ASRE.DE vs. H4ZK.DE
ASRE.DE (BNP Paribas Easy JPM ESG EMU Government Bond IG 3-5Y UCITS ETF) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - ASRE.DE tracks the J.P. Morgan ESG EMU Government Bond IG 3-5 Year while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, ASRE.DE returned 0.29% vs 0.79% for H4ZK.DE. A 0.54 correlation means they provide meaningful diversification when combined. ASRE.DE charges 0.15%/yr vs 0.14%/yr for H4ZK.DE.
Performance
ASRE.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ASRE.DE achieves a -0.26% return, which is significantly lower than H4ZK.DE's 0.20% return.
ASRE.DE
- 1D
- 0.00%
- 1M
- -0.58%
- 6M
- -0.50%
- YTD
- -0.26%
- 1Y
- 0.29%
- 3Y*
- 2.69%
- 5Y*
- -0.43%
- 10Y*
- —
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ASRE.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ASRE.DE BNP Paribas Easy JPM ESG EMU Government Bond IG 3-5Y UCITS ETF | -0.26% | 2.82% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between ASRE.DE and H4ZK.DE is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.54 |
The correlation between ASRE.DE and H4ZK.DE has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.
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Return for Risk
ASRE.DE vs. H4ZK.DE — Risk / Return Rank
ASRE.DE
H4ZK.DE
ASRE.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BNP Paribas Easy JPM ESG EMU Government Bond IG 3-5Y UCITS ETF (ASRE.DE) and HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.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.
| ASRE.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.13 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | 0.62 | -0.50 |
| Martin ratioReturn relative to average drawdown | 0.30 | 2.06 | -1.76 |
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Drawdowns
ASRE.DE vs. H4ZK.DE - Drawdown Comparison
The maximum ASRE.DE drawdown since its inception was -12.01%, which is greater than H4ZK.DE's maximum drawdown of -1.26%. Use the drawdown chart below to compare losses from any high point for ASRE.DE and H4ZK.DE.
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Drawdown Indicators
| ASRE.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.01% | -1.26% | -10.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -1.26% | -1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -2.40% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.01% | — | — |
Current DrawdownCurrent decline from peak | -2.55% | -0.29% | -2.26% |
Average DrawdownAverage peak-to-trough decline | -5.08% | -0.19% | -4.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.38% | +0.56% |
Volatility
ASRE.DE vs. H4ZK.DE - Volatility Comparison
BNP Paribas Easy JPM ESG EMU Government Bond IG 3-5Y UCITS ETF (ASRE.DE) has a higher volatility of 0.71% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.40%. This indicates that ASRE.DE's price experiences larger fluctuations and is considered to be riskier than H4ZK.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ASRE.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.40% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | 1.23% | +1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.62% | 1.38% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.62% | 1.39% | +2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.48% | 1.39% | +2.09% |
ASRE.DE vs. H4ZK.DE - Expense Ratio Comparison
ASRE.DE has a 0.15% expense ratio, which is higher than H4ZK.DE's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ASRE.DE vs. H4ZK.DE - Dividend Comparison
Neither ASRE.DE nor H4ZK.DE has paid dividends to shareholders.
Frequently Asked Questions
ASRE.DE and H4ZK.DE have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, H4ZK.DE is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H4ZK.DE is cheaper with a 0.14% expense ratio, compared with 0.15% for ASRE.DE.
ASRE.DE tracks J.P. Morgan ESG EMU Government Bond IG 3-5 Year, while H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. They also come from different issuers: BNP Paribas and HSBC. Their fees differ too: 0.15% for ASRE.DE and 0.14% for H4ZK.DE.
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