H4ZK.DE vs. EUNH.DE
H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and EUNH.DE (iShares Core Euro Government Bond UCITS ETF (Dist)) are both European Government Bonds funds - H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index while EUNH.DE tracks the Bloomberg Euro Aggregate Treasury. Both are passively managed. Over the past year, H4ZK.DE returned 0.74% vs -0.71% for EUNH.DE. At a 0.45 correlation, their price movements are largely independent. H4ZK.DE charges 0.14%/yr vs 0.07%/yr for EUNH.DE.
Performance
H4ZK.DE vs. EUNH.DE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, H4ZK.DE achieves a 0.15% return, which is significantly higher than EUNH.DE's -1.51% return.
H4ZK.DE
- 1D
- -0.05%
- 1M
- -0.15%
- 6M
- 0.05%
- YTD
- 0.15%
- 1Y
- 0.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EUNH.DE
- 1D
- -0.01%
- 1M
- -0.78%
- 6M
- -1.93%
- YTD
- -1.51%
- 1Y
- -0.71%
- 3Y*
- 1.97%
- 5Y*
- -2.82%
- 10Y*
- -0.65%
H4ZK.DE vs. EUNH.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% |
EUNH.DE iShares Core Euro Government Bond UCITS ETF (Dist) | -1.51% | 1.75% |
Correlation
The correlation between H4ZK.DE and EUNH.DE is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.45 |
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. EUNH.DE — Risk / Return Rank
H4ZK.DE
EUNH.DE
H4ZK.DE vs. EUNH.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 iShares Core Euro Government Bond UCITS ETF (Dist) (EUNH.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 | EUNH.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.98 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | -0.20 | +0.78 |
| Martin ratioReturn relative to average drawdown | 1.93 | -0.45 | +2.39 |
Loading charts...
Drawdowns
H4ZK.DE vs. EUNH.DE - Drawdown Comparison
The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum EUNH.DE drawdown of -22.42%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and EUNH.DE.
Loading charts...
Drawdown Indicators
| H4ZK.DE | EUNH.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.26% | -22.42% | +21.16% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -3.59% | +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 | -0.34% | -15.34% | +15.00% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -5.87% | +5.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 1.55% | -1.17% |
Volatility
H4ZK.DE vs. EUNH.DE - Volatility Comparison
The current volatility for HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) is 0.41%, while iShares Core Euro Government Bond UCITS ETF (Dist) (EUNH.DE) has a volatility of 1.11%. This indicates that H4ZK.DE experiences smaller price fluctuations and is considered to be less risky than EUNH.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| H4ZK.DE | EUNH.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 1.11% | -0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 3.75% | -2.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 4.55% | -3.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.40% | 6.37% | -4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.40% | 5.52% | -4.12% |
H4ZK.DE vs. EUNH.DE - Expense Ratio Comparison
H4ZK.DE has a 0.14% expense ratio, which is higher than EUNH.DE's 0.07% 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
H4ZK.DE vs. EUNH.DE - Dividend Comparison
H4ZK.DE has not paid dividends to shareholders, while EUNH.DE's dividend yield for the trailing twelve months is around 1.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUNH.DE iShares Core Euro Government Bond UCITS ETF (Dist) | 1.20% | 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
H4ZK.DE and EUNH.DE have a correlation of 0.38, 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.
H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while EUNH.DE tracks Bloomberg Euro Aggregate Treasury. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.14% for H4ZK.DE and 0.07% for EUNH.DE.
Find the right allocation for H4ZK.DE and EUNH.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