ELF1.DE vs. ^GDAXI

Last updated Apr 3, 2026

Compare and contrast key facts about Deka MDAX UCITS ETF (ELF1.DE) and DAX Performance Index (^GDAXI).

ELF1.DE is a passively managed fund by Deka that tracks the performance of the MDAX®. It was launched on Apr 11, 2014.

Performance

ELF1.DE vs. ^GDAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka MDAX UCITS ETF (ELF1.DE) and DAX Performance Index (^GDAXI). The values are adjusted to include any dividend payments, if applicable.

ELF1.DE vs. ^GDAXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELF1.DE Deka MDAX UCITS ETF	-5.63%	19.01%	-5.82%	7.32%	-28.88%	13.39%	8.33%	30.58%	-17.98%	17.52%
^GDAXI DAX Performance Index	-5.40%	23.01%	18.85%	20.31%	-12.35%	15.79%	3.55%	25.48%	-18.26%	12.51%

Returns By Period

The year-to-date returns for both investments are quite close, with ELF1.DE having a -5.63% return and ^GDAXI slightly higher at -5.40%. Over the past 10 years, ELF1.DE has underperformed ^GDAXI with an annualized return of 3.15%, while ^GDAXI has yielded a comparatively higher 8.96% annualized return.

ELF1.DE

• 1D: -1.06%
• 1M: -3.02%
• YTD: -5.63%
• 6M: -6.09%
• 1Y: 4.49%
• 3Y*: 1.30%
• 5Y*: -2.63%
• 10Y*: 3.15%

^GDAXI

• 1D: -0.56%
• 1M: -2.62%
• YTD: -5.40%
• 6M: -5.14%
• 1Y: 3.47%
• 3Y*: 14.14%
• 5Y*: 8.93%
• 10Y*: 8.96%

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

Return for Risk

ELF1.DE vs. ^GDAXI — Risk / Return Rank

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

ELF1.DE

ELF1.DE Risk / Return Rank: 17
ELF1.DE Sharpe Ratio Rank: 17
ELF1.DE Sortino Ratio Rank: 16
ELF1.DE Omega Ratio Rank: 16
ELF1.DE Calmar Ratio Rank: 18
ELF1.DE Martin Ratio Rank: 18

^GDAXI

^GDAXI Risk / Return Rank: 25
^GDAXI Sharpe Ratio Rank: 22
^GDAXI Sortino Ratio Rank: 20
^GDAXI Omega Ratio Rank: 21
^GDAXI Calmar Ratio Rank: 30
^GDAXI Martin Ratio Rank: 31

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.

ELF1.DE vs. ^GDAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Deka MDAX UCITS ETF (ELF1.DE) and DAX Performance Index (^GDAXI). 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.

	ELF1.DE	^GDAXI	Difference
Sharpe ratio Return per unit of total volatility	0.23	0.20	+0.04
Sortino ratio Return per unit of downside risk	0.45	0.38	+0.06
Omega ratio Gain probability vs. loss probability	1.06	1.05	+0.01
Calmar ratio Return relative to maximum drawdown	0.49	0.54	-0.06
Martin ratio Return relative to average drawdown	1.40	1.91	-0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ELF1.DE vs. ^GDAXI - Sharpe Ratio Comparison

The current ELF1.DE Sharpe Ratio is 0.23, which is comparable to the ^GDAXI Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of ELF1.DE and ^GDAXI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ELF1.DE	^GDAXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	0.20	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.53	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.49	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.41	-0.17

Correlation

The correlation between ELF1.DE and ^GDAXI is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

ELF1.DE vs. ^GDAXI - Drawdown Comparison

The maximum ELF1.DE drawdown since its inception was -40.27%, smaller than the maximum ^GDAXI drawdown of -72.68%. Use the drawdown chart below to compare losses from any high point for ELF1.DE and ^GDAXI.

Drawdown Indicators

	ELF1.DE	^GDAXI	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-72.68%	+32.41%
Max Drawdown (1Y) Largest decline over 1 year	-14.46%	-12.27%	-2.19%
Max Drawdown (5Y) Largest decline over 5 years	-40.27%	-26.40%	-13.87%
Max Drawdown (10Y) Largest decline over 10 years	-40.27%	-38.78%	-1.49%
Current Drawdown Current decline from peak	-21.97%	-8.86%	-13.11%
Average Drawdown Average peak-to-trough decline	-12.26%	-14.75%	+2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	3.50%	+1.55%

Volatility

ELF1.DE vs. ^GDAXI - Volatility Comparison

Deka MDAX UCITS ETF (ELF1.DE) has a higher volatility of 9.12% compared to DAX Performance Index (^GDAXI) at 6.64%. This indicates that ELF1.DE's price experiences larger fluctuations and is considered to be riskier than ^GDAXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ELF1.DE	^GDAXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.12%	6.64%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	13.82%	11.28%	+2.54%
Volatility (1Y) Calculated over the trailing 1-year period	19.32%	17.64%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	16.80%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	18.30%	-0.16%