EXS3.DE vs. DAX
EXS3.DE (iShares MDAX UCITS ETF (DE)) and DAX (Global X DAX Germany ETF) are both Europe Equities funds - EXS3.DE tracks the MDAX® while DAX tracks the DAX Index. Both are passively managed. Over the past 10 years, EXS3.DE returned 4.08%/yr vs 8.74%/yr for DAX. A 0.68 correlation means they provide meaningful diversification when combined. EXS3.DE charges 0.51%/yr vs 0.20%/yr for DAX.
Performance
EXS3.DE vs. DAX - Performance Comparison
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Different Trading Currencies
EXS3.DE is traded in EUR, while DAX is traded in USD. To make them comparable, the DAX values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, EXS3.DE achieves a 6.21% return, which is significantly higher than DAX's 0.53% return. Over the past 10 years, EXS3.DE has underperformed DAX with an annualized return of 4.08%, while DAX has yielded a comparatively higher 8.74% annualized return.
EXS3.DE
- 1D
- -0.75%
- 1M
- 7.35%
- YTD
- 6.21%
- 6M
- 11.04%
- 1Y
- 5.56%
- 3Y*
- 5.75%
- 5Y*
- -1.22%
- 10Y*
- 4.08%
DAX
- 1D
- -1.32%
- 1M
- 3.02%
- YTD
- 0.53%
- 6M
- 3.50%
- 1Y
- 1.81%
- 3Y*
- 14.76%
- 5Y*
- 8.73%
- 10Y*
- 8.74%
EXS3.DE vs. DAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EXS3.DE iShares MDAX UCITS ETF (DE) | 6.21% | 19.10% | -6.45% | 7.92% | -29.11% | 13.18% | 8.17% | 30.28% | -18.39% | 17.41% |
DAX Global X DAX Germany ETF | 0.53% | 22.50% | 17.84% | 19.91% | -13.42% | 15.78% | 3.02% | 24.87% | -19.30% | 12.47% |
Correlation
The correlation between EXS3.DE 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 | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2014 | 0.68 |
The correlation between EXS3.DE and DAX has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
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Return for Risk
EXS3.DE vs. DAX — Risk / Return Rank
EXS3.DE
DAX
EXS3.DE vs. DAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MDAX UCITS ETF (DE) (EXS3.DE) 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.
| EXS3.DE | DAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.03 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 0.14 | +0.24 |
| Martin ratioReturn relative to average drawdown | 1.03 | 0.43 | +0.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EXS3.DE | DAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.30 | 0.11 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.06 | 0.50 | -0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | 0.45 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.41 | -0.06 |
Drawdowns
EXS3.DE vs. DAX - Drawdown Comparison
The maximum EXS3.DE drawdown since its inception was -63.82%, which is greater than DAX's maximum drawdown of -39.14%. Use the drawdown chart below to compare losses from any high point for EXS3.DE and DAX.
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Drawdown Indicators
| EXS3.DE | DAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.82% | -39.14% | -24.68% |
Max Drawdown (1Y)Largest decline over 1 year | -14.57% | -13.10% | -1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -18.67% | -16.09% | -2.58% |
Max Drawdown (5Y)Largest decline over 5 years | -40.31% | -26.71% | -13.60% |
Max Drawdown (10Y)Largest decline over 10 years | -40.31% | -39.14% | -1.17% |
Current DrawdownCurrent decline from peak | -12.42% | -3.48% | -8.94% |
Average DrawdownAverage peak-to-trough decline | -14.02% | -7.88% | -6.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.39% | 4.18% | +1.21% |
Volatility
EXS3.DE vs. DAX - Volatility Comparison
iShares MDAX UCITS ETF (DE) (EXS3.DE) and Global X DAX Germany ETF (DAX) have volatilities of 5.31% and 5.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EXS3.DE | DAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.31% | 5.39% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 15.24% | 12.77% | +2.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.54% | 15.99% | +2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.36% | 17.39% | +1.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 19.48% | -1.11% |
EXS3.DE vs. DAX - Expense Ratio Comparison
EXS3.DE has a 0.51% expense ratio, which is higher than DAX's 0.20% expense ratio.
Dividends
EXS3.DE vs. DAX - Dividend Comparison
EXS3.DE has not paid dividends to shareholders, while DAX's dividend yield for the trailing twelve months is around 1.48%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
EXS3.DE iShares MDAX UCITS ETF (DE) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.41% | 0.49% | 0.53% | 0.49% |
Frequently Asked Questions
EXS3.DE 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.
On fees, DAX is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DAX is cheaper with a 0.20% expense ratio, compared with 0.51% for EXS3.DE.
EXS3.DE tracks MDAX®, while DAX tracks DAX Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.51% for EXS3.DE and 0.20% for DAX.
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