IEF vs. DAX
IEF (iShares 7-10 Year Treasury Bond ETF) and DAX (Global X DAX Germany ETF) are both exchange-traded funds - IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while DAX is a Europe Equities fund tracking the DAX Index. Both are passively managed. Over the past 10 years, IEF returned 0.49%/yr vs 9.07%/yr for DAX. At a correlation of -0.05, they often move in opposite directions. IEF charges 0.15%/yr vs 0.20%/yr for DAX.
Performance
IEF vs. DAX - Performance Comparison
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Returns By Period
In the year-to-date period, IEF achieves a -0.82% return, which is significantly higher than DAX's -2.21% return. Over the past 10 years, IEF has underperformed DAX with an annualized return of 0.49%, while DAX has yielded a comparatively higher 9.07% annualized return.
IEF
- 1D
- -0.32%
- 1M
- -0.54%
- 6M
- -0.58%
- YTD
- -0.82%
- 1Y
- 2.96%
- 3Y*
- 2.64%
- 5Y*
- -1.58%
- 10Y*
- 0.49%
- ALL TIME*
- 3.37%
DAX
- 1D
- -0.16%
- 1M
- -1.66%
- 6M
- -4.43%
- YTD
- -2.21%
- 1Y
- -0.30%
- 3Y*
- 15.55%
- 5Y*
- 8.39%
- 10Y*
- 9.07%
- ALL TIME*
- 7.28%
IEF vs. DAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | -0.82% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
DAX Global X DAX Germany ETF | -2.21% | 39.00% | 10.55% | 23.62% | -18.47% | 7.73% | 12.27% | 22.11% | -22.92% | 28.23% |
Correlation
The correlation between IEF and DAX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 23, 2014 | -0.05 |
The correlation between IEF and DAX shifts across timeframes, from -0.05 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IEF vs. DAX — Risk / Return Rank
IEF
DAX
IEF vs. DAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 7-10 Year Treasury Bond ETF (IEF) 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.
| IEF | DAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.01 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | -0.02 | +0.75 |
| Martin ratioReturn relative to average drawdown | 1.82 | -0.06 | +1.88 |
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Drawdowns
IEF vs. DAX - Drawdown Comparison
The maximum IEF drawdown since its inception was -23.93%, smaller than the maximum DAX drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for IEF and DAX.
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Drawdown Indicators
| IEF | DAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.93% | -45.58% | +21.65% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -14.82% | +10.75% |
Max Drawdown (3Y)Largest decline over 3 years | -7.05% | -16.03% | +8.98% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -38.92% | +17.52% |
Max Drawdown (10Y)Largest decline over 10 years | -23.93% | -45.58% | +21.65% |
Current DrawdownCurrent decline from peak | -11.49% | -6.12% | -5.37% |
Average DrawdownAverage peak-to-trough decline | -5.37% | -10.45% | +5.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 4.99% | -3.36% |
Volatility
IEF vs. DAX - Volatility Comparison
The current volatility for iShares 7-10 Year Treasury Bond ETF (IEF) is 1.40%, while Global X DAX Germany ETF (DAX) has a volatility of 4.69%. This indicates that IEF experiences smaller price fluctuations and is considered to be less risky 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
| IEF | DAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 4.69% | -3.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.62% | 15.31% | -11.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 18.04% | -13.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.70% | 20.41% | -12.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.61% | 20.91% | -14.30% |
IEF vs. DAX - Expense Ratio Comparison
IEF has a 0.15% expense ratio, which is lower than DAX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IEF vs. DAX - Dividend Comparison
IEF's dividend yield for the trailing twelve months is around 3.93%, more than DAX's 2.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DAX Global X DAX Germany ETF | 2.15% | 1.47% | 2.24% | 2.48% | 2.80% | 2.65% | 2.25% | 2.47% | 3.33% | 1.73% | 1.78% | 1.41% |
IEF iShares 7-10 Year Treasury Bond ETF | 3.93% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
Frequently Asked Questions
IEF and DAX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DAX has higher volatility (4.69%) compared to IEF (1.40%). In terms of maximum drawdown, IEF dropped -23.93% vs DAX's -45.58%.
On 10-year performance, DAX leads with 9.07% vs 0.49% for IEF. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.40%. 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 9.07% return vs 0.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.20% for DAX.
IEF has the higher dividend yield at 3.93%, compared with 2.15% for DAX.
IEF is categorized as Government Bonds, while DAX is Europe Equities. IEF tracks ICE U.S. Treasury 7-10 Year Bond Index, while DAX tracks DAX Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.15% for IEF and 0.20% for DAX.
IEF currently has the higher Sharpe Ratio (0.63 vs -0.02), 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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