EL4W.DE vs. PJEU.DE
EL4W.DE (Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF) and PJEU.DE (Invesco Euro Cash 3 Months UCITS ETF Acc) are both Money Market funds - EL4W.DE tracks the Deutsche Börse EUROGOV Germany Money Market Index while PJEU.DE tracks the FTSE Eurozone Government Bill 0-6 Month Capped Index. Both are passively managed. Over the past 10 years, EL4W.DE returned 0.24%/yr vs 0.56%/yr for PJEU.DE. At a 0.09 correlation, their price movements are largely independent. EL4W.DE charges 0.12%/yr vs 0.09%/yr for PJEU.DE.
Performance
EL4W.DE vs. PJEU.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 higher than PJEU.DE's 0.85% return. Over the past 10 years, EL4W.DE has underperformed PJEU.DE with an annualized return of 0.24%, while PJEU.DE has yielded a comparatively higher 0.56% 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%
PJEU.DE
- 1D
- -0.01%
- 1M
- 0.15%
- 6M
- 0.93%
- YTD
- 0.85%
- 1Y
- 1.89%
- 3Y*
- 2.83%
- 5Y*
- 1.77%
- 10Y*
- 0.56%
EL4W.DE vs. PJEU.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% |
PJEU.DE Invesco Euro Cash 3 Months UCITS ETF Acc | 0.85% | 2.33% | 3.61% | 2.91% | -0.44% | -0.76% | -0.60% | -0.48% | -0.71% | -0.79% |
Correlation
The correlation between EL4W.DE and PJEU.DE is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2009 | 0.09 |
The correlation between EL4W.DE and PJEU.DE shifts across timeframes, from -0.14 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EL4W.DE vs. PJEU.DE — Risk / Return Rank
EL4W.DE
PJEU.DE
EL4W.DE vs. PJEU.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 Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.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 | PJEU.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +4.15 | ||
| Omega ratioGain probability vs. loss probability | 1.82 | 1.26 | +0.56 |
| Calmar ratioReturn relative to maximum drawdown | 11.67 | 3.51 | +8.16 |
| Martin ratioReturn relative to average drawdown | 68.70 | 9.83 | +58.87 |
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Drawdowns
EL4W.DE vs. PJEU.DE - Drawdown Comparison
The maximum EL4W.DE drawdown since its inception was -8.19%, which is greater than PJEU.DE's maximum drawdown of -4.67%. Use the drawdown chart below to compare losses from any high point for EL4W.DE and PJEU.DE.
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Drawdown Indicators
| EL4W.DE | PJEU.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.19% | -4.67% | -3.52% |
Max Drawdown (1Y)Largest decline over 1 year | -0.14% | -0.54% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -0.64% | -0.54% | -0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -1.64% | -1.01% | -0.63% |
Max Drawdown (10Y)Largest decline over 10 years | -6.23% | -4.15% | -2.08% |
Current DrawdownCurrent decline from peak | 0.00% | -0.11% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -1.21% | -1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.19% | -0.17% |
Volatility
EL4W.DE vs. PJEU.DE - Volatility Comparison
The current volatility for Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE) is 0.14%, while Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.DE) has a volatility of 0.20%. This indicates that EL4W.DE experiences smaller price fluctuations and is considered to be less risky than PJEU.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 | PJEU.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.14% | 0.20% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.38% | 1.38% | -1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.52% | 1.87% | -1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.80% | 0.88% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.94% | 0.67% | +0.27% |
EL4W.DE vs. PJEU.DE - Expense Ratio Comparison
EL4W.DE has a 0.12% expense ratio, which is higher than PJEU.DE's 0.09% 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. PJEU.DE - Dividend Comparison
EL4W.DE's dividend yield for the trailing twelve months is around 2.08%, while PJEU.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% |
PJEU.DE Invesco Euro Cash 3 Months 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 PJEU.DE have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PJEU.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PJEU.DE is cheaper with a 0.09% expense ratio, compared with 0.12% for EL4W.DE.
EL4W.DE tracks Deutsche Börse EUROGOV Germany Money Market Index, while PJEU.DE tracks FTSE Eurozone Government Bill 0-6 Month Capped Index. They also come from different issuers: Deka and Invesco. Their fees differ too: 0.12% for EL4W.DE and 0.09% for PJEU.DE.
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