H4ZK.DE vs. VGEB.DE
H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and VGEB.DE (Vanguard EUR Eurozone Government Bond UCITS ETF Distributing) are both European Government Bonds funds - H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index while VGEB.DE tracks the Bloomberg Euro Aggregate Treasury. Both are passively managed. Over the past year, H4ZK.DE returned 0.79% vs 0.07% for VGEB.DE. At a 0.48 correlation, their price movements are largely independent. H4ZK.DE charges 0.14%/yr vs 0.07%/yr for VGEB.DE.
Performance
H4ZK.DE vs. VGEB.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 VGEB.DE's -0.29% return.
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VGEB.DE
- 1D
- 0.05%
- 1M
- -1.18%
- 6M
- -0.73%
- YTD
- -0.29%
- 1Y
- 0.07%
- 3Y*
- 2.02%
- 5Y*
- -2.59%
- 10Y*
- —
H4ZK.DE vs. VGEB.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% |
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | -0.29% | 1.52% |
Correlation
The correlation between H4ZK.DE and VGEB.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 | 0.48 |
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Return for Risk
H4ZK.DE vs. VGEB.DE — Risk / Return Rank
H4ZK.DE
VGEB.DE
H4ZK.DE vs. VGEB.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 Distributing (VGEB.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 | VGEB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.01 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 0.02 | +0.60 |
| Martin ratioReturn relative to average drawdown | 2.06 | 0.05 | +2.01 |
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Drawdowns
H4ZK.DE vs. VGEB.DE - Drawdown Comparison
The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum VGEB.DE drawdown of -22.41%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and VGEB.DE.
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Drawdown Indicators
| H4ZK.DE | VGEB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.26% | -22.41% | +21.15% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -3.44% | +2.18% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.50% | — |
Current DrawdownCurrent decline from peak | -0.29% | -14.30% | +14.01% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -9.01% | +8.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 1.44% | -1.06% |
Volatility
H4ZK.DE vs. VGEB.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 Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VGEB.DE) has a volatility of 1.18%. This indicates that H4ZK.DE experiences smaller price fluctuations and is considered to be less risky than VGEB.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 | VGEB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 1.18% | -0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 3.61% | -2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 4.30% | -2.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.39% | 6.36% | -4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.39% | 5.52% | -4.13% |
H4ZK.DE vs. VGEB.DE - Expense Ratio Comparison
H4ZK.DE has a 0.14% expense ratio, which is higher than VGEB.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. VGEB.DE - Dividend Comparison
H4ZK.DE has not paid dividends to shareholders, while VGEB.DE's dividend yield for the trailing twelve months is around 2.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | 2.88% | 2.88% | 2.56% | 1.83% | 0.48% | 0.08% | 0.15% | 0.51% | 0.56% | 0.09% |
Frequently Asked Questions
H4ZK.DE and VGEB.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, VGEB.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEB.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 VGEB.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 VGEB.DE.
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