DAX vs Germany ETF (EWG)
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
DAX is quoted in EUR while EWG is USD-denominated. Comparing them isolates the euro-dollar currency effect: when DAX outperforms EWG, EUR is strengthening relative to USD, which amplifies local index gains. When EWG leads, EUR is weakening and the USD investor gets more than the local DAX suggests.
Cross-Asset Analysis
DAX 40 captures DAX 40 index, the German large-cap equity benchmark, whereas Germany / DAX (EWG) reflects iShares MSCI Germany ETF, proxy for the DAX and German equity market, and the difference between how they move is what the cross asset pair relationship is really about. Cross-asset flows track macro regime changes with well-documented lags, which is why spreads like DAX 40-Germany / DAX (EWG) often lead coincident indicators. Regime dating based on DAX 40-Germany / DAX (EWG) can be feedback-driven, because extreme spread values often snap back via mean reversion or regime change.
The EU/UK Equity and Equity Index segments share common drivers but vary in sensitivity, and the DAX 40-Germany / DAX (EWG) spread captures those sensitivities. Correlation trading desks price options on the DAX 40-Germany / DAX (EWG) spread once the underlying relationship has been calibrated across enough regimes. Watching DAX 40 in tandem with Germany / DAX (EWG) gives insight into how macro factors flow across different parts of the global market structure.
DAX 40 and Germany / DAX (EWG) originate in different asset classes, and the relationship between them reveals cross-asset macro dynamics that neither alone can express. In risk-on periods, correlations across asset classes converge toward expected values, and the DAX 40-Germany / DAX (EWG) spread typically obey its historical fair value.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between DAX 40 and Germany / DAX (EWG)?+
DAX 40 and Germany / DAX (EWG) are connected through shared macro drivers across asset classes. When the dominant macro driver shifts, both respond, though with different sensitivities and at different speeds. The spread between DAX 40 and Germany / DAX (EWG) captures the specific macro signal that flows through this relationship.
When does DAX 40 typically lead Germany / DAX (EWG)?+
DAX 40 tends to lead Germany / DAX (EWG) during macro regime changes, where the more liquid asset moves first. In those periods, moves in DAX 40 precede corresponding moves in Germany / DAX (EWG) by days to weeks, depending on the transmission channel and the depth of each market.
How are DAX 40 and Germany / DAX (EWG) historically correlated?+
Long-run correlation between DAX 40 and Germany / DAX (EWG) varies by regime. Cross-asset correlations vary by regime, tending to tighten in stress and loosen during normal conditions. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the DAX 40-Germany / DAX (EWG) relationship.
What macro conditions drive divergence between DAX 40 and Germany / DAX (EWG)?+
Divergence between DAX 40 and Germany / DAX (EWG) typically arises from idiosyncratic shocks in one asset, policy interventions, or structural shifts in demand. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in DAX 40 or Germany / DAX (EWG).
Is DAX 40 a hedge for Germany / DAX (EWG)?+
Cross-asset hedges between DAX 40 and Germany / DAX (EWG) work when the macro drivers of the two assets are sufficiently decorrelated, which depends on the regime and therefore needs to be reviewed as conditions change. Effective hedging requires matching the hedge to the specific risk being protected, and the DAX 40-Germany / DAX (EWG) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.