When we decompose factors explaining the returns we find that the dividend yield factor actually contributed negative 1.02% annualized to the excess return.

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Also, the average yield of DAX stocks is 3.5%, almost three times the yield on the 10-year German government benchmark bond, a factor that could persuade yield-hungry investors deterred by low returns on government bonds to switch from debt to equity.

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The most important factor is that the yield on the 30-Year U.S. Treasury bond, which ended September at 2.913 versus 4.510 at the end of the first quarter and 4.377 at the end of the second quarter.

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