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EWO vs. DAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWO vs. DAX

Last updated Jun 24, 2026

EWO (iShares MSCI Austria ETF) and DAX (Global X DAX Germany ETF) are both Europe Equities funds - EWO tracks the MSCI Austria Investable Market Index while DAX tracks the DAX Index. Both are passively managed. Over the past 10 years, EWO returned 15.85%/yr vs 9.68%/yr for DAX. A 0.72 correlation means they provide meaningful diversification when combined. EWO charges 0.49%/yr vs 0.20%/yr for DAX.

Performance

EWO vs. DAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Austria ETF (EWO) 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, EWO achieves a 22.29% return, which is significantly higher than DAX's -1.81% return. Over the past 10 years, EWO has outperformed DAX with an annualized return of 15.85%, while DAX has yielded a comparatively lower 9.68% annualized return.

EWO

1D
-1.46%
1M
8.63%
YTD
22.29%
6M
23.55%
1Y
54.33%
3Y*
35.93%
5Y*
17.04%
10Y*
15.85%

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)

EWO vs. DAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWO
iShares MSCI Austria ETF		22.29%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%52.47%
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 EWO and DAX is 0.74, 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

0.74

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

0.74

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

0.78

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

0.72

The correlation between EWO and DAX has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

EWO vs. DAX - Sectors Allocation Comparison

Sectors
EWO
DAX

Financial Services

47.3%
20.0%

Industrials

14.5%
34.1%

Energy

9.7%

-

Basic Materials

8.8%
5.0%

Utilities

6.5%
4.5%

Technology

5.7%
15.4%

Real Estate

4.1%
0.9%

Consumer Cyclical

3.6%
7.3%

Communication Services

-

6.2%

Consumer Defensive

-

1.0%

Healthcare

-

5.5%

Financial Services

EWO
47.3%
DAX
20.0%

Industrials

EWO
14.5%
DAX
34.1%

Energy

EWO
9.7%
DAX

-

Basic Materials

EWO
8.8%
DAX
5.0%

Utilities

EWO
6.5%
DAX
4.5%

Technology

EWO
5.7%
DAX
15.4%

Real Estate

EWO
4.1%
DAX
0.9%

Consumer Cyclical

EWO
3.6%
DAX
7.3%

Communication Services

EWO

-

DAX
6.2%

Consumer Defensive

EWO

-

DAX
1.0%

Healthcare

EWO

-

DAX
5.5%

Compare stocks, funds, or ETFs

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iShares MSCI Austria ETF

Global X DAX Germany ETF

Often compared with EWO:
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Often compared with DAX:
DAX vs. SPYDAX vs. ^NIFTY500DAX vs. CACDAX vs. BMW.DEDAX vs. ^FCHIDAX vs. QQQDAX vs. VOO

Return for Risk

EWO vs. DAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWO
EWO Risk / Return Rank: 8383
Overall Rank
EWO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 8989
Sortino Ratio Rank
EWO Omega Ratio Rank: 8484
Omega Ratio Rank
EWO Calmar Ratio Rank: 7878
Calmar Ratio Rank
EWO Martin Ratio Rank: 7474
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.

EWO vs. DAX - Risk-Adjusted Trends Comparison

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

EWODAXDifference
Sharpe ratioReturn per unit of total volatility
2.83
0.22

+2.61

Sortino ratioReturn per unit of downside risk
3.87
0.43

+3.44

Omega ratioGain probability vs. loss probability

1.48

1.05

+0.42

Calmar ratioReturn relative to maximum drawdown

3.88

0.26

+3.62

Martin ratioReturn relative to average drawdown

13.13

0.80

+12.33

EWO vs. DAX - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.83, which is higher than the DAX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of EWO 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

EWO vs. DAX - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than DAX's maximum drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for EWO and DAX.

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Drawdown Indicators

EWODAXDifference

Max Drawdown

Largest peak-to-trough decline

-75.69%

-45.58%

-30.11%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-14.82%

+0.74%

Max Drawdown (3Y)

Largest decline over 3 years

-16.75%

-16.03%

-0.72%

Max Drawdown (5Y)

Largest decline over 5 years

-41.82%

-38.92%

-2.90%

Max Drawdown (10Y)

Largest decline over 10 years

-58.10%

-45.58%

-12.52%

Current Drawdown

Current decline from peak

-1.46%

-5.73%

+4.27%

Average Drawdown

Average peak-to-trough decline

-28.07%

-10.48%

-17.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.15%

4.82%

-0.67%

Volatility

EWO vs. DAX - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 7.60% compared to Global X DAX Germany ETF (DAX) at 5.25%. This indicates that EWO'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

EWODAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.60%

5.25%

+2.35%

Volatility (6M)

Calculated over the trailing 6-month period

16.15%

14.86%

+1.29%

Volatility (1Y)

Calculated over the trailing 1-year period

19.32%

17.98%

+1.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.98%

20.43%

+1.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.65%

20.98%

+1.67%

EWO vs. DAX - Expense Ratio Comparison

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

Dividends

EWO vs. DAX - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 1.98%, 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%
EWO
iShares MSCI Austria ETF		1.98%2.38%7.40%5.66%4.75%2.42%0.98%3.11%4.04%2.03%1.99%1.51%

Frequently Asked Questions

EWO and DAX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (7.60%) compared to DAX (5.25%). In terms of maximum drawdown, EWO dropped -75.69% vs DAX's -45.58%.

On 10-year performance, EWO leads with 15.85% 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, EWO has performed better with a 15.85% 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 0.49% for EWO.

EWO has the higher dividend yield at 1.98%, compared with 1.50% for DAX.

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

EWO currently has the higher Sharpe Ratio (2.83 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.

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