H4ZK.DE vs. SYBB.DE
H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and SYBB.DE (SPDR Bloomberg 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 SYBB.DE tracks the Bloomberg Euro Treasury Bond. Both are passively managed. Over the past year, H4ZK.DE returned 0.79% vs -0.39% for SYBB.DE. A 0.51 correlation means they provide meaningful diversification when combined. H4ZK.DE charges 0.14%/yr vs 0.10%/yr for SYBB.DE.
Performance
H4ZK.DE vs. SYBB.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 SYBB.DE's -0.92% return.
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SYBB.DE
- 1D
- -0.41%
- 1M
- -1.81%
- 6M
- -1.32%
- YTD
- -0.92%
- 1Y
- -0.39%
- 3Y*
- 1.86%
- 5Y*
- -2.75%
- 10Y*
- -0.63%
H4ZK.DE vs. SYBB.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% |
SYBB.DE SPDR Bloomberg Euro Government Bond UCITS ETF Dist | -0.92% | 1.68% |
Correlation
The correlation between H4ZK.DE and SYBB.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 | 0.51 |
The correlation between H4ZK.DE and SYBB.DE has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.
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Return for Risk
H4ZK.DE vs. SYBB.DE — Risk / Return Rank
H4ZK.DE
SYBB.DE
H4ZK.DE vs. SYBB.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 SPDR Bloomberg Euro Government Bond UCITS ETF Dist (SYBB.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 | SYBB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.99 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | -0.11 | +0.73 |
| Martin ratioReturn relative to average drawdown | 2.06 | -0.30 | +2.36 |
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Drawdowns
H4ZK.DE vs. SYBB.DE - Drawdown Comparison
The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum SYBB.DE drawdown of -22.70%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and SYBB.DE.
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Drawdown Indicators
| H4ZK.DE | SYBB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.26% | -22.70% | +21.44% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -3.64% | +2.38% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.99% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.70% | — |
Current DrawdownCurrent decline from peak | -0.29% | -15.05% | +14.76% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -6.11% | +5.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 1.28% | -0.90% |
Volatility
H4ZK.DE vs. SYBB.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 SPDR Bloomberg Euro Government Bond UCITS ETF Dist (SYBB.DE) has a volatility of 1.29%. This indicates that H4ZK.DE experiences smaller price fluctuations and is considered to be less risky than SYBB.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 | SYBB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 1.29% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 4.32% | -3.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 4.93% | -3.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.39% | 6.40% | -5.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.39% | 5.44% | -4.05% |
H4ZK.DE vs. SYBB.DE - Expense Ratio Comparison
H4ZK.DE has a 0.14% expense ratio, which is higher than SYBB.DE's 0.10% 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. SYBB.DE - Dividend Comparison
H4ZK.DE has not paid dividends to shareholders, while SYBB.DE's dividend yield for the trailing twelve months is around 2.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SYBB.DE SPDR Bloomberg Euro Government Bond UCITS ETF Dist | 2.37% | 2.13% | 1.45% | 0.76% | 0.18% | 0.08% | 0.28% | 0.59% | 0.66% | 0.73% | 0.82% | 1.26% |
Frequently Asked Questions
H4ZK.DE and SYBB.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, SYBB.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SYBB.DE is cheaper with a 0.10% expense ratio, compared with 0.14% for H4ZK.DE.
H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while SYBB.DE tracks Bloomberg Euro Treasury Bond. They also come from different issuers: HSBC and State Street. Their fees differ too: 0.14% for H4ZK.DE and 0.10% for SYBB.DE.
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