EL40.DE vs. EUNM.DE
EL40.DE (Deka MSCI Emerging Markets UCITS ETF ) and EUNM.DE (iShares MSCI EM UCITS ETF (Acc)) are both Emerging Markets Equities funds tracking the MSCI Emerging Markets, from Deka Investment GmbH and iShares respectively. Both are passively managed. Over the past 10 years, EL40.DE returned 9.07%/yr vs 9.83%/yr for EUNM.DE. Their correlation of 0.94 suggests significant overlap in exposure. EL40.DE charges 0.66%/yr vs 0.18%/yr for EUNM.DE.
Performance
EL40.DE vs. EUNM.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with EL40.DE having a 26.76% return and EUNM.DE slightly higher at 27.21%. Over the past 10 years, EL40.DE has underperformed EUNM.DE with an annualized return of 9.07%, while EUNM.DE has yielded a comparatively higher 9.83% annualized return.
EL40.DE
- 1D
- -2.26%
- 1M
- 3.66%
- YTD
- 26.76%
- 6M
- 26.78%
- 1Y
- 47.15%
- 3Y*
- 19.57%
- 5Y*
- 7.38%
- 10Y*
- 9.07%
EUNM.DE
- 1D
- -1.60%
- 1M
- 3.61%
- YTD
- 27.21%
- 6M
- 27.83%
- 1Y
- 48.65%
- 3Y*
- 20.75%
- 5Y*
- 8.41%
- 10Y*
- 9.83%
EL40.DE vs. EUNM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EL40.DE Deka MSCI Emerging Markets UCITS ETF | 26.76% | 17.86% | 13.11% | 4.33% | -14.87% | 4.55% | 5.36% | 20.78% | -11.51% | 19.00% |
EUNM.DE iShares MSCI EM UCITS ETF (Acc) | 27.21% | 19.18% | 14.09% | 5.71% | -14.47% | 4.68% | 6.84% | 20.91% | -10.84% | 19.89% |
Correlation
The correlation between EL40.DE and EUNM.DE is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2010 | 0.94 |
The correlation between EL40.DE and EUNM.DE has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.
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Return for Risk
EL40.DE vs. EUNM.DE — Risk / Return Rank
EL40.DE
EUNM.DE
EL40.DE vs. EUNM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Deka MSCI Emerging Markets UCITS ETF (EL40.DE) and iShares MSCI EM UCITS ETF (Acc) (EUNM.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.
| EL40.DE | EUNM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.50 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.88 | 4.72 | -1.84 |
| Martin ratioReturn relative to average drawdown | 7.00 | 17.07 | -10.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EL40.DE | EUNM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 2.78 | -0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.50 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.54 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.39 | -0.09 |
Drawdowns
EL40.DE vs. EUNM.DE - Drawdown Comparison
The maximum EL40.DE drawdown since its inception was -36.65%, roughly equal to the maximum EUNM.DE drawdown of -35.91%. Use the drawdown chart below to compare losses from any high point for EL40.DE and EUNM.DE.
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Drawdown Indicators
| EL40.DE | EUNM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.65% | -35.91% | -0.74% |
Max Drawdown (1Y)Largest decline over 1 year | -16.53% | -10.46% | -6.07% |
Max Drawdown (3Y)Largest decline over 3 years | -18.17% | -19.01% | +0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -25.06% | -23.62% | -1.44% |
Max Drawdown (10Y)Largest decline over 10 years | -31.59% | -31.86% | +0.27% |
Current DrawdownCurrent decline from peak | -3.01% | -2.61% | -0.40% |
Average DrawdownAverage peak-to-trough decline | -11.60% | -10.55% | -1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.82% | 2.90% | +3.92% |
Volatility
EL40.DE vs. EUNM.DE - Volatility Comparison
Deka MSCI Emerging Markets UCITS ETF (EL40.DE) has a higher volatility of 8.00% compared to iShares MSCI EM UCITS ETF (Acc) (EUNM.DE) at 7.30%. This indicates that EL40.DE's price experiences larger fluctuations and is considered to be riskier than EUNM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EL40.DE | EUNM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.00% | 7.30% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 15.83% | 14.98% | +0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.69% | 17.80% | +8.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.75% | 16.70% | +4.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.44% | 18.19% | +2.25% |
EL40.DE vs. EUNM.DE - Expense Ratio Comparison
EL40.DE has a 0.66% expense ratio, which is higher than EUNM.DE's 0.18% expense ratio.
Dividends
EL40.DE vs. EUNM.DE - Dividend Comparison
Neither EL40.DE nor EUNM.DE has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EL40.DE Deka MSCI Emerging Markets UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.07% | 0.00% | 0.02% | 0.00% |
EUNM.DE iShares MSCI EM UCITS ETF (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% |
Frequently Asked Questions
With a correlation of 0.92, EL40.DE and EUNM.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, EUNM.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNM.DE is cheaper with a 0.18% expense ratio, compared with 0.66% for EL40.DE.
Both ETFs track MSCI Emerging Markets. They also come from different issuers: Deka Investment GmbH and iShares. Their fees differ too: 0.66% for EL40.DE and 0.18% for EUNM.DE.
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