EL4R.DE vs. EAH.DE

Last updated Jun 26, 2026

EL4R.DE (Deka Deutsche Boerse EUROGOV Germany UCITS ETF) and EAH.DE (Amundi Euro Government Green Bond UCITS ETF Acc) are both European Government Bonds funds - EL4R.DE tracks the Deutsche Börse EUROGOV® Germany 1-10 while EAH.DE tracks the Solactive Euro Government Green Bond. Both are passively managed. Over the past 5 years, EL4R.DE returned -1.55%/yr vs -5.48%/yr for EAH.DE. Their correlation of 0.90 suggests significant overlap in exposure. EL4R.DE charges 0.15%/yr vs 0.20%/yr for EAH.DE.

Performance

EL4R.DE vs. EAH.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka Deutsche Boerse EUROGOV Germany UCITS ETF (EL4R.DE) and Amundi Euro Government Green Bond UCITS ETF Acc (EAH.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EL4R.DE achieves a 0.83% return, which is significantly lower than EAH.DE's 1.55% return.

EL4R.DE

• 1D: 0.09%
• 1M: 0.72%
• YTD: 0.83%
• 6M: 0.92%
• 1Y: 0.72%
• 3Y*: 1.97%
• 5Y*: -1.55%
• 10Y*: -0.81%

EAH.DE

• 1D: 0.00%
• 1M: 1.09%
• YTD: 1.55%
• 6M: 1.73%
• 1Y: 0.28%
• 3Y*: 1.13%
• 5Y*: -5.48%
• 10Y*: —

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

EL4R.DE vs. EAH.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EL4R.DE Deka Deutsche Boerse EUROGOV Germany UCITS ETF	0.83%	0.60%	1.24%	4.55%	-13.49%	-0.54%
EAH.DE Amundi Euro Government Green Bond UCITS ETF Acc	1.55%	-2.11%	-0.57%	8.84%	-30.65%	1.11%

Correlation

The correlation between EL4R.DE and EAH.DE is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 25, 2021	0.90

The correlation between EL4R.DE and EAH.DE has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

EL4R.DE vs. EAH.DE — Risk / Return Rank

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

EL4R.DE

EL4R.DE Risk / Return Rank: 11
EL4R.DE Sharpe Ratio Rank: 12
EL4R.DE Sortino Ratio Rank: 10
EL4R.DE Omega Ratio Rank: 10
EL4R.DE Calmar Ratio Rank: 12
EL4R.DE Martin Ratio Rank: 12

EAH.DE

EAH.DE Risk / Return Rank: 9
EAH.DE Sharpe Ratio Rank: 10
EAH.DE Sortino Ratio Rank: 8
EAH.DE Omega Ratio Rank: 8
EAH.DE Calmar Ratio Rank: 9
EAH.DE Martin Ratio Rank: 9

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.

EL4R.DE vs. EAH.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Deka Deutsche Boerse EUROGOV Germany UCITS ETF (EL4R.DE) and Amundi Euro Government Green Bond UCITS ETF Acc (EAH.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.

	EL4R.DE	EAH.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.24	0.04	+0.20
Sortino ratio: Return per unit of downside risk	0.37	0.11	+0.26
Omega ratio: Gain probability vs. loss probability	1.05	1.01	+0.03
Calmar ratio: Return relative to maximum drawdown	0.30	0.06	+0.24
Martin ratio: Return relative to average drawdown	0.69	0.13	+0.56

EL4R.DE vs. EAH.DE - Sharpe Ratio Comparison

The current EL4R.DE Sharpe Ratio is 0.24, which is higher than the EAH.DE Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of EL4R.DE and EAH.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

EL4R.DE vs. EAH.DE - Drawdown Comparison

The maximum EL4R.DE drawdown since its inception was -18.12%, smaller than the maximum EAH.DE drawdown of -36.30%. Use the drawdown chart below to compare losses from any high point for EL4R.DE and EAH.DE.

Drawdown Indicators

	EL4R.DE	EAH.DE	Difference
Max Drawdown Largest peak-to-trough decline	-18.12%	-36.30%	+18.18%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-4.72%	+2.32%
Max Drawdown (3Y) Largest decline over 3 years	-2.76%	-7.80%	+5.04%
Max Drawdown (5Y) Largest decline over 5 years	-16.17%	-36.30%	+20.13%
Max Drawdown (10Y) Largest decline over 10 years	-18.12%	—	—
Current Drawdown Current decline from peak	-10.87%	-28.52%	+17.65%
Average Drawdown Average peak-to-trough decline	-4.20%	-25.33%	+21.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	2.11%	-1.07%

Volatility

EL4R.DE vs. EAH.DE - Volatility Comparison

The current volatility for Deka Deutsche Boerse EUROGOV Germany UCITS ETF (EL4R.DE) is 0.83%, while Amundi Euro Government Green Bond UCITS ETF Acc (EAH.DE) has a volatility of 1.69%. This indicates that EL4R.DE experiences smaller price fluctuations and is considered to be less risky than EAH.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EL4R.DE	EAH.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	1.69%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	5.31%	-2.78%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	6.50%	-3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	10.79%	-6.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.57%	10.79%	-7.22%

EL4R.DE vs. EAH.DE - Expense Ratio Comparison

EL4R.DE has a 0.15% expense ratio, which is lower than EAH.DE's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EL4R.DE vs. EAH.DE - Dividend Comparison

EL4R.DE's dividend yield for the trailing twelve months is around 1.19%, while EAH.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAH.DE Amundi Euro Government Green Bond UCITS ETF 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%
EL4R.DE Deka Deutsche Boerse EUROGOV Germany UCITS ETF	1.19%	1.12%	0.66%	0.26%	0.16%	0.25%	0.35%	0.62%	0.74%	1.62%	2.14%	2.60%

Frequently Asked Questions

Can I hold both EL4R.DE and EAH.DE in my portfolio?

With a correlation of 0.90, EL4R.DE and EAH.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, EL4R.DE or EAH.DE?

On fees, EL4R.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EL4R.DE or EAH.DE?

EL4R.DE is cheaper with a 0.15% expense ratio, compared with 0.20% for EAH.DE.

What is the main difference between EL4R.DE and EAH.DE?

EL4R.DE tracks Deutsche Börse EUROGOV® Germany 1-10, while EAH.DE tracks Solactive Euro Government Green Bond. They also come from different issuers: Deka and Amundi. Their fees differ too: 0.15% for EL4R.DE and 0.20% for EAH.DE.