SDEU.L vs. DAX
SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) and DAX (Global X DAX Germany ETF) are both exchange-traded funds - SDEU.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR, while DAX is a Europe Equities fund tracking the DAX Index. Both are passively managed. Over the past 10 years, SDEU.L returned -0.29%/yr vs 9.53%/yr for DAX. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.
Performance
SDEU.L vs. DAX - Performance Comparison
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Different Trading Currencies
SDEU.L is traded in GBP, while DAX is traded in USD. To make them comparable, the DAX values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SDEU.L achieves a -1.11% return, which is significantly lower than DAX's -0.97% return. Over the past 10 years, SDEU.L has underperformed DAX with an annualized return of -0.29%, while DAX has yielded a comparatively higher 9.53% annualized return.
SDEU.L
- 1D
- 0.24%
- 1M
- 0.20%
- YTD
- -1.11%
- 6M
- -1.01%
- 1Y
- 2.04%
- 3Y*
- 1.13%
- 5Y*
- -2.81%
- 10Y*
- -0.29%
DAX
- 1D
- -1.77%
- 1M
- -1.90%
- YTD
- -0.97%
- 6M
- 0.66%
- 1Y
- 3.22%
- 3Y*
- 14.75%
- 5Y*
- 8.72%
- 10Y*
- 9.53%
SDEU.L vs. DAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | -1.11% | 3.89% | -3.80% | 2.90% | -13.18% | -9.06% | 8.46% | -2.18% | 3.12% | 1.86% |
DAX Global X DAX Germany ETF | -0.97% | 29.09% | 12.48% | 17.44% | -8.78% | 8.75% | 8.98% | 17.46% | -18.35% | 17.14% |
Correlation
The correlation between SDEU.L and DAX is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2014 | 0.07 |
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Return for Risk
SDEU.L vs. DAX — Risk / Return Rank
SDEU.L
DAX
SDEU.L vs. DAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) 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.
| SDEU.L | DAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.05 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.39 | 0.24 | +0.14 |
| Martin ratioReturn relative to average drawdown | 0.81 | 0.78 | +0.03 |
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
| SDEU.L | DAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.31 | 0.21 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.38 | 0.51 | -0.89 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | 0.50 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.47 | -0.41 |
Drawdowns
SDEU.L vs. DAX - Drawdown Comparison
The maximum SDEU.L drawdown since its inception was -27.61%, smaller than the maximum DAX drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for SDEU.L and DAX.
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Drawdown Indicators
| SDEU.L | DAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.61% | -35.49% | +7.88% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -13.43% | +9.25% |
Max Drawdown (3Y)Largest decline over 3 years | -7.00% | -14.52% | +7.52% |
Max Drawdown (5Y)Largest decline over 5 years | -20.62% | -24.14% | +3.52% |
Max Drawdown (10Y)Largest decline over 10 years | -27.61% | -35.49% | +7.88% |
Current DrawdownCurrent decline from peak | -23.00% | -4.75% | -18.25% |
Average DrawdownAverage peak-to-trough decline | -11.22% | -6.96% | -4.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 4.13% | -2.13% |
Volatility
SDEU.L vs. DAX - Volatility Comparison
The current volatility for iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) is 1.61%, while Global X DAX Germany ETF (DAX) has a volatility of 4.71%. This indicates that SDEU.L 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
| SDEU.L | DAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 4.71% | -3.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.81% | 12.53% | -8.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.15% | 15.47% | -10.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.39% | 17.10% | -9.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 19.09% | -10.49% |
SDEU.L vs. DAX - Expense Ratio Comparison
Both SDEU.L and DAX have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SDEU.L vs. DAX - Dividend Comparison
SDEU.L's dividend yield for the trailing twelve months is around 2.53%, more than DAX's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | 2.53% | 2.50% | 2.57% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.34% |
Frequently Asked Questions
SDEU.L and DAX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SDEU.L and DAX have the same expense ratio: 0.20% per year.
SDEU.L is categorized as European Government Bonds, while DAX is Europe Equities. SDEU.L tracks Bloomberg Euro Agg Govt TR EUR, while DAX tracks DAX Index. They also come from different issuers: iShares and Global X.
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