H4ZK.DE vs. DBXP.DE
H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and DBXP.DE (Xtrackers Eurozone Government Bond 1-3 UCITS ETF) are both European Government Bonds funds - H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index while DBXP.DE tracks the iBoxx® EUR Eurozone 1-3. Both are passively managed. Over the past year, H4ZK.DE returned 0.79% vs 0.72% for DBXP.DE. At a 0.44 correlation, their price movements are largely independent. H4ZK.DE charges 0.14%/yr vs 0.15%/yr for DBXP.DE.
Performance
H4ZK.DE vs. DBXP.DE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, H4ZK.DE achieves a 0.20% return, which is significantly higher than DBXP.DE's 0.18% return.
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBXP.DE
- 1D
- -0.02%
- 1M
- -0.15%
- 6M
- -0.04%
- YTD
- 0.18%
- 1Y
- 0.72%
- 3Y*
- 2.66%
- 5Y*
- 0.70%
- 10Y*
- 0.23%
H4ZK.DE vs. DBXP.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
DBXP.DE Xtrackers Eurozone Government Bond 1-3 UCITS ETF | 0.18% | 2.35% |
Correlation
The correlation between H4ZK.DE and DBXP.DE is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.44 |
The correlation between H4ZK.DE and DBXP.DE shifts across timeframes, from 0.33 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
H4ZK.DE vs. DBXP.DE — Risk / Return Rank
H4ZK.DE
DBXP.DE
H4ZK.DE vs. DBXP.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) and Xtrackers Eurozone Government Bond 1-3 UCITS ETF (DBXP.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.
| H4ZK.DE | DBXP.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.10 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 0.58 | +0.04 |
| Martin ratioReturn relative to average drawdown | 2.06 | 1.79 | +0.27 |
Loading charts...
Drawdowns
H4ZK.DE vs. DBXP.DE - Drawdown Comparison
The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum DBXP.DE drawdown of -6.77%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and DBXP.DE.
Loading charts...
Drawdown Indicators
| H4ZK.DE | DBXP.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.26% | -6.77% | +5.51% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -1.24% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.24% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -6.72% | — |
Current DrawdownCurrent decline from peak | -0.29% | -0.41% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -0.99% | +0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.40% | -0.02% |
Volatility
H4ZK.DE vs. DBXP.DE - Volatility Comparison
HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) has a higher volatility of 0.40% compared to Xtrackers Eurozone Government Bond 1-3 UCITS ETF (DBXP.DE) at 0.34%. This indicates that H4ZK.DE's price experiences larger fluctuations and is considered to be riskier than DBXP.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| H4ZK.DE | DBXP.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 0.34% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 1.15% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 1.33% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.39% | 1.66% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.39% | 1.80% | -0.41% |
H4ZK.DE vs. DBXP.DE - Expense Ratio Comparison
H4ZK.DE has a 0.14% expense ratio, which is lower than DBXP.DE's 0.15% 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
H4ZK.DE vs. DBXP.DE - Dividend Comparison
Neither H4ZK.DE nor DBXP.DE has paid dividends to shareholders.
Frequently Asked Questions
H4ZK.DE and DBXP.DE have a correlation of 0.33, 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 DBXP.DE.
H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while DBXP.DE tracks iBoxx® EUR Eurozone 1-3. They also come from different issuers: HSBC and Xtrackers. Their fees differ too: 0.14% for H4ZK.DE and 0.15% for DBXP.DE.
Find the right allocation for H4ZK.DE and DBXP.DE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer