ELF1.DE vs. D5BL.DE

Last updated Jun 5, 2026

ELF1.DE (Deka MDAX UCITS ETF) and D5BL.DE (Xtrackers MSCI Europe Value UCITS ETF) are both Europe Equities funds - ELF1.DE tracks the MDAX® while D5BL.DE tracks the MSCI Europe Enhanced Value. Both are passively managed. Over the past 10 years, ELF1.DE returned 4.24%/yr vs 10.77%/yr for D5BL.DE. A 0.79 correlation means they provide meaningful diversification when combined. ELF1.DE charges 0.30%/yr vs 0.15%/yr for D5BL.DE.

Performance

ELF1.DE vs. D5BL.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka MDAX UCITS ETF (ELF1.DE) and Xtrackers MSCI Europe Value UCITS ETF (D5BL.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ELF1.DE achieves a 6.68% return, which is significantly lower than D5BL.DE's 13.85% return. Over the past 10 years, ELF1.DE has underperformed D5BL.DE with an annualized return of 4.24%, while D5BL.DE has yielded a comparatively higher 10.77% annualized return.

ELF1.DE

• 1D: 0.16%
• 1M: 5.14%
• YTD: 6.68%
• 6M: 10.35%
• 1Y: 5.03%
• 3Y*: 6.10%
• 5Y*: -1.03%
• 10Y*: 4.24%

D5BL.DE

• 1D: -0.38%
• 1M: 4.90%
• YTD: 13.85%
• 6M: 17.13%
• 1Y: 33.04%
• 3Y*: 21.76%
• 5Y*: 14.60%
• 10Y*: 10.77%

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

ELF1.DE vs. D5BL.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
D5BL.DE Xtrackers MSCI Europe Value UCITS ETF	13.85%	35.78%	10.37%	14.14%	-4.63%	26.83%	-8.58%	22.90%	-13.98%	9.78%

Correlation

The correlation between ELF1.DE and D5BL.DE is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since May 14, 2014	0.79

The correlation between ELF1.DE and D5BL.DE has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

Return for Risk

ELF1.DE vs. D5BL.DE — 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: 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

D5BL.DE

D5BL.DE Risk / Return Rank: 70
D5BL.DE Sharpe Ratio Rank: 71
D5BL.DE Sortino Ratio Rank: 73
D5BL.DE Omega Ratio Rank: 71
D5BL.DE Calmar Ratio Rank: 67
D5BL.DE Martin Ratio Rank: 69

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. D5BL.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Deka MDAX UCITS ETF (ELF1.DE) and Xtrackers MSCI Europe Value UCITS ETF (D5BL.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.

	ELF1.DE	D5BL.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.27	2.28	-2.01
Sortino ratio: Return per unit of downside risk	0.52	3.24	-2.72
Omega ratio: Gain probability vs. loss probability	1.06	1.42	-0.35
Calmar ratio: Return relative to maximum drawdown	0.35	3.28	-2.94
Martin ratio: Return relative to average drawdown	0.94	12.52	-11.58
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. D5BL.DE - Sharpe Ratio Comparison

The current ELF1.DE Sharpe Ratio is 0.27, which is lower than the D5BL.DE Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of ELF1.DE and D5BL.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

	ELF1.DE	D5BL.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	2.28	-2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.93	-0.98
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.60	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.48	-0.19

Drawdowns

ELF1.DE vs. D5BL.DE - Drawdown Comparison

The maximum ELF1.DE drawdown since its inception was -40.27%, roughly equal to the maximum D5BL.DE drawdown of -40.40%. Use the drawdown chart below to compare losses from any high point for ELF1.DE and D5BL.DE.

Drawdown Indicators

	ELF1.DE	D5BL.DE	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-40.40%	+0.13%
Max Drawdown (1Y) Largest decline over 1 year	-14.46%	-10.02%	-4.44%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-17.36%	-1.09%
Max Drawdown (5Y) Largest decline over 5 years	-40.27%	-19.58%	-20.69%
Max Drawdown (10Y) Largest decline over 10 years	-40.27%	-40.40%	+0.13%
Current Drawdown Current decline from peak	-11.79%	-1.22%	-10.57%
Average Drawdown Average peak-to-trough decline	-12.30%	-7.23%	-5.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.30%	2.63%	+2.67%

Volatility

ELF1.DE vs. D5BL.DE - Volatility Comparison

Deka MDAX UCITS ETF (ELF1.DE) and Xtrackers MSCI Europe Value UCITS ETF (D5BL.DE) have volatilities of 5.03% and 4.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ELF1.DE	D5BL.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	4.83%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	15.34%	11.54%	+3.80%
Volatility (1Y) Calculated over the trailing 1-year period	18.70%	14.44%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.31%	15.59%	+3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.33%	17.76%	+0.57%

ELF1.DE vs. D5BL.DE - Expense Ratio Comparison

ELF1.DE has a 0.30% expense ratio, which is higher than D5BL.DE's 0.15% expense ratio.

Dividends

ELF1.DE vs. D5BL.DE - Dividend Comparison

Neither ELF1.DE nor D5BL.DE has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
D5BL.DE Xtrackers MSCI Europe Value UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 ELF1.DE and D5BL.DE in my portfolio?

ELF1.DE and D5BL.DE have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ELF1.DE or D5BL.DE?

On fees, D5BL.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ELF1.DE or D5BL.DE?

D5BL.DE is cheaper with a 0.15% expense ratio, compared with 0.30% for ELF1.DE.

What is the main difference between ELF1.DE and D5BL.DE?

ELF1.DE tracks MDAX®, while D5BL.DE tracks MSCI Europe Enhanced Value. They also come from different issuers: Deka and Xtrackers. Their fees differ too: 0.30% for ELF1.DE and 0.15% for D5BL.DE.