EL46.DE vs. EL4Z.DE

Last updated Apr 2, 2026

Compare and contrast key facts about Deka MSCI China ex A Shares UCITS ETF (EL46.DE) and Deka MSCI USA UCITS ETF (EL4Z.DE).

EL46.DE and EL4Z.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EL46.DE is a passively managed fund by Deka Investment GmbH that tracks the performance of the MSCI China ex A Shares. It was launched on Jun 29, 2010. EL4Z.DE is a passively managed fund by Deka Investment GmbH that tracks the performance of the MSCI USA. It was launched on Jun 8, 2009. Both EL46.DE and EL4Z.DE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EL46.DE vs. EL4Z.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka MSCI China ex A Shares UCITS ETF (EL46.DE) and Deka MSCI USA UCITS ETF (EL4Z.DE). The values are adjusted to include any dividend payments, if applicable.

EL46.DE vs. EL4Z.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EL46.DE Deka MSCI China ex A Shares UCITS ETF	-7.40%	17.77%	27.71%	-14.54%	-13.52%	-21.82%	14.00%	27.42%	-16.05%	34.69%
EL4Z.DE Deka MSCI USA UCITS ETF	-3.27%	3.99%	32.17%	22.99%	-16.37%	38.20%	9.12%	33.84%	-1.63%	6.08%

Returns By Period

In the year-to-date period, EL46.DE achieves a -7.40% return, which is significantly lower than EL4Z.DE's -3.27% return. Over the past 10 years, EL46.DE has underperformed EL4Z.DE with an annualized return of 4.27%, while EL4Z.DE has yielded a comparatively higher 13.11% annualized return.

EL46.DE

• 1D: 1.30%
• 1M: -2.44%
• YTD: -7.40%
• 6M: -15.35%
• 1Y: -5.06%
• 3Y*: 5.52%
• 5Y*: -5.84%
• 10Y*: 4.27%

EL4Z.DE

• 1D: 1.82%
• 1M: -3.02%
• YTD: -3.27%
• 6M: -0.54%
• 1Y: 9.58%
• 3Y*: 15.75%
• 5Y*: 11.11%
• 10Y*: 13.11%

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

EL46.DE vs. EL4Z.DE - Expense Ratio Comparison

EL46.DE has a 0.66% expense ratio, which is higher than EL4Z.DE's 0.30% expense ratio.

EL46.DE

Deka MSCI China ex A Shares UCITS ETF

EL4Z.DE

Deka MSCI USA UCITS ETF

Return for Risk

EL46.DE vs. EL4Z.DE — Risk / Return Rank

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

EL46.DE

EL46.DE Risk / Return Rank: 8
EL46.DE Sharpe Ratio Rank: 8
EL46.DE Sortino Ratio Rank: 8
EL46.DE Omega Ratio Rank: 8
EL46.DE Calmar Ratio Rank: 9
EL46.DE Martin Ratio Rank: 8

EL4Z.DE

EL4Z.DE Risk / Return Rank: 31
EL4Z.DE Sharpe Ratio Rank: 27
EL4Z.DE Sortino Ratio Rank: 26
EL4Z.DE Omega Ratio Rank: 28
EL4Z.DE Calmar Ratio Rank: 37
EL4Z.DE Martin Ratio Rank: 37

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.

EL46.DE vs. EL4Z.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Deka MSCI China ex A Shares UCITS ETF (EL46.DE) and Deka MSCI USA UCITS ETF (EL4Z.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.

	EL46.DE	EL4Z.DE	Difference
Sharpe ratio Return per unit of total volatility	-0.22	0.54	-0.76
Sortino ratio Return per unit of downside risk	-0.15	0.83	-0.98
Omega ratio Gain probability vs. loss probability	0.98	1.13	-0.14
Calmar ratio Return relative to maximum drawdown	-0.18	1.12	-1.30
Martin ratio Return relative to average drawdown	-0.44	3.95	-4.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EL46.DE vs. EL4Z.DE - Sharpe Ratio Comparison

The current EL46.DE Sharpe Ratio is -0.22, which is lower than the EL4Z.DE Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of EL46.DE and EL4Z.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EL46.DE	EL4Z.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	0.54	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	0.71	-0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.80	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.94	-0.82

Correlation

The correlation between EL46.DE and EL4Z.DE is 0.50, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EL46.DE vs. EL4Z.DE - Dividend Comparison

EL46.DE's dividend yield for the trailing twelve months is around 1.48%, more than EL4Z.DE's 0.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EL46.DE Deka MSCI China ex A Shares UCITS ETF	1.48%	1.43%	2.06%	2.03%	1.78%	1.22%	0.86%	1.26%	1.62%	0.94%	1.98%	2.32%
EL4Z.DE Deka MSCI USA UCITS ETF	0.56%	0.57%	0.74%	1.23%	1.09%	0.52%	0.90%	0.95%	1.16%	1.03%	1.07%	1.47%

Drawdowns

EL46.DE vs. EL4Z.DE - Drawdown Comparison

The maximum EL46.DE drawdown since its inception was -58.21%, which is greater than EL4Z.DE's maximum drawdown of -34.19%. Use the drawdown chart below to compare losses from any high point for EL46.DE and EL4Z.DE.

Drawdown Indicators

	EL46.DE	EL4Z.DE	Difference
Max Drawdown Largest peak-to-trough decline	-58.21%	-34.19%	-24.02%
Max Drawdown (1Y) Largest decline over 1 year	-18.60%	-13.64%	-4.96%
Max Drawdown (5Y) Largest decline over 5 years	-52.57%	-24.03%	-28.54%
Max Drawdown (10Y) Largest decline over 10 years	-58.21%	-34.19%	-24.02%
Current Drawdown Current decline from peak	-34.81%	-5.40%	-29.41%
Average Drawdown Average peak-to-trough decline	-22.12%	-4.26%	-17.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.67%	2.45%	+5.22%

Volatility

EL46.DE vs. EL4Z.DE - Volatility Comparison

Deka MSCI China ex A Shares UCITS ETF (EL46.DE) has a higher volatility of 6.73% compared to Deka MSCI USA UCITS ETF (EL4Z.DE) at 3.90%. This indicates that EL46.DE's price experiences larger fluctuations and is considered to be riskier than EL4Z.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EL46.DE	EL4Z.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.73%	3.90%	+2.83%
Volatility (6M) Calculated over the trailing 6-month period	14.28%	8.76%	+5.52%
Volatility (1Y) Calculated over the trailing 1-year period	23.15%	17.80%	+5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.31%	15.50%	+15.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.50%	16.27%	+11.23%