AYE2.DE vs. XZHE.DE
AYE2.DE (iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc) and XZHE.DE (Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C) are both European High Yield Bonds funds - AYE2.DE tracks the Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond while XZHE.DE tracks the Bloomberg Pan Euro HY Euro TR EUR. Both are passively managed. Over the past 3 years, AYE2.DE returned 6.88%/yr vs 6.40%/yr for XZHE.DE. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.
Performance
AYE2.DE vs. XZHE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, AYE2.DE achieves a 0.71% return, which is significantly higher than XZHE.DE's 0.54% return.
AYE2.DE
- 1D
- -0.10%
- 1M
- 0.88%
- YTD
- 0.71%
- 6M
- 1.00%
- 1Y
- 3.78%
- 3Y*
- 6.88%
- 5Y*
- 2.45%
- 10Y*
- —
XZHE.DE
- 1D
- 0.00%
- 1M
- 1.20%
- YTD
- 0.54%
- 6M
- 1.06%
- 1Y
- 3.64%
- 3Y*
- 6.40%
- 5Y*
- —
- 10Y*
- —
AYE2.DE vs. XZHE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AYE2.DE iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc | 0.71% | 5.88% | 6.36% | 10.77% | 2.99% |
XZHE.DE Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C | 0.54% | 5.48% | 5.98% | 9.94% | 2.99% |
Correlation
The correlation between AYE2.DE and XZHE.DE is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022 | 0.82 |
The correlation between AYE2.DE and XZHE.DE has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.
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Return for Risk
AYE2.DE vs. XZHE.DE — Risk / Return Rank
AYE2.DE
XZHE.DE
AYE2.DE vs. XZHE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.DE) and Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C (XZHE.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.
| AYE2.DE | XZHE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.17 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 0.92 | +0.29 |
| Martin ratioReturn relative to average drawdown | 5.15 | 3.44 | +1.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AYE2.DE | XZHE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 0.81 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.12 | -0.67 |
Drawdowns
AYE2.DE vs. XZHE.DE - Drawdown Comparison
The maximum AYE2.DE drawdown since its inception was -16.48%, which is greater than XZHE.DE's maximum drawdown of -7.83%. Use the drawdown chart below to compare losses from any high point for AYE2.DE and XZHE.DE.
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Drawdown Indicators
| AYE2.DE | XZHE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.48% | -7.83% | -8.65% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -3.94% | +0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -3.69% | -3.99% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -16.48% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | -0.55% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -3.96% | -0.99% | -2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 1.05% | -0.32% |
Volatility
AYE2.DE vs. XZHE.DE - Volatility Comparison
The current volatility for iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.DE) is 0.98%, while Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C (XZHE.DE) has a volatility of 1.07%. This indicates that AYE2.DE experiences smaller price fluctuations and is considered to be less risky than XZHE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AYE2.DE | XZHE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.07% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 4.04% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.58% | 4.48% | -0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 5.65% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.26% | 5.65% | -0.39% |
AYE2.DE vs. XZHE.DE - Expense Ratio Comparison
Both AYE2.DE and XZHE.DE have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
AYE2.DE vs. XZHE.DE - Dividend Comparison
Neither AYE2.DE nor XZHE.DE has paid dividends to shareholders.
Frequently Asked Questions
AYE2.DE and XZHE.DE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
AYE2.DE and XZHE.DE have the same expense ratio: 0.25% per year.
AYE2.DE tracks Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond, while XZHE.DE tracks Bloomberg Pan Euro HY Euro TR EUR. They also come from different issuers: iShares and DWS.
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