EL4K.DE vs. H4ZK.DE
EL4K.DE (Deka iBoxx EUR Liquid Sovereign Diversified 1-10 UCITS ETF) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - EL4K.DE tracks the iBoxx® EUR Liquid Sovereigns Diversified 1-10 while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, EL4K.DE returned 0.26% vs 0.79% for H4ZK.DE. A 0.53 correlation means they provide meaningful diversification when combined. EL4K.DE charges 0.15%/yr vs 0.14%/yr for H4ZK.DE.
Performance
EL4K.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EL4K.DE achieves a -0.25% return, which is significantly lower than H4ZK.DE's 0.20% return.
EL4K.DE
- 1D
- 0.00%
- 1M
- -1.02%
- 6M
- -0.66%
- YTD
- -0.25%
- 1Y
- 0.26%
- 3Y*
- 2.45%
- 5Y*
- -2.29%
- 10Y*
- -0.42%
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EL4K.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
EL4K.DE Deka iBoxx EUR Liquid Sovereign Diversified 1-10 UCITS ETF | -0.25% | 2.76% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between EL4K.DE and H4ZK.DE is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.53 |
The correlation between EL4K.DE and H4ZK.DE has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.
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Return for Risk
EL4K.DE vs. H4ZK.DE — Risk / Return Rank
EL4K.DE
H4ZK.DE
EL4K.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Deka iBoxx EUR Liquid Sovereign Diversified 1-10 UCITS ETF (EL4K.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.
| EL4K.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.13 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.08 | 0.62 | -0.54 |
| Martin ratioReturn relative to average drawdown | 0.19 | 2.06 | -1.87 |
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Drawdowns
EL4K.DE vs. H4ZK.DE - Drawdown Comparison
The maximum EL4K.DE drawdown since its inception was -21.22%, 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 EL4K.DE and H4ZK.DE.
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Drawdown Indicators
| EL4K.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.22% | -1.26% | -19.96% |
Max Drawdown (1Y)Largest decline over 1 year | -3.38% | -1.26% | -2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -3.38% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -21.22% | — | — |
Current DrawdownCurrent decline from peak | -12.03% | -0.29% | -11.74% |
Average DrawdownAverage peak-to-trough decline | -4.83% | -0.19% | -4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.34% | 0.38% | +0.96% |
Volatility
EL4K.DE vs. H4ZK.DE - Volatility Comparison
Deka iBoxx EUR Liquid Sovereign Diversified 1-10 UCITS ETF (EL4K.DE) has a higher volatility of 1.05% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.40%. This indicates that EL4K.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
| EL4K.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 0.40% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 1.23% | +2.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 1.38% | +2.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.39% | 1.39% | +5.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.12% | 1.39% | +3.73% |
EL4K.DE vs. H4ZK.DE - Expense Ratio Comparison
EL4K.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
EL4K.DE vs. H4ZK.DE - Dividend Comparison
EL4K.DE's dividend yield for the trailing twelve months is around 2.82%, while H4ZK.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EL4K.DE Deka iBoxx EUR Liquid Sovereign Diversified 1-10 UCITS ETF | 2.82% | 1.58% | 1.25% | 1.24% | 0.56% | 0.60% | 0.67% | 0.89% | 0.81% | 1.90% | 1.92% | 2.45% |
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% | 0.00% |
Frequently Asked Questions
EL4K.DE and H4ZK.DE have a correlation of 0.44, 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 EL4K.DE.
EL4K.DE tracks iBoxx® EUR Liquid Sovereigns Diversified 1-10, while H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. They also come from different issuers: Deka and HSBC. Their fees differ too: 0.15% for EL4K.DE and 0.14% for H4ZK.DE.
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