EL4R.DE vs. VGEB.DE
EL4R.DE (Deka Deutsche Boerse EUROGOV Germany UCITS ETF) and VGEB.DE (Vanguard EUR Eurozone Government Bond UCITS ETF Distributing) are both European Government Bonds funds - EL4R.DE tracks the Deutsche Börse EUROGOV® Germany 1-10 while VGEB.DE tracks the Bloomberg Euro Aggregate Treasury. Both are passively managed. Over the past 5 years, EL4R.DE returned -1.54%/yr vs -1.96%/yr for VGEB.DE. Their correlation of 0.85 suggests significant overlap in exposure. EL4R.DE charges 0.15%/yr vs 0.07%/yr for VGEB.DE.
Performance
EL4R.DE vs. VGEB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EL4R.DE achieves a 0.90% return, which is significantly lower than VGEB.DE's 1.26% return.
EL4R.DE
- 1D
- 0.07%
- 1M
- 0.78%
- YTD
- 0.90%
- 6M
- 0.99%
- 1Y
- 0.72%
- 3Y*
- 2.09%
- 5Y*
- -1.54%
- 10Y*
- -0.80%
VGEB.DE
- 1D
- -0.05%
- 1M
- 0.86%
- YTD
- 1.26%
- 6M
- 1.36%
- 1Y
- 1.18%
- 3Y*
- 2.61%
- 5Y*
- -1.96%
- 10Y*
- —
EL4R.DE vs. VGEB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EL4R.DE Deka Deutsche Boerse EUROGOV Germany UCITS ETF | 0.90% | 0.60% | 1.24% | 4.55% | -13.49% | -1.97% | 0.95% | 0.91% | 1.09% | -0.19% |
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | 1.26% | 0.67% | 1.53% | 6.85% | -18.24% | -3.27% | 4.71% | 6.82% | 0.97% | -0.51% |
Correlation
The correlation between EL4R.DE and VGEB.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 | 0.93 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.85 |
The correlation between EL4R.DE and VGEB.DE has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.
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Return for Risk
EL4R.DE vs. VGEB.DE — Risk / Return Rank
EL4R.DE
VGEB.DE
EL4R.DE vs. VGEB.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 Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VGEB.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 | VGEB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.05 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 0.34 | -0.04 |
| Martin ratioReturn relative to average drawdown | 0.69 | 0.86 | -0.17 |
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Drawdowns
EL4R.DE vs. VGEB.DE - Drawdown Comparison
The maximum EL4R.DE drawdown since its inception was -18.12%, smaller than the maximum VGEB.DE drawdown of -22.41%. Use the drawdown chart below to compare losses from any high point for EL4R.DE and VGEB.DE.
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Drawdown Indicators
| EL4R.DE | VGEB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.12% | -22.41% | +4.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -3.44% | +1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -2.76% | -4.06% | +1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -16.17% | -21.50% | +5.33% |
Max Drawdown (10Y)Largest decline over 10 years | -18.12% | — | — |
Current DrawdownCurrent decline from peak | -10.81% | -12.96% | +2.15% |
Average DrawdownAverage peak-to-trough decline | -4.20% | -8.98% | +4.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 1.37% | -0.33% |
Volatility
EL4R.DE vs. VGEB.DE - Volatility Comparison
The current volatility for Deka Deutsche Boerse EUROGOV Germany UCITS ETF (EL4R.DE) is 0.82%, while Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VGEB.DE) has a volatility of 1.11%. This indicates that EL4R.DE experiences smaller price fluctuations and is considered to be less risky than VGEB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EL4R.DE | VGEB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 1.11% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 3.55% | -1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.93% | 4.24% | -1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.52% | 6.36% | -1.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.57% | 5.53% | -1.96% |
EL4R.DE vs. VGEB.DE - Expense Ratio Comparison
EL4R.DE has a 0.15% expense ratio, which is higher than VGEB.DE's 0.07% 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
EL4R.DE vs. VGEB.DE - Dividend Comparison
EL4R.DE's dividend yield for the trailing twelve months is around 1.19%, less than VGEB.DE's 2.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | 2.88% | 2.88% | 2.56% | 1.83% | 0.48% | 0.08% | 0.15% | 0.51% | 0.56% | 0.09% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, EL4R.DE and VGEB.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, VGEB.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEB.DE is cheaper with a 0.07% expense ratio, compared with 0.15% for EL4R.DE.
EL4R.DE tracks Deutsche Börse EUROGOV® Germany 1-10, while VGEB.DE tracks Bloomberg Euro Aggregate Treasury. They also come from different issuers: Deka and Vanguard. Their fees differ too: 0.15% for EL4R.DE and 0.07% for VGEB.DE.
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