Delivery Hero SE

ISIN DE000A2E4K43

WKN A2E4K4

Market cap (in EUR)

6,642 m

Country

Germany

Sector

Consumer Services

Dividend yield

0.00%

Overview

Quote

Description

Delivery Hero SE is a holding company, which engages in the operation of online food ordering portals. It develops an online platform, providing users with information on local restaurants and their delivery services. The firm offers consumers access to online menu cards, order placement, and payment processing applications. It operates through the following geographical segments: Asia, Middle East and North Africa (MENA), Europe, Americas, and Integrated Verticals. The company was founded by L. Niklas Östberg, Markus Fuhrmann, Lukasz Gadowski, and Kolja Hebenstreit in May 2011 and is headquartered in Berlin, Germany.

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Consumer Services Hospitality Services Germany

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Financials

Key metrics

Market capitalisation, EUR	6,642 m
EPS, EUR	-
P/B ratio	3.0
P/E ratio	-
Dividend yield	0.00%

Income statement (2024)

Revenue, EUR	12,295 m
Net income, EUR	-882 m
Profit margin	-7.18%

What ETF is Delivery Hero SE in?

There are 196 ETFs which contain Delivery Hero SE. All of these ETFs are listed in the table below. The ETF with the largest weighting of Delivery Hero SE is the Xtrackers MDAX ESG Screened UCITS ETF 1D.

ETF	Weight	Investment focus	Fund size (in m EUR)
iShares MSCI World Sector & Country Neutral Equal Weight UCITS ETF USD (Acc)	0.02%	Equity World Equal Weighted	9
UBS Core MSCI World UCITS ETF hCHF acc	0.00%	Equity World	796
Xtrackers Portfolio UCITS ETF 1C	0.00%	Equity World Multi-Asset Strategy	689
iShares Core MSCI Europe UCITS ETF EUR (Acc)	0.03%	Equity Europe	14,871
Invesco MSCI World Equal Weight UCITS ETF Acc	0.07%	Equity World Equal Weighted	1,055
iShares Moderate Portfolio UCITS ETF EUR (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	37
Amundi MSCI EMU ESG Broad Transition UCITS ETF Acc	0.05%	Equity Europe Social/Environmental Climate Change	1,122
iShares EURO STOXX Mid UCITS ETF	0.61%	Equity Europe Mid Cap	604
UBS Core MSCI Europe UCITS ETF EUR dis	0.03%	Equity Europe	1,051
Xtrackers MSCI World ex USA UCITS ETF 1C	0.02%	Equity World	4,833
iShares Moderate Portfolio UCITS ETF GBP Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	16
Amundi F.A.Z. 100 UCITS ETF Dist	0.22%	Equity Germany	102
UBS Core MSCI World UCITS ETF USD dis	0.00%	Equity World	1,342
UBS MSCI World ex USA UCITS ETF USD acc	0.02%	Equity World	81
Vanguard LifeStrategy 40% Equity UCITS ETF Distributing	0.00%	Equity World Multi-Asset Strategy	35
iShares MSCI ACWI UCITS ETF USD (Dist)	0.01%	Equity World	2
Invesco MDAX UCITS ETF A	2.50%	Equity Germany Mid Cap	1,186
iShares MSCI EMU ESG Enhanced CTB UCITS ETF EUR (Dist)	0.18%	Equity Europe Social/Environmental	475
Xtrackers MSCI AC World Screened UCITS ETF 2C - EUR Hedged	0.00%	Equity World Social/Environmental	70
Vanguard ESG Global All Cap UCITS ETF (USD) Distributing	0.01%	Equity World Social/Environmental	485
Scalable MSCI AC World Xtrackers UCITS ETF 1C	0.00%	Equity World	433
Amundi MSCI Europe ESG Broad Transition UCITS ETF EUR Hedged Acc	0.02%	Equity Europe Social/Environmental Climate Change	61
Invesco MSCI Europe Equal Weight UCITS ETF Acc	0.20%	Equity Europe Equal Weighted	369
Amundi Core Stoxx Europe 600 UCITS ETF Acc	0.03%	Equity Europe	16,671
Xtrackers Stoxx Europe 600 UCITS ETF 2C - EUR Hedged	0.04%	Equity Europe	11
Amundi MSCI Europe UCITS ETF Acc	0.03%	Equity Europe	625
UBS Core MSCI EMU UCITS ETF hUSD acc	0.06%	Equity Europe	1,072
iShares MSCI EMU Screened UCITS ETF EUR (Dist)	0.07%	Equity Europe Social/Environmental	675
Vanguard LifeStrategy 20% Equity UCITS ETF Distributing	0.00%	Equity World Multi-Asset Strategy	15
SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.00%	Equity World	65
Xtrackers MSCI World UCITS ETF 1D	0.01%	Equity World	4,581
iShares MSCI Europe Climate Transition Aware UCITS ETF EUR (Dist)	0.05%	Equity Europe Social/Environmental Climate Change	1
Xtrackers World Small Cap Green Tech Innovators UCITS ETF 1C	2.19%	Equity World Small Cap Innovation	46
UBS MSCI ACWI Universal UCITS ETF USD dis	0.00%	Equity World Social/Environmental	1,980
HSBC MSCI World UCITS ETF EUR Hedged (Acc)	0.00%	Equity World	693
iShares MSCI Europe Mid Cap UCITS ETF	0.23%	Equity Europe Mid Cap	22
Vanguard LifeStrategy 40% Equity UCITS ETF Accumulating	0.00%	Equity World Multi-Asset Strategy	202
iShares Core MSCI Europe UCITS ETF EUR (Dist)	0.03%	Equity Europe	10,880
Vanguard ESG Developed Europe All Cap UCITS ETF (EUR) Accumulating	0.05%	Equity Europe Social/Environmental	133
First Trust Dow Jones International Internet UCITS ETF Acc	0.42%	Equity World Technology	6
Amundi MSCI Europe Growth UCITS ETF Dist	0.06%	Equity Europe Growth	81
Amundi Core MSCI EMU UCITS ETF Dist	0.05%	Equity Europe	594
iShares MSCI EMU UCITS ETF GBP Hedged (Dist)	0.06%	Equity Europe	658
Amundi Core MSCI Europe UCITS ETF Acc	0.03%	Equity Europe	4,027
Xtrackers Portfolio Income UCITS ETF 1D	0.00%	Equity World Multi-Asset Strategy	60
iShares Core MSCI EMU UCITS ETF EUR (Dist)	0.06%	Equity Europe	458
Vanguard LifeStrategy 80% Equity UCITS ETF (EUR) Accumulating	0.01%	Equity World Multi-Asset Strategy	920
iShares Growth Portfolio UCITS ETF GBP Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	20
Xtrackers MSCI EMU UCITS ETF 1D	0.06%	Equity Europe	1,931
HSBC MSCI World UCITS ETF USD	0.00%	Equity World	12,434
Amundi MSCI Europe Growth UCITS ETF - EUR (C)	0.06%	Equity Europe Growth	161
Xtrackers MDAX ESG Screened UCITS ETF 1D	2.87%	Equity Germany Mid Cap	91
UBS MSCI ACWI Universal UCITS ETF hCHF dis	0.00%	Equity World Social/Environmental	59
UBS Core MSCI World UCITS ETF hGBP dis	0.00%	Equity World	128
UBS MSCI ACWI Universal UCITS ETF hCHF acc	0.00%	Equity World Social/Environmental	1,402
Vanguard LifeStrategy 80% Equity UCITS ETF Distributing	0.01%	Equity World Multi-Asset Strategy	68
UBS Core MSCI World UCITS ETF hEUR acc	0.00%	Equity World	399
iShares Core MSCI EMU UCITS ETF EUR (Acc)	0.06%	Equity Europe	6,134
iShares Conservative Portfolio UCITS ETF EUR (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	15
Franklin FTSE Developed World UCITS ETF USD Capitalisation	0.01%	Equity World	17
Amundi Core Stoxx Europe 600 UCITS ETF USD Hedged Acc	0.03%	Equity Europe	122
iShares Core MSCI World UCITS ETF GBP Hedged (Dist)	0.00%	Equity World	982
Amundi Core MSCI World UCITS ETF Acc	0.00%	Equity World	12,216
iShares MSCI Emerging Markets Consumer Growth UCITS ETF USD (Acc)	0.09%	Equity World Consumer Discretionary	39
HSBC MSCI Europe UCITS ETF EUR (Acc)	0.03%	Equity Europe	83
Xtrackers MSCI EMU Climate Transition UCITS ETF 1C	0.03%	Equity Europe Social/Environmental Climate Change	17
iShares MSCI World Climate Transition Aware UCITS ETF USD (Acc)	0.01%	Equity World Social/Environmental Climate Change	6
HANetf EMQQ Emerging Markets Internet UCITS ETF	0.63%	Equity Emerging Markets Social/Environmental E-commerce	114
Vanguard LifeStrategy 60% Equity UCITS ETF Accumulating	0.01%	Equity World Multi-Asset Strategy	712
iShares Moderate Portfolio UCITS ETF USD Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	6
Xtrackers MSCI World UCITS ETF 2D - GBP Hedged	0.01%	Equity World	364
UBS Core MSCI Europe UCITS ETF hEUR acc	0.03%	Equity Europe	129
iShares Core MSCI World UCITS ETF USD (Acc)	0.00%	Equity World	110,458
iShares MSCI EMU Climate Transition Aware UCITS ETF EUR (Dist)	0.10%	Equity Europe Social/Environmental Climate Change	0
Xtrackers Stoxx Europe 600 UCITS ETF 1D	0.04%	Equity Europe	985
iShares MSCI World Climate Transition Aware UCITS ETF USD (Dist)	0.01%	Equity World Social/Environmental Climate Change	2
UBS MSCI EMU Universal UCITS ETF EUR acc	0.07%	Equity Europe Social/Environmental Climate Change	204
iShares Growth Portfolio UCITS ETF EUR (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	78
Amundi Core MSCI Europe UCITS ETF Dist	0.03%	Equity Europe	688
SPDR MSCI World UCITS ETF EUR Hedged (Acc)	0.00%	Equity World	675
Amundi Core MSCI World UCITS ETF EUR Hedged Acc	0.00%	Equity World	40
Vanguard FTSE All-World UCITS ETF (USD) Distributing	0.01%	Equity World	19,333
SPDR MSCI All Country World UCITS ETF (Acc)	0.00%	Equity World	8,095
iShares Growth Portfolio UCITS ETF USD Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	1
UBS Core MSCI Europe UCITS ETF hCHF acc	0.03%	Equity Europe	112
UBS MSCI World ex Mega Cap UCITS ETF USD acc	0.01%	Equity World	32
Vanguard FTSE Developed Europe UCITS ETF Distributing	0.04%	Equity Europe	4,469
Amundi MSCI World Ex USA UCITS ETF Dist	0.02%	Equity World	109
iShares MSCI World ESG Enhanced CTB UCITS ETF EUR Hedged (Acc)	0.00%	Equity World Social/Environmental	213
iShares MSCI World ESG Enhanced CTB UCITS ETF USD (Dist)	0.00%	Equity World Social/Environmental	976
Vanguard ESG Global All Cap UCITS ETF (USD) Accumulating	0.01%	Equity World Social/Environmental	732
Amundi MSCI Europe ESG Broad Transition UCITS ETF - EUR (D)	0.02%	Equity Europe Social/Environmental Climate Change	23
Amundi MSCI World Screened UCITS ETF Acc	0.01%	Equity World Social/Environmental	1,051
Amundi MSCI World Ex USA UCITS ETF Acc	0.02%	Equity World	537
Vanguard LifeStrategy 60% Equity UCITS ETF Distributing	0.01%	Equity World Multi-Asset Strategy	92
UBS Core MSCI World UCITS ETF USD acc	0.00%	Equity World	7,035
iShares Core MSCI World UCITS ETF USD (Dist)	0.00%	Equity World	488
iShares MDAX® UCITS ETF (DE) EUR (Dist)	2.85%	Equity Germany Mid Cap	53
iShares MSCI Europe Mid Cap UCITS ETF EUR (Acc)	0.20%	Equity Europe Mid Cap	514
Xtrackers STOXX Europe 600 UCITS ETF 1C	0.04%	Equity Europe	3,563
UBS MSCI World UCITS ETF USD dis	0.00%	Equity World	1,334
Vanguard FTSE Developed World UCITS ETF Acc	0.01%	Equity World	4,944
UBS Core MSCI EMU UCITS ETF EUR dis	0.06%	Equity Europe	1,655
SPDR MSCI All Country World Investable Market UCITS ETF (Acc)	0.00%	Equity World	4,339
SPDR MSCI World UCITS ETF	0.00%	Equity World	14,071
Vanguard FTSE Developed Europe ex UK UCITS ETF (EUR) Distributing	0.05%	Equity Europe	3,265
Invesco MSCI Europe Equal Weight UCITS ETF Dist	0.20%	Equity Europe Equal Weighted	167
SPDR MSCI All Country World Investable Market UCITS ETF (Dist)	0.00%	Equity World	81
Amundi MSCI Europe Screened UCITS ETF (Acc)	0.04%	Equity Europe Social/Environmental	394
iShares MSCI EMU ESG Enhanced CTB UCITS ETF EUR (Acc)	0.18%	Equity Europe Social/Environmental	2,927
Vanguard FTSE Developed World UCITS ETF Distributing	0.01%	Equity World	3,513
Xtrackers MSCI World Consumer Discretionary UCITS ETF 1C	0.05%	Equity World Consumer Discretionary	243
iShares Core MSCI EMU UCITS ETF USD Hedged (Acc)	0.06%	Equity Europe	603
iShares MSCI World Consumer Discretionary Sector Advanced UCITS ETF USD (Dist)	0.03%	Equity World Consumer Discretionary	51
iShares MSCI EMU Screened UCITS ETF EUR (Acc)	0.08%	Equity Europe Social/Environmental	1,446
UBS MSCI ACWI Universal UCITS ETF hEUR acc	0.00%	Equity World Social/Environmental	786
iShares MSCI Europe Climate Transition Aware UCITS ETF EUR (Acc)	0.05%	Equity Europe Social/Environmental Climate Change	6
Xtrackers MSCI World ex USA UCITS ETF 1D	0.02%	Equity World	206
Xtrackers MSCI World UCITS ETF 2C - EUR Hedged	0.01%	Equity World	361
Xtrackers MSCI Europe Screened UCITS ETF 1C	0.03%	Equity Europe Social/Environmental	80
SPDR MSCI World UCITS ETF GBP Hedged (Dist)	0.00%	Equity World	259
Xtrackers MSCI World Screened UCITS ETF 1D	0.01%	Equity World Social/Environmental	119
Xtrackers MSCI AC World Screened UCITS ETF 1C	0.00%	Equity World Social/Environmental	5,125
iShares Conservative Portfolio UCITS ETF USD Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	0
UBS Core MSCI EMU UCITS ETF hCHF acc	0.06%	Equity Europe	770
iShares MSCI World Screened UCITS ETF USD (Dist)	0.00%	Equity World Social/Environmental	978
iShares MSCI Europe ex-UK GBP Hedged UCITS ETF	0.04%	Equity Europe	192
iShares MSCI Europe Consumer Discretionary Sector UCITS ETF EUR (Acc)	0.43%	Equity Europe Consumer Discretionary	142
HSBC MSCI World UCITS ETF CHF hedged	0.00%	Equity World	53
iShares MSCI World Mid-Cap Equal Weight UCITS ETF USD (Acc)	0.14%	Equity World Mid Cap	369
iShares MSCI World Screened UCITS ETF USD (Acc)	0.00%	Equity World Social/Environmental	4,874
Amundi Core MSCI World UCITS ETF USD Dist	0.00%	Equity World	1,354
UBS MSCI ACWI Universal UCITS ETF hGBP acc	0.00%	Equity World Social/Environmental	284
iShares MSCI ACWI Screened UCITS ETF USD (Acc)	0.01%	Equity World Social/Environmental	178
Xtrackers MSCI EMU UCITS ETF 3C CHF hedged	0.06%	Equity Europe	84
iShares Core MSCI Europe UCITS ETF EUR (Acc)	0.03%	Equity Europe	1,475
Amundi Core Stoxx Europe 600 UCITS ETF EUR Hedged Dist	0.03%	Equity Europe	48
UBS MSCI ACWI Universal UCITS ETF hJPY acc	0.00%	Equity World Social/Environmental	107
HSBC MSCI Europe UCITS ETF EUR	0.03%	Equity Europe	333
iShares MSCI World UCITS ETF (Dist)	0.00%	Equity World	7,331
Amundi MSCI EMU ESG Broad Transition UCITS ETF Dist	0.05%	Equity Europe Social/Environmental Climate Change	124
iShares Core MSCI World UCITS ETF EUR Hedged (Dist)	0.00%	Equity World	1,607
Xtrackers MSCI EMU UCITS ETF 1C - USD Hedged	0.06%	Equity Europe	295
Xtrackers Europe Equity Enhanced Active UCITS ETF 1C	0.07%	Equity Europe Social/Environmental	63
UBS Core MSCI EMU UCITS ETF hGBP dis	0.06%	Equity Europe	72
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.01%	Equity World	29,558
HSBC MSCI World UCITS ETF USD (Acc)	0.00%	Equity World	1,498
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Distributing	0.00%	Equity World Multi-Factor Strategy	162
iShares MSCI World ESG Enhanced CTB UCITS ETF USD (Acc)	0.00%	Equity World Social/Environmental	3,818
Xtrackers MSCI World UCITS ETF 3C - CHF Hedged	0.01%	Equity World	43
Amundi Core MSCI EMU UCITS ETF Acc	0.05%	Equity Europe	298
Xtrackers MSCI AC World Screened UCITS ETF 5C - USD Hedged	0.00%	Equity World Social/Environmental	1
UBS Core MSCI World UCITS ETF hGBP acc	0.00%	Equity World	38
Amundi MSCI Europe ESG Broad Transition UCITS ETF - EUR (C)	0.02%	Equity Europe Social/Environmental Climate Change	2,442
iShares MSCI ACWI UCITS ETF USD (Acc)	0.01%	Equity World	22,563
iShares MSCI Europe Screened UCITS ETF EUR (Acc)	0.04%	Equity Europe Social/Environmental	4,671
SPDR MSCI EMU UCITS ETF	0.07%	Equity Europe	314
SPDR MSCI World Consumer Discretionary UCITS ETF	0.07%	Equity World Consumer Discretionary	58
SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.00%	Equity World	1,062
UBS ETF (LU) MSCI EMU UCITS ETF (EUR) A-UKdis	0.06%	Equity Europe	115
iShares MSCI EMU Mid Cap UCITS ETF	0.41%	Equity Europe Mid Cap	478
Xtrackers MSCI Europe UCITS ETF 2C USD hedged	0.04%	Equity Europe	250
Vanguard Germany All Cap UCITS ETF (EUR) Distributing	0.26%	Equity Germany	267
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Accumulating	0.00%	Equity World Multi-Factor Strategy	913
iShares MSCI World EUR Hedged UCITS ETF (Acc)	0.00%	Equity World	4,827
iShares Edge MSCI Europe Size Factor UCITS ETF	0.49%	Equity Europe Mid Cap	32
iShares MDAX UCITS ETF (DE)	2.85%	Equity Germany Mid Cap	2,336
iShares MSCI Europe ex-UK UCITS ETF	0.04%	Equity Europe	1,301
Xtrackers MSCI Europe Climate Transition UCITS ETF 1C	0.01%	Equity Europe Social/Environmental Climate Change	13
Vanguard LifeStrategy 20% Equity UCITS ETF Accumulating	0.00%	Equity World Multi-Asset Strategy	92
iShares MSCI EMU Climate Transition Aware UCITS ETF EUR (Acc)	0.10%	Equity Europe Social/Environmental Climate Change	4
Xtrackers MSCI Europe UCITS ETF 1D	0.03%	Equity Europe	139
Xtrackers MSCI EMU Screened UCITS ETF 1D	0.06%	Equity Europe Social/Environmental	11
Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF	0.03%	Equity Europe Social/Environmental Climate Change	37
Xtrackers MSCI World UCITS ETF 1C	0.01%	Equity World	16,479
iShares MSCI Europe ESG Enhanced CTB UCITS ETF EUR (Acc)	0.10%	Equity Europe Social/Environmental	2,183
Vanguard ESG Developed Europe All Cap UCITS ETF (EUR) Distributing	0.05%	Equity Europe Social/Environmental	35
iShares MSCI World GBP Hedged UCITS ETF (Acc)	0.00%	Equity World	475
iShares Conservative Portfolio UCITS ETF GBP Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	3
UBS Core MSCI EMU UCITS ETF hUSD dis	0.06%	Equity Europe	16
SPDR MSCI Europe Consumer Discretionary UCITS ETF	0.43%	Equity Europe Consumer Discretionary	66
UBS Core MSCI Europe UCITS ETF EUR acc	0.03%	Equity Europe	176
Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	0.04%	Equity Europe	2,293
iShares MSCI Europe Screened UCITS ETF EUR (Dist)	0.04%	Equity Europe Social/Environmental	456
iShares MSCI World Screened UCITS ETF GBP Hedged (Dist)	0.00%	Equity World Social/Environmental	84
UBS MSCI ACWI Universal UCITS ETF hUSD acc	0.00%	Equity World Social/Environmental	1,184
Xtrackers MSCI Europe UCITS ETF 1C	0.03%	Equity Europe	7,315
Xtrackers MSCI EMU UCITS ETF 2C GBP hedged	0.06%	Equity Europe	22
SPDR MSCI Europe UCITS ETF	0.03%	Equity Europe	391
iShares MSCI EMU USD Hedged UCITS ETF (Acc)	0.06%	Equity Europe	224
iShares MSCI Europe ESG Enhanced CTB UCITS ETF EUR (Dist)	0.09%	Equity Europe Social/Environmental	4,431
UBS Core MSCI EMU UCITS ETF hGBP acc	0.06%	Equity Europe	33
UBS Core MSCI EMU UCITS ETF EUR acc	0.06%	Equity Europe	3,817
iShares MSCI EMU CHF Hedged UCITS ETF (Acc)	0.06%	Equity Europe	158
Vanguard FTSE Developed Europe ex UK UCITS ETF (EUR) Accumulating	0.05%	Equity Europe	1,233
iShares MSCI World ex-USA UCITS ETF USD (Acc)	0.02%	Equity World	2,191

Performance

Returns overview

YTD	-9.09%
1 month	-17.91%
3 months	+22.60%
6 months	-10.31%
1 year	-32.70%
3 years	-50.30%
5 years	-83.35%
Since inception (MAX)	-24.39%
2025	-11.40%
2024	+2.90%
2023	-45.70%
2022	-51.21%

Monthly returns in a heat map

Risk

Risk metrics in this section:

Volatility, annualised, measured for 1, 3 and 5 year periods. The annualised volatility reflects the degree of price fluctuations during a one year period. The higher the volatility, the more significantly the price of the asset (stock, ETF, etc.) has changed in the past. Assets with higher volatility are generally considered more risky. We calculate the volatility based on the data for the past 1, 3 and 5 years so that you can see if price fluctuations for the ETF became stronger or weaker over time.
Return per risk for 1, 3 and 5 year periods. This is the annualised (i.e. converted to a one year period) past return divided by the past annualised volatility. The metric puts the historical return of an asset in relation to its historical risk and gives you a retrospective indication of the degree of price fluctuation you had to bear with in order to obtain the return. We calculate this parameter for 1, 3 and 5 year periods to display its evolution over time.
Maximum drawdown for a period. This shows the worst possible loss an investor could have suffered during the respective period, by first buying and subsequently selling the asset at the least favourable prices. For example, if there was the following sequence of daily ETF prices: 10€, 5€, 12€, 20€, an investor would have suffered the worst loss by buying for 10€ and subsequently selling for 5€. Therefore in this case the maximum drawdown would be (5€ - 10€)/10€ = -50%.

ETF returns include dividend payments (if applicable).