EL45.DE vs. ETLR.DE

Last updated Jul 16, 2026

EL45.DE (Deka MSCI Japan Climate Change ESG CTB UCITS ETF) and ETLR.DE (L&G Japan Equity UCITS ETF) are both Japan Equities funds - EL45.DE tracks the MSCI Japan Climate Change ESG Select CTB Index while ETLR.DE tracks the Solactive Core Japan Large & Mid Cap. Both are passively managed. Over the past 5 years, EL45.DE returned 7.46%/yr vs 10.35%/yr for ETLR.DE. Their correlation of 0.84 suggests significant overlap in exposure. EL45.DE charges 0.26%/yr vs 0.10%/yr for ETLR.DE.

Performance

EL45.DE vs. ETLR.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka MSCI Japan Climate Change ESG CTB UCITS ETF (EL45.DE) and L&G Japan Equity UCITS ETF (ETLR.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EL45.DE achieves a 15.53% return, which is significantly lower than ETLR.DE's 18.27% return.

EL45.DE

• 1D: -1.72%
• 1M: -0.71%
• 6M: 10.63%
• YTD: 15.53%
• 1Y: 31.86%
• 3Y*: 14.27%
• 5Y*: 7.46%
• 10Y*: 383.57%

ETLR.DE

• 1D: -1.15%
• 1M: 1.64%
• 6M: 12.08%
• YTD: 18.27%
• 1Y: 36.88%
• 3Y*: 17.34%
• 5Y*: 10.35%
• 10Y*: —

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

EL45.DE vs. ETLR.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EL45.DE Deka MSCI Japan Climate Change ESG CTB UCITS ETF	15.53%	10.57%	11.51%	12.77%	-14.83%	9.65%	491,262.69%	818.06%
ETLR.DE L&G Japan Equity UCITS ETF	18.27%	12.41%	14.84%	16.04%	-12.03%	10.00%	5.42%	16.90%

Correlation

The correlation between EL45.DE and ETLR.DE is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 15, 2019	0.84

The correlation between EL45.DE and ETLR.DE has been stable across timeframes, ranging from 0.84 to 0.94 - a consistent structural relationship.

Return for Risk

EL45.DE vs. ETLR.DE — Risk / Return Rank

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

EL45.DE

EL45.DE Risk / Return Rank: 65
EL45.DE Sharpe Ratio Rank: 62
EL45.DE Sortino Ratio Rank: 64
EL45.DE Omega Ratio Rank: 62
EL45.DE Calmar Ratio Rank: 70
EL45.DE Martin Ratio Rank: 66

ETLR.DE

ETLR.DE Risk / Return Rank: 77
ETLR.DE Sharpe Ratio Rank: 75
ETLR.DE Sortino Ratio Rank: 77
ETLR.DE Omega Ratio Rank: 75
ETLR.DE Calmar Ratio Rank: 82
ETLR.DE Martin Ratio Rank: 77

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.

EL45.DE vs. ETLR.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Deka MSCI Japan Climate Change ESG CTB UCITS ETF (EL45.DE) and L&G Japan Equity UCITS ETF (ETLR.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.

	EL45.DE	ETLR.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.92	-0.25
Sortino ratio: Return per unit of downside risk	2.41	2.77	-0.36
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.87	3.52	-0.65
Martin ratio: Return relative to average drawdown	9.57	11.56	-1.99

EL45.DE vs. ETLR.DE - Sharpe Ratio Comparison

The current EL45.DE Sharpe Ratio is 1.68, which is comparable to the ETLR.DE Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of EL45.DE and ETLR.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

EL45.DE vs. ETLR.DE - Drawdown Comparison

The maximum EL45.DE drawdown since its inception was -23.54%, smaller than the maximum ETLR.DE drawdown of -27.65%. Use the drawdown chart below to compare losses from any high point for EL45.DE and ETLR.DE.

Drawdown Indicators

	EL45.DE	ETLR.DE	Difference
Max Drawdown Largest peak-to-trough decline	-23.54%	-27.65%	+4.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-10.42%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-16.76%	-16.41%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-21.28%	-18.74%	-2.54%
Max Drawdown (10Y) Largest decline over 10 years	-22.36%	—	—
Current Drawdown Current decline from peak	-5.46%	-2.60%	-2.86%
Average Drawdown Average peak-to-trough decline	-5.86%	-5.40%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.18%	+0.29%

Volatility

EL45.DE vs. ETLR.DE - Volatility Comparison

Deka MSCI Japan Climate Change ESG CTB UCITS ETF (EL45.DE) has a higher volatility of 7.50% compared to L&G Japan Equity UCITS ETF (ETLR.DE) at 6.16%. This indicates that EL45.DE's price experiences larger fluctuations and is considered to be riskier than ETLR.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EL45.DE	ETLR.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.50%	6.16%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	16.07%	15.45%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	19.84%	19.08%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	16.49%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21,842.13%	16.93%	+21,825.20%

EL45.DE vs. ETLR.DE - Expense Ratio Comparison

EL45.DE has a 0.26% expense ratio, which is higher than ETLR.DE's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EL45.DE vs. ETLR.DE - Dividend Comparison

EL45.DE's dividend yield for the trailing twelve months is around 1.46%, while ETLR.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EL45.DE Deka MSCI Japan Climate Change ESG CTB UCITS ETF	1.46%	1.77%	1.49%	1.64%	1.95%	2.07%	165.19%	81.94%	42.51%	159.77%	62.28%	103.93%
ETLR.DE L&G Japan Equity 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 EL45.DE and ETLR.DE in my portfolio?

With a correlation of 0.94, EL45.DE and ETLR.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.

Which ETF is better, EL45.DE or ETLR.DE?

On fees, ETLR.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EL45.DE or ETLR.DE?

ETLR.DE is cheaper with a 0.10% expense ratio, compared with 0.26% for EL45.DE.

What is the main difference between EL45.DE and ETLR.DE?

EL45.DE tracks MSCI Japan Climate Change ESG Select CTB Index, while ETLR.DE tracks Solactive Core Japan Large & Mid Cap. They also come from different issuers: Deka and Legal & General. Their fees differ too: 0.26% for EL45.DE and 0.10% for ETLR.DE.