Traditionally, the DAX has been lagging behind its US peers. The index was hit harder in March 2020 when the pandemic started to get out of control, and the recovery was slower too. While there are different reasons for this, one factor is the lack of technology companies in the index. U.S. markets were boosted by the outperformance of leading tech companies such as Amazon, Apple and Google. Meanwhile, if we look at the DAX components, we will largely see a list of blue-chip stocks. Despite that, the DAX has performed well over the past decade and managed to reach a new record high in November 2021.