H4ZK.DE vs. EXHB.DE
H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and EXHB.DE (iShares eb.rexx Government Germany 1.5-2.5yr UCITS ETF (DE)) are both European Government Bonds funds - H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index while EXHB.DE tracks the eb.rexx® Government Germany 1.5-2.5. Both are passively managed. Over the past year, H4ZK.DE returned 0.74% vs 0.49% for EXHB.DE. At a 0.49 correlation, their price movements are largely independent. H4ZK.DE charges 0.14%/yr vs 0.16%/yr for EXHB.DE.
Performance
H4ZK.DE vs. EXHB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H4ZK.DE achieves a 0.15% return, which is significantly higher than EXHB.DE's 0.14% return.
H4ZK.DE
- 1D
- -0.05%
- 1M
- -0.15%
- 6M
- 0.05%
- YTD
- 0.15%
- 1Y
- 0.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EXHB.DE
- 1D
- 0.03%
- 1M
- -0.09%
- 6M
- -0.13%
- YTD
- 0.14%
- 1Y
- 0.49%
- 3Y*
- 2.26%
- 5Y*
- 0.25%
- 10Y*
- -0.26%
H4ZK.DE vs. EXHB.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% |
EXHB.DE iShares eb.rexx Government Germany 1.5-2.5yr UCITS ETF (DE) | 0.14% | 1.77% |
Correlation
The correlation between H4ZK.DE and EXHB.DE is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.49 |
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Return for Risk
H4ZK.DE vs. EXHB.DE — Risk / Return Rank
H4ZK.DE
EXHB.DE
H4ZK.DE vs. EXHB.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 eb.rexx Government Germany 1.5-2.5yr UCITS ETF (DE) (EXHB.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 | EXHB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.07 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | 0.41 | +0.17 |
| Martin ratioReturn relative to average drawdown | 1.93 | 1.14 | +0.79 |
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Drawdowns
H4ZK.DE vs. EXHB.DE - Drawdown Comparison
The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum EXHB.DE drawdown of -9.97%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and EXHB.DE.
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Drawdown Indicators
| H4ZK.DE | EXHB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.26% | -9.97% | +8.71% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -1.18% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -6.45% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -9.94% | — |
Current DrawdownCurrent decline from peak | -0.34% | -2.69% | +2.35% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -2.11% | +1.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.43% | -0.05% |
Volatility
H4ZK.DE vs. EXHB.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 iShares eb.rexx Government Germany 1.5-2.5yr UCITS ETF (DE) (EXHB.DE) at 0.38%. This indicates that H4ZK.DE's price experiences larger fluctuations and is considered to be riskier than EXHB.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 | EXHB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 0.38% | +0.03% |
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% | 1.28% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.40% | 1.73% | -0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.40% | 1.44% | -0.04% |
H4ZK.DE vs. EXHB.DE - Expense Ratio Comparison
H4ZK.DE has a 0.14% expense ratio, which is lower than EXHB.DE's 0.16% 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. EXHB.DE - Dividend Comparison
H4ZK.DE has not paid dividends to shareholders, while EXHB.DE's dividend yield for the trailing twelve months is around 1.39%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EXHB.DE iShares eb.rexx Government Germany 1.5-2.5yr UCITS ETF (DE) | 1.39% | 0.96% | 0.72% | 0.60% | 1.05% | 0.97% | 0.80% | 1.06% | 0.97% | 1.50% | 1.42% | 1.49% |
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 EXHB.DE have a correlation of 0.41, 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 0.16% for EXHB.DE.
H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while EXHB.DE tracks eb.rexx® Government Germany 1.5-2.5. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.14% for H4ZK.DE and 0.16% for EXHB.DE.
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