EL46.DE vs. ICGA.DE
EL46.DE (Deka MSCI China ex A Shares UCITS ETF) and ICGA.DE (iShares MSCI China UCITS ETF USD Acc) are both China Equities funds - EL46.DE tracks the MSCI China ex A Shares while ICGA.DE tracks the MSCI China. Both are passively managed. Over the past 5 years, EL46.DE returned -5.27%/yr vs -4.32%/yr for ICGA.DE. Their correlation of 0.93 suggests significant overlap in exposure. EL46.DE charges 0.66%/yr vs 0.28%/yr for ICGA.DE.
Performance
EL46.DE vs. ICGA.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EL46.DE achieves a -10.01% return, which is significantly lower than ICGA.DE's -6.86% return.
EL46.DE
- 1D
- -0.11%
- 1M
- -4.15%
- YTD
- -10.01%
- 6M
- -13.05%
- 1Y
- -3.33%
- 3Y*
- 6.90%
- 5Y*
- -5.27%
- 10Y*
- 3.87%
ICGA.DE
- 1D
- -0.54%
- 1M
- -3.40%
- YTD
- -6.86%
- 6M
- -9.46%
- 1Y
- 2.44%
- 3Y*
- 7.72%
- 5Y*
- -4.32%
- 10Y*
- —
EL46.DE vs. ICGA.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EL46.DE Deka MSCI China ex A Shares UCITS ETF | -10.01% | 17.77% | 27.71% | -14.54% | -13.52% | -21.82% | 14.00% | 14.58% |
ICGA.DE iShares MSCI China UCITS ETF USD Acc | -6.86% | 16.64% | 27.28% | -14.71% | -15.17% | -17.27% | 15.31% | 14.05% |
Correlation
The correlation between EL46.DE and ICGA.DE is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019 | 0.93 |
The correlation between EL46.DE and ICGA.DE has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
EL46.DE vs. ICGA.DE — Risk / Return Rank
EL46.DE
ICGA.DE
EL46.DE vs. ICGA.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 iShares MSCI China UCITS ETF USD Acc (ICGA.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 | ICGA.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.04 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 0.16 | -0.28 |
| Martin ratioReturn relative to average drawdown | -0.24 | 0.34 | -0.58 |
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
| EL46.DE | ICGA.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.12 | 0.15 | -0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.17 | -0.15 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.05 | +0.07 |
Drawdowns
EL46.DE vs. ICGA.DE - Drawdown Comparison
The maximum EL46.DE drawdown since its inception was -58.21%, roughly equal to the maximum ICGA.DE drawdown of -55.95%. Use the drawdown chart below to compare losses from any high point for EL46.DE and ICGA.DE.
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Drawdown Indicators
| EL46.DE | ICGA.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.21% | -55.95% | -2.26% |
Max Drawdown (1Y)Largest decline over 1 year | -21.01% | -16.84% | -4.17% |
Max Drawdown (3Y)Largest decline over 3 years | -25.65% | -24.41% | -1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -51.07% | -49.32% | -1.75% |
Max Drawdown (10Y)Largest decline over 10 years | -58.21% | — | — |
Current DrawdownCurrent decline from peak | -36.65% | -32.56% | -4.09% |
Average DrawdownAverage peak-to-trough decline | -22.26% | -28.80% | +6.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.96% | 8.08% | +1.88% |
Volatility
EL46.DE vs. ICGA.DE - Volatility Comparison
Deka MSCI China ex A Shares UCITS ETF (EL46.DE) has a higher volatility of 8.28% compared to iShares MSCI China UCITS ETF USD Acc (ICGA.DE) at 7.19%. This indicates that EL46.DE's price experiences larger fluctuations and is considered to be riskier than ICGA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EL46.DE | ICGA.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.28% | 7.19% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 15.15% | 13.31% | +1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.97% | 18.64% | +1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.36% | 27.66% | +3.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.53% | 26.97% | +0.56% |
EL46.DE vs. ICGA.DE - Expense Ratio Comparison
EL46.DE has a 0.66% expense ratio, which is higher than ICGA.DE's 0.28% expense ratio.
Dividends
EL46.DE vs. ICGA.DE - Dividend Comparison
EL46.DE's dividend yield for the trailing twelve months is around 1.52%, while ICGA.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EL46.DE Deka MSCI China ex A Shares UCITS ETF | 1.52% | 1.43% | 2.06% | 2.03% | 1.78% | 1.22% | 0.86% | 1.26% | 1.62% | 0.94% | 1.98% | 2.32% |
ICGA.DE iShares MSCI China UCITS ETF USD 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 0.91, EL46.DE and ICGA.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, ICGA.DE is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICGA.DE is cheaper with a 0.28% expense ratio, compared with 0.66% for EL46.DE.
EL46.DE tracks MSCI China ex A Shares, while ICGA.DE tracks MSCI China. They also come from different issuers: Deka Investment GmbH and iShares. Their fees differ too: 0.66% for EL46.DE and 0.28% for ICGA.DE.
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