Depends on your definition of “elf,” really.
Most Americans, these days, when someone says “Elf,” they think of actor Orlando Bloom, or at best, a sort of fuzzy mental picture of a slender, attractive blonde person made up to look like the bastard offspring of Robin Hood and Mr. Spock.
“Elf” is the Anglicized version of “Alf,” a Germanic word. The Germans used the word generically, as far as I can determine, to refer to a wide variety of spirits, pixies, dwarfs, elves, boggarts, brownies, and so forth.
The Celts, British, and other folks living in what would become the British Isles eventually adapted the word, as well as a variety of others (“goblin,” for example, is derived from the French “gobelin”).
The pointy-eared folks frolicking in the woods and famous for their bowmanship are descended from one variety of elf/faerie, the Dainoin Sidhe, a sort of fairy nobility, who looked like really attractive humans of incredible skill, nobility, beauty, and so on and so forth.
J.R.R. Tolkien would later borrow the Sidhe and turn them into the Elves of “Lord Of The Rings,” which, after being mined out by the Dungeons And Dragons people, eventually became the archetype for what Americans think of when they think “elf.”
Another definition of “elf” could be “attractive faerie who isn’t especially baneful to humans,” as opposed to “goblin,” which basically refers to “unattractive faerie who is probably baneful to humans,” or “troll,” a more Scandinavian term, which refers to “large unattractive faerie which is very likely baneful to humans, as well as rather carnivorous…”