EL4W.DE vs. L8I3.DE
EL4W.DE (Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF) and L8I3.DE (Amundi EUR Overnight Return UCITS ETF (Acc)) are both Money Market funds - EL4W.DE tracks the Deutsche Börse EUROGOV Germany Money Market Index while L8I3.DE tracks the Solactive EUR Overnight Return Index. Both are passively managed. Over the past 10 years, EL4W.DE returned 0.24%/yr vs 0.67%/yr for L8I3.DE. At a 0.14 correlation, their price movements are largely independent. EL4W.DE charges 0.12%/yr vs 0.10%/yr for L8I3.DE.
Performance
EL4W.DE vs. L8I3.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 L8I3.DE's 1.09% return. Over the past 10 years, EL4W.DE has underperformed L8I3.DE with an annualized return of 0.24%, while L8I3.DE has yielded a comparatively higher 0.67% 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%
L8I3.DE
- 1D
- -0.01%
- 1M
- 0.18%
- 6M
- 0.97%
- YTD
- 1.09%
- 1Y
- 2.00%
- 3Y*
- 2.91%
- 5Y*
- 1.94%
- 10Y*
- 0.67%
EL4W.DE vs. L8I3.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% |
L8I3.DE Amundi EUR Overnight Return UCITS ETF (Acc) | 1.09% | 2.21% | 3.69% | 3.17% | -0.11% | -0.69% | -0.68% | -0.61% | -0.56% | -0.46% |
Correlation
The correlation between EL4W.DE and L8I3.DE is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2009 | 0.14 |
The correlation between EL4W.DE and L8I3.DE shifts across timeframes, from 0.05 (3 years) to 0.17 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
EL4W.DE vs. L8I3.DE — Risk / Return Rank
EL4W.DE
L8I3.DE
EL4W.DE vs. L8I3.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 Amundi EUR Overnight Return UCITS ETF (Acc) (L8I3.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 | L8I3.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.02 | ||
| Sortino ratioReturn per unit of downside risk | -7.96 | ||
| Omega ratioGain probability vs. loss probability | 1.82 | 2.82 | -1.00 |
| Calmar ratioReturn relative to maximum drawdown | 11.67 | 45.18 | -33.51 |
| Martin ratioReturn relative to average drawdown | 68.70 | 176.49 | -107.79 |
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Drawdowns
EL4W.DE vs. L8I3.DE - Drawdown Comparison
The maximum EL4W.DE drawdown since its inception was -8.19%, which is greater than L8I3.DE's maximum drawdown of -3.92%. Use the drawdown chart below to compare losses from any high point for EL4W.DE and L8I3.DE.
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Drawdown Indicators
| EL4W.DE | L8I3.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.19% | -3.92% | -4.27% |
Max Drawdown (1Y)Largest decline over 1 year | -0.14% | -0.04% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -0.64% | -0.07% | -0.57% |
Max Drawdown (5Y)Largest decline over 5 years | -1.64% | -0.75% | -0.89% |
Max Drawdown (10Y)Largest decline over 10 years | -6.23% | -3.57% | -2.66% |
Current DrawdownCurrent decline from peak | 0.00% | -0.01% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -0.89% | -2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.01% | +0.01% |
Volatility
EL4W.DE vs. L8I3.DE - Volatility Comparison
Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE) has a higher volatility of 0.14% compared to Amundi EUR Overnight Return UCITS ETF (Acc) (L8I3.DE) at 0.08%. This indicates that EL4W.DE's price experiences larger fluctuations and is considered to be riskier than L8I3.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 | L8I3.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.14% | 0.08% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.38% | 0.21% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.52% | 0.32% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.80% | 0.26% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.94% | 0.21% | +0.73% |
EL4W.DE vs. L8I3.DE - Expense Ratio Comparison
EL4W.DE has a 0.12% expense ratio, which is higher than L8I3.DE's 0.10% 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
EL4W.DE vs. L8I3.DE - Dividend Comparison
EL4W.DE's dividend yield for the trailing twelve months is around 2.08%, while L8I3.DE has not paid dividends to shareholders.
| 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% |
L8I3.DE Amundi EUR Overnight Return UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EL4W.DE and L8I3.DE have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, L8I3.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
L8I3.DE is cheaper with a 0.10% expense ratio, compared with 0.12% for EL4W.DE.
EL4W.DE tracks Deutsche Börse EUROGOV Germany Money Market Index, while L8I3.DE tracks Solactive EUR Overnight Return Index. They also come from different issuers: Deka and Amundi. Their fees differ too: 0.12% for EL4W.DE and 0.10% for L8I3.DE.
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