Dynamical phase transitions (DPTs) occur after quenching some global parameters in quantum systems, and are signalled by the nonanalytical time evolution of the dynamical free energy, which is calculated from the Loschmidt overlap between the initial and time evolved states. In a recent Letter [M. Heyl et al., Phys. Rev. Lett. 110, 135704 (2013)], it was suggested that DPTs are closely related to equilibrium phase transitions (EPTs) for the transverse field Ising model. By studying a minimal model, the XY chain in a transverse magnetic field, we show analytically that this connection does not hold generally. We present examples where DPT occurs without crossing any equilibrium critical lines by the quench, and a nontrivial example with no DPT but crossing a critical line by the quench. Although the nonanalyticities of the dynamical free energy on the real time axis do not indicate the presence or absence of an EPT, the structure of Fisher lines for complex times reveals a qualitative difference. Interest in nonequilibrium dynamics has grown immensely in the past few years [1][2][3][4] thanks to experimental advances made with ultracold atomic gases. The wide controllability of these systems allows experimentalists to prepare different kinds of nonequilibrium initial states and it is also possible to study the dynamics with time resolution that is unreachable in other physical systems [5][6][7][8][9]. Some of the main questions concern when and how thermalization, or more generally, equilibration, occurs and its connection to ergodicity and integrability. These were first posed by von Neumann in 1929 [10].The nonequilibrium time evolution can be characterized in many different ways, borrowing ideas from equilibrium statistical mechanics. The ultrashort time nonequilibrium dynamics, revealing the role of high-energy excitations, is also of interest as well as the stationary state that is reached after long time evolution. The latter can be described by the diagonal ensemble, which is roughly the time averaged density matrix. The results of local measurements can be described by simpler ensembles, i.e., by the thermal Gibbs ensemble for nonintegrable (ergodic) systems [11] and by the generalized Gibbs ensemble for integrable ones [12]. The Loschmidt overlap (LO), which is the main focus of this Rapid Communication, is a nonlocal expression and is entirely determined by the diagonal ensemble, hence it characterizes the stationary state [13]. Analyzing the LO has proven to be useful in studying quantum chaos, decoherence, and quantum criticality [14][15][16][17]. It is defined as the scalar product of the initial state and the time evolved state following a sudden global quench (SQ) asand can be regarded as the characteristic function of work performed on the system during the quench. In a SQ the parameters of the Hamiltonian are changed suddenly from some initial to final values, and the system, prepared initially in the ground state |ψ of the initial Hamiltonian, is assumed to be well separated from the environmen...