H4ZK.DE vs. H4ZL.DE
H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and H4ZL.DE (HSBC FTSE EPRA NAREIT Developed UCITS ETF USD) are both exchange-traded funds - H4ZK.DE is a European Government Bonds fund tracking the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while H4ZL.DE is a REIT fund tracking the FTSE EPRA/NAREIT Developed. Both are passively managed. Over the past year, H4ZK.DE returned 0.74% vs 17.30% for H4ZL.DE. At a 0.18 correlation, their price movements are largely independent. H4ZK.DE charges 0.14%/yr vs 0.24%/yr for H4ZL.DE.
Performance
H4ZK.DE vs. H4ZL.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 lower than H4ZL.DE's 13.70% return.
H4ZK.DE
- 1D
- -0.05%
- 1M
- -0.15%
- 6M
- 0.05%
- YTD
- 0.15%
- 1Y
- 0.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
H4ZL.DE
- 1D
- 0.05%
- 1M
- 2.05%
- 6M
- 10.58%
- YTD
- 13.70%
- 1Y
- 17.30%
- 3Y*
- 8.40%
- 5Y*
- —
- 10Y*
- —
H4ZK.DE vs. H4ZL.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% |
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD | 13.70% | -3.32% |
Correlation
The correlation between H4ZK.DE and H4ZL.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 | 0.18 |
The correlation between H4ZK.DE and H4ZL.DE shifts across timeframes, from 0.18 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
H4ZK.DE vs. H4ZL.DE — Risk / Return Rank
H4ZK.DE
H4ZL.DE
H4ZK.DE vs. H4ZL.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 HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.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 | H4ZL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.27 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | 2.21 | -1.63 |
| Martin ratioReturn relative to average drawdown | 1.93 | 7.68 | -5.75 |
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Drawdowns
H4ZK.DE vs. H4ZL.DE - Drawdown Comparison
The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum H4ZL.DE drawdown of -20.11%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and H4ZL.DE.
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Drawdown Indicators
| H4ZK.DE | H4ZL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.26% | -20.11% | +18.85% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -7.84% | +6.58% |
Max Drawdown (3Y)Largest decline over 3 years | — | -20.11% | — |
Current DrawdownCurrent decline from peak | -0.34% | -0.93% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -6.49% | +6.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 2.25% | -1.87% |
Volatility
H4ZK.DE vs. H4ZL.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 HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) has a volatility of 3.21%. This indicates that H4ZK.DE experiences smaller price fluctuations and is considered to be less risky than H4ZL.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 | H4ZL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 3.21% | -2.80% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 8.71% | -7.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 11.18% | -9.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.40% | 13.96% | -12.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.40% | 13.96% | -12.56% |
H4ZK.DE vs. H4ZL.DE - Expense Ratio Comparison
H4ZK.DE has a 0.14% expense ratio, which is lower than H4ZL.DE's 0.24% 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. H4ZL.DE - Dividend Comparison
H4ZK.DE has not paid dividends to shareholders, while H4ZL.DE's dividend yield for the trailing twelve months is around 2.88%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.00% | 0.00% | 0.00% | 0.00% |
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD | 2.88% | 3.31% | 3.28% | 3.42% |
Frequently Asked Questions
H4ZK.DE and H4ZL.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 0.24% for H4ZL.DE.
H4ZK.DE is categorized as European Government Bonds, while H4ZL.DE is REIT. H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while H4ZL.DE tracks FTSE EPRA/NAREIT Developed. Their fees differ too: 0.14% for H4ZK.DE and 0.24% for H4ZL.DE.
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