MSCI Europe or DAX? Returns Compared
The two indices share 13.8% of their weight across 37 companies, and their daily returns correlate at 0.91. Partly the same companies at noticeably different weights — the second index shifts the emphasis rather than doubling up.
Side by Side
| MSCI Europe | DAX | |
|---|---|---|
| Holdings covered | 341 | 38 |
| Volatility | 16.5% | 18.9% |
| Max drawdown | -14.7% | -16.0% |
| Cheapest ETF we cover | SPYE · 0.08% | DBXD · 0.09% |
The Largest Shared Positions
| Company | MSCI Europe | DAX |
|---|---|---|
| Siemens N AG | 1.66% | 11.73% |
| SAP SE | 1.55% | 10.73% |
| Allianz SE | 1.33% | 9.25% |
| Airbus Group | 0.94% | 6.50% |
| Siemens Energy N AG | 0.91% | 7.05% |
| Deutsche Telekom N AG | 0.76% | 5.37% |
| Infineon Technologies AG | 0.61% | 4.25% |
| Munchener Ruckversicherungs-Gesellschaft AG | 0.53% | 3.72% |
| Deutsche Bank Aktiengesellschaft | 0.45% | 3.48% |
| DHL N AG | 0.43% | 3.11% |
Overlap and shared positions are computed from the holdings of one representative ETF each (XIEE and XDDA); of those we could attribute 86.3% and 97.9% of fund weight to individual companies, so real overlap is likely a little higher. The correlation covers 540 shared trading days.
The Largest Single Holdings
MSCI Europe
- ASML Holding NV 4.87%
- HSBC Holdings plc 2.49%
- Roche PS Par AG 2.21%
- Shell Plc 2.00%
- Novartis AG 1.91%
Astrazeneca plc 1.82%
Nestle S.A. 1.73%
Siemens N AG 1.66%- SAP SE 1.55%
- Banco Santander 1.48%
DAX
- Siemens N AG 11.73%
- SAP SE 10.73%
Allianz SE 9.25%
Siemens Energy N AG 7.05%
Airbus Group 6.50%- Deutsche Telekom N AG 5.37%
Infineon Technologies AG 4.25%
Munchener Ruckversicherungs-Gesellschaft AG 3.72%- Deutsche Bank Aktiengesellschaft 3.48%
DHL N AG 3.11%
More Comparisons With These Indices
| Comparison | Overlap |
|---|---|
| MSCI Europe vs STOXX Europe 600 | 79% |
| MSCI Europe vs MSCI EMU | 46% |
| DAX vs Euro STOXX 50 | 31% |
| MSCI Europe vs Euro STOXX 50 | 30% |
| MSCI World vs MSCI Europe | 13% |
| DAX vs STOXX Europe 600 | 13% |
| MSCI World vs DAX | 2% |
| MSCI Europe vs MSCI Europe Small Cap | 0% |
In the Alysly Network
The map shows how MSCI Europe connects to ETFs, indices and other names. Each link is based on measured data and is not a recommendation.
- ASML Holding Stock · contains
- Astrazeneca Stock · contains
- HSBC Holdings Stock · contains
- Nestle S.A. Stock · contains
- Novartis Stock · contains
- SAP Stock · contains
- Shell Plc Stock · contains
- Siemens N Stock · contains
- IMEA ETF · tracks
- SPYE ETF · tracks
- XMEU ETF · tracks
- XIEE ETF · tracks