EFNL tracks MSCI Finland IMI 25/50 Index, while DAX tracks DAX Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.53% for EFNL and 0.20% for DAX.

EFNL currently has the higher Sharpe Ratio (1.86 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.

Portfolio Optimizer

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