EL4W.DE vs. ELFW.DE

Last updated Jul 16, 2026

EL4W.DE (Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF) and ELFW.DE (Deka MSCI World UCITS ETF Dist) are both exchange-traded funds - EL4W.DE is a Money Market fund tracking the Deutsche Börse EUROGOV Germany Money Market Index, while ELFW.DE is a Global Equities fund tracking the MSCI World. Both are passively managed. Over the past 5 years, EL4W.DE returned 1.45%/yr vs 11.92%/yr for ELFW.DE. At a 0.02 correlation, their price movements are largely independent. EL4W.DE charges 0.12%/yr vs 0.31%/yr for ELFW.DE.

Performance

EL4W.DE vs. ELFW.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE) and Deka MSCI World UCITS ETF Dist (ELFW.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EL4W.DE achieves a 0.92% return, which is significantly lower than ELFW.DE's 12.73% 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%

ELFW.DE

• 1D: 0.16%
• 1M: 1.57%
• 6M: 11.09%
• YTD: 12.73%
• 1Y: 23.36%
• 3Y*: 17.86%
• 5Y*: 11.92%
• 10Y*: —

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

EL4W.DE vs. ELFW.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%	-0.23%
ELFW.DE Deka MSCI World UCITS ETF Dist	12.73%	7.58%	25.72%	19.97%	-14.02%	31.86%	5.46%	30.28%	-10.83%

Correlation

The correlation between EL4W.DE and ELFW.DE is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Sep 5, 2018	0.02

The correlation between EL4W.DE and ELFW.DE shifts across timeframes, from 0.02 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EL4W.DE vs. ELFW.DE — Risk / Return Rank

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

EL4W.DE

EL4W.DE Risk / Return Rank: 97
EL4W.DE Sharpe Ratio Rank: 96
EL4W.DE Sortino Ratio Rank: 97
EL4W.DE Omega Ratio Rank: 97
EL4W.DE Calmar Ratio Rank: 98
EL4W.DE Martin Ratio Rank: 98

ELFW.DE

ELFW.DE Risk / Return Rank: 82
ELFW.DE Sharpe Ratio Rank: 80
ELFW.DE Sortino Ratio Rank: 81
ELFW.DE Omega Ratio Rank: 81
ELFW.DE Calmar Ratio Rank: 82
ELFW.DE Martin Ratio Rank: 85

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.

EL4W.DE vs. ELFW.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 MSCI World UCITS ETF Dist (ELFW.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	ELFW.DE	Difference
Sharpe ratio: Return per unit of total volatility	3.27	2.04	+1.23
Sortino ratio: Return per unit of downside risk	5.61	2.87	+2.74
Omega ratio: Gain probability vs. loss probability	1.82	1.38	+0.44
Calmar ratio: Return relative to maximum drawdown	11.67	3.48	+8.19
Martin ratio: Return relative to average drawdown	68.70	13.90	+54.80

EL4W.DE vs. ELFW.DE - Sharpe Ratio Comparison

The current EL4W.DE Sharpe Ratio is 3.27, which is higher than the ELFW.DE Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of EL4W.DE and ELFW.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

EL4W.DE vs. ELFW.DE - Drawdown Comparison

The maximum EL4W.DE drawdown since its inception was -8.19%, smaller than the maximum ELFW.DE drawdown of -33.58%. Use the drawdown chart below to compare losses from any high point for EL4W.DE and ELFW.DE.

Drawdown Indicators

	EL4W.DE	ELFW.DE	Difference
Max Drawdown Largest peak-to-trough decline	-8.19%	-33.58%	+25.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.14%	-6.68%	+6.54%
Max Drawdown (3Y) Largest decline over 3 years	-0.64%	-21.81%	+21.17%
Max Drawdown (5Y) Largest decline over 5 years	-1.64%	-21.81%	+20.17%
Max Drawdown (10Y) Largest decline over 10 years	-6.23%	—	—
Current Drawdown Current decline from peak	0.00%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-3.10%	-4.64%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	1.68%	-1.66%

Volatility

EL4W.DE vs. ELFW.DE - Volatility Comparison

The current volatility for Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE) is 0.14%, while Deka MSCI World UCITS ETF Dist (ELFW.DE) has a volatility of 2.43%. This indicates that EL4W.DE experiences smaller price fluctuations and is considered to be less risky than ELFW.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EL4W.DE	ELFW.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	2.43%	-2.29%
Volatility (6M) Calculated over the trailing 6-month period	0.38%	8.02%	-7.64%
Volatility (1Y) Calculated over the trailing 1-year period	0.52%	11.40%	-10.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.80%	14.18%	-13.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.94%	15.95%	-15.01%

EL4W.DE vs. ELFW.DE - Expense Ratio Comparison

EL4W.DE has a 0.12% expense ratio, which is lower than ELFW.DE's 0.31% expense ratio.

Dividends

EL4W.DE vs. ELFW.DE - Dividend Comparison

EL4W.DE's dividend yield for the trailing twelve months is around 2.08%, more than ELFW.DE's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ELFW.DE Deka MSCI World UCITS ETF Dist	0.87%	1.01%	1.04%	1.37%	1.66%	0.96%	1.29%	1.25%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EL4W.DE and ELFW.DE in my portfolio?

EL4W.DE and ELFW.DE have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EL4W.DE or ELFW.DE?

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.

Which ETF is cheaper, EL4W.DE or ELFW.DE?

EL4W.DE is cheaper with a 0.12% expense ratio, compared with 0.31% for ELFW.DE.

What is the main difference between EL4W.DE and ELFW.DE?

EL4W.DE is categorized as Money Market, while ELFW.DE is Global Equities. EL4W.DE tracks Deutsche Börse EUROGOV Germany Money Market Index, while ELFW.DE tracks MSCI World. Their fees differ too: 0.12% for EL4W.DE and 0.31% for ELFW.DE.