ONOF vs. DAX

Last updated Jun 4, 2026

ONOF (Global X Adaptive U.S. Risk Management ETF) and DAX (Global X DAX Germany ETF) are both exchange-traded funds - ONOF is a Tactical Allocation fund tracking the Adaptive Wealth Strategies U.S. Risk Management Index, while DAX is a Europe Equities fund tracking the DAX Index. Both are passively managed. Over the past 5 years, ONOF returned 9.34%/yr vs 7.71%/yr for DAX. A 0.57 correlation means they provide meaningful diversification when combined. ONOF charges 0.39%/yr vs 0.20%/yr for DAX.

Performance

ONOF vs. DAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Adaptive U.S. Risk Management ETF (ONOF) and Global X DAX Germany ETF (DAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONOF achieves a 7.32% return, which is significantly higher than DAX's -0.66% return.

ONOF

• 1D: -0.68%
• 1M: 5.26%
• YTD: 7.32%
• 6M: 7.29%
• 1Y: 23.60%
• 3Y*: 13.72%
• 5Y*: 9.34%
• 10Y*: —

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)

ONOF vs. DAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ONOF Global X Adaptive U.S. Risk Management ETF	7.32%	8.90%	19.45%	11.57%	-11.89%	25.18%
DAX Global X DAX Germany ETF	-0.66%	39.00%	10.55%	23.62%	-18.47%	5.73%

Correlation

The correlation between ONOF and DAX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 14, 2021	0.57

The correlation between ONOF and DAX shifts across timeframes, from 0.57 (5 years) to 0.69 (1 year), reflecting how their relationship changes across market environments.

ONOF vs. DAX - Sectors Allocation Comparison

Sectors	ONOF	DAX
Technology	35.6%	13.2%
Communication Services	11.6%	6.1%
Financial Services	11.5%	21.0%
Consumer Cyclical	10.1%	7.0%
Healthcare	8.6%	5.7%
Industrials	8.3%	34.8%
Consumer Defensive	4.8%	0.9%
Energy	3.6%	-
Utilities	2.3%	5.0%
Basic Materials	1.8%	5.3%
Real Estate	1.8%	1.0%

Return for Risk

ONOF vs. DAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ONOF

ONOF Risk / Return Rank: 64
ONOF Sharpe Ratio Rank: 63
ONOF Sortino Ratio Rank: 61
ONOF Omega Ratio Rank: 61
ONOF Calmar Ratio Rank: 69
ONOF Martin Ratio Rank: 65

DAX

DAX Risk / Return Rank: 12
DAX Sharpe Ratio Rank: 12
DAX Sortino Ratio Rank: 11
DAX Omega Ratio Rank: 11
DAX Calmar Ratio Rank: 12
DAX Martin Ratio Rank: 12

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.

ONOF vs. DAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Adaptive U.S. Risk Management ETF (ONOF) 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.

	ONOF	DAX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	0.22	+1.89
Sortino ratio: Return per unit of downside risk	2.86	0.44	+2.42
Omega ratio: Gain probability vs. loss probability	1.38	1.05	+0.32
Calmar ratio: Return relative to maximum drawdown	3.45	0.26	+3.19
Martin ratio: Return relative to average drawdown	11.88	0.83	+11.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONOF vs. DAX - Sharpe Ratio Comparison

The current ONOF Sharpe Ratio is 2.11, which is higher than the DAX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of ONOF 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.

Sharpe Ratios by Period

	ONOF	DAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	0.22	+1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.38	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.35	+0.39

Drawdowns

ONOF vs. DAX - Drawdown Comparison

The maximum ONOF drawdown since its inception was -26.21%, smaller than the maximum DAX drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for ONOF and DAX.

Drawdown Indicators

	ONOF	DAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.21%	-45.58%	+19.37%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-14.82%	+7.96%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	-16.03%	-5.64%
Max Drawdown (5Y) Largest decline over 5 years	-26.21%	-39.96%	+13.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.58%	—
Current Drawdown Current decline from peak	-0.68%	-4.63%	+3.95%
Average Drawdown Average peak-to-trough decline	-6.15%	-10.51%	+4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	4.68%	-2.69%

Volatility

ONOF vs. DAX - Volatility Comparison

The current volatility for Global X Adaptive U.S. Risk Management ETF (ONOF) is 3.03%, while Global X DAX Germany ETF (DAX) has a volatility of 6.09%. This indicates that ONOF 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.

Volatility by Period

	ONOF	DAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	6.09%	-3.06%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	14.37%	-6.42%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	17.66%	-6.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.30%	20.38%	-6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	21.28%	-6.95%

ONOF vs. DAX - Expense Ratio Comparison

ONOF has a 0.39% expense ratio, which is higher than DAX's 0.20% expense ratio.

Dividends

ONOF vs. DAX - Dividend Comparison

ONOF's dividend yield for the trailing twelve months is around 1.29%, less than DAX's 1.48% yield.

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%
ONOF Global X Adaptive U.S. Risk Management ETF	1.29%	1.38%	0.93%	1.37%	1.92%	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ONOF and DAX in my portfolio?

ONOF and DAX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONOF or DAX?

DAX has higher volatility (6.09%) compared to ONOF (3.03%). In terms of maximum drawdown, ONOF dropped -26.21% vs DAX's -45.58%.

Which ETF is better, ONOF or DAX?

On 5-year performance, ONOF leads with 9.34% vs 7.71% for DAX. On fees, DAX is cheaper at 0.20% per year. On volatility, ONOF has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONOF or DAX?

Over the 5-year period, ONOF has performed better with a 9.34% return vs 7.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONOF or DAX?

DAX is cheaper with a 0.20% expense ratio, compared with 0.39% for ONOF.

Which ETF pays a higher dividend yield, ONOF or DAX?

DAX has the higher dividend yield at 1.48%, compared with 1.29% for ONOF.

What is the main difference between ONOF and DAX?

ONOF is categorized as Tactical Allocation, while DAX is Europe Equities. ONOF tracks Adaptive Wealth Strategies U.S. Risk Management Index, while DAX tracks DAX Index. Their fees differ too: 0.39% for ONOF and 0.20% for DAX.

Which has better risk-adjusted returns?

ONOF currently has the higher Sharpe Ratio (2.11 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.