H4ZK.DE vs. VGEA.DE
H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and VGEA.DE (Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating) are both European Government Bonds funds - H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index while VGEA.DE tracks the Bloomberg Euro Aggregate Treasury. Both are passively managed. Over the past year, H4ZK.DE returned 0.74% vs 0.55% for VGEA.DE. A 0.51 correlation means they provide meaningful diversification when combined. H4ZK.DE charges 0.14%/yr vs 0.07%/yr for VGEA.DE.
Performance
H4ZK.DE vs. VGEA.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 VGEA.DE's -0.17% return.
H4ZK.DE
- 1D
- -0.05%
- 1M
- -0.15%
- 6M
- 0.05%
- YTD
- 0.15%
- 1Y
- 0.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VGEA.DE
- 1D
- 0.00%
- 1M
- -0.75%
- 6M
- -0.71%
- YTD
- -0.17%
- 1Y
- 0.55%
- 3Y*
- 2.39%
- 5Y*
- -2.55%
- 10Y*
- —
H4ZK.DE vs. VGEA.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% |
VGEA.DE Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating | -0.17% | 1.57% |
Correlation
The correlation between H4ZK.DE and VGEA.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 | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.51 |
The correlation between H4ZK.DE and VGEA.DE has been stable across timeframes, ranging from 0.41 to 0.51 - a consistent structural relationship.
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Return for Risk
H4ZK.DE vs. VGEA.DE — Risk / Return Rank
H4ZK.DE
VGEA.DE
H4ZK.DE vs. VGEA.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 Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VGEA.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 | VGEA.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.03 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | 0.16 | +0.42 |
| Martin ratioReturn relative to average drawdown | 1.93 | 0.39 | +1.55 |
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Drawdowns
H4ZK.DE vs. VGEA.DE - Drawdown Comparison
The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum VGEA.DE drawdown of -22.35%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and VGEA.DE.
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Drawdown Indicators
| H4ZK.DE | VGEA.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.26% | -22.35% | +21.09% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -3.47% | +2.21% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.92% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.48% | — |
Current DrawdownCurrent decline from peak | -0.34% | -14.14% | +13.80% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -10.38% | +10.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 1.40% | -1.02% |
Volatility
H4ZK.DE vs. VGEA.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 Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VGEA.DE) has a volatility of 1.11%. This indicates that H4ZK.DE experiences smaller price fluctuations and is considered to be less risky than VGEA.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 | VGEA.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% | 3.67% | -2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 4.41% | -3.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.40% | 6.40% | -5.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.40% | 5.91% | -4.51% |
H4ZK.DE vs. VGEA.DE - Expense Ratio Comparison
H4ZK.DE has a 0.14% expense ratio, which is higher than VGEA.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. VGEA.DE - Dividend Comparison
Neither H4ZK.DE nor VGEA.DE has paid dividends to shareholders.
Frequently Asked Questions
H4ZK.DE and VGEA.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, VGEA.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEA.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 VGEA.DE tracks Bloomberg Euro Aggregate Treasury. They also come from different issuers: HSBC and Vanguard. Their fees differ too: 0.14% for H4ZK.DE and 0.07% for VGEA.DE.
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