E0UA.DE vs. EL4W.DE
E0UA.DE (iShares Euro Government Bond 0-3 Month UCITS ETF EUR (Acc)) and EL4W.DE (Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF) are both Money Market funds - E0UA.DE tracks the ICE 0-3 Month Euro Government Bill Index while EL4W.DE tracks the Deutsche Börse EUROGOV Germany Money Market Index. Both are passively managed. Over the past year, E0UA.DE returned 1.96% vs 1.69% for EL4W.DE. At a correlation of -0.04, they often move in opposite directions. E0UA.DE charges 0.07%/yr vs 0.12%/yr for EL4W.DE.
Performance
E0UA.DE vs. EL4W.DE - Performance Comparison
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Returns By Period
In the year-to-date period, E0UA.DE achieves a 1.06% return, which is significantly higher than EL4W.DE's 0.92% return.
E0UA.DE
- 1D
- 0.00%
- 1M
- 0.16%
- 6M
- 1.01%
- YTD
- 1.06%
- 1Y
- 1.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EL4W.DE
- 1D
- 0.02%
- 1M
- 0.18%
- 6M
- 0.86%
- YTD
- 0.92%
- 1Y
- 1.69%
- 3Y*
- 2.60%
- 5Y*
- 1.45%
- 10Y*
- 0.24%
E0UA.DE vs. EL4W.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
E0UA.DE iShares Euro Government Bond 0-3 Month UCITS ETF EUR (Acc) | 1.06% | 2.15% | 0.26% |
EL4W.DE Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF | 0.92% | 1.91% | 0.26% |
Correlation
The correlation between E0UA.DE and EL4W.DE is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 29, 2024 | -0.04 |
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Return for Risk
E0UA.DE vs. EL4W.DE — Risk / Return Rank
E0UA.DE
EL4W.DE
E0UA.DE vs. EL4W.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 0-3 Month UCITS ETF EUR (Acc) (E0UA.DE) and Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| E0UA.DE | EL4W.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 2.28 | 1.82 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 8.94 | 11.67 | -2.73 |
| Martin ratioReturn relative to average drawdown | 28.78 | 68.70 | -39.92 |
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Drawdowns
E0UA.DE vs. EL4W.DE - Drawdown Comparison
The maximum E0UA.DE drawdown since its inception was -0.22%, smaller than the maximum EL4W.DE drawdown of -8.19%. Use the drawdown chart below to compare losses from any high point for E0UA.DE and EL4W.DE.
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Drawdown Indicators
| E0UA.DE | EL4W.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.22% | -8.19% | +7.97% |
Max Drawdown (1Y)Largest decline over 1 year | -0.22% | -0.14% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.64% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -1.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -6.23% | — |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -3.10% | +3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 0.02% | +0.05% |
Volatility
E0UA.DE vs. EL4W.DE - Volatility Comparison
The current volatility for iShares Euro Government Bond 0-3 Month UCITS ETF EUR (Acc) (E0UA.DE) is 0.09%, while Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE) has a volatility of 0.14%. This indicates that E0UA.DE experiences smaller price fluctuations and is considered to be less risky than EL4W.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| E0UA.DE | EL4W.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 0.14% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 0.41% | 0.38% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.60% | 0.52% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.53% | 0.80% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.53% | 0.94% | -0.41% |
E0UA.DE vs. EL4W.DE - Expense Ratio Comparison
E0UA.DE has a 0.07% expense ratio, which is lower than EL4W.DE's 0.12% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
E0UA.DE vs. EL4W.DE - Dividend Comparison
E0UA.DE has not paid dividends to shareholders, while EL4W.DE's dividend yield for the trailing twelve months is around 2.08%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
E0UA.DE iShares Euro Government Bond 0-3 Month UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EL4W.DE Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF | 2.08% | 3.05% | 2.03% | 1.04% | 0.25% | 0.63% | 0.46% | 1.00% | 0.41% | 1.37% | 1.55% | 1.54% |
Frequently Asked Questions
E0UA.DE and EL4W.DE have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, E0UA.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
E0UA.DE is cheaper with a 0.07% expense ratio, compared with 0.12% for EL4W.DE.
E0UA.DE tracks ICE 0-3 Month Euro Government Bill Index, while EL4W.DE tracks Deutsche Börse EUROGOV Germany Money Market Index. They also come from different issuers: iShares and Deka. Their fees differ too: 0.07% for E0UA.DE and 0.12% for EL4W.DE.
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