Analyse: Lyxor ETF Dow Jones Industrial Average

"Alte Ökonomien" dominieren den Klassiker unter den USA-Indizes, der auch in anderer Hinsicht reichlich anachronistisch daherkommt.

Alastair Kellett 03.05.2013

Rolle im Portfolio

The Lyxor ETF Dow Jones Industrial Average is best suited as a core building block for a portfolio, providing exposure to a basket of very large U.S. companies from a range of industries. With 30 constituents, the index is not as diversified, at the security level, as many other widely-followed benchmarks for the U.S. market. For example the top position, IBM, makes up 11.2% of the index, and the top 10 stocks comprise 56%. On the other hand, many of the underlying companies are global leaders with broad reach and diverse revenue sources. Over the last 20 years, the Dow Jones Industrial Average has exhibited annualised volatility of 14.9%, versus 15.9% for the MSCI Europe. During the same period, it has shown a correlation to European equities (in local currency) of 81%, and to emerging markets equities (again, as measured in local currency) of 68%. U.S. equities comprise a large portion of many global equity indices, for example they made up 53.8% of the MSCI World Index at the end of March 2013. So combining this fund with a global product might result in an overweight to U.S. equities. It would therefore work better in conjunction with an EAFE or World ex-U.S. exposure. The fund distributes dividends on an annual basis; therefore it may suit an investor looking for some investment income.

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Über den Autor

Alastair Kellett  Al Kellett is an ETF analyst with Morningstar Europe.

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