Given investment horizon of 30 days, ATX is expected to under-perform the DAX. But the index apears to be less risky and, when comparing its historical volatility, ATX is 1.07 times less risky than DAX. The index trades about -0.29 of its potential returns per unit of risk. The DAX is currently generating about -0.12 of returns per unit of risk over similar time horizon. If you would invest  847,220  in DAX on May 20, 2013 and sell it today you would lose (24,269) from holding DAX or give up 2.86% of portfolio value over 30 days.