VWCE.DE vs. EL4A.DE

Last updated Jun 16, 2026

VWCE.DE (Vanguard FTSE All-World UCITS ETF) and EL4A.DE (Deka DAX UCITS ETF) are both exchange-traded funds - VWCE.DE is a Global Equities fund tracking the FTSE All-World Index, while EL4A.DE is a Europe Equities fund tracking the DAX®. Both are passively managed. Over the past 5 years, VWCE.DE returned 12.15%/yr vs 9.04%/yr for EL4A.DE. A 0.77 correlation means they provide meaningful diversification when combined. VWCE.DE charges 0.19%/yr vs 0.15%/yr for EL4A.DE.

Performance

VWCE.DE vs. EL4A.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard FTSE All-World UCITS ETF (VWCE.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, VWCE.DE achieves a 13.19% return, which is significantly higher than EL4A.DE's 1.14% return.

VWCE.DE

• 1D: 1.32%
• 1M: 3.24%
• YTD: 13.19%
• 6M: 14.70%
• 1Y: 28.01%
• 3Y*: 17.53%
• 5Y*: 12.15%
• 10Y*: —

EL4A.DE

• 1D: 1.07%
• 1M: 3.92%
• YTD: 1.14%
• 6M: 2.62%
• 1Y: 5.35%
• 3Y*: 14.41%
• 5Y*: 9.04%
• 10Y*: 9.42%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VWCE.DE Vanguard FTSE All-World UCITS ETF	13.19%	9.16%	24.41%	18.18%	-13.47%	28.62%	5.36%	7.08%
EL4A.DE Deka DAX UCITS ETF	1.14%	22.57%	18.09%	19.52%	-12.75%	15.19%	3.01%	5.70%

Correlation

The correlation between VWCE.DE and EL4A.DE is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jul 25, 2019	0.77

The correlation between VWCE.DE and EL4A.DE has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.

Return for Risk

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

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

VWCE.DE

VWCE.DE Risk / Return Rank: 85
VWCE.DE Sharpe Ratio Rank: 84
VWCE.DE Sortino Ratio Rank: 84
VWCE.DE Omega Ratio Rank: 84
VWCE.DE Calmar Ratio Rank: 85
VWCE.DE Martin Ratio Rank: 89

EL4A.DE

EL4A.DE Risk / Return Rank: 14
EL4A.DE Sharpe Ratio Rank: 14
EL4A.DE Sortino Ratio Rank: 13
EL4A.DE Omega Ratio Rank: 13
EL4A.DE Calmar Ratio Rank: 14
EL4A.DE Martin Ratio Rank: 15

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF (VWCE.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.

	VWCE.DE	EL4A.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.40	0.33	+2.07
Sortino ratio: Return per unit of downside risk	3.33	0.59	+2.75
Omega ratio: Gain probability vs. loss probability	1.44	1.07	+0.38
Calmar ratio: Return relative to maximum drawdown	4.26	0.43	+3.83
Martin ratio: Return relative to average drawdown	17.48	1.34	+16.13

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

The current VWCE.DE Sharpe Ratio is 2.40, which is higher than the EL4A.DE Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of VWCE.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

VWCE.DE vs. EL4A.DE - Drawdown Comparison

The maximum VWCE.DE drawdown since its inception was -33.43%, smaller than the maximum EL4A.DE drawdown of -46.64%. Use the drawdown chart below to compare losses from any high point for VWCE.DE and EL4A.DE.

Drawdown Indicators

	VWCE.DE	EL4A.DE	Difference
Max Drawdown Largest peak-to-trough decline	-33.43%	-46.64%	+13.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-12.36%	+5.81%
Max Drawdown (3Y) Largest decline over 3 years	-21.07%	-15.89%	-5.18%
Max Drawdown (5Y) Largest decline over 5 years	-21.07%	-26.76%	+5.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.68%	—
Current Drawdown Current decline from peak	-0.17%	-2.44%	+2.27%
Average Drawdown Average peak-to-trough decline	-4.68%	-8.88%	+4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	3.97%	-2.37%

Volatility

VWCE.DE vs. EL4A.DE - Volatility Comparison

The current volatility for Vanguard FTSE All-World UCITS ETF (VWCE.DE) is 3.44%, while Deka DAX UCITS ETF (EL4A.DE) has a volatility of 4.42%. This indicates that VWCE.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

	VWCE.DE	EL4A.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	4.42%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	8.60%	13.11%	-4.51%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	16.23%	-4.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	17.22%	-3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	18.33%	-2.17%

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

VWCE.DE has a 0.19% expense ratio, which is higher than EL4A.DE's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VWCE.DE vs. EL4A.DE - Dividend Comparison

Neither VWCE.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%
VWCE.DE Vanguard FTSE All-World 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 VWCE.DE and EL4A.DE in my portfolio?

VWCE.DE and EL4A.DE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

EL4A.DE is cheaper with a 0.15% expense ratio, compared with 0.19% for VWCE.DE.

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

VWCE.DE is categorized as Global Equities, while EL4A.DE is Europe Equities. VWCE.DE tracks FTSE All-World Index, while EL4A.DE tracks DAX®. They also come from different issuers: Vanguard and Deka. Their fees differ too: 0.19% for VWCE.DE and 0.15% for EL4A.DE.