DAX ETF Comparison 2026
The DAX tracks the 40 largest listed companies in Germany — from SAP and Siemens to Allianz. We compare the cheapest DAX ETFs with ISIN and TER, explain the peculiarity of the performance index, and why a pure DAX ETF is a concentrated bet on Germany.
What’s inside the DAX?
Since 2021 the DAX has comprised the 40 largest and most liquid German stocks (previously 30). Heavyweights such as SAP, Siemens, Allianz and Deutsche Telekom dominate — the top 10 often make up around 60 % of the index. This is a focused bet on the German equity market, not a globally diversified investment.
The most important DAX ETFs compared
UCITS DAX ETFs (as of June 2026)
| ETF | ISIN | TER p.a. | Distribution |
|---|---|---|---|
| Xtrackers DAX | LU0274211480 | 0.09 % | accumulating |
| iShares Core DAX | DE0005933931 | 0.16 % | accumulating |
| Amundi DAX (ex-Lyxor) | LU0252633754 | 0.08 % | accumulating |
| Deka DAX (Dist) | DE000ETFL060 | 0.15 % | distributing |
The peculiarity: the DAX is a performance index
Unlike most international indices, the DAX is calculated by default as a performance index — dividends are notionally reinvested. The S&P 500 or the MSCI World, which people usually talk about, are by contrast price indices. That is why the DAX’s point level looks historically “higher”. To compare true performance you always have to compare performance index with performance index, otherwise the impression is misleading.
A DAX ETF bundles just 40 stocks from a single country, dominated by a handful of heavyweights. As a sole investment that is poorly diversified. The DAX makes more sense as a deliberate home-market addition to a broad world ETF, not as its replacement.
DAX, MDAX or world ETF?
- DAX: the 40 largest German blue chips — stable, export-heavy, but concentrated.
- MDAX: the mid-cap names below them — more geared to the domestic market and more volatile.
- World ETF: superior as the core because it is globally diversified. The DAX is the seasoning, not the main course.
🌍 Tax
A DAX ETF is an equity ETF. In Germany it qualifies for the 30 % partial exemption (Teilfreistellung), with the flat-rate capital gains tax (25 % plus solidarity surcharge on the taxable portion), the advance lump-sum (Vorabpauschale) on accumulating versions and the €1,000 annual saver’s allowance. Tax rules differ from country to country, so check the rules that apply where you live.
FAQ — DAX ETF 2026
Which DAX ETF is the best?
With an almost identical index, the TER is the main deciding factor. Very cheap are the Amundi/ex-Lyxor DAX (LU0252633754, 0.08 %) and the Xtrackers DAX (LU0274211480, 0.09 %), both accumulating. If you prefer distributions, you can opt for the Deka DAX (DE000ETFL060).
Why does the DAX stand so high compared with the S&P 500?
Because the DAX is a performance index: dividends are factored in. The S&P 500, which people usually quote, is a price index without dividends. The point level is therefore not directly comparable — you have to compare performance index with performance index.
Is a DAX ETF enough as a sole investment?
Probably not. The DAX holds just 40 German stocks with a high weighting in a few heavyweights. For a well-diversified portfolio a global world ETF as the core makes more sense; the DAX is suited as a deliberate home-market addition.
DAX ETF accumulating or distributing?
Both exist. Accumulating DAX ETFs (e.g. Xtrackers, Amundi) automatically reinvest dividends — good for long-term wealth building. Distributing ones (e.g. Deka) pay them out, which is handy if you want to make targeted use of the saver’s allowance or generate an income.