VNAM vs. DAX

Last updated Jun 4, 2026

VNAM (Global X MSCI Vietnam ETF) and DAX (Global X DAX Germany ETF) are both exchange-traded funds - VNAM is a Emerging Markets Equities fund tracking the MSCI Vietnam Select 25/50 Index, while DAX is a Europe Equities fund tracking the DAX Index. Both are passively managed. Over the past 3 years, VNAM returned 16.20%/yr vs 17.88%/yr for DAX. At a 0.25 correlation, their price movements are largely independent. VNAM charges 0.51%/yr vs 0.20%/yr for DAX.

Performance

VNAM vs. DAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Vietnam ETF (VNAM) 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, VNAM achieves a -2.39% return, which is significantly lower than DAX's -0.66% return.

VNAM

• 1D: -0.41%
• 1M: -5.03%
• YTD: -2.39%
• 6M: 1.38%
• 1Y: 42.45%
• 3Y*: 16.20%
• 5Y*: —
• 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)

VNAM vs. DAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VNAM Global X MSCI Vietnam ETF	-2.39%	67.05%	-7.78%	12.95%	-44.16%	2.41%
DAX Global X DAX Germany ETF	-0.66%	39.00%	10.55%	23.62%	-18.47%	2.52%

Correlation

The correlation between VNAM and DAX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021	0.25

VNAM vs. DAX - Sectors Allocation Comparison

Sectors	VNAM	DAX
Real Estate	38.6%	1.0%
Financial Services	25.5%	21.0%
Industrials	12.8%	34.8%
Basic Materials	9.0%	5.3%
Consumer Defensive	5.9%	0.9%
Technology	4.7%	13.2%
Energy	1.9%	-
Consumer Cyclical	0.9%	7.0%
Utilities	0.7%	5.0%
Communication Services	-	6.1%
Healthcare	-	5.7%

Return for Risk

VNAM vs. DAX — Risk / Return Rank

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

VNAM

VNAM Risk / Return Rank: 46
VNAM Sharpe Ratio Rank: 46
VNAM Sortino Ratio Rank: 44
VNAM Omega Ratio Rank: 43
VNAM Calmar Ratio Rank: 51
VNAM Martin Ratio Rank: 45

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.

VNAM vs. DAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Vietnam ETF (VNAM) 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.

	VNAM	DAX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	0.22	+1.37
Sortino ratio: Return per unit of downside risk	2.21	0.44	+1.77
Omega ratio: Gain probability vs. loss probability	1.28	1.05	+0.22
Calmar ratio: Return relative to maximum drawdown	2.51	0.26	+2.24
Martin ratio: Return relative to average drawdown	7.34	0.83	+6.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNAM vs. DAX - Sharpe Ratio Comparison

The current VNAM Sharpe Ratio is 1.59, which is higher than the DAX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of VNAM 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

	VNAM	DAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	0.22	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.35	-0.38

Drawdowns

VNAM vs. DAX - Drawdown Comparison

The maximum VNAM drawdown since its inception was -52.84%, which is greater than DAX's maximum drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for VNAM and DAX.

Drawdown Indicators

	VNAM	DAX	Difference
Max Drawdown Largest peak-to-trough decline	-52.84%	-45.58%	-7.26%
Max Drawdown (1Y) Largest decline over 1 year	-17.03%	-14.82%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	-31.34%	-16.03%	-15.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-39.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.58%	—
Current Drawdown Current decline from peak	-9.01%	-4.63%	-4.38%
Average Drawdown Average peak-to-trough decline	-30.54%	-10.51%	-20.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.81%	4.68%	+1.13%

Volatility

VNAM vs. DAX - Volatility Comparison

Global X MSCI Vietnam ETF (VNAM) has a higher volatility of 6.74% compared to Global X DAX Germany ETF (DAX) at 6.09%. This indicates that VNAM's price experiences larger fluctuations and is considered to be riskier than DAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNAM	DAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	6.09%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	19.91%	14.37%	+5.54%
Volatility (1Y) Calculated over the trailing 1-year period	26.85%	17.66%	+9.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.60%	20.38%	+5.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.60%	21.28%	+4.32%

VNAM vs. DAX - Expense Ratio Comparison

VNAM has a 0.51% expense ratio, which is higher than DAX's 0.20% expense ratio.

Dividends

VNAM vs. DAX - Dividend Comparison

VNAM's dividend yield for the trailing twelve months is around 0.51%, 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%
VNAM Global X MSCI Vietnam ETF	0.51%	0.50%	1.00%	0.49%	1.04%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VNAM and DAX in my portfolio?

VNAM and DAX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNAM or DAX?

VNAM has higher volatility (6.74%) compared to DAX (6.09%). In terms of maximum drawdown, VNAM dropped -52.84% vs DAX's -45.58%.

Which ETF is better, VNAM or DAX?

On 3-year performance, DAX leads with 17.88% vs 16.20% for VNAM. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 6.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNAM or DAX?

Over the 3-year period, DAX has performed better with a 17.88% return vs 16.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNAM or DAX?

DAX is cheaper with a 0.20% expense ratio, compared with 0.51% for VNAM.

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

DAX has the higher dividend yield at 1.48%, compared with 0.51% for VNAM.

What is the main difference between VNAM and DAX?

VNAM is categorized as Emerging Markets Equities, while DAX is Europe Equities. VNAM tracks MSCI Vietnam Select 25/50 Index, while DAX tracks DAX Index. Their fees differ too: 0.51% for VNAM and 0.20% for DAX.

Which has better risk-adjusted returns?

VNAM currently has the higher Sharpe Ratio (1.59 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.