CB3G.DE vs. XZEB.DE

Last updated Jun 5, 2026

CB3G.DE (Amundi Euro Government tilted Green Bond UCITS ETF Acc) and XZEB.DE (Xtrackers II ESG Eurozone Government Bond UCITS ETF) are both European Government Bonds funds - CB3G.DE tracks the Bloomberg Euro Treasury Green Bond Tilted while XZEB.DE tracks the FTSE ESG Select EMU Government Bond. Both are passively managed. Over the past 3 years, CB3G.DE returned 2.19%/yr vs 1.37%/yr for XZEB.DE. With a 0.97 correlation, they move nearly in lockstep. CB3G.DE charges 0.14%/yr vs 0.15%/yr for XZEB.DE.

Performance

CB3G.DE vs. XZEB.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Amundi Euro Government tilted Green Bond UCITS ETF Acc (CB3G.DE) and Xtrackers II ESG Eurozone Government Bond UCITS ETF (XZEB.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CB3G.DE achieves a 0.09% return, which is significantly lower than XZEB.DE's 0.20% return.

CB3G.DE

• 1D: 0.08%
• 1M: -0.18%
• YTD: 0.09%
• 6M: 0.01%
• 1Y: 0.04%
• 3Y*: 2.19%
• 5Y*: -2.40%
• 10Y*: -0.45%

XZEB.DE

• 1D: 0.07%
• 1M: -0.04%
• YTD: 0.20%
• 6M: 0.18%
• 1Y: -0.32%
• 3Y*: 1.37%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CB3G.DE vs. XZEB.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CB3G.DE Amundi Euro Government tilted Green Bond UCITS ETF Acc	0.09%	0.32%	1.42%	6.80%	-7.02%
XZEB.DE Xtrackers II ESG Eurozone Government Bond UCITS ETF	0.20%	-0.59%	0.01%	5.77%	-7.62%

Correlation

The correlation between CB3G.DE and XZEB.DE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 11, 2022	0.97

The correlation between CB3G.DE and XZEB.DE has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

CB3G.DE vs. XZEB.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CB3G.DE

CB3G.DE Risk / Return Rank: 8
CB3G.DE Sharpe Ratio Rank: 9
CB3G.DE Sortino Ratio Rank: 8
CB3G.DE Omega Ratio Rank: 7
CB3G.DE Calmar Ratio Rank: 8
CB3G.DE Martin Ratio Rank: 8

XZEB.DE

XZEB.DE Risk / Return Rank: 7
XZEB.DE Sharpe Ratio Rank: 7
XZEB.DE Sortino Ratio Rank: 6
XZEB.DE Omega Ratio Rank: 6
XZEB.DE Calmar Ratio Rank: 7
XZEB.DE Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CB3G.DE vs. XZEB.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Euro Government tilted Green Bond UCITS ETF Acc (CB3G.DE) and Xtrackers II ESG Eurozone Government Bond UCITS ETF (XZEB.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.

	CB3G.DE	XZEB.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	-0.17	+0.11
Sortino ratio: Return per unit of downside risk	-0.05	-0.21	+0.16
Omega ratio: Gain probability vs. loss probability	0.99	0.97	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.08	-0.24	+0.16
Martin ratio: Return relative to average drawdown	-0.19	-0.53	+0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CB3G.DE vs. XZEB.DE - Sharpe Ratio Comparison

The current CB3G.DE Sharpe Ratio is -0.06, which is higher than the XZEB.DE Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of CB3G.DE and XZEB.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CB3G.DE	XZEB.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.06	-0.17	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.11	+0.46

Drawdowns

CB3G.DE vs. XZEB.DE - Drawdown Comparison

The maximum CB3G.DE drawdown since its inception was -22.85%, which is greater than XZEB.DE's maximum drawdown of -13.98%. Use the drawdown chart below to compare losses from any high point for CB3G.DE and XZEB.DE.

Drawdown Indicators

	CB3G.DE	XZEB.DE	Difference
Max Drawdown Largest peak-to-trough decline	-22.85%	-13.98%	-8.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-2.97%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-4.18%	-4.45%	+0.27%
Max Drawdown (5Y) Largest decline over 5 years	-21.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.85%	—	—
Current Drawdown Current decline from peak	-14.83%	-7.28%	-7.55%
Average Drawdown Average peak-to-trough decline	-8.43%	-8.40%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	1.33%	+0.05%

Volatility

CB3G.DE vs. XZEB.DE - Volatility Comparison

Amundi Euro Government tilted Green Bond UCITS ETF Acc (CB3G.DE) has a higher volatility of 1.70% compared to Xtrackers II ESG Eurozone Government Bond UCITS ETF (XZEB.DE) at 1.57%. This indicates that CB3G.DE's price experiences larger fluctuations and is considered to be riskier than XZEB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CB3G.DE	XZEB.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	1.57%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	3.68%	3.45%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	4.14%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.47%	6.32%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.68%	6.32%	-0.64%

CB3G.DE vs. XZEB.DE - Expense Ratio Comparison

CB3G.DE has a 0.14% expense ratio, which is lower than XZEB.DE's 0.15% 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

CB3G.DE vs. XZEB.DE - Dividend Comparison

Neither CB3G.DE nor XZEB.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CB3G.DE and XZEB.DE in my portfolio?

With a correlation of 0.97, CB3G.DE and XZEB.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, CB3G.DE or XZEB.DE?

On fees, CB3G.DE is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CB3G.DE or XZEB.DE?

CB3G.DE is cheaper with a 0.14% expense ratio, compared with 0.15% for XZEB.DE.

What is the main difference between CB3G.DE and XZEB.DE?

CB3G.DE tracks Bloomberg Euro Treasury Green Bond Tilted, while XZEB.DE tracks FTSE ESG Select EMU Government Bond. They also come from different issuers: Amundi and Xtrackers. Their fees differ too: 0.14% for CB3G.DE and 0.15% for XZEB.DE.