EL42.DE vs. ESNB.DE

Last updated Jul 16, 2026

EL42.DE (Deka MSCI Europe UCITS ETF) and ESNB.DE (Expat Serbia BELEX15 UCITS ETF) are both Europe Equities funds - EL42.DE tracks the MSCI Europe while ESNB.DE tracks the BELEX15 Index. Both are passively managed. Over the past 5 years, EL42.DE returned 10.16%/yr vs -1.86%/yr for ESNB.DE. At a correlation of -0.00, they often move in opposite directions. EL42.DE charges 0.30%/yr vs 1.38%/yr for ESNB.DE.

Performance

EL42.DE vs. ESNB.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka MSCI Europe UCITS ETF (EL42.DE) and Expat Serbia BELEX15 UCITS ETF (ESNB.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 ESNB.DE's -7.20% 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%

ESNB.DE

• 1D: -0.13%
• 1M: -0.70%
• 6M: -5.93%
• YTD: -7.20%
• 1Y: -5.98%
• 3Y*: -1.71%
• 5Y*: -1.86%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EL42.DE Deka MSCI Europe UCITS ETF	10.70%	20.05%	7.78%	15.64%	-9.45%	24.88%	-3.36%	27.34%	-9.23%
ESNB.DE Expat Serbia BELEX15 UCITS ETF	-7.20%	0.82%	0.78%	2.90%	-8.70%	5.74%	-3.42%	5.43%	-7.45%

Correlation

The correlation between EL42.DE and ESNB.DE is 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Apr 16, 2018	-0.00

Return for Risk

EL42.DE vs. ESNB.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

ESNB.DE

ESNB.DE Risk / Return Rank: 5
ESNB.DE Sharpe Ratio Rank: 5
ESNB.DE Sortino Ratio Rank: 5
ESNB.DE Omega Ratio Rank: 4
ESNB.DE Calmar Ratio Rank: 5
ESNB.DE Martin Ratio Rank: 4

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. ESNB.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Deka MSCI Europe UCITS ETF (EL42.DE) and Expat Serbia BELEX15 UCITS ETF (ESNB.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	ESNB.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.60	-0.52	+2.13
Sortino ratio: Return per unit of downside risk	2.33	-0.69	+3.03
Omega ratio: Gain probability vs. loss probability	1.30	0.91	+0.39
Calmar ratio: Return relative to maximum drawdown	2.16	-0.49	+2.65
Martin ratio: Return relative to average drawdown	8.34	-1.05	+9.38

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

The current EL42.DE Sharpe Ratio is 1.60, which is higher than the ESNB.DE Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of EL42.DE and ESNB.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. ESNB.DE - Drawdown Comparison

The maximum EL42.DE drawdown since its inception was -35.83%, which is greater than ESNB.DE's maximum drawdown of -22.77%. Use the drawdown chart below to compare losses from any high point for EL42.DE and ESNB.DE.

Drawdown Indicators

	EL42.DE	ESNB.DE	Difference
Max Drawdown Largest peak-to-trough decline	-35.83%	-22.77%	-13.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-10.40%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-16.41%	-12.60%	-3.81%
Max Drawdown (5Y) Largest decline over 5 years	-19.42%	-15.85%	-3.57%
Max Drawdown (10Y) Largest decline over 10 years	-35.83%	—	—
Current Drawdown Current decline from peak	-1.58%	-13.87%	+12.29%
Average Drawdown Average peak-to-trough decline	-5.15%	-8.44%	+3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	4.88%	-2.39%

Volatility

EL42.DE vs. ESNB.DE - Volatility Comparison

Deka MSCI Europe UCITS ETF (EL42.DE) has a higher volatility of 3.23% compared to Expat Serbia BELEX15 UCITS ETF (ESNB.DE) at 3.07%. This indicates that EL42.DE's price experiences larger fluctuations and is considered to be riskier than ESNB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EL42.DE	ESNB.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	3.07%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	6.22%	+4.75%
Volatility (1Y) Calculated over the trailing 1-year period	12.92%	9.76%	+3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.20%	10.53%	+3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	12.11%	+3.04%

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

EL42.DE has a 0.30% expense ratio, which is lower than ESNB.DE's 1.38% expense ratio.

Dividends

EL42.DE vs. ESNB.DE - Dividend Comparison

EL42.DE's dividend yield for the trailing twelve months is around 2.21%, while ESNB.DE has not paid dividends to shareholders.

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%
ESNB.DE Expat Serbia BELEX15 UCITS ETF	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

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

EL42.DE and ESNB.DE have a correlation of 0.06, 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 ESNB.DE?

On fees, EL42.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

EL42.DE is cheaper with a 0.30% expense ratio, compared with 1.38% for ESNB.DE.

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

EL42.DE tracks MSCI Europe, while ESNB.DE tracks BELEX15 Index. They also come from different issuers: Deka and Expat. Their fees differ too: 0.30% for EL42.DE and 1.38% for ESNB.DE.