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DBS Group Holdings Ltd.

ISIN SG1L01001701

WKN 880105

Market cap (in EUR)

88,059.07 m

Country

Singapore

Sector

Finance

Dividend yield

4.88%

Overview

Quote

Description

DBS Group Holdings Ltd. is an investment company, which engages in retail, small and medium-sized enterprise, corporate, and investment banking services. It operates through the following business segments: Consumer Banking/Wealth Management, Institutional Banking, Treasury Markets, and Others. The Consumer Banking/Wealth Management segment provides services including current and savings accounts, fixed deposits, loans and home finance, cards, payments, investment, and insurance products. The Institutional Banking segment offers financial services and products to institutional clients. The Treasury Markets segment deals with structuring, market-making, and trading across a broad range of treasury products. The others segment covers activities from corporate decisions and income and expenses not attributed to the business segments described. The company was founded in 1968 and is headquartered in Singapore.

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Finance Banking International Banks Singapore

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Financials

Key metrics

Market capitalisation, EUR	88,059.07 m
EPS, EUR	-
P/B ratio	1.94
P/E ratio	11.54
Dividend yield	4.88%

Income statement (2024)

Revenue, EUR	27,402.52 m
Net income, EUR	7,753.28 m
Profit margin	28.29%

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What ETF is DBS Group Holdings Ltd. in?

There are 182 ETFs which contain DBS Group Holdings Ltd.. All of these ETFs are listed in the table below. The ETF with the largest weighting of DBS Group Holdings Ltd. is the UBS MSCI Singapore UCITS ETF SGD dis.

ETF	Weight	Investment focus	Fund size (in m EUR)
HSBC MSCI AC Far East ex Japan UCITS ETF USD (Dist)	1.27%	Equity Asia Pacific	17
VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF	1.25%	Equity World Dividend	2,467
UBS Core MSCI World UCITS ETF USD acc	0.10%	Equity World	2,168
iShares MSCI AC Far East ex-Japan UCITS ETF	1.25%	Equity Asia Pacific	716
UBS Core MSCI World UCITS ETF hCHF acc	0.10%	Equity World	358
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing	2.47%	Equity Asia Pacific	1,093
Invesco MSCI World Equal Weight UCITS ETF Acc	0.08%	Equity World Equal Weighted	516
iShares Core MSCI World UCITS ETF USD (Dist)	0.10%	Equity World	386
Invesco FTSE RAFI All World 3000 UCITS ETF	0.10%	Equity World Fundamental/Quality	81
SPDR MSCI World Financials UCITS ETF	0.60%	Equity World Financials	270
Xtrackers MSCI World ex USA UCITS ETF 1C	0.38%	Equity World	2,525
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF CHF Hedged (acc)	0.08%	Equity World Social/Environmental	1
iShares Edge MSCI World Minimum Volatility Advanced UCITS ETF EUR Hedged (Acc)	0.20%	Equity World Low Volatility/Risk Weighted	180
Invesco FTSE All-World UCITS ETF GBP PfHdg Dist	0.13%	Equity World	1
Fidelity Pacific ex-Japan Equity Research Enhanced UCITS ETF ACC-USD	3.33%	Equity Asia Pacific Social/Environmental	360
AXA IM ACT Biodiversity Equity UCITS ETF EUR Hedged Acc	1.09%	Equity World Social/Environmental	132
iShares Edge MSCI World Minimum Volatility Advanced UCITS ETF CHF Hedged (Acc)	0.20%	Equity World Low Volatility/Risk Weighted	184
UBS Core MSCI World UCITS ETF USD dis	0.10%	Equity World	613
Amundi Prime All Country World UCITS ETF Acc	0.09%	Equity World	229
UBS MSCI World UCITS ETF USD dis	0.10%	Equity World	1,243
JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF GBP Hedged (dist)	0.10%	Equity World Social/Environmental	1
UBS ETF (LU) MSCI World ex USA Index Fund UCITS ETF (USD) A-acc	0.36%	Equity World	-
iShares Edge MSCI World Minimum Volatility UCITS ETF CHF Hedged (Acc)	0.29%	Equity World Low Volatility/Risk Weighted	52
Vanguard FTSE Developed World UCITS ETF Acc	0.10%	Equity World	3,855
JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	0.10%	Equity World Social/Environmental	1,505
L&G Asia Pacific ex Japan Equity UCITS ETF	3.63%	Equity Asia Pacific Social/Environmental	601
BNP Paribas Easy MSCI World ESG Filtered Min TE UCITS ETF EUR Acc	0.11%	Equity World Social/Environmental	373
Xtrackers World Net Zero Pathway Paris Aligned UCITS ETF 1C 1C	0.10%	Equity World Social/Environmental Climate Change	27
SPDR MSCI All Country World Investable Market UCITS ETF (Acc)	0.10%	Equity World	2,579
Xtrackers MSCI AC World Screened UCITS ETF 2C - EUR Hedged	0.08%	Equity World Social/Environmental	45
Deka MSCI World Climate Change ESG UCITS ETF	0.03%	Equity World Social/Environmental Climate Change	1,188
JPMorgan Global Equity Premium Income Active UCITS ETF USD (dist)	0.46%	Equity World Value Alternative Investments	819
JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	1.13%	Equity Asia Pacific Social/Environmental	47
Amundi MSCI World Catholic Principles UCITS ETF Acc	0.35%	Equity World Social/Environmental Catholic principles	63
Vanguard ESG Global All Cap UCITS ETF (USD) Distributing	0.10%	Equity World Social/Environmental	439
SPDR MSCI World UCITS ETF	0.10%	Equity World	10,736
Amundi MSCI Pacific Ex Japan UCITS ETF Dist	3.76%	Equity Asia Pacific	172
iShares World Equity High Income UCITS ETF USD (Dist)	0.73%	Equity World Social/Environmental	71
SPDR MSCI All Country World Investable Market UCITS ETF (Dist)	0.10%	Equity World	36
Deka MSCI World UCITS ETF Distribution	0.10%	Equity World	3,491
iShares World Equity Factor Rotation Active UCITS ETF USD (Acc)	0.58%	Equity World Multi-Factor Strategy	65
Vanguard FTSE Developed World UCITS ETF Distributing	0.10%	Equity World	3,160
L&G Asia Pacific ex Japan ESG Exclusions Paris Aligned UCITS ETF USD Accumulating ETF	2.59%	Equity Asia Pacific Social/Environmental Climate Change	4
Ossiam Bloomberg Asia Pacific ex Japan PAB NR UCITS ETF 1C (EUR)	4.11%	Equity Asia Pacific Social/Environmental Climate Change	144
Amundi MSCI Pacific ESG Broad Transition UCITS ETF Dist	1.00%	Equity Asia Pacific Social/Environmental Climate Change	152
UBS MSCI ACWI Universal UCITS ETF hEUR acc	0.12%	Equity World Social/Environmental	585
Xtrackers MSCI World Minimum Volatility UCITS ETF 1C 1C	0.29%	Equity World Low Volatility/Risk Weighted	1,069
iShares Core MSCI Pacific ex Japan UCITS ETF (Acc)	3.83%	Equity Asia Pacific	2,802
First Trust Indxx Innovative Transaction & Process UCITS ETF Acc	0.81%	Equity World Technology Blockchain	46
Xtrackers MSCI World ex USA UCITS ETF 1D	0.38%	Equity World	109
SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.11%	Equity World	60
Xtrackers MSCI Singapore UCITS ETF 1C	19.36%	Equity Singapore	60
Invesco MSCI Pacific Ex Japan Universal Screened UCITS ETF Acc	5.78%	Equity Asia Pacific Social/Environmental	38
Xtrackers MSCI World UCITS ETF 2C - EUR Hedged	0.09%	Equity World	190
JPMorgan Global Equity Premium Income Active UCITS ETF USD (acc)	0.46%	Equity World Value Alternative Investments	100
SPDR MSCI World UCITS ETF GBP Hedged (Dist)	0.10%	Equity World	158
Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.13%	Equity World	8
Xtrackers MSCI World Screened UCITS ETF 1D	0.11%	Equity World Social/Environmental	108
Xtrackers MSCI Pacific ex Japan Screened UCITS ETF 1D	3.92%	Equity Asia Pacific Social/Environmental	333
Xtrackers MSCI World UCITS ETF 1D	0.09%	Equity World	3,991
Xtrackers MSCI AC World Screened UCITS ETF 1C	0.08%	Equity World Social/Environmental	3,922
JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF GBP Hedged (acc)	0.10%	Equity World Social/Environmental	381
Invesco FTSE All-World UCITS ETF Acc	0.13%	Equity World	1,354
Xtrackers MSCI World Climate Transition UCITS ETF	0.09%	Equity World Social/Environmental Climate Change	26
JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	1.13%	Equity Asia Pacific Social/Environmental	0
iShares MSCI World Screened UCITS ETF USD (Dist)	0.11%	Equity World Social/Environmental	696
AXA IM ACT Biodiversity Equity UCITS ETF USD Acc	1.09%	Equity World Social/Environmental	240
First Trust Global Equity Income UCITS ETF Dist	1.40%	Equity World Fundamental/Quality	29
UBS MSCI ACWI Universal UCITS ETF USD dis	0.12%	Equity World Social/Environmental	1,934
iShares Dow Jones Asia Pacific Select Dividend 50 UCITS ETF (DE)	4.59%	Equity Asia Pacific Dividend	264
HSBC MSCI World UCITS ETF CHF hedged	0.10%	Equity World	40
HSBC MSCI World UCITS ETF EUR Hedged (Acc)	0.10%	Equity World	318
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR (acc)	0.08%	Equity World Social/Environmental	2
iShares MSCI World Screened UCITS ETF USD (Acc)	0.11%	Equity World Social/Environmental	3,832
JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc)	0.10%	Equity World Social/Environmental	261
Amundi MSCI World UCITS ETF DR - USD (D)	0.10%	Equity World	820
iShares MSCI World CHF Hedged UCITS ETF (Acc)	0.10%	Equity World	1,396
Vanguard ESG Developed Asia Pacific All Cap UCITS ETF (USD) Distributing	1.03%	Equity Asia Pacific Social/Environmental	17
UBS MSCI ACWI Universal UCITS ETF hGBP acc	0.12%	Equity World Social/Environmental	289
HSBC MSCI Pacific ex Japan UCITS ETF USD (Acc)	3.88%	Equity Asia Pacific	348
Vanguard FTSE All-World High Dividend Yield UCITS ETF Distributing	0.22%	Equity World Dividend	5,340
iShares Edge MSCI World Minimum Volatility Advanced UCITS ETF (Acc)	0.20%	Equity World Low Volatility/Risk Weighted	565
Invesco Quantitative Strategies ESG Global Equity Multi-Factor UCITS ETF Acc	0.62%	Equity World Multi-Factor Strategy	812
Franklin FTSE Asia ex China ex Japan UCITS ETF	1.41%	Equity Asia Pacific	446
UBS MSCI ACWI Universal UCITS ETF hJPY acc	0.12%	Equity World Social/Environmental	102
AXA IM ACT Climate Equity UCITS ETF USD Acc	1.06%	Equity World Social/Environmental Climate Change	271
JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF EUR Hedged (acc)	0.10%	Equity World Social/Environmental	730
iShares MSCI AC Far East ex-Japan UCITS ETF USD (Acc)	1.25%	Equity Asia Pacific	37
iShares Edge MSCI World Minimum Volatility UCITS ETF GBP hedged (Acc)	0.29%	Equity World Low Volatility/Risk Weighted	116
HSBC ASIA PACIFIC EX JAPAN SCREENED EQUITY UCITS ETF USD	2.90%	Equity Asia Pacific Social/Environmental	293
iShares Edge MSCI World Minimum Volatility UCITS ETF USD (Acc)	0.29%	Equity World Low Volatility/Risk Weighted	3,024
iShares MSCI World UCITS ETF (Dist)	0.10%	Equity World	6,926
VanEck World Equal Weight Screened UCITS ETF A	0.42%	Equity World Equal Weighted	951
Amundi MSCI World Minimum Volatility Advanced UCITS ETF Acc	0.35%	Equity World Low Volatility/Risk Weighted Climate Change	-
First Trust Global Equity Income UCITS ETF Acc	1.40%	Equity World Fundamental/Quality	3
iShares Core MSCI World UCITS ETF EUR Hedged (Dist)	0.10%	Equity World	1,172
Amundi MSCI World ESG Broad Transition UCITS ETF Dist	0.02%	Equity World Social/Environmental Climate Change	261
HSBC ASIA PACIFIC EX JAPAN SCREENED EQUITY UCITS ETF USD (Dist)	2.90%	Equity Asia Pacific Social/Environmental	48
Amundi S&P Global Financials ESG UCITS ETF DR EUR (D)	0.66%	Equity World Financials Social/Environmental	2
Amundi Prime Global UCITS ETF Acc	0.10%	Equity World	820
HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF	1.04%	Equity Asia Pacific Social/Environmental Climate Change	17
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.09%	Equity World	19,324
HSBC MSCI AC Far East ex Japan UCITS ETF USD	1.27%	Equity Asia Pacific	234
HSBC MSCI World UCITS ETF USD (Acc)	0.10%	Equity World	803
Amundi S&P Global Financials ESG UCITS ETF DR EUR (A)	0.66%	Equity World Financials Social/Environmental	521
HSBC MSCI World UCITS ETF USD	0.10%	Equity World	10,597
Ossiam Bloomberg World PAB UCITS ETF 1A (EUR)	0.10%	Equity World Social/Environmental Climate Change	116
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Distributing	0.12%	Equity World Multi-Factor Strategy	96
AXA IM ACT Climate Equity UCITS ETF EUR Hedged Acc	1.06%	Equity World Social/Environmental Climate Change	150
iShares MSCI World ESG Enhanced CTB UCITS ETF USD (Acc)	0.02%	Equity World Social/Environmental	3,889
BNP Paribas Easy MSCI Pacific ex Japan ESG Filtered Min TE UCITS ETF	3.85%	Equity Asia Pacific Social/Environmental	184
Xtrackers MSCI World UCITS ETF 3C - CHF Hedged	0.09%	Equity World	42
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF (USD) Accumulating	2.47%	Equity Asia Pacific	386
BNP Paribas Easy Sustainable World UCITS ETF EUR Capitalisation	0.14%	Equity World Social/Environmental	145
L&G Global Equity UCITS ETF	0.11%	Equity World Social/Environmental	612
Vanguard FTSE All-World High Dividend Yield UCITS ETF Acc	0.22%	Equity World Dividend	1,087
Invesco MSCI World ESG Universal Screened UCITS ETF Acc	0.16%	Equity World Social/Environmental	228
L&G Quality Equity Dividends ESG Exclusions Asia Pacific ex-Japan UCITS ETF	1.41%	Equity Asia Pacific Dividend	26
Vanguard ESG Developed Asia Pacific All Cap UCITS ETF (USD) Accumulating	1.03%	Equity Asia Pacific Social/Environmental	65
UBS MSCI ACWI Universal UCITS ETF hCHF dis	0.12%	Equity World Social/Environmental	44
iShares MSCI Pacific ex-Japan ESG Enhanced CTB UCITS ETF USD (Acc)	3.53%	Equity Asia Pacific Social/Environmental	83
Xtrackers MSCI AC World Screened UCITS ETF 5C - USD Hedged	0.08%	Equity World Social/Environmental	2
Invesco S&P World Financials ESG UCITS ETF Acc	0.68%	Equity World Financials Social/Environmental	5
UBS Core MSCI World UCITS ETF hGBP dis	0.10%	Equity World	46
HSBC DEVELOPED WORLD SCREENED EQUITY UCITS ETF USD (Dist)	0.27%	Equity World Social/Environmental	42
UBS MSCI ACWI Universal UCITS ETF hCHF acc	0.12%	Equity World Social/Environmental	1,147
iShares MSCI ACWI UCITS ETF USD (Acc)	0.09%	Equity World	17,621
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (acc)	0.08%	Equity World Social/Environmental	20
Xtrackers MSCI World Momentum ESG UCITS ETF	1.04%	Equity World Momentum	84
iShares STOXX Global Select Dividend 100 UCITS ETF (DE)	1.13%	Equity World Dividend	2,880
Xtrackers MSCI World Minimum Volatility ESG UCITS ETF 1C 1C	0.95%	Equity World Low Volatility/Risk Weighted	23
Invesco Quantitative Strategies ESG Global Equity Multi-Factor UCITS ETF EUR PfHdg Acc	0.62%	Equity World Multi-Factor Strategy	218
UBS Core MSCI World UCITS ETF hEUR acc	0.10%	Equity World	215
SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.11%	Equity World	415
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR Hedged (acc)	0.08%	Equity World Social/Environmental	3
iShares Core MSCI World UCITS ETF GBP Hedged (Dist)	0.10%	Equity World	888
BNP Paribas Easy MSCI World ESG Filtered Min TE UCITS ETF USD Acc	0.11%	Equity World Social/Environmental	89
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Accumulating	0.12%	Equity World Multi-Factor Strategy	565
iShares MSCI World EUR Hedged UCITS ETF (Acc)	0.10%	Equity World	4,151
Amundi MSCI World UCITS ETF Acc	0.10%	Equity World	8,682
Invesco FTSE All-World UCITS ETF Dist	0.13%	Equity World	120
JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	0.10%	Equity World Social/Environmental	5,675
iShares MSCI World Climate Transition Aware UCITS ETF USD (Acc)	0.20%	Equity World Social/Environmental Climate Change	5
iShares MSCI World Financials Sector Advanced UCITS ETF USD (Dist)	0.15%	Equity World Financials Social/Environmental	126
UBS MSCI World ex USA Climate Paris Aligned UCITS ETF USD acc	0.17%	Equity World Social/Environmental Climate Change	13
iShares MSCI Pacific ex-Japan UCITS ETF (Dist)	3.83%	Equity Asia Pacific	199
iShares Edge MSCI World Momentum Factor UCITS ETF (Acc)	0.23%	Equity World Momentum	2,576
Xtrackers MSCI World UCITS ETF 2D - GBP Hedged	0.09%	Equity World	436
Amundi Prime Global UCITS ETF Dist	0.10%	Equity World	1,339
iShares Core MSCI World UCITS ETF USD (Acc)	0.10%	Equity World	92,306
Xtrackers MSCI World UCITS ETF 1C	0.09%	Equity World	14,088
iShares MSCI World Climate Transition Aware UCITS ETF USD (Dist)	0.20%	Equity World Social/Environmental Climate Change	2
iShares World Equity High Income UCITS ETF USD (Acc)	0.73%	Equity World Social/Environmental	2
iShares MSCI World GBP Hedged UCITS ETF (Acc)	0.10%	Equity World	385
UBS Climate Aware Global Developed Equity CTB UCITS ETF USD acc	0.02%	Equity World Social/Environmental Climate Change	13
UBS MSCI Singapore UCITS ETF SGD dis	23.27%	Equity Singapore	24
UBS MSCI Pacific ex Japan UCITS ETF USD dis	3.83%	Equity Asia Pacific	69
SPDR MSCI World UCITS ETF EUR Hedged (Acc)	0.10%	Equity World	457
Amundi MSCI World ESG Broad Transition UCITS ETF Acc	0.02%	Equity World Social/Environmental Climate Change	1,225
Amundi Prime All Country World UCITS ETF Dist	0.09%	Equity World	2,193
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (dist)	0.08%	Equity World Social/Environmental	16
Vanguard FTSE All-World UCITS ETF (USD) Distributing	0.09%	Equity World	16,517
UBS MSCI ACWI Universal UCITS ETF hUSD acc	0.12%	Equity World Social/Environmental	1,059
iShares MSCI World Screened UCITS ETF GBP Hedged (Dist)	0.11%	Equity World Social/Environmental	60
BNP Paribas Easy Sustainable World UCITS ETF USD Capitalisation	0.14%	Equity World Social/Environmental	11
HSBC MSCI Pacific ex Japan UCITS ETF USD	3.88%	Equity Asia Pacific	606
SPDR MSCI All Country World UCITS ETF (Acc)	0.11%	Equity World	3,952
Xtrackers MSCI World Momentum UCITS ETF 1C 1C	0.25%	Equity World Momentum	1,418
Xtrackers MSCI World Financials UCITS ETF 1C	0.61%	Equity World Financials	929
Xtrackers MSCI Pacific ex Japan Screened UCITS ETF 1C	3.92%	Equity Asia Pacific Social/Environmental	479
UBS MSCI Pacific ex Japan UCITS ETF USD acc	3.83%	Equity Asia Pacific	10
Invesco FTSE All-World UCITS ETF CHF PfHdg Acc	0.13%	Equity World	6
iShares MSCI World ESG Enhanced CTB UCITS ETF USD (Dist)	0.02%	Equity World Social/Environmental	925
iShares Edge MSCI World Minimum Volatility UCITS ETF USD (Dist)	0.29%	Equity World Low Volatility/Risk Weighted	15
Ossiam Bloomberg World PAB UCITS ETF 1A (USD)	0.10%	Equity World Social/Environmental Climate Change	2
Vanguard ESG Global All Cap UCITS ETF (USD) Accumulating	0.10%	Equity World Social/Environmental	547
HSBC DEVELOPED WORLD SCREENED EQUITY UCITS ETF USD	0.27%	Equity World Social/Environmental	200
iShares Edge MSCI World Minimum Volatility UCITS ETF EUR Hedged (Acc)	0.29%	Equity World Low Volatility/Risk Weighted	414
iShares Asia Pacific Dividend UCITS ETF	4.59%	Equity Asia Pacific Dividend	356
iShares MSCI World ex-USA UCITS ETF USD (Acc)	0.37%	Equity World	370
Amundi MSCI World Ex USA UCITS ETF Acc	0.34%	Equity World	394
Invesco Global Active ESG Equity UCITS ETF EUR PfHdg Dist	0.62%	Equity World Multi-Factor Strategy	40

Performance

Returns overview

YTD	+1.60%
1 month	+1.68%
3 months	-2.72%
6 months	+1.64%
1 year	+26.11%
3 years	+49.97%
5 years	+99.54%
Since inception (MAX)	+163.97%
2024	+29.12%
2023	-5.74%
2022	+17.10%
2021	+27.82%

Monthly returns in a heat map

Risk

Risk metrics in this section:

Volatility, annualised, measured for 1, 3 and 5 year periods. The annualised volatility reflects the degree of price fluctuations during a one year period. The higher the volatility, the more significantly the price of the asset (stock, ETF, etc.) has changed in the past. Assets with higher volatility are generally considered more risky. We calculate the volatility based on the data for the past 1, 3 and 5 years so that you can see if price fluctuations for the ETF became stronger or weaker over time.
Return per risk for 1, 3 and 5 year periods. This is the annualised (i.e. converted to a one year period) past return divided by the past annualised volatility. The metric puts the historical return of an asset in relation to its historical risk and gives you a retrospective indication of the degree of price fluctuation you had to bear with in order to obtain the return. We calculate this parameter for 1, 3 and 5 year periods to display its evolution over time.
Maximum drawdown for a period. This shows the worst possible loss an investor could have suffered during the respective period, by first buying and subsequently selling the asset at the least favourable prices. For example, if there was the following sequence of daily ETF prices: 10€, 5€, 12€, 20€, an investor would have suffered the worst loss by buying for 10€ and subsequently selling for 5€. Therefore in this case the maximum drawdown would be (5€ - 10€)/10€ = -50%.

ETF returns include dividend payments (if applicable).