EL46.DE vs. M9SV.DE

Last updated Jul 18, 2026

EL46.DE (Deka MSCI China ex A Shares UCITS ETF) and M9SV.DE (Market Access STOXX China A Minimum Variance Index UCITS ETF C EUR) are both China Equities funds - EL46.DE tracks the MSCI China ex A Shares while M9SV.DE tracks the STOXX China A 900 Minimum Variance Unconstrained AM Index. Both are passively managed. Over the past 5 years, EL46.DE returned -5.22%/yr vs 4.62%/yr for M9SV.DE. At a 0.45 correlation, their price movements are largely independent. EL46.DE charges 0.66%/yr vs 0.45%/yr for M9SV.DE.

Performance

EL46.DE vs. M9SV.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 Market Access STOXX China A Minimum Variance Index UCITS ETF C EUR (M9SV.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EL46.DE achieves a -12.01% return, which is significantly lower than M9SV.DE's -4.17% return.

EL46.DE

• 1D: -2.23%
• 1M: 0.38%
• 6M: -15.85%
• YTD: -12.01%
• 1Y: -7.74%
• 3Y*: 6.85%
• 5Y*: -5.22%
• 10Y*: 2.84%

M9SV.DE

• 1D: -1.34%
• 1M: -3.50%
• 6M: -5.17%
• YTD: -4.17%
• 1Y: 0.85%
• 3Y*: 7.46%
• 5Y*: 4.62%
• 10Y*: —

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

EL46.DE vs. M9SV.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EL46.DE Deka MSCI China ex A Shares UCITS ETF	-12.01%	17.79%	27.58%	-14.48%	-13.57%	-21.81%	14.08%	27.30%	-23.55%
M9SV.DE Market Access STOXX China A Minimum Variance Index UCITS ETF C EUR	-4.17%	-5.32%	37.47%	2.90%	-11.14%	18.00%	14.68%	7.74%	-16.71%

Correlation

The correlation between EL46.DE and M9SV.DE is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jun 7, 2018	0.45

The correlation between EL46.DE and M9SV.DE shifts across timeframes, from 0.32 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EL46.DE vs. M9SV.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: 7
EL46.DE Sharpe Ratio Rank: 6
EL46.DE Sortino Ratio Rank: 6
EL46.DE Omega Ratio Rank: 6
EL46.DE Calmar Ratio Rank: 7
EL46.DE Martin Ratio Rank: 7

M9SV.DE

M9SV.DE Risk / Return Rank: 11
M9SV.DE Sharpe Ratio Rank: 12
M9SV.DE Sortino Ratio Rank: 11
M9SV.DE Omega Ratio Rank: 11
M9SV.DE Calmar Ratio Rank: 12
M9SV.DE Martin Ratio Rank: 12

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. M9SV.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 Market Access STOXX China A Minimum Variance Index UCITS ETF C EUR (M9SV.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.

	EL46.DE	M9SV.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	0.08	-0.44
Sortino ratio: Return per unit of downside risk	-0.40	0.19	-0.59
Omega ratio: Gain probability vs. loss probability	0.96	1.02	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.28	0.12	-0.40
Martin ratio: Return relative to average drawdown	-0.61	0.26	-0.87

EL46.DE vs. M9SV.DE - Sharpe Ratio Comparison

The current EL46.DE Sharpe Ratio is -0.37, which is lower than the M9SV.DE Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of EL46.DE and M9SV.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

EL46.DE vs. M9SV.DE - Drawdown Comparison

The maximum EL46.DE drawdown since its inception was -92.74%, which is greater than M9SV.DE's maximum drawdown of -23.79%. Use the drawdown chart below to compare losses from any high point for EL46.DE and M9SV.DE.

Drawdown Indicators

	EL46.DE	M9SV.DE	Difference
Max Drawdown Largest peak-to-trough decline	-92.74%	-23.79%	-68.95%
Max Drawdown (1Y) Largest decline over 1 year	-27.07%	-7.28%	-19.79%
Max Drawdown (3Y) Largest decline over 3 years	-27.07%	-23.79%	-3.28%
Max Drawdown (5Y) Largest decline over 5 years	-47.45%	-23.79%	-23.66%
Max Drawdown (10Y) Largest decline over 10 years	-58.22%	—	—
Current Drawdown Current decline from peak	-84.73%	-17.53%	-67.20%
Average Drawdown Average peak-to-trough decline	-86.09%	-9.53%	-76.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.77%	3.23%	+9.54%

Volatility

EL46.DE vs. M9SV.DE - Volatility Comparison

Deka MSCI China ex A Shares UCITS ETF (EL46.DE) has a higher volatility of 7.27% compared to Market Access STOXX China A Minimum Variance Index UCITS ETF C EUR (M9SV.DE) at 3.57%. This indicates that EL46.DE's price experiences larger fluctuations and is considered to be riskier than M9SV.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EL46.DE	M9SV.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.27%	3.57%	+3.70%
Volatility (6M) Calculated over the trailing 6-month period	16.24%	7.43%	+8.81%
Volatility (1Y) Calculated over the trailing 1-year period	21.05%	11.11%	+9.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.48%	20.42%	+11.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.60%	21.48%	+6.12%

EL46.DE vs. M9SV.DE - Expense Ratio Comparison

EL46.DE has a 0.66% expense ratio, which is higher than M9SV.DE's 0.45% expense ratio.

Dividends

EL46.DE vs. M9SV.DE - Dividend Comparison

EL46.DE's dividend yield for the trailing twelve months is around 1.57%, while M9SV.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	1.57%	1.43%	2.06%	2.03%	1.78%	1.22%	0.86%	1.26%	1.23%	0.94%	1.36%	0.63%
M9SV.DE Market Access STOXX China A Minimum Variance Index UCITS ETF C EUR	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 EL46.DE and M9SV.DE in my portfolio?

EL46.DE and M9SV.DE have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EL46.DE or M9SV.DE?

On fees, M9SV.DE is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EL46.DE or M9SV.DE?

M9SV.DE is cheaper with a 0.45% expense ratio, compared with 0.66% for EL46.DE.

What is the main difference between EL46.DE and M9SV.DE?

EL46.DE tracks MSCI China ex A Shares, while M9SV.DE tracks STOXX China A 900 Minimum Variance Unconstrained AM Index. They also come from different issuers: Deka Investment GmbH and Market Access. Their fees differ too: 0.66% for EL46.DE and 0.45% for M9SV.DE.