PJEU.DE vs. EL4W.DE
PJEU.DE (Invesco Euro Cash 3 Months UCITS ETF Acc) and EL4W.DE (Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF) are both Money Market funds - PJEU.DE tracks the FTSE Eurozone Government Bill 0-6 Month Capped Index while EL4W.DE tracks the Deutsche Börse EUROGOV Germany Money Market Index. Both are passively managed. Over the past 10 years, PJEU.DE returned 0.57%/yr vs 0.24%/yr for EL4W.DE. At a 0.09 correlation, their price movements are largely independent. PJEU.DE charges 0.09%/yr vs 0.12%/yr for EL4W.DE.
Performance
PJEU.DE vs. EL4W.DE - Performance Comparison
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Returns By Period
In the year-to-date period, PJEU.DE achieves a 0.99% return, which is significantly higher than EL4W.DE's 0.92% return. Over the past 10 years, PJEU.DE has outperformed EL4W.DE with an annualized return of 0.57%, while EL4W.DE has yielded a comparatively lower 0.24% annualized return.
PJEU.DE
- 1D
- -0.09%
- 1M
- 0.28%
- 6M
- 0.94%
- YTD
- 0.99%
- 1Y
- 2.04%
- 3Y*
- 2.87%
- 5Y*
- 1.80%
- 10Y*
- 0.57%
EL4W.DE
- 1D
- 0.03%
- 1M
- 0.13%
- 6M
- 0.80%
- YTD
- 0.92%
- 1Y
- 1.67%
- 3Y*
- 2.60%
- 5Y*
- 1.45%
- 10Y*
- 0.24%
PJEU.DE vs. EL4W.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PJEU.DE Invesco Euro Cash 3 Months UCITS ETF Acc | 0.99% | 2.33% | 3.61% | 2.91% | -0.44% | -0.76% | -0.60% | -0.48% | -0.71% | -0.79% |
EL4W.DE Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF | 0.92% | 1.91% | 3.36% | 2.64% | -1.17% | -0.77% | -0.84% | -0.85% | -1.32% | -1.05% |
Correlation
The correlation between PJEU.DE and EL4W.DE is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2009 | 0.09 |
The correlation between PJEU.DE and EL4W.DE shifts across timeframes, from -0.15 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PJEU.DE vs. EL4W.DE — Risk / Return Rank
PJEU.DE
EL4W.DE
PJEU.DE vs. EL4W.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.DE) and Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.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.
| PJEU.DE | EL4W.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -3.98 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.81 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 11.55 | -7.76 |
| Martin ratioReturn relative to average drawdown | 10.60 | 67.77 | -57.17 |
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Drawdowns
PJEU.DE vs. EL4W.DE - Drawdown Comparison
The maximum PJEU.DE drawdown since its inception was -4.67%, smaller than the maximum EL4W.DE drawdown of -8.19%. Use the drawdown chart below to compare losses from any high point for PJEU.DE and EL4W.DE.
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Drawdown Indicators
| PJEU.DE | EL4W.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.67% | -8.19% | +3.52% |
Max Drawdown (1Y)Largest decline over 1 year | -0.54% | -0.14% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -0.64% | +0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | -1.64% | +0.63% |
Max Drawdown (10Y)Largest decline over 10 years | -4.14% | -6.22% | +2.08% |
Current DrawdownCurrent decline from peak | -0.09% | 0.00% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -1.21% | -3.10% | +1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 0.02% | +0.17% |
Volatility
PJEU.DE vs. EL4W.DE - Volatility Comparison
Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.DE) has a higher volatility of 0.30% compared to Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE) at 0.14%. This indicates that PJEU.DE's price experiences larger fluctuations and is considered to be riskier than EL4W.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJEU.DE | EL4W.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 0.14% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.39% | 0.38% | +1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.88% | 0.52% | +1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.89% | 0.80% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.67% | 0.94% | -0.27% |
PJEU.DE vs. EL4W.DE - Expense Ratio Comparison
PJEU.DE has a 0.09% expense ratio, which is lower than EL4W.DE's 0.12% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PJEU.DE vs. EL4W.DE - Dividend Comparison
PJEU.DE has not paid dividends to shareholders, while EL4W.DE's dividend yield for the trailing twelve months is around 2.08%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EL4W.DE Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF | 2.08% | 3.05% | 2.03% | 1.04% | 0.25% | 0.63% | 0.46% | 1.00% | 0.41% | 1.37% | 1.55% | 1.54% |
PJEU.DE Invesco Euro Cash 3 Months UCITS ETF Acc | 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
PJEU.DE and EL4W.DE have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PJEU.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PJEU.DE is cheaper with a 0.09% expense ratio, compared with 0.12% for EL4W.DE.
PJEU.DE tracks FTSE Eurozone Government Bill 0-6 Month Capped Index, while EL4W.DE tracks Deutsche Börse EUROGOV Germany Money Market Index. They also come from different issuers: Invesco and Deka. Their fees differ too: 0.09% for PJEU.DE and 0.12% for EL4W.DE.
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