ZPR1.DE vs. EL4W.DE
ZPR1.DE (State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc)) and EL4W.DE (Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF) are both Money Market funds - ZPR1.DE tracks the Bloomberg US Treasury Bills 1-3 Month Index while EL4W.DE tracks the Deutsche Börse EUROGOV Germany Money Market Index. Both are passively managed. Over the past 5 years, ZPR1.DE returned 3.55%/yr vs 0.82%/yr for EL4W.DE. At a correlation of -0.00, they often move in opposite directions. ZPR1.DE charges 0.05%/yr vs 0.12%/yr for EL4W.DE.
Performance
ZPR1.DE vs. EL4W.DE - Performance Comparison
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Different Trading Currencies
ZPR1.DE is traded in USD, while EL4W.DE is traded in EUR. To make them comparable, the EL4W.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZPR1.DE achieves a 1.99% return, which is significantly higher than EL4W.DE's -1.75% return.
ZPR1.DE
- 1D
- 0.02%
- 1M
- 0.28%
- 6M
- 1.83%
- YTD
- 1.99%
- 1Y
- 3.86%
- 3Y*
- 4.64%
- 5Y*
- 3.55%
- 10Y*
- —
EL4W.DE
- 1D
- -0.01%
- 1M
- -0.42%
- 6M
- -0.60%
- YTD
- -1.75%
- 1Y
- 0.28%
- 3Y*
- 3.23%
- 5Y*
- 0.82%
- 10Y*
- 0.61%
ZPR1.DE vs. EL4W.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZPR1.DE State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc) | 1.99% | 4.23% | 5.21% | 5.01% | 1.38% | -0.06% | 0.35% | 0.87% |
EL4W.DE Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF | -1.75% | 15.05% | -2.55% | 5.88% | -6.61% | -8.60% | 8.84% | -0.46% |
Correlation
The correlation between ZPR1.DE and EL4W.DE is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019 | -0.00 |
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Return for Risk
ZPR1.DE vs. EL4W.DE — Risk / Return Rank
ZPR1.DE
EL4W.DE
ZPR1.DE vs. EL4W.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc) (ZPR1.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.
| ZPR1.DE | EL4W.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.43 | ||
| Sortino ratioReturn per unit of downside risk | +5.52 | ||
| Omega ratioGain probability vs. loss probability | 2.30 | 1.01 | +1.28 |
| Calmar ratioReturn relative to maximum drawdown | 9.24 | 0.06 | +9.19 |
| Martin ratioReturn relative to average drawdown | 40.35 | 0.11 | +40.24 |
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Drawdowns
ZPR1.DE vs. EL4W.DE - Drawdown Comparison
The maximum ZPR1.DE drawdown since its inception was -1.92%, smaller than the maximum EL4W.DE drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for ZPR1.DE and EL4W.DE.
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Drawdown Indicators
| ZPR1.DE | EL4W.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.92% | -40.62% | +38.70% |
Max Drawdown (1Y)Largest decline over 1 year | -0.42% | -5.01% | +4.59% |
Max Drawdown (3Y)Largest decline over 3 years | -0.42% | -7.70% | +7.28% |
Max Drawdown (5Y)Largest decline over 5 years | -0.42% | -20.42% | +20.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.86% | — |
Current DrawdownCurrent decline from peak | -0.14% | -22.83% | +22.69% |
Average DrawdownAverage peak-to-trough decline | -0.47% | -21.75% | +21.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 2.45% | -2.35% |
Volatility
ZPR1.DE vs. EL4W.DE - Volatility Comparison
The current volatility for State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc) (ZPR1.DE) is 0.62%, while Deka Deutsche Börse EUROGOV Germany Money Market UCITS ETF (EL4W.DE) has a volatility of 1.19%. This indicates that ZPR1.DE experiences smaller price fluctuations and is considered to be less risky 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
| ZPR1.DE | EL4W.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 1.19% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 0.94% | 4.58% | -3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.11% | 6.32% | -5.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.70% | 7.59% | -6.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.16% | 7.25% | -6.09% |
ZPR1.DE vs. EL4W.DE - Expense Ratio Comparison
ZPR1.DE has a 0.05% 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
ZPR1.DE vs. EL4W.DE - Dividend Comparison
ZPR1.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% |
ZPR1.DE State Street SPDR Bloomberg 1-3 Month T-Bill 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
ZPR1.DE and EL4W.DE have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPR1.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPR1.DE is cheaper with a 0.05% expense ratio, compared with 0.12% for EL4W.DE.
ZPR1.DE tracks Bloomberg US Treasury Bills 1-3 Month Index, while EL4W.DE tracks Deutsche Börse EUROGOV Germany Money Market Index. They also come from different issuers: State Street and Deka. Their fees differ too: 0.05% for ZPR1.DE and 0.12% for EL4W.DE.
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