EL4X.DE vs. ELF1.DE

Last updated Jun 5, 2026

EL4X.DE (Deka DAXplus Maximum Dividend UCITS ETF) and ELF1.DE (Deka MDAX UCITS ETF) are both Europe Equities funds from Deka - EL4X.DE tracks the DAXplus® Maximum Dividend while ELF1.DE tracks the MDAX®. Both are passively managed. Over the past 10 years, EL4X.DE returned 2.29%/yr vs 4.24%/yr for ELF1.DE. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.

Performance

EL4X.DE vs. ELF1.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka DAXplus Maximum Dividend UCITS ETF (EL4X.DE) and Deka MDAX UCITS ETF (ELF1.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EL4X.DE achieves a 6.17% return, which is significantly lower than ELF1.DE's 6.68% return. Over the past 10 years, EL4X.DE has underperformed ELF1.DE with an annualized return of 2.29%, while ELF1.DE has yielded a comparatively higher 4.24% annualized return.

EL4X.DE

• 1D: 0.59%
• 1M: -2.49%
• YTD: 6.17%
• 6M: 9.60%
• 1Y: 6.36%
• 3Y*: 9.31%
• 5Y*: 2.45%
• 10Y*: 2.29%

ELF1.DE

• 1D: 0.16%
• 1M: 2.99%
• YTD: 6.68%
• 6M: 9.93%
• 1Y: 4.70%
• 3Y*: 6.10%
• 5Y*: -1.03%
• 10Y*: 4.24%

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

EL4X.DE vs. ELF1.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EL4X.DE Deka DAXplus Maximum Dividend UCITS ETF	6.17%	14.14%	-1.45%	26.38%	-20.06%	9.02%	-2.95%	11.71%	-18.87%	5.70%
ELF1.DE Deka MDAX UCITS ETF	6.68%	19.01%	-5.82%	7.32%	-28.88%	13.39%	8.33%	30.58%	-17.98%	17.52%

Correlation

The correlation between EL4X.DE and ELF1.DE is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 14, 2014	0.84

The correlation between EL4X.DE and ELF1.DE has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

Return for Risk

EL4X.DE vs. ELF1.DE — Risk / Return Rank

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

EL4X.DE

EL4X.DE Risk / Return Rank: 16
EL4X.DE Sharpe Ratio Rank: 16
EL4X.DE Sortino Ratio Rank: 16
EL4X.DE Omega Ratio Rank: 16
EL4X.DE Calmar Ratio Rank: 18
EL4X.DE Martin Ratio Rank: 16

ELF1.DE

ELF1.DE Risk / Return Rank: 13
ELF1.DE Sharpe Ratio Rank: 13
ELF1.DE Sortino Ratio Rank: 13
ELF1.DE Omega Ratio Rank: 13
ELF1.DE Calmar Ratio Rank: 13
ELF1.DE Martin Ratio Rank: 14

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.

EL4X.DE vs. ELF1.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Deka DAXplus Maximum Dividend UCITS ETF (EL4X.DE) and Deka MDAX UCITS ETF (ELF1.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.

	EL4X.DE	ELF1.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.44	0.27	+0.18
Sortino ratio: Return per unit of downside risk	0.72	0.52	+0.19
Omega ratio: Gain probability vs. loss probability	1.09	1.06	+0.03
Calmar ratio: Return relative to maximum drawdown	0.68	0.35	+0.34
Martin ratio: Return relative to average drawdown	1.48	0.94	+0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EL4X.DE vs. ELF1.DE - Sharpe Ratio Comparison

The current EL4X.DE Sharpe Ratio is 0.44, which is higher than the ELF1.DE Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of EL4X.DE and ELF1.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.

Sharpe Ratios by Period

	EL4X.DE	ELF1.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	0.27	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	-0.05	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.23	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.29	0.00

Drawdowns

EL4X.DE vs. ELF1.DE - Drawdown Comparison

The maximum EL4X.DE drawdown since its inception was -52.91%, which is greater than ELF1.DE's maximum drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for EL4X.DE and ELF1.DE.

Drawdown Indicators

	EL4X.DE	ELF1.DE	Difference
Max Drawdown Largest peak-to-trough decline	-52.91%	-40.27%	-12.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-14.46%	+4.59%
Max Drawdown (3Y) Largest decline over 3 years	-16.60%	-18.45%	+1.85%
Max Drawdown (5Y) Largest decline over 5 years	-34.51%	-40.27%	+5.76%
Max Drawdown (10Y) Largest decline over 10 years	-52.91%	-40.27%	-12.64%
Current Drawdown Current decline from peak	-2.74%	-11.79%	+9.05%
Average Drawdown Average peak-to-trough decline	-12.17%	-12.30%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	5.30%	-0.74%

Volatility

EL4X.DE vs. ELF1.DE - Volatility Comparison

The current volatility for Deka DAXplus Maximum Dividend UCITS ETF (EL4X.DE) is 4.54%, while Deka MDAX UCITS ETF (ELF1.DE) has a volatility of 5.03%. This indicates that EL4X.DE experiences smaller price fluctuations and is considered to be less risky than ELF1.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EL4X.DE	ELF1.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	5.03%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	11.68%	15.34%	-3.66%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	18.70%	-3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	19.31%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	18.33%	-0.10%

EL4X.DE vs. ELF1.DE - Expense Ratio Comparison

Both EL4X.DE and ELF1.DE have an expense ratio of 0.30%.

Dividends

EL4X.DE vs. ELF1.DE - Dividend Comparison

EL4X.DE's dividend yield for the trailing twelve months is around 4.73%, while ELF1.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EL4X.DE Deka DAXplus Maximum Dividend UCITS ETF	4.73%	5.11%	7.17%	5.99%	8.64%	3.83%	2.89%	6.66%	8.48%	7.17%	7.37%	5.62%
ELF1.DE Deka MDAX UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.48%	0.46%	0.44%	0.41%

Frequently Asked Questions

Can I hold both EL4X.DE and ELF1.DE in my portfolio?

EL4X.DE and ELF1.DE have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EL4X.DE or ELF1.DE?

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EL4X.DE or ELF1.DE?

EL4X.DE and ELF1.DE have the same expense ratio: 0.30% per year.

What is the main difference between EL4X.DE and ELF1.DE?

EL4X.DE tracks DAXplus® Maximum Dividend, while ELF1.DE tracks MDAX®.