4GLD.DE vs. AYE2.DE
4GLD.DE (Xetra-Gold) and AYE2.DE (iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc) are both exchange-traded funds - 4GLD.DE is a Gold fund tracking the LBMA Gold Price, while AYE2.DE is a European High Yield Bonds fund tracking the Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond. Both are passively managed. Over the past 5 years, 4GLD.DE returned 18.62%/yr vs 2.33%/yr for AYE2.DE. At a 0.05 correlation, their price movements are largely independent. 4GLD.DE charges 0.00%/yr vs 0.25%/yr for AYE2.DE.
Performance
4GLD.DE vs. AYE2.DE - Performance Comparison
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Returns By Period
In the year-to-date period, 4GLD.DE achieves a -2.63% return, which is significantly lower than AYE2.DE's 0.86% return.
4GLD.DE
- 1D
- 2.93%
- 1M
- -9.07%
- YTD
- -2.63%
- 6M
- -0.59%
- 1Y
- 24.49%
- 3Y*
- 26.47%
- 5Y*
- 18.62%
- 10Y*
- 12.28%
AYE2.DE
- 1D
- 0.68%
- 1M
- 0.68%
- YTD
- 0.86%
- 6M
- 1.55%
- 1Y
- 3.88%
- 3Y*
- 6.76%
- 5Y*
- 2.33%
- 10Y*
- —
4GLD.DE vs. AYE2.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
4GLD.DE Xetra-Gold | -2.63% | 49.32% | 34.57% | 9.33% | 7.12% | 9.55% |
AYE2.DE iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc | 0.86% | 5.80% | 6.36% | 10.90% | -10.69% | 0.96% |
Correlation
The correlation between 4GLD.DE and AYE2.DE is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | 0.05 |
The correlation between 4GLD.DE and AYE2.DE shifts across timeframes, from 0.05 (5 years) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
4GLD.DE vs. AYE2.DE — Risk / Return Rank
4GLD.DE
AYE2.DE
4GLD.DE vs. AYE2.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xetra-Gold (4GLD.DE) and iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.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.
| 4GLD.DE | AYE2.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.13 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | 1.04 | +0.09 |
| Martin ratioReturn relative to average drawdown | 3.41 | 4.24 | -0.82 |
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Drawdowns
4GLD.DE vs. AYE2.DE - Drawdown Comparison
The maximum 4GLD.DE drawdown since its inception was -36.79%, which is greater than AYE2.DE's maximum drawdown of -16.48%. Use the drawdown chart below to compare losses from any high point for 4GLD.DE and AYE2.DE.
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Drawdown Indicators
| 4GLD.DE | AYE2.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.79% | -16.48% | -20.31% |
Max Drawdown (1Y)Largest decline over 1 year | -21.73% | -3.73% | -18.00% |
Max Drawdown (3Y)Largest decline over 3 years | -21.73% | -3.73% | -18.00% |
Max Drawdown (5Y)Largest decline over 5 years | -21.73% | -16.48% | -5.25% |
Max Drawdown (10Y)Largest decline over 10 years | -21.73% | — | — |
Current DrawdownCurrent decline from peak | -19.44% | -0.17% | -19.27% |
Average DrawdownAverage peak-to-trough decline | -12.03% | -3.93% | -8.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.11% | 0.91% | +6.20% |
Volatility
4GLD.DE vs. AYE2.DE - Volatility Comparison
Xetra-Gold (4GLD.DE) has a higher volatility of 6.93% compared to iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.DE) at 1.44%. This indicates that 4GLD.DE's price experiences larger fluctuations and is considered to be riskier than AYE2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 4GLD.DE | AYE2.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.93% | 1.44% | +5.49% |
Volatility (6M)Calculated over the trailing 6-month period | 20.81% | 4.52% | +16.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.70% | 5.67% | +18.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.29% | 5.78% | +10.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.56% | 5.69% | +8.87% |
4GLD.DE vs. AYE2.DE - Expense Ratio Comparison
4GLD.DE has a 0.00% expense ratio, which is lower than AYE2.DE's 0.25% 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
4GLD.DE vs. AYE2.DE - Dividend Comparison
Neither 4GLD.DE nor AYE2.DE has paid dividends to shareholders.
Frequently Asked Questions
4GLD.DE and AYE2.DE have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 4GLD.DE is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
4GLD.DE is cheaper with a 0.00% expense ratio, compared with 0.25% for AYE2.DE.
4GLD.DE is categorized as Gold, while AYE2.DE is European High Yield Bonds. 4GLD.DE tracks LBMA Gold Price, while AYE2.DE tracks Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond. They also come from different issuers: Deutsche Börse Commodities and iShares. Their fees differ too: 0.00% for 4GLD.DE and 0.25% for AYE2.DE.
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