ESNB.DE vs. GRX.DE
ESNB.DE (Expat Serbia BELEX15 UCITS ETF) and GRX.DE (Expat Greece ASE UCITS ETF) are both Europe Equities funds from Expat - ESNB.DE tracks the BELEX15 Index while GRX.DE tracks the FTSE ATHEX Composite Index. Both are passively managed. Over the past 5 years, ESNB.DE returned -1.86%/yr vs 19.18%/yr for GRX.DE. At a 0.04 correlation, their price movements are largely independent. Both charge a 1.38% expense ratio.
Performance
ESNB.DE vs. GRX.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ESNB.DE achieves a -7.20% return, which is significantly lower than GRX.DE's 17.31% return.
ESNB.DE
- 1D
- -0.13%
- 1M
- -0.70%
- 6M
- -5.93%
- YTD
- -7.20%
- 1Y
- -5.98%
- 3Y*
- -1.71%
- 5Y*
- -1.86%
- 10Y*
- —
GRX.DE
- 1D
- -0.34%
- 1M
- 1.13%
- 6M
- 10.97%
- YTD
- 17.31%
- 1Y
- 26.73%
- 3Y*
- 22.75%
- 5Y*
- 19.18%
- 10Y*
- —
ESNB.DE vs. GRX.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ESNB.DE Expat Serbia BELEX15 UCITS ETF | -7.20% | 0.82% | 0.78% | 2.90% | -8.70% | 5.74% | -3.42% | 5.43% | -7.45% |
GRX.DE Expat Greece ASE UCITS ETF | 17.31% | 44.63% | 13.08% | 38.74% | -12.12% | 9.54% | -18.16% | 38.85% | -27.38% |
Correlation
The correlation between ESNB.DE and GRX.DE is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2018 | 0.04 |
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Return for Risk
ESNB.DE vs. GRX.DE — Risk / Return Rank
ESNB.DE
GRX.DE
ESNB.DE vs. GRX.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Expat Serbia BELEX15 UCITS ETF (ESNB.DE) and Expat Greece ASE UCITS ETF (GRX.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 | GRX.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.55 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.25 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 1.56 | -2.05 |
| Martin ratioReturn relative to average drawdown | -1.05 | 4.59 | -5.64 |
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Drawdowns
ESNB.DE vs. GRX.DE - Drawdown Comparison
The maximum ESNB.DE drawdown since its inception was -22.77%, smaller than the maximum GRX.DE drawdown of -44.54%. Use the drawdown chart below to compare losses from any high point for ESNB.DE and GRX.DE.
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Drawdown Indicators
| ESNB.DE | GRX.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.77% | -44.54% | +21.77% |
Max Drawdown (1Y)Largest decline over 1 year | -10.40% | -17.09% | +6.69% |
Max Drawdown (3Y)Largest decline over 3 years | -12.60% | -18.19% | +5.59% |
Max Drawdown (5Y)Largest decline over 5 years | -15.85% | -27.66% | +11.81% |
Current DrawdownCurrent decline from peak | -13.87% | -2.70% | -11.17% |
Average DrawdownAverage peak-to-trough decline | -8.44% | -12.60% | +4.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.88% | 5.80% | -0.92% |
Volatility
ESNB.DE vs. GRX.DE - Volatility Comparison
The current volatility for Expat Serbia BELEX15 UCITS ETF (ESNB.DE) is 3.07%, while Expat Greece ASE UCITS ETF (GRX.DE) has a volatility of 4.20%. This indicates that ESNB.DE experiences smaller price fluctuations and is considered to be less risky than GRX.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ESNB.DE | GRX.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.07% | 4.20% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.22% | 17.17% | -10.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.76% | 20.40% | -10.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.53% | 20.26% | -9.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.11% | 21.53% | -9.42% |
ESNB.DE vs. GRX.DE - Expense Ratio Comparison
Both ESNB.DE and GRX.DE have an expense ratio of 1.38%.
Dividends
ESNB.DE vs. GRX.DE - Dividend Comparison
Neither ESNB.DE nor GRX.DE has paid dividends to shareholders.
Frequently Asked Questions
ESNB.DE and GRX.DE have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 1.38% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ESNB.DE and GRX.DE have the same expense ratio: 1.38% per year.
ESNB.DE tracks BELEX15 Index, while GRX.DE tracks FTSE ATHEX Composite Index.
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