H4ZK.DE vs. LYXA.DE
H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and LYXA.DE (Amundi Euro Highest Rated Macro-Weighted Government Bond UCITS ETF Acc) are both European Government Bonds funds - H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index while LYXA.DE tracks the MTS Mid Price Highest Rated Macro-Weighted All-Maturity (EUR). Both are passively managed. Over the past year, H4ZK.DE returned 0.79% vs -0.62% for LYXA.DE. A 0.52 correlation means they provide meaningful diversification when combined. H4ZK.DE charges 0.14%/yr vs 0.17%/yr for LYXA.DE.
Performance
H4ZK.DE vs. LYXA.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 LYXA.DE's -0.21% return.
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LYXA.DE
- 1D
- 0.10%
- 1M
- -1.07%
- 6M
- -0.66%
- YTD
- -0.21%
- 1Y
- -0.62%
- 3Y*
- 0.82%
- 5Y*
- -3.57%
- 10Y*
- -1.46%
H4ZK.DE vs. LYXA.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% |
LYXA.DE Amundi Euro Highest Rated Macro-Weighted Government Bond UCITS ETF Acc | -0.21% | 0.07% |
Correlation
The correlation between H4ZK.DE and LYXA.DE is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.52 |
The correlation between H4ZK.DE and LYXA.DE has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.
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Return for Risk
H4ZK.DE vs. LYXA.DE — Risk / Return Rank
H4ZK.DE
LYXA.DE
H4ZK.DE vs. LYXA.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 Amundi Euro Highest Rated Macro-Weighted Government Bond UCITS ETF Acc (LYXA.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 | LYXA.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.98 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | -0.20 | +0.82 |
| Martin ratioReturn relative to average drawdown | 2.06 | -0.42 | +2.49 |
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Drawdowns
H4ZK.DE vs. LYXA.DE - Drawdown Comparison
The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum LYXA.DE drawdown of -25.01%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and LYXA.DE.
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Drawdown Indicators
| H4ZK.DE | LYXA.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.26% | -25.01% | +23.75% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -3.06% | +1.80% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.63% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.76% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.01% | — |
Current DrawdownCurrent decline from peak | -0.29% | -20.04% | +19.75% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -6.71% | +6.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 1.45% | -1.07% |
Volatility
H4ZK.DE vs. LYXA.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 Amundi Euro Highest Rated Macro-Weighted Government Bond UCITS ETF Acc (LYXA.DE) has a volatility of 1.20%. This indicates that H4ZK.DE experiences smaller price fluctuations and is considered to be less risky than LYXA.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 | LYXA.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 1.20% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 3.37% | -2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 4.06% | -2.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.39% | 6.42% | -5.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.39% | 5.32% | -3.93% |
H4ZK.DE vs. LYXA.DE - Expense Ratio Comparison
H4ZK.DE has a 0.14% expense ratio, which is lower than LYXA.DE's 0.17% 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. LYXA.DE - Dividend Comparison
Neither H4ZK.DE nor LYXA.DE has paid dividends to shareholders.
Frequently Asked Questions
H4ZK.DE and LYXA.DE have a correlation of 0.43, 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 0.17% for LYXA.DE.
H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while LYXA.DE tracks MTS Mid Price Highest Rated Macro-Weighted All-Maturity (EUR). They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.14% for H4ZK.DE and 0.17% for LYXA.DE.
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