EUNH.DE vs. H4ZK.DE
EUNH.DE (iShares Core Euro Government Bond UCITS ETF (Dist)) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - EUNH.DE tracks the Bloomberg Euro Aggregate Treasury while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, EUNH.DE returned -1.00% vs 0.79% for H4ZK.DE. At a 0.44 correlation, their price movements are largely independent. EUNH.DE charges 0.07%/yr vs 0.14%/yr for H4ZK.DE.
Performance
EUNH.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EUNH.DE achieves a -1.72% return, which is significantly lower than H4ZK.DE's 0.20% return.
EUNH.DE
- 1D
- -0.21%
- 1M
- -1.13%
- 6M
- -1.04%
- YTD
- -1.72%
- 1Y
- -1.00%
- 3Y*
- 1.87%
- 5Y*
- -2.86%
- 10Y*
- -0.68%
H4ZK.DE
- 1D
- 0.10%
- 1M
- -0.10%
- 6M
- 0.00%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EUNH.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
EUNH.DE iShares Core Euro Government Bond UCITS ETF (Dist) | -1.72% | 1.75% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between EUNH.DE and H4ZK.DE is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.44 |
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Return for Risk
EUNH.DE vs. H4ZK.DE — Risk / Return Rank
EUNH.DE
H4ZK.DE
EUNH.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Euro Government Bond UCITS ETF (Dist) (EUNH.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.
| EUNH.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.13 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 0.62 | -0.90 |
| Martin ratioReturn relative to average drawdown | -0.64 | 2.06 | -2.70 |
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Drawdowns
EUNH.DE vs. H4ZK.DE - Drawdown Comparison
The maximum EUNH.DE drawdown since its inception was -22.42%, 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 EUNH.DE and H4ZK.DE.
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Drawdown Indicators
| EUNH.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.42% | -1.26% | -21.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.59% | -1.26% | -2.33% |
Max Drawdown (3Y)Largest decline over 3 years | -4.10% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.53% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.42% | — | — |
Current DrawdownCurrent decline from peak | -15.52% | -0.29% | -15.23% |
Average DrawdownAverage peak-to-trough decline | -5.87% | -0.19% | -5.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.56% | 0.38% | +1.18% |
Volatility
EUNH.DE vs. H4ZK.DE - Volatility Comparison
iShares Core Euro Government Bond UCITS ETF (Dist) (EUNH.DE) has a higher volatility of 1.12% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.41%. This indicates that EUNH.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
| EUNH.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 0.41% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 3.74% | 1.23% | +2.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.55% | 1.38% | +3.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.37% | 1.40% | +4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.52% | 1.40% | +4.12% |
EUNH.DE vs. H4ZK.DE - Expense Ratio Comparison
EUNH.DE has a 0.07% expense ratio, which is lower than H4ZK.DE's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
EUNH.DE vs. H4ZK.DE - Dividend Comparison
EUNH.DE's dividend yield for the trailing twelve months is around 2.53%, while H4ZK.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUNH.DE iShares Core Euro Government Bond UCITS ETF (Dist) | 2.53% | 2.30% | 1.77% | 0.97% | 0.27% | 0.24% | 0.47% | 0.65% | 0.66% | 0.70% | 0.94% | 0.62% |
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
EUNH.DE and H4ZK.DE have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EUNH.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNH.DE is cheaper with a 0.07% expense ratio, compared with 0.14% for H4ZK.DE.
EUNH.DE tracks Bloomberg Euro Aggregate Treasury, while H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.07% for EUNH.DE and 0.14% for H4ZK.DE.
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