ELF0.DE vs. H4ZA.DE

Last updated Jun 5, 2026

ELF0.DE (Deka DAX ex Financials 30 UCITS ETF) and H4ZA.DE (HSBC EURO STOXX 50 UCITS ETF EUR) are both Europe Equities funds - ELF0.DE tracks the DAX® ex Financials 30 while H4ZA.DE tracks the EURO STOXX® 50. Both are passively managed. Over the past 10 years, ELF0.DE returned 7.55%/yr vs 10.80%/yr for H4ZA.DE. Their correlation of 0.90 suggests significant overlap in exposure. ELF0.DE charges 0.30%/yr vs 0.05%/yr for H4ZA.DE.

Performance

ELF0.DE vs. H4ZA.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka DAX ex Financials 30 UCITS ETF (ELF0.DE) and HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ELF0.DE having a 7.39% return and H4ZA.DE slightly lower at 7.24%. Over the past 10 years, ELF0.DE has underperformed H4ZA.DE with an annualized return of 7.55%, while H4ZA.DE has yielded a comparatively higher 10.80% annualized return.

ELF0.DE

• 1D: 0.23%
• 1M: 1.13%
• YTD: 7.39%
• 6M: 9.09%
• 1Y: 7.84%
• 3Y*: 13.49%
• 5Y*: 6.68%
• 10Y*: 7.55%

H4ZA.DE

• 1D: 0.77%
• 1M: 1.94%
• YTD: 7.24%
• 6M: 8.59%
• 1Y: 15.63%
• 3Y*: 16.60%
• 5Y*: 12.12%
• 10Y*: 10.80%

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

ELF0.DE vs. H4ZA.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELF0.DE Deka DAX ex Financials 30 UCITS ETF	7.39%	22.31%	11.90%	15.27%	-18.05%	14.05%	5.05%	23.64%	-20.14%	11.11%
H4ZA.DE HSBC EURO STOXX 50 UCITS ETF EUR	7.24%	22.26%	13.81%	22.59%	-8.87%	23.72%	-2.73%	30.07%	-11.96%	10.07%

Correlation

The correlation between ELF0.DE and H4ZA.DE is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 30, 2013	0.90

The correlation between ELF0.DE and H4ZA.DE has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

Return for Risk

ELF0.DE vs. H4ZA.DE — Risk / Return Rank

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

ELF0.DE

ELF0.DE Risk / Return Rank: 17
ELF0.DE Sharpe Ratio Rank: 16
ELF0.DE Sortino Ratio Rank: 17
ELF0.DE Omega Ratio Rank: 16
ELF0.DE Calmar Ratio Rank: 17
ELF0.DE Martin Ratio Rank: 18

H4ZA.DE

H4ZA.DE Risk / Return Rank: 29
H4ZA.DE Sharpe Ratio Rank: 28
H4ZA.DE Sortino Ratio Rank: 29
H4ZA.DE Omega Ratio Rank: 28
H4ZA.DE Calmar Ratio Rank: 30
H4ZA.DE Martin Ratio Rank: 33

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.

ELF0.DE vs. H4ZA.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Deka DAX ex Financials 30 UCITS ETF (ELF0.DE) and HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.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.

	ELF0.DE	H4ZA.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.46	0.98	-0.52
Sortino ratio: Return per unit of downside risk	0.78	1.54	-0.75
Omega ratio: Gain probability vs. loss probability	1.09	1.18	-0.09
Calmar ratio: Return relative to maximum drawdown	0.64	1.43	-0.79
Martin ratio: Return relative to average drawdown	1.96	4.85	-2.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ELF0.DE vs. H4ZA.DE - Sharpe Ratio Comparison

The current ELF0.DE Sharpe Ratio is 0.46, which is lower than the H4ZA.DE Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of ELF0.DE and H4ZA.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

	ELF0.DE	H4ZA.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	0.98	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.69	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.59	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.41	-0.01

Drawdowns

ELF0.DE vs. H4ZA.DE - Drawdown Comparison

The maximum ELF0.DE drawdown since its inception was -40.99%, which is greater than H4ZA.DE's maximum drawdown of -38.41%. Use the drawdown chart below to compare losses from any high point for ELF0.DE and H4ZA.DE.

Drawdown Indicators

	ELF0.DE	H4ZA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-40.99%	-38.41%	-2.58%
Max Drawdown (1Y) Largest decline over 1 year	-12.23%	-10.97%	-1.26%
Max Drawdown (3Y) Largest decline over 3 years	-17.49%	-16.40%	-1.09%
Max Drawdown (5Y) Largest decline over 5 years	-31.17%	-23.26%	-7.91%
Max Drawdown (10Y) Largest decline over 10 years	-40.99%	-38.41%	-2.58%
Current Drawdown Current decline from peak	-1.35%	-0.50%	-0.85%
Average Drawdown Average peak-to-trough decline	-8.53%	-7.84%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	3.24%	+0.78%

Volatility

ELF0.DE vs. H4ZA.DE - Volatility Comparison

Deka DAX ex Financials 30 UCITS ETF (ELF0.DE) has a higher volatility of 5.33% compared to HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE) at 4.95%. This indicates that ELF0.DE's price experiences larger fluctuations and is considered to be riskier than H4ZA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ELF0.DE	H4ZA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	4.95%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	13.97%	12.99%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	17.13%	15.99%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	17.50%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.81%	18.17%	+0.64%

ELF0.DE vs. H4ZA.DE - Expense Ratio Comparison

ELF0.DE has a 0.30% expense ratio, which is higher than H4ZA.DE's 0.05% expense ratio.

Dividends

ELF0.DE vs. H4ZA.DE - Dividend Comparison

ELF0.DE's dividend yield for the trailing twelve months is around 1.66%, less than H4ZA.DE's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ELF0.DE Deka DAX ex Financials 30 UCITS ETF	1.66%	2.10%	2.35%	3.01%	2.78%	1.58%	1.74%	2.22%	2.82%	2.24%	2.23%	2.18%
H4ZA.DE HSBC EURO STOXX 50 UCITS ETF EUR	2.44%	2.49%	5.35%	2.93%	2.94%	1.94%	2.06%	2.84%	3.55%	2.73%	2.85%	2.70%

Frequently Asked Questions

Can I hold both ELF0.DE and H4ZA.DE in my portfolio?

ELF0.DE and H4ZA.DE have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ELF0.DE or H4ZA.DE?

On fees, H4ZA.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ELF0.DE or H4ZA.DE?

H4ZA.DE is cheaper with a 0.05% expense ratio, compared with 0.30% for ELF0.DE.

What is the main difference between ELF0.DE and H4ZA.DE?

ELF0.DE tracks DAX® ex Financials 30, while H4ZA.DE tracks EURO STOXX® 50. They also come from different issuers: Deka and HSBC. Their fees differ too: 0.30% for ELF0.DE and 0.05% for H4ZA.DE.