EL4W.DE vs. EL4A.DE
EL4W.DE (Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF) and EL4A.DE (Deka DAX UCITS ETF) are both exchange-traded funds - EL4W.DE is a Money Market fund tracking the Deutsche Börse EUROGOV Germany Money Market Index, while EL4A.DE is a Europe Equities fund tracking the DAX®. Both are passively managed. Over the past 10 years, EL4W.DE returned 0.24%/yr vs 8.99%/yr for EL4A.DE. At a correlation of -0.03, they often move in opposite directions. EL4W.DE charges 0.12%/yr vs 0.15%/yr for EL4A.DE.
Performance
EL4W.DE vs. EL4A.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EL4W.DE achieves a 0.92% return, which is significantly lower than EL4A.DE's 1.58% return. Over the past 10 years, EL4W.DE has underperformed EL4A.DE with an annualized return of 0.24%, while EL4A.DE has yielded a comparatively higher 8.99% annualized return.
EL4W.DE
- 1D
- 0.02%
- 1M
- 0.18%
- 6M
- 0.86%
- YTD
- 0.92%
- 1Y
- 1.69%
- 3Y*
- 2.60%
- 5Y*
- 1.45%
- 10Y*
- 0.24%
EL4A.DE
- 1D
- -0.46%
- 1M
- 0.44%
- 6M
- -1.33%
- YTD
- 1.58%
- 1Y
- 3.45%
- 3Y*
- 15.20%
- 5Y*
- 9.36%
- 10Y*
- 8.99%
EL4W.DE vs. EL4A.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EL4W.DE Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF | 0.92% | 1.91% | 3.36% | 2.64% | -1.17% | -0.77% | -0.84% | -0.85% | -1.32% | -1.05% |
EL4A.DE Deka DAX UCITS ETF | 1.58% | 22.57% | 18.09% | 19.52% | -12.75% | 15.19% | 3.01% | 24.61% | -18.58% | 12.49% |
Correlation
The correlation between EL4W.DE and EL4A.DE is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2009 | -0.03 |
The correlation between EL4W.DE and EL4A.DE shifts across timeframes, from -0.03 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EL4W.DE vs. EL4A.DE — Risk / Return Rank
EL4W.DE
EL4A.DE
EL4W.DE vs. EL4A.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE) and Deka DAX UCITS ETF (EL4A.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.
| EL4W.DE | EL4A.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.06 | ||
| Sortino ratioReturn per unit of downside risk | +5.19 | ||
| Omega ratioGain probability vs. loss probability | 1.82 | 1.05 | +0.77 |
| Calmar ratioReturn relative to maximum drawdown | 11.67 | 0.28 | +11.39 |
| Martin ratioReturn relative to average drawdown | 68.70 | 0.87 | +67.83 |
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Drawdowns
EL4W.DE vs. EL4A.DE - Drawdown Comparison
The maximum EL4W.DE drawdown since its inception was -8.19%, smaller than the maximum EL4A.DE drawdown of -46.64%. Use the drawdown chart below to compare losses from any high point for EL4W.DE and EL4A.DE.
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Drawdown Indicators
| EL4W.DE | EL4A.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.19% | -46.64% | +38.45% |
Max Drawdown (1Y)Largest decline over 1 year | -0.14% | -12.36% | +12.22% |
Max Drawdown (3Y)Largest decline over 3 years | -0.64% | -15.89% | +15.25% |
Max Drawdown (5Y)Largest decline over 5 years | -1.64% | -26.76% | +25.12% |
Max Drawdown (10Y)Largest decline over 10 years | -6.23% | -38.68% | +32.45% |
Current DrawdownCurrent decline from peak | 0.00% | -3.10% | +3.10% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -8.85% | +5.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 3.95% | -3.93% |
Volatility
EL4W.DE vs. EL4A.DE - Volatility Comparison
The current volatility for Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE) is 0.14%, while Deka DAX UCITS ETF (EL4A.DE) has a volatility of 4.67%. This indicates that EL4W.DE experiences smaller price fluctuations and is considered to be less risky than EL4A.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EL4W.DE | EL4A.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.14% | 4.67% | -4.53% |
Volatility (6M)Calculated over the trailing 6-month period | 0.38% | 13.64% | -13.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.52% | 16.27% | -15.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.80% | 17.23% | -16.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.94% | 18.11% | -17.17% |
EL4W.DE vs. EL4A.DE - Expense Ratio Comparison
EL4W.DE has a 0.12% expense ratio, which is lower than EL4A.DE's 0.15% 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
EL4W.DE vs. EL4A.DE - Dividend Comparison
EL4W.DE's dividend yield for the trailing twelve months is around 2.08%, while EL4A.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EL4A.DE Deka DAX UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.65% | 0.56% | 0.65% | 0.60% |
EL4W.DE Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF | 2.08% | 3.05% | 2.03% | 1.04% | 0.25% | 0.63% | 0.46% | 1.00% | 0.41% | 1.37% | 1.55% | 1.54% |
Frequently Asked Questions
EL4W.DE and EL4A.DE have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EL4W.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EL4W.DE is cheaper with a 0.12% expense ratio, compared with 0.15% for EL4A.DE.
EL4W.DE is categorized as Money Market, while EL4A.DE is Europe Equities. EL4W.DE tracks Deutsche Börse EUROGOV Germany Money Market Index, while EL4A.DE tracks DAX®. Their fees differ too: 0.12% for EL4W.DE and 0.15% for EL4A.DE.
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