DBZB.DE vs. IS0Z.DE

Last updated Apr 3, 2026

Compare and contrast key facts about Xtrackers II Global Government Bond UCITS ETF EUR Hedged (DBZB.DE) and iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.DE).

DBZB.DE and IS0Z.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBZB.DE is a passively managed fund by Xtrackers that tracks the performance of the FTSE World Government Bond - Developed Markets (EUR Hedged). It was launched on Oct 20, 2008. IS0Z.DE is a passively managed fund by iShares that tracks the performance of the Bloomberg Global Government AAA-AA Capped Bond. It was launched on Oct 3, 2012. Both DBZB.DE and IS0Z.DE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DBZB.DE vs. IS0Z.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Xtrackers II Global Government Bond UCITS ETF EUR Hedged (DBZB.DE) and iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.DE). The values are adjusted to include any dividend payments, if applicable.

DBZB.DE vs. IS0Z.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBZB.DE Xtrackers II Global Government Bond UCITS ETF EUR Hedged	-0.53%	1.28%	-0.41%	3.56%	-15.11%	-3.19%	4.16%	4.55%	-0.36%	-0.12%
IS0Z.DE iShares Global AAA-AA Government Bond UCITS ETF (Dist)	0.54%	-1.88%	0.75%	4.39%	-16.12%	-0.07%	2.03%	7.04%	1.73%	-3.57%

Returns By Period

In the year-to-date period, DBZB.DE achieves a -0.53% return, which is significantly lower than IS0Z.DE's 0.54% return. Over the past 10 years, DBZB.DE has underperformed IS0Z.DE with an annualized return of -0.93%, while IS0Z.DE has yielded a comparatively higher -0.59% annualized return.

DBZB.DE

• 1D: -0.22%
• 1M: -1.41%
• YTD: -0.53%
• 6M: -0.82%
• 1Y: -0.05%
• 3Y*: 0.34%
• 5Y*: -2.52%
• 10Y*: -0.93%

IS0Z.DE

• 1D: 0.08%
• 1M: -1.60%
• YTD: 0.54%
• 6M: 0.63%
• 1Y: -0.16%
• 3Y*: 0.51%
• 5Y*: -2.49%
• 10Y*: -0.59%

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

DBZB.DE vs. IS0Z.DE - Expense Ratio Comparison

DBZB.DE has a 0.25% expense ratio, which is higher than IS0Z.DE's 0.20% 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%.

DBZB.DE

Xtrackers II Global Government Bond UCITS ETF EUR Hedged

IS0Z.DE

iShares Global AAA-AA Government Bond UCITS ETF (Dist)

Return for Risk

DBZB.DE vs. IS0Z.DE — Risk / Return Rank

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

DBZB.DE

DBZB.DE Risk / Return Rank: 9
DBZB.DE Sharpe Ratio Rank: 11
DBZB.DE Sortino Ratio Rank: 10
DBZB.DE Omega Ratio Rank: 10
DBZB.DE Calmar Ratio Rank: 8
DBZB.DE Martin Ratio Rank: 8

IS0Z.DE

IS0Z.DE Risk / Return Rank: 9
IS0Z.DE Sharpe Ratio Rank: 11
IS0Z.DE Sortino Ratio Rank: 9
IS0Z.DE Omega Ratio Rank: 9
IS0Z.DE Calmar Ratio Rank: 9
IS0Z.DE Martin Ratio Rank: 8

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.

DBZB.DE vs. IS0Z.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Global Government Bond UCITS ETF EUR Hedged (DBZB.DE) and iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.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.

	DBZB.DE	IS0Z.DE	Difference
Sharpe ratio Return per unit of total volatility	-0.01	-0.04	+0.03
Sortino ratio Return per unit of downside risk	0.02	-0.03	+0.04
Omega ratio Gain probability vs. loss probability	1.00	1.00	+0.01
Calmar ratio Return relative to maximum drawdown	-0.23	-0.17	-0.06
Martin ratio Return relative to average drawdown	-0.40	-0.36	-0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBZB.DE vs. IS0Z.DE - Sharpe Ratio Comparison

The current DBZB.DE Sharpe Ratio is -0.01, which is higher than the IS0Z.DE Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of DBZB.DE and IS0Z.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DBZB.DE	IS0Z.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	-0.04	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	-0.40	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.20	-0.10	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.04	+0.19

Correlation

The correlation between DBZB.DE and IS0Z.DE is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DBZB.DE vs. IS0Z.DE - Dividend Comparison

DBZB.DE has not paid dividends to shareholders, while IS0Z.DE's dividend yield for the trailing twelve months is around 2.50%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBZB.DE Xtrackers II Global Government Bond UCITS ETF EUR Hedged	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IS0Z.DE iShares Global AAA-AA Government Bond UCITS ETF (Dist)	2.50%	2.51%	2.30%	1.57%	0.80%	0.47%	0.62%	0.88%	0.90%	0.82%	0.84%	1.06%

Drawdowns

DBZB.DE vs. IS0Z.DE - Drawdown Comparison

The maximum DBZB.DE drawdown since its inception was -21.88%, roughly equal to the maximum IS0Z.DE drawdown of -21.02%. Use the drawdown chart below to compare losses from any high point for DBZB.DE and IS0Z.DE.

Drawdown Indicators

	DBZB.DE	IS0Z.DE	Difference
Max Drawdown Largest peak-to-trough decline	-21.88%	-21.02%	-0.86%
Max Drawdown (1Y) Largest decline over 1 year	-3.37%	-2.50%	-0.87%
Max Drawdown (5Y) Largest decline over 5 years	-19.51%	-19.65%	+0.14%
Max Drawdown (10Y) Largest decline over 10 years	-21.88%	-21.02%	-0.86%
Current Drawdown Current decline from peak	-16.29%	-15.69%	-0.60%
Average Drawdown Average peak-to-trough decline	-5.86%	-7.38%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.16%	+0.79%

Volatility

DBZB.DE vs. IS0Z.DE - Volatility Comparison

Xtrackers II Global Government Bond UCITS ETF EUR Hedged (DBZB.DE) has a higher volatility of 1.67% compared to iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.DE) at 1.51%. This indicates that DBZB.DE's price experiences larger fluctuations and is considered to be riskier than IS0Z.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBZB.DE	IS0Z.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	1.51%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.61%	2.35%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	3.89%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.32%	6.14%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.71%	5.64%	-0.93%