H4ZK.DE vs. X03B.DE
H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and X03B.DE (Xtrackers Eurozone Government Bond 1-3 UCITS ETF) are both European Government Bonds funds - H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index while X03B.DE tracks the iBoxx® EUR Eurozone 1-3. Both are passively managed. Over the past year, H4ZK.DE returned 0.74% vs 0.87% for X03B.DE. A 0.51 correlation means they provide meaningful diversification when combined. H4ZK.DE charges 0.14%/yr vs 0.15%/yr for X03B.DE.
Performance
H4ZK.DE vs. X03B.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 X03B.DE's 0.19% return.
H4ZK.DE
- 1D
- -0.05%
- 1M
- -0.15%
- 6M
- 0.05%
- YTD
- 0.15%
- 1Y
- 0.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
X03B.DE
- 1D
- 0.03%
- 1M
- -0.06%
- 6M
- 0.02%
- YTD
- 0.19%
- 1Y
- 0.87%
- 3Y*
- 2.75%
- 5Y*
- 0.71%
- 10Y*
- 0.23%
H4ZK.DE vs. X03B.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% |
X03B.DE Xtrackers Eurozone Government Bond 1-3 UCITS ETF | 0.19% | 2.40% |
Correlation
The correlation between H4ZK.DE and X03B.DE is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.51 |
The correlation between H4ZK.DE and X03B.DE has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.
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Return for Risk
H4ZK.DE vs. X03B.DE — Risk / Return Rank
H4ZK.DE
X03B.DE
H4ZK.DE vs. X03B.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 Xtrackers Eurozone Government Bond 1-3 UCITS ETF (X03B.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 | X03B.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.13 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | 0.68 | -0.10 |
| Martin ratioReturn relative to average drawdown | 1.93 | 2.09 | -0.16 |
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Drawdowns
H4ZK.DE vs. X03B.DE - Drawdown Comparison
The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum X03B.DE drawdown of -6.78%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and X03B.DE.
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Drawdown Indicators
| H4ZK.DE | X03B.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.26% | -6.78% | +5.52% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -1.28% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.28% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -6.73% | — |
Current DrawdownCurrent decline from peak | -0.34% | -0.38% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -1.17% | +0.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.42% | -0.04% |
Volatility
H4ZK.DE vs. X03B.DE - Volatility Comparison
HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) has a higher volatility of 0.41% compared to Xtrackers Eurozone Government Bond 1-3 UCITS ETF (X03B.DE) at 0.37%. This indicates that H4ZK.DE's price experiences larger fluctuations and is considered to be riskier than X03B.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 | X03B.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 0.37% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 1.25% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 1.33% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.40% | 1.64% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.40% | 1.33% | +0.07% |
H4ZK.DE vs. X03B.DE - Expense Ratio Comparison
H4ZK.DE has a 0.14% expense ratio, which is lower than X03B.DE's 0.15% 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. X03B.DE - Dividend Comparison
H4ZK.DE has not paid dividends to shareholders, while X03B.DE's dividend yield for the trailing twelve months is around 1.53%.
| 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% |
X03B.DE Xtrackers Eurozone Government Bond 1-3 UCITS ETF | 1.53% | 1.39% | 0.98% | 0.28% | 0.12% | 0.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.65% | 0.66% |
Frequently Asked Questions
H4ZK.DE and X03B.DE have a correlation of 0.44, 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 0.15% for X03B.DE.
H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while X03B.DE tracks iBoxx® EUR Eurozone 1-3. They also come from different issuers: HSBC and Xtrackers. Their fees differ too: 0.14% for H4ZK.DE and 0.15% for X03B.DE.
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