DAX vs SPY
Global X Dax Germany ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | DAX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.09% | |
| AUM | $236M | $821.1B | |
| Dividend Yield | 2.06% | 1.01% | |
| Holdings | 44 | 505 | |
| YTD Return | +5.15% | +13.17% | |
| 1Y Return | +6.79% | +21.53% | |
| 3Y Return (annualized) | +20.67% | +22.06% | |
| 5Y Return (annualized) | +9.87% | +13.35% | |
| Volatility (annualized) | 33.7% | 15.3% | |
| Max Drawdown | -56.1% | -56.5% | |
| Fund Family | Global X by mirae Asset | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Oct 22, 2014 | Jan 22, 1993 |
DAX vs SPY Performance
Global X Dax Germany ETF (DAX) is a ETF from Global X by mirae Asset and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DAX returned +6.79% while SPY returned +21.53%. Year to date, DAX is up 5.15% versus a gain of 13.17% for SPY.
Over three years, DAX compounded at +20.67% per year against +22.06% for SPY; over five years the annualized figures are +9.87% and +13.35% respectively. Across the full 18-year window we track, SPY has the edge at +8.82% annualized vs +4.40%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DAX has been the more volatile fund, with annualized monthly volatility of 33.7% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.1% for DAX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.51. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DAX charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, DAX currently yields 2.06% against 1.01% for SPY.
Holdings Overlap
DAX and SPY share 1 holdings out of 543 unique holdings combined, representing a 0.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in DAX | Weight in SPY | Difference |
|---|---|---|---|
| MRK | 1.05% | 0.47% | 0.58% |
Frequently Asked Questions
Which is cheaper, DAX or SPY?
DAX has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $11 per year of difference.
Which performed better, DAX or SPY?
Over the past year DAX returned +6.79% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), DAX annualized +4.40% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, DAX or SPY?
DAX has been the more volatile fund at 33.7% annualized versus 15.3% for SPY. Worst drawdown: DAX -56.1% vs SPY -56.5%.
Should I hold both DAX and SPY?
DAX and SPY have a monthly-return correlation of 0.51, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DAX and SPY?
DAX and SPY share 1 common holdings with a 0.5% weight overlap. Combined, they hold 543 unique securities.
Which pays a higher dividend, DAX or SPY?
DAX yields 2.06% while SPY yields 1.01%, so DAX currently pays the higher dividend yield.
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