Interband optical transitions are observed in a series of strain-adjusted, short-period Si/Ge superlattices by means of photocurrent spectroscopy, infrared absorption, photo (PL)- and electroluminescence (EL). The onsets of the interband absorption in the energy range of 0.7 - 0.9 eV are in good agreement with the observed PL and EL. Bandgap-related EL is observed in mesa diodes at room temperature, whereas the PL disappears at about 40K. In samples, annealed at growth temperatures (550°C) and higher, a systematic shift of the bandgap is observed which is discussed in terms of a process involving interdiffusion of the Si and Ge atoms. Photocurrent measurements at low temperatures support the model from PL studies suggesting that the photogenerated electrons are immobile in the SLS at low temperatures and have to be thermally ionized from shallow levels.