D5BC.DE vs. H4ZK.DE
D5BC.DE (Xtrackers II Germany Government Bond 1-3 UCITS ETF) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - D5BC.DE tracks the iBoxx® EUR Germany 1-3 while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, D5BC.DE returned 0.47% vs 0.79% for H4ZK.DE. A 0.51 correlation means they provide meaningful diversification when combined. D5BC.DE charges 0.15%/yr vs 0.14%/yr for H4ZK.DE.
Performance
D5BC.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, D5BC.DE achieves a 0.12% return, which is significantly lower than H4ZK.DE's 0.20% return.
D5BC.DE
- 1D
- -0.05%
- 1M
- -0.09%
- 6M
- -0.26%
- YTD
- 0.12%
- 1Y
- 0.47%
- 3Y*
- 2.23%
- 5Y*
- 0.26%
- 10Y*
- -0.26%
H4ZK.DE
- 1D
- 0.10%
- 1M
- -0.10%
- 6M
- 0.00%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
D5BC.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
D5BC.DE Xtrackers II Germany Government Bond 1-3 UCITS ETF | 0.12% | 1.84% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between D5BC.DE and H4ZK.DE is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.51 |
The correlation between D5BC.DE and H4ZK.DE has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.
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Return for Risk
D5BC.DE vs. H4ZK.DE — Risk / Return Rank
D5BC.DE
H4ZK.DE
D5BC.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Germany Government Bond 1-3 UCITS ETF (D5BC.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.
| D5BC.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.13 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | 0.62 | -0.19 |
| Martin ratioReturn relative to average drawdown | 1.23 | 2.06 | -0.84 |
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Drawdowns
D5BC.DE vs. H4ZK.DE - Drawdown Comparison
The maximum D5BC.DE drawdown since its inception was -12.70%, 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 D5BC.DE and H4ZK.DE.
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Drawdown Indicators
| D5BC.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.70% | -1.26% | -11.44% |
Max Drawdown (1Y)Largest decline over 1 year | -1.08% | -1.26% | +0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -1.08% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -6.27% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -9.83% | — | — |
Current DrawdownCurrent decline from peak | -5.75% | -0.29% | -5.46% |
Average DrawdownAverage peak-to-trough decline | -4.94% | -0.19% | -4.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.38% | 0.00% |
Volatility
D5BC.DE vs. H4ZK.DE - Volatility Comparison
Xtrackers II Germany Government Bond 1-3 UCITS ETF (D5BC.DE) has a higher volatility of 0.47% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.41%. This indicates that D5BC.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
| D5BC.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 0.41% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.16% | 1.23% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.37% | 1.38% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.61% | 1.40% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.23% | 1.40% | -0.17% |
D5BC.DE vs. H4ZK.DE - Expense Ratio Comparison
D5BC.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
D5BC.DE vs. H4ZK.DE - Dividend Comparison
D5BC.DE's dividend yield for the trailing twelve months is around 1.26%, while H4ZK.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
D5BC.DE Xtrackers II Germany Government Bond 1-3 UCITS ETF | 1.26% | 0.98% | 0.68% | 0.54% | 1.15% | 0.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.46% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
D5BC.DE and H4ZK.DE have a correlation of 0.43, 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 D5BC.DE.
D5BC.DE tracks iBoxx® EUR Germany 1-3, while H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. They also come from different issuers: Xtrackers and HSBC. Their fees differ too: 0.15% for D5BC.DE and 0.14% for H4ZK.DE.
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