EL42.DE vs. EL4W.DE

Last updated Jul 16, 2026

EL42.DE (Deka MSCI Europe UCITS ETF) and EL4W.DE (Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF) are both exchange-traded funds - EL42.DE is a Europe Equities fund tracking the MSCI Europe, while EL4W.DE is a Money Market fund tracking the Deutsche Börse EUROGOV Germany Money Market Index. Both are passively managed. Over the past 10 years, EL42.DE returned 9.30%/yr vs 0.24%/yr for EL4W.DE. At a correlation of -0.02, they often move in opposite directions. EL42.DE charges 0.30%/yr vs 0.12%/yr for EL4W.DE.

Performance

EL42.DE vs. EL4W.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka MSCI Europe UCITS ETF (EL42.DE) and Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EL42.DE achieves a 10.70% return, which is significantly higher than EL4W.DE's 0.92% return. Over the past 10 years, EL42.DE has outperformed EL4W.DE with an annualized return of 9.30%, while EL4W.DE has yielded a comparatively lower 0.24% annualized return.

EL42.DE

• 1D: 0.18%
• 1M: 1.35%
• 6M: 7.36%
• YTD: 10.70%
• 1Y: 20.79%
• 3Y*: 14.47%
• 5Y*: 10.16%
• 10Y*: 9.30%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EL42.DE vs. EL4W.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EL42.DE Deka MSCI Europe UCITS ETF	10.70%	20.05%	7.78%	15.64%	-9.45%	24.88%	-3.36%	27.34%	-10.95%	10.10%
EL4W.DE Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF	0.92%	1.91%	3.36%	2.64%	-1.17%	-0.77%	-0.84%	-0.85%	-1.32%	-1.05%

Correlation

The correlation between EL42.DE and EL4W.DE is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jun 9, 2009	-0.02

The correlation between EL42.DE and EL4W.DE shifts across timeframes, from -0.02 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EL42.DE vs. EL4W.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EL42.DE

EL42.DE Risk / Return Rank: 58
EL42.DE Sharpe Ratio Rank: 59
EL42.DE Sortino Ratio Rank: 61
EL42.DE Omega Ratio Rank: 62
EL42.DE Calmar Ratio Rank: 52
EL42.DE Martin Ratio Rank: 58

EL4W.DE

EL4W.DE Risk / Return Rank: 97
EL4W.DE Sharpe Ratio Rank: 96
EL4W.DE Sortino Ratio Rank: 97
EL4W.DE Omega Ratio Rank: 97
EL4W.DE Calmar Ratio Rank: 98
EL4W.DE Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EL42.DE vs. EL4W.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Deka MSCI Europe UCITS ETF (EL42.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.

	EL42.DE	EL4W.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.60	3.27	-1.67
Sortino ratio: Return per unit of downside risk	2.33	5.61	-3.27
Omega ratio: Gain probability vs. loss probability	1.30	1.82	-0.52
Calmar ratio: Return relative to maximum drawdown	2.16	11.67	-9.51
Martin ratio: Return relative to average drawdown	8.34	68.70	-60.37

EL42.DE vs. EL4W.DE - Sharpe Ratio Comparison

The current EL42.DE Sharpe Ratio is 1.60, which is lower than the EL4W.DE Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of EL42.DE and EL4W.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EL42.DE vs. EL4W.DE - Drawdown Comparison

The maximum EL42.DE drawdown since its inception was -35.83%, which is greater than EL4W.DE's maximum drawdown of -8.19%. Use the drawdown chart below to compare losses from any high point for EL42.DE and EL4W.DE.

Drawdown Indicators

	EL42.DE	EL4W.DE	Difference
Max Drawdown Largest peak-to-trough decline	-35.83%	-8.19%	-27.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-0.14%	-9.44%
Max Drawdown (3Y) Largest decline over 3 years	-16.41%	-0.64%	-15.77%
Max Drawdown (5Y) Largest decline over 5 years	-19.42%	-1.64%	-17.78%
Max Drawdown (10Y) Largest decline over 10 years	-35.83%	-6.23%	-29.60%
Current Drawdown Current decline from peak	-1.58%	0.00%	-1.58%
Average Drawdown Average peak-to-trough decline	-5.15%	-3.10%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	0.02%	+2.47%

Volatility

EL42.DE vs. EL4W.DE - Volatility Comparison

Deka MSCI Europe UCITS ETF (EL42.DE) has a higher volatility of 3.23% compared to Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE) at 0.14%. This indicates that EL42.DE's price experiences larger fluctuations and is considered to be riskier than EL4W.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EL42.DE	EL4W.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	0.14%	+3.09%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	0.38%	+10.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.92%	0.52%	+12.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.20%	0.80%	+13.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	0.94%	+14.21%

EL42.DE vs. EL4W.DE - Expense Ratio Comparison

EL42.DE has a 0.30% expense ratio, which is higher than EL4W.DE's 0.12% expense ratio.

Dividends

EL42.DE vs. EL4W.DE - Dividend Comparison

EL42.DE's dividend yield for the trailing twelve months is around 2.21%, more than EL4W.DE's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EL42.DE Deka MSCI Europe UCITS ETF	2.21%	2.31%	2.64%	2.59%	2.78%	2.08%	1.94%	2.76%	3.41%	2.72%	3.00%	2.69%
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

Can I hold both EL42.DE and EL4W.DE in my portfolio?

EL42.DE and EL4W.DE have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EL42.DE or EL4W.DE?

On fees, EL4W.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EL42.DE or EL4W.DE?

EL4W.DE is cheaper with a 0.12% expense ratio, compared with 0.30% for EL42.DE.

What is the main difference between EL42.DE and EL4W.DE?

EL42.DE is categorized as Europe Equities, while EL4W.DE is Money Market. EL42.DE tracks MSCI Europe, while EL4W.DE tracks Deutsche Börse EUROGOV Germany Money Market Index. Their fees differ too: 0.30% for EL42.DE and 0.12% for EL4W.DE.