ESNB.DE vs. EL4A.DE

Last updated Jul 18, 2026

ESNB.DE (Expat Serbia BELEX15 UCITS ETF) and EL4A.DE (Deka DAX UCITS ETF) are both Europe Equities funds - ESNB.DE tracks the BELEX15 Index while EL4A.DE tracks the DAX®. Both are passively managed. Over the past 5 years, ESNB.DE returned -1.81%/yr vs 9.20%/yr for EL4A.DE. At a correlation of -0.00, they often move in opposite directions. ESNB.DE charges 1.38%/yr vs 0.15%/yr for EL4A.DE.

Performance

ESNB.DE vs. EL4A.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Expat Serbia BELEX15 UCITS ETF (ESNB.DE) and Deka DAX UCITS ETF (EL4A.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESNB.DE achieves a -6.99% return, which is significantly lower than EL4A.DE's 0.81% return.

ESNB.DE

• 1D: 0.23%
• 1M: -0.56%
• 6M: -5.83%
• YTD: -6.99%
• 1Y: -5.51%
• 3Y*: -1.61%
• 5Y*: -1.81%
• 10Y*: —

EL4A.DE

• 1D: -0.32%
• 1M: -0.46%
• 6M: -2.23%
• YTD: 0.81%
• 1Y: 1.38%
• 3Y*: 14.84%
• 5Y*: 9.20%
• 10Y*: 8.99%

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

ESNB.DE vs. EL4A.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ESNB.DE Expat Serbia BELEX15 UCITS ETF	-6.99%	0.82%	0.78%	2.90%	-8.70%	5.74%	-3.42%	5.43%	-7.45%
EL4A.DE Deka DAX UCITS ETF	0.81%	22.57%	18.09%	19.52%	-12.75%	15.19%	3.01%	24.61%	-15.31%

Correlation

The correlation between ESNB.DE and EL4A.DE is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since Apr 16, 2018	-0.00

Return for Risk

ESNB.DE vs. EL4A.DE — Risk / Return Rank

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

ESNB.DE

ESNB.DE Risk / Return Rank: 5
ESNB.DE Sharpe Ratio Rank: 5
ESNB.DE Sortino Ratio Rank: 5
ESNB.DE Omega Ratio Rank: 4
ESNB.DE Calmar Ratio Rank: 5
ESNB.DE Martin Ratio Rank: 4

EL4A.DE

EL4A.DE Risk / Return Rank: 11
EL4A.DE Sharpe Ratio Rank: 11
EL4A.DE Sortino Ratio Rank: 11
EL4A.DE Omega Ratio Rank: 11
EL4A.DE Calmar Ratio Rank: 12
EL4A.DE Martin Ratio Rank: 12

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.

ESNB.DE vs. EL4A.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Expat Serbia BELEX15 UCITS ETF (ESNB.DE) and Deka DAX UCITS ETF (EL4A.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.

	ESNB.DE	EL4A.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	0.08	-0.65
Sortino ratio: Return per unit of downside risk	-0.75	0.24	-0.99
Omega ratio: Gain probability vs. loss probability	0.91	1.03	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.53	0.11	-0.64
Martin ratio: Return relative to average drawdown	-1.12	0.35	-1.47

ESNB.DE vs. EL4A.DE - Sharpe Ratio Comparison

The current ESNB.DE Sharpe Ratio is -0.57, which is lower than the EL4A.DE Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of ESNB.DE and EL4A.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.

Drawdowns

ESNB.DE vs. EL4A.DE - Drawdown Comparison

The maximum ESNB.DE drawdown since its inception was -22.77%, smaller than the maximum EL4A.DE drawdown of -46.64%. Use the drawdown chart below to compare losses from any high point for ESNB.DE and EL4A.DE.

Drawdown Indicators

	ESNB.DE	EL4A.DE	Difference
Max Drawdown Largest peak-to-trough decline	-22.77%	-46.64%	+23.87%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-12.36%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	-12.60%	-15.89%	+3.29%
Max Drawdown (5Y) Largest decline over 5 years	-15.85%	-26.76%	+10.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.68%	—
Current Drawdown Current decline from peak	-13.67%	-3.83%	-9.84%
Average Drawdown Average peak-to-trough decline	-8.44%	-8.84%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.91%	3.95%	+0.96%

Volatility

ESNB.DE vs. EL4A.DE - Volatility Comparison

The current volatility for Expat Serbia BELEX15 UCITS ETF (ESNB.DE) is 3.05%, while Deka DAX UCITS ETF (EL4A.DE) has a volatility of 4.69%. This indicates that ESNB.DE experiences smaller price fluctuations and is considered to be less risky than EL4A.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESNB.DE	EL4A.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	4.69%	-1.64%
Volatility (6M) Calculated over the trailing 6-month period	6.22%	13.58%	-7.36%
Volatility (1Y) Calculated over the trailing 1-year period	9.72%	16.27%	-6.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	17.23%	-6.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.11%	18.11%	-6.00%

ESNB.DE vs. EL4A.DE - Expense Ratio Comparison

ESNB.DE has a 1.38% expense ratio, which is higher than EL4A.DE's 0.15% expense ratio.

Dividends

ESNB.DE vs. EL4A.DE - Dividend Comparison

Neither ESNB.DE nor EL4A.DE has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EL4A.DE Deka DAX UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.65%	0.56%	0.65%	0.60%
ESNB.DE Expat Serbia BELEX15 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%

Frequently Asked Questions

Can I hold both ESNB.DE and EL4A.DE in my portfolio?

ESNB.DE and EL4A.DE have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESNB.DE or EL4A.DE?

On fees, EL4A.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, ESNB.DE or EL4A.DE?

EL4A.DE is cheaper with a 0.15% expense ratio, compared with 1.38% for ESNB.DE.

What is the main difference between ESNB.DE and EL4A.DE?

ESNB.DE tracks BELEX15 Index, while EL4A.DE tracks DAX®. They also come from different issuers: Expat and Deka. Their fees differ too: 1.38% for ESNB.DE and 0.15% for EL4A.DE.