EL4V.DE vs. SYBG.DE

Last updated Jul 16, 2026

EL4V.DE (Deka Deutsche Börse EUROGOV Germany 10+ UCITS ETF) and SYBG.DE (SPDR Bloomberg UK Gilt UCITS ETF) are both European Government Bonds funds - EL4V.DE tracks the Deutsche Börse EUROGOV Germany 10+ Index while SYBG.DE tracks the Bloomberg UK Gilt. Both are passively managed. Over the past 10 years, EL4V.DE returned -3.65%/yr vs -1.75%/yr for SYBG.DE. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

EL4V.DE vs. SYBG.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka Deutsche Börse EUROGOV Germany 10+ UCITS ETF (EL4V.DE) and SPDR Bloomberg UK Gilt UCITS ETF (SYBG.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EL4V.DE achieves a -0.97% return, which is significantly lower than SYBG.DE's 1.85% return. Over the past 10 years, EL4V.DE has underperformed SYBG.DE with an annualized return of -3.65%, while SYBG.DE has yielded a comparatively higher -1.75% annualized return.

EL4V.DE

• 1D: -0.29%
• 1M: -1.59%
• 6M: -1.93%
• YTD: -0.97%
• 1Y: -3.20%
• 3Y*: -2.20%
• 5Y*: -8.68%
• 10Y*: -3.65%

SYBG.DE

• 1D: 1.02%
• 1M: 1.41%
• 6M: 0.08%
• YTD: 1.85%
• 1Y: 4.86%
• 3Y*: 2.88%
• 5Y*: -5.06%
• 10Y*: -1.75%

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

EL4V.DE vs. SYBG.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EL4V.DE Deka Deutsche Börse EUROGOV Germany 10+ UCITS ETF	-0.97%	-8.19%	-2.86%	6.90%	-32.41%	-4.81%	7.99%	9.21%	6.28%	-4.39%
SYBG.DE SPDR Bloomberg UK Gilt UCITS ETF	1.85%	0.15%	0.07%	5.36%	-28.98%	2.15%	2.00%	11.90%	0.08%	-1.95%

Correlation

The correlation between EL4V.DE and SYBG.DE is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since May 17, 2012	0.54

The correlation between EL4V.DE and SYBG.DE shifts across timeframes, from 0.54 (all time) to 0.72 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

EL4V.DE vs. SYBG.DE — Risk / Return Rank

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

EL4V.DE

EL4V.DE Risk / Return Rank: 5
EL4V.DE Sharpe Ratio Rank: 6
EL4V.DE Sortino Ratio Rank: 5
EL4V.DE Omega Ratio Rank: 5
EL4V.DE Calmar Ratio Rank: 5
EL4V.DE Martin Ratio Rank: 5

SYBG.DE

SYBG.DE Risk / Return Rank: 21
SYBG.DE Sharpe Ratio Rank: 21
SYBG.DE Sortino Ratio Rank: 19
SYBG.DE Omega Ratio Rank: 19
SYBG.DE Calmar Ratio Rank: 23
SYBG.DE Martin Ratio Rank: 25

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.

EL4V.DE vs. SYBG.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Deka Deutsche Börse EUROGOV Germany 10+ UCITS ETF (EL4V.DE) and SPDR Bloomberg UK Gilt UCITS ETF (SYBG.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.

	EL4V.DE	SYBG.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	0.61	-1.04
Sortino ratio: Return per unit of downside risk	-0.54	0.90	-1.44
Omega ratio: Gain probability vs. loss probability	0.94	1.11	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.49	0.89	-1.39
Martin ratio: Return relative to average drawdown	-0.92	2.78	-3.70

EL4V.DE vs. SYBG.DE - Sharpe Ratio Comparison

The current EL4V.DE Sharpe Ratio is -0.42, which is lower than the SYBG.DE Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of EL4V.DE and SYBG.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

EL4V.DE vs. SYBG.DE - Drawdown Comparison

The maximum EL4V.DE drawdown since its inception was -43.83%, which is greater than SYBG.DE's maximum drawdown of -36.66%. Use the drawdown chart below to compare losses from any high point for EL4V.DE and SYBG.DE.

Drawdown Indicators

	EL4V.DE	SYBG.DE	Difference
Max Drawdown Largest peak-to-trough decline	-43.83%	-36.66%	-7.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-5.42%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-14.80%	-8.78%	-6.02%
Max Drawdown (5Y) Largest decline over 5 years	-40.13%	-36.25%	-3.88%
Max Drawdown (10Y) Largest decline over 10 years	-43.83%	-36.66%	-7.17%
Current Drawdown Current decline from peak	-42.50%	-26.34%	-16.16%
Average Drawdown Average peak-to-trough decline	-13.95%	-13.47%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	1.75%	+1.83%

Volatility

EL4V.DE vs. SYBG.DE - Volatility Comparison

Deka Deutsche Börse EUROGOV Germany 10+ UCITS ETF (EL4V.DE) and SPDR Bloomberg UK Gilt UCITS ETF (SYBG.DE) have volatilities of 2.19% and 2.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EL4V.DE	SYBG.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	2.20%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	5.85%	6.23%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	7.89%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.68%	11.76%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.87%	13.82%	-2.95%

EL4V.DE vs. SYBG.DE - Expense Ratio Comparison

Both EL4V.DE and SYBG.DE have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

EL4V.DE vs. SYBG.DE - Dividend Comparison

EL4V.DE's dividend yield for the trailing twelve months is around 2.30%, less than SYBG.DE's 3.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EL4V.DE Deka Deutsche Börse EUROGOV Germany 10+ UCITS ETF	2.30%	2.06%	2.00%	2.29%	2.45%	1.79%	1.84%	2.06%	2.35%	1.03%	2.57%	2.79%
SYBG.DE SPDR Bloomberg UK Gilt UCITS ETF	3.73%	3.64%	2.65%	1.69%	1.22%	0.82%	1.11%	1.14%	1.27%	1.60%	1.77%	1.89%

Frequently Asked Questions

Can I hold both EL4V.DE and SYBG.DE in my portfolio?

EL4V.DE and SYBG.DE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EL4V.DE or SYBG.DE?

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EL4V.DE or SYBG.DE?

EL4V.DE and SYBG.DE have the same expense ratio: 0.15% per year.

What is the main difference between EL4V.DE and SYBG.DE?

EL4V.DE tracks Deutsche Börse EUROGOV Germany 10+ Index, while SYBG.DE tracks Bloomberg UK Gilt. They also come from different issuers: Deka and State Street.