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EUFN vs. DAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EUFN vs. DAX

Last updated Jun 13, 2026

EUFN (iShares MSCI Europe Financials ETF) and DAX (Global X DAX Germany ETF) are both exchange-traded funds - EUFN is a Financials Equities fund tracking the MSCI Europe Financials Index, while DAX is a Europe Equities fund tracking the DAX Index. Both are passively managed. Over the past 10 years, EUFN returned 13.48%/yr vs 9.57%/yr for DAX. A 0.79 correlation means they provide meaningful diversification when combined. EUFN charges 0.48%/yr vs 0.20%/yr for DAX.

Performance

EUFN vs. DAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Europe Financials ETF (EUFN) 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, EUFN achieves a 4.75% return, which is significantly higher than DAX's -1.45% return. Over the past 10 years, EUFN has outperformed DAX with an annualized return of 13.48%, while DAX has yielded a comparatively lower 9.57% annualized return.

EUFN

1D
1.20%
1M
3.32%
YTD
4.75%
6M
9.10%
1Y
26.28%
3Y*
32.04%
5Y*
18.43%
10Y*
13.48%

DAX

1D
0.26%
1M
0.49%
YTD
-1.45%
6M
-0.46%
1Y
2.74%
3Y*
16.82%
5Y*
7.62%
10Y*
9.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EUFN vs. DAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EUFN
iShares MSCI Europe Financials ETF		4.75%65.73%17.20%26.15%-8.78%19.13%-8.55%20.73%-23.14%26.94%
DAX
Global X DAX Germany ETF		-1.45%39.00%10.55%23.62%-18.47%7.73%12.27%22.11%-22.92%28.23%

Correlation

The correlation between EUFN and DAX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.84

Correlation (3Y)
Calculated over the trailing 3-year period

0.85

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

0.86

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

0.79

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

0.79

The correlation between EUFN and DAX has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

EUFN vs. DAX - Sectors Allocation Comparison

Sectors
EUFN
DAX

Financial Services

97.1%
19.8%

Technology

1.0%
15.2%

Industrials

0.4%
33.8%

Consumer Cyclical

0.2%
7.2%

Basic Materials

-

5.0%

Communication Services

-

5.9%

Consumer Defensive

-

0.9%

Energy

-

-

Healthcare

-

5.4%

Real Estate

-

1.2%

Utilities

-

4.5%

Financial Services

EUFN
97.1%
DAX
19.8%

Technology

EUFN
1.0%
DAX
15.2%

Industrials

EUFN
0.4%
DAX
33.8%

Consumer Cyclical

EUFN
0.2%
DAX
7.2%

Basic Materials

EUFN

-

DAX
5.0%

Communication Services

EUFN

-

DAX
5.9%

Consumer Defensive

EUFN

-

DAX
0.9%

Energy

EUFN

-

DAX

-

Healthcare

EUFN

-

DAX
5.4%

Real Estate

EUFN

-

DAX
1.2%

Utilities

EUFN

-

DAX
4.5%

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 Europe Financials ETF

Global X DAX Germany ETF

Often compared with EUFN:
EUFN vs. XLFEUFN vs. FDDEUFN vs. SPYEUFN vs. GSIBEUFN vs. EURLEUFN vs. IEUREUFN vs. EIRL
Often compared with DAX:
DAX vs. SPYDAX vs. ^NIFTY500DAX vs. CACDAX vs. BMW.DEDAX vs. ^FCHIDAX vs. QQQDAX vs. VOO

Return for Risk

EUFN vs. DAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EUFN
EUFN Risk / Return Rank: 4242
Overall Rank
EUFN Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
EUFN Sortino Ratio Rank: 4242
Sortino Ratio Rank
EUFN Omega Ratio Rank: 3939
Omega Ratio Rank
EUFN Calmar Ratio Rank: 4141
Calmar Ratio Rank
EUFN Martin Ratio Rank: 4444
Martin Ratio Rank
DAX
DAX Risk / Return Rank: 1212
Overall Rank
DAX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
DAX Sortino Ratio Rank: 1111
Sortino Ratio Rank
DAX Omega Ratio Rank: 1111
Omega Ratio Rank
DAX Calmar Ratio Rank: 1212
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.

EUFN vs. DAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Financials ETF (EUFN) 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.

EUFNDAXDifference
Sharpe ratioReturn per unit of total volatility
1.31
0.15

+1.16

Sortino ratioReturn per unit of downside risk
1.92
0.34

+1.58

Omega ratioGain probability vs. loss probability

1.23

1.04

+0.19

Calmar ratioReturn relative to maximum drawdown

1.79

0.19

+1.60

Martin ratioReturn relative to average drawdown

6.24

0.58

+5.66

EUFN vs. DAX - Sharpe Ratio Comparison

The current EUFN Sharpe Ratio is 1.31, which is higher than the DAX Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of EUFN 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

EUFN vs. DAX - Drawdown Comparison

The maximum EUFN drawdown since its inception was -53.25%, which is greater than DAX's maximum drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for EUFN and DAX.

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Drawdown Indicators

EUFNDAXDifference

Max Drawdown

Largest peak-to-trough decline

-53.25%

-45.58%

-7.67%

Max Drawdown (1Y)

Largest decline over 1 year

-14.77%

-14.82%

+0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-15.95%

-16.03%

+0.08%

Max Drawdown (5Y)

Largest decline over 5 years

-35.15%

-39.72%

+4.57%

Max Drawdown (10Y)

Largest decline over 10 years

-53.25%

-45.58%

-7.67%

Current Drawdown

Current decline from peak

-0.10%

-5.39%

+5.29%

Average Drawdown

Average peak-to-trough decline

-14.53%

-10.49%

-4.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.23%

4.77%

-0.54%

Volatility

EUFN vs. DAX - Volatility Comparison

iShares MSCI Europe Financials ETF (EUFN) has a higher volatility of 6.96% compared to Global X DAX Germany ETF (DAX) at 5.86%. This indicates that EUFN'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

EUFNDAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.96%

5.86%

+1.10%

Volatility (6M)

Calculated over the trailing 6-month period

17.05%

14.79%

+2.26%

Volatility (1Y)

Calculated over the trailing 1-year period

20.17%

18.01%

+2.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.88%

20.44%

+1.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.53%

21.25%

+3.28%

EUFN vs. DAX - Expense Ratio Comparison

EUFN has a 0.48% expense ratio, which is higher than DAX's 0.20% expense ratio.

Dividends

EUFN vs. DAX - Dividend Comparison

EUFN's dividend yield for the trailing twelve months is around 3.41%, more 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%
EUFN
iShares MSCI Europe Financials ETF		3.41%3.57%5.36%5.00%4.24%4.15%1.38%4.55%6.48%3.04%4.03%3.65%

Frequently Asked Questions

EUFN and DAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EUFN has higher volatility (6.96%) compared to DAX (5.86%). In terms of maximum drawdown, EUFN dropped -53.25% vs DAX's -45.58%.

On 10-year performance, EUFN leads with 13.48% vs 9.57% for DAX. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 5.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EUFN has performed better with a 13.48% return vs 9.57%. 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 0.48% for EUFN.

EUFN has the higher dividend yield at 3.41%, compared with 1.50% for DAX.

EUFN is categorized as Financials Equities, while DAX is Europe Equities. EUFN tracks MSCI Europe Financials Index, while DAX tracks DAX Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.48% for EUFN and 0.20% for DAX.

EUFN currently has the higher Sharpe Ratio (1.31 vs 0.15), 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.

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