EL4S.DE vs. H4ZK.DE

Last updated Jul 18, 2026

EL4S.DE (Deka Deutsche Boerse EUROGOV Germany 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 - EL4S.DE tracks the Deutsche Börse EUROGOV® 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, EL4S.DE returned 0.58% vs 0.79% for H4ZK.DE. At a 0.47 correlation, their price movements are largely independent. EL4S.DE charges 0.15%/yr vs 0.14%/yr for H4ZK.DE.

Performance

EL4S.DE vs. H4ZK.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Deka Deutsche Boerse EUROGOV Germany 1-3 UCITS ETF (EL4S.DE) and HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with EL4S.DE having a 0.21% return and H4ZK.DE slightly lower at 0.20%.

EL4S.DE

• 1D: -0.03%
• 1M: -0.12%
• 6M: 0.13%
• YTD: 0.21%
• 1Y: 0.58%
• 3Y*: 2.27%
• 5Y*: 0.39%
• 10Y*: -0.20%

H4ZK.DE

• 1D: 0.00%
• 1M: -0.10%
• 6M: 0.10%
• YTD: 0.20%
• 1Y: 0.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EL4S.DE vs. H4ZK.DE - Yearly Performance Comparison

	2026 (YTD)	2025
EL4S.DE Deka Deutsche Boerse EUROGOV Germany 1-3 UCITS ETF	0.21%	1.79%
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR	0.20%	2.30%

Correlation

The correlation between EL4S.DE and H4ZK.DE is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.47

Return for Risk

EL4S.DE vs. H4ZK.DE — Risk / Return Rank

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

EL4S.DE

EL4S.DE Risk / Return Rank: 19
EL4S.DE Sharpe Ratio Rank: 20
EL4S.DE Sortino Ratio Rank: 18
EL4S.DE Omega Ratio Rank: 18
EL4S.DE Calmar Ratio Rank: 18
EL4S.DE Martin Ratio Rank: 20

H4ZK.DE

H4ZK.DE Risk / Return Rank: 22
H4ZK.DE Sharpe Ratio Rank: 22
H4ZK.DE Sortino Ratio Rank: 19
H4ZK.DE Omega Ratio Rank: 24
H4ZK.DE Calmar Ratio Rank: 20
H4ZK.DE Martin Ratio Rank: 23

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.

EL4S.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Deka Deutsche Boerse EUROGOV Germany 1-3 UCITS ETF (EL4S.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.

	EL4S.DE	H4ZK.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.50	0.57	-0.07
Sortino ratio: Return per unit of downside risk	0.72	0.81	-0.08
Omega ratio: Gain probability vs. loss probability	1.09	1.13	-0.04
Calmar ratio: Return relative to maximum drawdown	0.56	0.62	-0.06
Martin ratio: Return relative to average drawdown	1.73	2.06	-0.33

EL4S.DE vs. H4ZK.DE - Sharpe Ratio Comparison

The current EL4S.DE Sharpe Ratio is 0.50, which is comparable to the H4ZK.DE Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of EL4S.DE and H4ZK.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.

Drawdowns

EL4S.DE vs. H4ZK.DE - Drawdown Comparison

The maximum EL4S.DE drawdown since its inception was -9.45%, 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 EL4S.DE and H4ZK.DE.

Drawdown Indicators

	EL4S.DE	H4ZK.DE	Difference
Max Drawdown Largest peak-to-trough decline	-9.45%	-1.26%	-8.19%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-1.26%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-1.03%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-9.43%	—	—
Current Drawdown Current decline from peak	-2.07%	-0.29%	-1.78%
Average Drawdown Average peak-to-trough decline	-2.17%	-0.19%	-1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.38%	-0.05%

Volatility

EL4S.DE vs. H4ZK.DE - Volatility Comparison

The current volatility for Deka Deutsche Boerse EUROGOV Germany 1-3 UCITS ETF (EL4S.DE) is 0.33%, while HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) has a volatility of 0.40%. This indicates that EL4S.DE experiences smaller price fluctuations and is considered to be less risky than H4ZK.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EL4S.DE	H4ZK.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	0.40%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.00%	1.23%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	1.15%	1.38%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.47%	1.39%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.13%	1.39%	-0.26%

EL4S.DE vs. H4ZK.DE - Expense Ratio Comparison

EL4S.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

EL4S.DE vs. H4ZK.DE - Dividend Comparison

EL4S.DE's dividend yield for the trailing twelve months is around 1.49%, while H4ZK.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EL4S.DE Deka Deutsche Boerse EUROGOV Germany 1-3 UCITS ETF	1.49%	1.20%	0.83%	0.60%	0.88%	0.94%	0.78%	1.06%	0.99%	1.63%	1.46%	1.60%
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

Can I hold both EL4S.DE and H4ZK.DE in my portfolio?

EL4S.DE and H4ZK.DE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EL4S.DE or H4ZK.DE?

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.

Which ETF is cheaper, EL4S.DE or H4ZK.DE?

H4ZK.DE is cheaper with a 0.14% expense ratio, compared with 0.15% for EL4S.DE.

What is the main difference between EL4S.DE and H4ZK.DE?

EL4S.DE tracks Deutsche Börse EUROGOV® Germany 1-3, 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 EL4S.DE and 0.14% for H4ZK.DE.