EL4V.DE vs. VGOV.DE

Last updated Jul 16, 2026

EL4V.DE (Deka Deutsche Börse EUROGOV Germany 10+ UCITS ETF) and VGOV.DE (Vanguard UK Gilt UCITS ETF Distributing) are both European Government Bonds funds - EL4V.DE tracks the Deutsche Börse EUROGOV Germany 10+ Index while VGOV.DE tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 10 years, EL4V.DE returned -3.65%/yr vs -0.19%/yr for VGOV.DE. A 0.66 correlation means they provide meaningful diversification when combined. EL4V.DE charges 0.15%/yr vs 0.07%/yr for VGOV.DE.

Performance

EL4V.DE vs. VGOV.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 Vanguard UK Gilt UCITS ETF Distributing (VGOV.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 VGOV.DE's 1.76% return. Over the past 10 years, EL4V.DE has underperformed VGOV.DE with an annualized return of -3.65%, while VGOV.DE has yielded a comparatively higher -0.19% 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%

VGOV.DE

• 1D: 1.04%
• 1M: 1.39%
• 6M: 0.02%
• YTD: 1.76%
• 1Y: 4.79%
• 3Y*: 2.86%
• 5Y*: -5.57%
• 10Y*: -0.19%

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

EL4V.DE vs. VGOV.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%
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing	1.76%	0.16%	-0.17%	5.43%	-30.79%	1.90%	2.83%	13.98%	-1.23%	14.98%

Correlation

The correlation between EL4V.DE and VGOV.DE is 0.65, 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	0.65
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	0.64
Correlation (All Time) Calculated using the full available price history since May 22, 2012	0.66

The correlation between EL4V.DE and VGOV.DE has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

EL4V.DE vs. VGOV.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

VGOV.DE

VGOV.DE Risk / Return Rank: 21
VGOV.DE Sharpe Ratio Rank: 21
VGOV.DE Sortino Ratio Rank: 19
VGOV.DE Omega Ratio Rank: 19
VGOV.DE Calmar Ratio Rank: 23
VGOV.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. VGOV.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 Vanguard UK Gilt UCITS ETF Distributing (VGOV.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	VGOV.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	0.61	-1.03
Sortino ratio: Return per unit of downside risk	-0.54	0.88	-1.42
Omega ratio: Gain probability vs. loss probability	0.94	1.11	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.49	0.89	-1.38
Martin ratio: Return relative to average drawdown	-0.92	2.74	-3.65

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

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

The maximum EL4V.DE drawdown since its inception was -43.83%, which is greater than VGOV.DE's maximum drawdown of -40.96%. Use the drawdown chart below to compare losses from any high point for EL4V.DE and VGOV.DE.

Drawdown Indicators

	EL4V.DE	VGOV.DE	Difference
Max Drawdown Largest peak-to-trough decline	-43.83%	-40.96%	-2.87%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-5.39%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-14.80%	-9.04%	-5.76%
Max Drawdown (5Y) Largest decline over 5 years	-40.13%	-40.46%	+0.33%
Max Drawdown (10Y) Largest decline over 10 years	-43.83%	-40.96%	-2.87%
Current Drawdown Current decline from peak	-42.50%	-28.76%	-13.74%
Average Drawdown Average peak-to-trough decline	-13.95%	-11.97%	-1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	1.75%	+1.83%

Volatility

EL4V.DE vs. VGOV.DE - Volatility Comparison

Deka Deutsche Börse EUROGOV Germany 10+ UCITS ETF (EL4V.DE) and Vanguard UK Gilt UCITS ETF Distributing (VGOV.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	VGOV.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%	6.31%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	7.87%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.68%	12.88%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.87%	12.02%	-1.15%

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

EL4V.DE has a 0.15% expense ratio, which is higher than VGOV.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

EL4V.DE vs. VGOV.DE - Dividend Comparison

EL4V.DE's dividend yield for the trailing twelve months is around 2.30%, less than VGOV.DE's 4.44% 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%
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing	4.44%	4.59%	4.08%	3.17%	1.94%	1.07%	1.18%	1.34%	1.60%	1.64%	0.00%	0.00%

Frequently Asked Questions

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

EL4V.DE and VGOV.DE have a correlation of 0.65, 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 VGOV.DE?

On fees, VGOV.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

VGOV.DE is cheaper with a 0.07% expense ratio, compared with 0.15% for EL4V.DE.

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

EL4V.DE tracks Deutsche Börse EUROGOV Germany 10+ Index, while VGOV.DE tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Deka and Vanguard. Their fees differ too: 0.15% for EL4V.DE and 0.07% for VGOV.DE.