H4ZK.DE vs. EL4S.DE

Last updated Jul 16, 2026

H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and EL4S.DE (Deka Deutsche Boerse EUROGOV Germany 1-3 UCITS ETF) are both European Government Bonds funds - H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index while EL4S.DE tracks the Deutsche Börse EUROGOV® Germany 1-3. Both are passively managed. Over the past year, H4ZK.DE returned 0.74% vs 0.67% for EL4S.DE. At a 0.48 correlation, their price movements are largely independent. H4ZK.DE charges 0.14%/yr vs 0.15%/yr for EL4S.DE.

Performance

H4ZK.DE vs. EL4S.DE - Performance Comparison

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

Returns By Period

In the year-to-date period, H4ZK.DE achieves a 0.15% return, which is significantly lower than EL4S.DE's 0.25% return.

H4ZK.DE

• 1D: -0.05%
• 1M: -0.15%
• 6M: 0.05%
• YTD: 0.15%
• 1Y: 0.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EL4S.DE

• 1D: 0.01%
• 1M: -0.09%
• 6M: 0.09%
• YTD: 0.25%
• 1Y: 0.67%
• 3Y*: 2.34%
• 5Y*: 0.40%
• 10Y*: -0.20%

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

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

	2026 (YTD)	2025
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR	0.15%	2.30%
EL4S.DE Deka Deutsche Boerse EUROGOV Germany 1-3 UCITS ETF	0.25%	1.79%

Correlation

The correlation between H4ZK.DE and EL4S.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	0.48

Return for Risk

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

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

H4ZK.DE

H4ZK.DE Risk / Return Rank: 19
H4ZK.DE Sharpe Ratio Rank: 19
H4ZK.DE Sortino Ratio Rank: 17
H4ZK.DE Omega Ratio Rank: 21
H4ZK.DE Calmar Ratio Rank: 17
H4ZK.DE Martin Ratio Rank: 20

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: 21

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.

H4ZK.DE vs. EL4S.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 Deutsche Boerse EUROGOV Germany 1-3 UCITS ETF (EL4S.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	EL4S.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.53	0.58	-0.05
Sortino ratio: Return per unit of downside risk	0.76	0.83	-0.08
Omega ratio: Gain probability vs. loss probability	1.12	1.11	+0.02
Calmar ratio: Return relative to maximum drawdown	0.58	0.65	-0.07
Martin ratio: Return relative to average drawdown	1.93	2.01	-0.08

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

The current H4ZK.DE Sharpe Ratio is 0.53, which is comparable to the EL4S.DE Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of H4ZK.DE and EL4S.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

H4ZK.DE vs. EL4S.DE - Drawdown Comparison

The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum EL4S.DE drawdown of -9.45%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and EL4S.DE.

Drawdown Indicators

	H4ZK.DE	EL4S.DE	Difference
Max Drawdown Largest peak-to-trough decline	-1.26%	-9.45%	+8.19%
Max Drawdown (1Y) Largest decline over 1 year	-1.26%	-1.03%	-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	-0.34%	-2.03%	+1.69%
Average Drawdown Average peak-to-trough decline	-0.19%	-2.17%	+1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.33%	+0.05%

Volatility

H4ZK.DE vs. EL4S.DE - Volatility Comparison

HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) has a higher volatility of 0.41% compared to Deka Deutsche Boerse EUROGOV Germany 1-3 UCITS ETF (EL4S.DE) at 0.33%. This indicates that H4ZK.DE's price experiences larger fluctuations and is considered to be riskier than EL4S.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZK.DE	EL4S.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.33%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.23%	1.01%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	1.38%	1.15%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.40%	1.47%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.40%	1.13%	+0.27%

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

H4ZK.DE has a 0.14% expense ratio, which is lower than EL4S.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. EL4S.DE - Dividend Comparison

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

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 H4ZK.DE and EL4S.DE in my portfolio?

H4ZK.DE and EL4S.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, H4ZK.DE or EL4S.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, H4ZK.DE or EL4S.DE?

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

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

H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while EL4S.DE tracks Deutsche Börse EUROGOV® Germany 1-3. They also come from different issuers: HSBC and Deka. Their fees differ too: 0.14% for H4ZK.DE and 0.15% for EL4S.DE.