H4ZK.DE vs. VGOV.DE
H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and VGOV.DE (Vanguard UK Gilt UCITS ETF Distributing) are both European Government Bonds funds - H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index while VGOV.DE tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past year, H4ZK.DE returned 0.74% vs 4.79% for VGOV.DE. At a 0.35 correlation, their price movements are largely independent. H4ZK.DE charges 0.14%/yr vs 0.07%/yr for VGOV.DE.
Performance
H4ZK.DE vs. VGOV.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 VGOV.DE's 1.76% return.
H4ZK.DE
- 1D
- -0.05%
- 1M
- -0.15%
- 6M
- 0.05%
- YTD
- 0.15%
- 1Y
- 0.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VGOV.DE
- 1D
- 1.04%
- 1M
- 1.39%
- 6M
- 0.02%
- YTD
- 1.76%
- 1Y
- 4.79%
- 3Y*
- 2.86%
- 5Y*
- -5.57%
- 10Y*
- -0.19%
H4ZK.DE vs. VGOV.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% |
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing | 1.76% | 0.58% |
Correlation
The correlation between H4ZK.DE and VGOV.DE is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.35 |
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Return for Risk
H4ZK.DE vs. VGOV.DE — Risk / Return Rank
H4ZK.DE
VGOV.DE
H4ZK.DE vs. VGOV.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 UK Gilt UCITS ETF Distributing (VGOV.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 | VGOV.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.11 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | 0.89 | -0.30 |
| Martin ratioReturn relative to average drawdown | 1.93 | 2.74 | -0.80 |
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Drawdowns
H4ZK.DE vs. VGOV.DE - Drawdown Comparison
The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum VGOV.DE drawdown of -40.96%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and VGOV.DE.
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Drawdown Indicators
| H4ZK.DE | VGOV.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.26% | -40.96% | +39.70% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -5.39% | +4.13% |
Max Drawdown (3Y)Largest decline over 3 years | — | -9.04% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -40.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.96% | — |
Current DrawdownCurrent decline from peak | -0.34% | -28.76% | +28.42% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -11.97% | +11.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 1.75% | -1.37% |
Volatility
H4ZK.DE vs. VGOV.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 UK Gilt UCITS ETF Distributing (VGOV.DE) has a volatility of 2.20%. This indicates that H4ZK.DE experiences smaller price fluctuations and is considered to be less risky than VGOV.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 | VGOV.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 2.20% | -1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 6.31% | -5.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 7.87% | -6.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.40% | 12.88% | -11.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.40% | 12.02% | -10.62% |
H4ZK.DE vs. VGOV.DE - Expense Ratio Comparison
H4ZK.DE has a 0.14% expense ratio, which is higher than VGOV.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. VGOV.DE - Dividend Comparison
H4ZK.DE has not paid dividends to shareholders, while VGOV.DE's dividend yield for the trailing twelve months is around 4.44%.
| 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% |
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing | 4.44% | 4.59% | 4.08% | 3.17% | 1.94% | 1.07% | 1.18% | 1.34% | 1.60% | 1.64% |
Frequently Asked Questions
H4ZK.DE and VGOV.DE have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGOV.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGOV.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 VGOV.DE tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: HSBC and Vanguard. Their fees differ too: 0.14% for H4ZK.DE and 0.07% for VGOV.DE.
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