The DAX® Women Leadership index, which selects German companies with the highest proportion of women on executive and supervisory boards, has outperformed the DAX by an annualized 300 basis points since March 2018[1]. The returns appear to support research that links high female representation in key roles with stronger corporate outcomes.
But does the performance extend beyond Germany? In this report, STOXX® applied the Women Leadership methodology to a global and a European portfolio.
In both cases, the strategies outperformed, though different sector exposures point to a nuanced story. While further investigation is warranted, the results point to a potential investment premium associated with Women Leadership approaches.
Download the paper to explore the full findings.
[1] Price return in euros. Backtested data between March 2018 and April 2026.