H4ZK.DE vs. EL4Q.DE
H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and EL4Q.DE (Deka iBoxx EUR Liquid Sovereign Diversified 10+ UCITS ETF) are both European Government Bonds funds - H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index while EL4Q.DE tracks the iBoxx EUR Liquid Sovereign Diversified 10+ Index. Both are passively managed. Over the past year, H4ZK.DE returned 0.79% vs -0.88% for EL4Q.DE. At a 0.43 correlation, their price movements are largely independent. H4ZK.DE charges 0.14%/yr vs 0.15%/yr for EL4Q.DE.
Performance
H4ZK.DE vs. EL4Q.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H4ZK.DE achieves a 0.20% return, which is significantly higher than EL4Q.DE's -0.60% return.
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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 vs. EL4Q.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% |
EL4Q.DE Deka iBoxx EUR Liquid Sovereign Diversified 10+ UCITS ETF | -0.60% | -2.55% |
Correlation
The correlation between H4ZK.DE and EL4Q.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
H4ZK.DE vs. EL4Q.DE — Risk / Return Rank
H4ZK.DE
EL4Q.DE
H4ZK.DE vs. EL4Q.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 Deka iBoxx EUR Liquid Sovereign Diversified 10+ UCITS ETF (EL4Q.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 | EL4Q.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 | 1.13 | 0.99 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | -0.15 | +0.77 |
| Martin ratioReturn relative to average drawdown | 2.06 | -0.32 | +2.38 |
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Drawdowns
H4ZK.DE vs. EL4Q.DE - Drawdown Comparison
The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum EL4Q.DE drawdown of -47.27%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and EL4Q.DE.
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Drawdown Indicators
| H4ZK.DE | EL4Q.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.26% | -47.27% | +46.01% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -5.66% | +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 | -0.29% | -40.45% | +40.16% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -13.52% | +13.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 2.77% | -2.39% |
Volatility
H4ZK.DE vs. EL4Q.DE - Volatility Comparison
The current volatility for HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) is 0.40%, while Deka iBoxx EUR Liquid Sovereign Diversified 10+ UCITS ETF (EL4Q.DE) has a volatility of 2.37%. This indicates that H4ZK.DE experiences smaller price fluctuations and is considered to be less risky than EL4Q.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| H4ZK.DE | EL4Q.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 2.37% | -1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 6.74% | -5.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 8.60% | -7.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.39% | 14.69% | -13.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.39% | 12.57% | -11.18% |
H4ZK.DE vs. EL4Q.DE - Expense Ratio Comparison
H4ZK.DE has a 0.14% expense ratio, which is lower than EL4Q.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. EL4Q.DE - Dividend Comparison
H4ZK.DE has not paid dividends to shareholders, while EL4Q.DE's dividend yield for the trailing twelve months is around 3.29%.
| 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
H4ZK.DE and EL4Q.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.
H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while EL4Q.DE tracks iBoxx EUR Liquid Sovereign Diversified 10+ Index. They also come from different issuers: HSBC and Deka. Their fees differ too: 0.14% for H4ZK.DE and 0.15% for EL4Q.DE.
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