EL4Q.DE vs. H4ZK.DE
EL4Q.DE (Deka iBoxx EUR Liquid Sovereign Diversified 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 - EL4Q.DE tracks the iBoxx EUR Liquid Sovereign Diversified 10+ Index while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, EL4Q.DE returned -0.88% vs 0.79% for H4ZK.DE. At a 0.43 correlation, their price movements are largely independent. EL4Q.DE charges 0.15%/yr vs 0.14%/yr for H4ZK.DE.
Performance
EL4Q.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EL4Q.DE achieves a -0.60% return, which is significantly lower than H4ZK.DE's 0.20% return.
EL4Q.DE
- 1D
- 0.33%
- 1M
- -2.34%
- 6M
- -1.45%
- YTD
- -0.60%
- 1Y
- -0.88%
- 3Y*
- -0.60%
- 5Y*
- -8.65%
- 10Y*
- -2.51%
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EL4Q.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
EL4Q.DE Deka iBoxx EUR Liquid Sovereign Diversified 10+ UCITS ETF | -0.60% | -2.55% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between EL4Q.DE and H4ZK.DE is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.43 |
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Return for Risk
EL4Q.DE vs. H4ZK.DE — Risk / Return Rank
EL4Q.DE
H4ZK.DE
EL4Q.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 10+ UCITS ETF (EL4Q.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.
| EL4Q.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.13 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | 0.62 | -0.77 |
| Martin ratioReturn relative to average drawdown | -0.32 | 2.06 | -2.38 |
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Drawdowns
EL4Q.DE vs. H4ZK.DE - Drawdown Comparison
The maximum EL4Q.DE drawdown since its inception was -47.27%, 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 EL4Q.DE and H4ZK.DE.
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Drawdown Indicators
| EL4Q.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.27% | -1.26% | -46.01% |
Max Drawdown (1Y)Largest decline over 1 year | -5.66% | -1.26% | -4.40% |
Max Drawdown (3Y)Largest decline over 3 years | -12.27% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -45.32% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -47.27% | — | — |
Current DrawdownCurrent decline from peak | -40.45% | -0.29% | -40.16% |
Average DrawdownAverage peak-to-trough decline | -13.52% | -0.19% | -13.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 0.38% | +2.39% |
Volatility
EL4Q.DE vs. H4ZK.DE - Volatility Comparison
Deka iBoxx EUR Liquid Sovereign Diversified 10+ UCITS ETF (EL4Q.DE) has a higher volatility of 2.37% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.40%. This indicates that EL4Q.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
| EL4Q.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.37% | 0.40% | +1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 6.74% | 1.23% | +5.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.60% | 1.38% | +7.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.69% | 1.39% | +13.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.57% | 1.39% | +11.18% |
EL4Q.DE vs. H4ZK.DE - Expense Ratio Comparison
EL4Q.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
EL4Q.DE vs. H4ZK.DE - Dividend Comparison
EL4Q.DE's dividend yield for the trailing twelve months is around 3.29%, while H4ZK.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EL4Q.DE Deka iBoxx EUR Liquid Sovereign Diversified 10+ UCITS ETF | 3.29% | 2.65% | 1.77% | 1.93% | 1.40% | 1.18% | 1.30% | 1.67% | 1.49% | 2.64% | 2.40% | 2.69% |
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
EL4Q.DE and H4ZK.DE have a correlation of 0.36, 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 EL4Q.DE.
EL4Q.DE tracks iBoxx EUR Liquid Sovereign Diversified 10+ Index, 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 EL4Q.DE and 0.14% for H4ZK.DE.
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