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EWG vs. DAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWG vs. DAX

Last updated Jun 4, 2026

EWG (iShares MSCI Germany ETF) and DAX (Global X DAX Germany ETF) are both Europe Equities funds - EWG tracks the MSCI Germany Index while DAX tracks the DAX Index. Both are passively managed. Over the past 10 years, EWG returned 7.59%/yr vs 8.97%/yr for DAX. Their correlation of 0.93 suggests significant overlap in exposure. EWG charges 0.49%/yr vs 0.20%/yr for DAX.

Performance

EWG vs. DAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Germany ETF (EWG) 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, EWG achieves a 0.64% return, which is significantly higher than DAX's -0.66% return. Over the past 10 years, EWG has underperformed DAX with an annualized return of 7.59%, while DAX has yielded a comparatively higher 8.97% annualized return.

EWG

1D
-1.84%
1M
3.11%
YTD
0.64%
6M
4.44%
1Y
3.23%
3Y*
16.95%
5Y*
5.94%
10Y*
7.59%

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

EWG vs. DAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWG
iShares MSCI Germany ETF		0.64%35.79%9.79%23.35%-22.27%5.84%10.09%19.15%-21.40%27.42%
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%

Correlation

The correlation between EWG and DAX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.98

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

0.97

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

0.97

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

0.94

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2014

0.93

The correlation between EWG and DAX has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

EWG vs. DAX - Sectors Allocation Comparison

Sectors
EWG
DAX

Industrials

30.3%
34.8%

Financial Services

21.6%
21.0%

Technology

13.8%
13.2%

Consumer Cyclical

8.2%
7.0%

Communication Services

6.6%
6.1%

Healthcare

6.1%
5.7%

Basic Materials

5.8%
5.3%

Utilities

4.9%
5.0%

Consumer Defensive

1.4%
0.9%

Real Estate

1.3%
1.0%

Energy

-

-

Industrials

EWG
30.3%
DAX
34.8%

Financial Services

EWG
21.6%
DAX
21.0%

Technology

EWG
13.8%
DAX
13.2%

Consumer Cyclical

EWG
8.2%
DAX
7.0%

Communication Services

EWG
6.6%
DAX
6.1%

Healthcare

EWG
6.1%
DAX
5.7%

Basic Materials

EWG
5.8%
DAX
5.3%

Utilities

EWG
4.9%
DAX
5.0%

Consumer Defensive

EWG
1.4%
DAX
0.9%

Real Estate

EWG
1.3%
DAX
1.0%

Energy

EWG

-

DAX

-

Compare stocks, funds, or ETFs

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iShares MSCI Germany ETF

Global X DAX Germany ETF

Often compared with EWG:
EWG vs. EWQEWG vs. EWPEWG vs. SPYEWG vs. IEUREWG vs. FLGREWG vs. EFAEWG vs. VOO
Often compared with DAX:
DAX vs. SPYDAX vs. ^NIFTY500DAX vs. CACDAX vs. BMW.DEDAX vs. ^FCHIDAX vs. QQQDAX vs. VOO

Return for Risk

EWG vs. DAX — Risk / Return Rank

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

EWG vs. DAX - Risk-Adjusted Trends Comparison

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

EWGDAXDifference
Sharpe ratioReturn per unit of total volatility
0.19
0.22

-0.03

Sortino ratioReturn per unit of downside risk
0.38
0.44

-0.05

Omega ratioGain probability vs. loss probability

1.05

1.05

0.00

Calmar ratioReturn relative to maximum drawdown

0.22

0.26

-0.04

Martin ratioReturn relative to average drawdown

0.66

0.83

-0.17

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWG vs. DAX - Sharpe Ratio Comparison

The current EWG Sharpe Ratio is 0.19, which is comparable to the DAX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of EWG 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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Sharpe Ratios by Period

EWGDAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.19

0.22

-0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.29

0.38

-0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

0.42

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.35

-0.10

Drawdowns

EWG vs. DAX - Drawdown Comparison

The maximum EWG drawdown since its inception was -67.57%, which is greater than DAX's maximum drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for EWG and DAX.

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Drawdown Indicators

EWGDAXDifference

Max Drawdown

Largest peak-to-trough decline

-67.57%

-45.58%

-21.99%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-14.82%

+0.28%

Max Drawdown (3Y)

Largest decline over 3 years

-15.81%

-16.03%

+0.22%

Max Drawdown (5Y)

Largest decline over 5 years

-43.44%

-39.96%

-3.48%

Max Drawdown (10Y)

Largest decline over 10 years

-46.80%

-45.58%

-1.22%

Current Drawdown

Current decline from peak

-4.02%

-4.63%

+0.61%

Average Drawdown

Average peak-to-trough decline

-19.20%

-10.51%

-8.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.89%

4.68%

+0.21%

Volatility

EWG vs. DAX - Volatility Comparison

iShares MSCI Germany ETF (EWG) has a higher volatility of 6.49% compared to Global X DAX Germany ETF (DAX) at 6.09%. This indicates that EWG'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

EWGDAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.49%

6.09%

+0.40%

Volatility (6M)

Calculated over the trailing 6-month period

14.18%

14.37%

-0.19%

Volatility (1Y)

Calculated over the trailing 1-year period

17.28%

17.66%

-0.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.48%

20.38%

+0.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.11%

21.28%

-0.17%

EWG vs. DAX - Expense Ratio Comparison

EWG has a 0.49% expense ratio, which is higher than DAX's 0.20% expense ratio.

Dividends

EWG vs. DAX - Dividend Comparison

EWG's dividend yield for the trailing twelve months is around 1.59%, more than DAX's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EWG
iShares MSCI Germany ETF		1.59%1.60%2.38%2.56%3.24%2.70%1.67%2.51%2.93%2.06%2.35%1.93%

Frequently Asked Questions

With a correlation of 0.98, EWG and DAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

EWG has higher volatility (6.49%) compared to DAX (6.09%). In terms of maximum drawdown, EWG dropped -67.57% vs DAX's -45.58%.

On 10-year performance, DAX leads with 8.97% vs 7.59% for EWG. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 6.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DAX has performed better with a 8.97% return vs 7.59%. 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 0.49% for EWG.

EWG has the higher dividend yield at 1.59%, compared with 1.48% for DAX.

EWG tracks MSCI Germany Index, while DAX tracks DAX Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.49% for EWG and 0.20% for DAX.

DAX currently has the higher Sharpe Ratio (0.22 vs 0.19), 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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