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EZU vs. DAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZU vs. DAX

Last updated Aug 2, 2026
Documentation

EZU (iShares MSCI Eurozone ETF) and DAX (Global X DAX Germany ETF) are both Europe Equities funds - EZU tracks the MSCI EMU Index while DAX tracks the DAX Index. Both are passively managed. Over the past 10 years, EZU returned 10.56%/yr vs 9.35%/yr for DAX. Their correlation of 0.89 means they have usually moved in the same direction. EZU charges 0.50%/yr vs 0.20%/yr for DAX.

Performance

EZU vs. DAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Eurozone ETF (EZU) 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, EZU achieves a 10.48% return, which is significantly higher than DAX's 2.45% return. Over the past 10 years, EZU has outperformed DAX with an annualized return of 10.56%, while DAX has yielded a comparatively lower 9.35% annualized return.

EZU

1D
-0.11%
1M
0.51%
6M
6.24%
YTD
10.48%
1Y
24.34%
3Y*
17.68%
5Y*
10.01%
10Y*
10.56%
ALL TIME*
5.20%

DAX

1D
0.06%
1M
1.29%
6M
1.41%
YTD
2.45%
1Y
8.50%
3Y*
17.57%
5Y*
9.16%
10Y*
9.35%
ALL TIME*
7.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DAX

Global X DAX Germany ETF
$1.64M$2.14M$1.96M

EZU

iShares MSCI Eurozone ETF
$63.32M$57.94M$77.34M

EZU vs. DAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EZU
iShares MSCI Eurozone ETF		10.48%40.00%2.23%23.44%-17.25%13.92%7.62%23.27%-16.76%27.89%
DAX
Global X DAX Germany ETF		2.45%39.00%10.55%23.62%-18.47%7.73%12.27%22.11%-22.92%28.23%

Correlation

The correlation between EZU and DAX is 0.90, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.90

Correlation (3Y)
Balances recent behavior with more history.

0.91

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.93

Correlation (10Y)
Provides a long-term view across more market conditions.

0.90

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

0.89

The correlation between EZU and DAX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

EZU vs. DAX - Sectors Allocation Comparison

Sectors
EZU
DAX

Financial Services

24.7%
20.5%

Industrials

20.6%
36.0%

Technology

17.3%
14.3%

Consumer Cyclical

7.8%
6.4%

Utilities

6.5%
4.5%

Healthcare

5.8%
6.5%

Consumer Defensive

5.4%
1.1%

Basic Materials

3.9%
4.7%

Communication Services

3.8%
5.2%

Energy

3.4%

-

Real Estate

0.8%
0.9%

Financial Services

EZU
24.7%
DAX
20.5%

Industrials

EZU
20.6%
DAX
36.0%

Technology

EZU
17.3%
DAX
14.3%

Consumer Cyclical

EZU
7.8%
DAX
6.4%

Utilities

EZU
6.5%
DAX
4.5%

Healthcare

EZU
5.8%
DAX
6.5%

Consumer Defensive

EZU
5.4%
DAX
1.1%

Basic Materials

EZU
3.9%
DAX
4.7%

Communication Services

EZU
3.8%
DAX
5.2%

Energy

EZU
3.4%
DAX

-

Real Estate

EZU
0.8%
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 Eurozone ETF

Global X DAX Germany ETF

Often compared with EZU:
EZU vs. VGKEZU vs. FEZEZU vs. IEUREZU vs. IEVEZU vs. HEZUEZU vs. SPYEZU vs. IEZ
Often compared with DAX:
DAX vs. SPYDAX vs. CACDAX vs. BMW.DEDAX vs. QQQDAX vs. ^FCHIDAX vs. VOODAX vs. VGK

Return for Risk

EZU vs. DAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EZU
EZU Risk / Return Rank: 5454
Overall Rank
EZU Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
EZU Sortino Ratio Rank: 5656
Sortino Ratio Rank
EZU Omega Ratio Rank: 5353
Omega Ratio Rank
EZU Calmar Ratio Rank: 5050
Calmar Ratio Rank
EZU Martin Ratio Rank: 5555
Martin Ratio Rank
DAX
DAX Risk / Return Rank: 2020
Overall Rank
DAX Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
DAX Sortino Ratio Rank: 2020
Sortino Ratio Rank
DAX Omega Ratio Rank: 2020
Omega Ratio Rank
DAX Calmar Ratio Rank: 1919
Calmar Ratio Rank
DAX Martin Ratio Rank: 2222
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EZU vs. DAX - Risk-Adjusted Trends Comparison

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

EZUDAXDifference
Sharpe ratioReturn per unit of total volatility
1.31
0.41

+0.90

Sortino ratioReturn per unit of downside risk
1.92
0.70

+1.22

Omega ratioGain probability vs. loss probability

1.24

1.08

+0.15

Calmar ratioReturn relative to maximum drawdown

1.78

0.49

+1.29

Martin ratioReturn relative to average drawdown

6.51

1.51

+4.99

EZU vs. DAX - Sharpe Ratio Comparison

The current EZU Sharpe Ratio is 1.31, which is higher than the DAX Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of EZU 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

EZU vs. DAX - Drawdown Comparison

The maximum EZU drawdown since its inception was -65.32%, which is greater than DAX's maximum drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for EZU and DAX.

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Drawdown Indicators

EZUDAXDifference

Max Drawdown

Largest peak-to-trough decline

-65.32%

-45.58%

-19.74%

Max Drawdown (1Y)

Largest decline over 1 year

-13.06%

-14.82%

+1.76%

Max Drawdown (3Y)

Largest decline over 3 years

-15.02%

-16.03%

+1.01%

Max Drawdown (5Y)

Largest decline over 5 years

-36.11%

-38.92%

+2.81%

Max Drawdown (10Y)

Largest decline over 10 years

-41.37%

-45.58%

+4.21%

Current Drawdown

Current decline from peak

-0.44%

-1.64%

+1.20%

Average Drawdown

Average peak-to-trough decline

-19.12%

-10.43%

-8.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.56%

4.80%

-1.24%

Volatility

EZU vs. DAX - Volatility Comparison

iShares MSCI Eurozone ETF (EZU) and Global X DAX Germany ETF (DAX) have volatilities of 4.96% and 4.82%, 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

EZUDAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.96%

4.82%

+0.14%

Volatility (6M)

Calculated over the trailing 6-month period

15.57%

15.31%

+0.26%

Volatility (1Y)

Calculated over the trailing 1-year period

17.79%

17.87%

-0.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.98%

20.43%

-0.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.10%

20.92%

-0.82%

EZU vs. DAX - Expense Ratio Comparison

EZU has a 0.50% expense ratio, which is higher than DAX's 0.20% expense ratio.

Dividends

EZU vs. DAX - Dividend Comparison

EZU's dividend yield for the trailing twelve months is around 2.65%, more than DAX's 2.05% yield.

PositionTTM20252024202320222021202020192018201720162015
DAX
Global X DAX Germany ETF		2.05%1.47%2.24%2.48%2.80%2.65%2.25%2.47%3.33%1.73%1.78%1.41%
EZU
iShares MSCI Eurozone ETF		2.65%2.85%2.90%2.56%2.79%2.46%2.13%2.84%3.47%1.91%3.07%2.18%

Frequently Asked Questions

EZU and DAX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZU has higher volatility (4.96%) compared to DAX (4.82%). In terms of maximum drawdown, EZU dropped -65.32% vs DAX's -45.58%.

On 10-year performance, EZU leads with 10.56% vs 9.35% for DAX. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EZU has performed better with a 10.56% return vs 9.35%. 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 0.50% for EZU.

EZU has the higher dividend yield at 2.65%, compared with 2.05% for DAX.

EZU tracks MSCI EMU Index, while DAX tracks DAX Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.50% for EZU and 0.20% for DAX.

EZU currently has the higher Sharpe Ratio (1.31 vs 0.41), 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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