H4ZL.DE vs. EUNH.DE
H4ZL.DE (HSBC FTSE EPRA NAREIT Developed UCITS ETF USD) and EUNH.DE (iShares Core Euro Government Bond UCITS ETF (Dist)) are both exchange-traded funds - H4ZL.DE is a REIT fund tracking the FTSE EPRA/NAREIT Developed, while EUNH.DE is a European Government Bonds fund tracking the Bloomberg Euro Aggregate Treasury. Both are passively managed. Over the past 10 years, H4ZL.DE returned 2.35%/yr vs -0.32%/yr for EUNH.DE. At a 0.19 correlation, their price movements are largely independent. H4ZL.DE charges 0.24%/yr vs 0.07%/yr for EUNH.DE.
Performance
H4ZL.DE vs. EUNH.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H4ZL.DE achieves a 6.32% return, which is significantly higher than EUNH.DE's -0.06% return. Over the past 10 years, H4ZL.DE has outperformed EUNH.DE with an annualized return of 2.35%, while EUNH.DE has yielded a comparatively lower -0.32% annualized return.
H4ZL.DE
- 1D
- -0.02%
- 1M
- -2.45%
- YTD
- 6.32%
- 6M
- 5.97%
- 1Y
- 6.50%
- 3Y*
- 3.13%
- 5Y*
- 0.30%
- 10Y*
- 2.35%
EUNH.DE
- 1D
- 0.04%
- 1M
- -0.08%
- YTD
- -0.06%
- 6M
- 0.09%
- 1Y
- 0.30%
- 3Y*
- 2.35%
- 5Y*
- -2.27%
- 10Y*
- -0.32%
H4ZL.DE vs. EUNH.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD | 6.32% | -4.65% | 2.27% | 6.12% | -20.22% | 36.90% | -16.99% | 23.91% | -0.81% | -2.27% |
EUNH.DE iShares Core Euro Government Bond UCITS ETF (Dist) | -0.06% | 0.80% | 1.52% | 6.83% | -18.32% | -3.37% | 4.72% | 6.76% | 0.85% | -0.13% |
Correlation
The correlation between H4ZL.DE and EUNH.DE is 0.42, 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 (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2013 | 0.19 |
Over the past year, H4ZL.DE and EUNH.DE have become more correlated (0.42) than their long-term average of 0.19, meaning their price movements have been converging.
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Return for Risk
H4ZL.DE vs. EUNH.DE — Risk / Return Rank
H4ZL.DE
EUNH.DE
H4ZL.DE vs. EUNH.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) and iShares Core Euro Government Bond UCITS ETF (Dist) (EUNH.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.
| H4ZL.DE | EUNH.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.00 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | -0.03 | +0.87 |
| Martin ratioReturn relative to average drawdown | 2.48 | -0.08 | +2.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| H4ZL.DE | EUNH.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | -0.02 | +0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | -0.35 | +0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | -0.06 | +0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.25 | +0.04 |
Drawdowns
H4ZL.DE vs. EUNH.DE - Drawdown Comparison
The maximum H4ZL.DE drawdown since its inception was -41.97%, which is greater than EUNH.DE's maximum drawdown of -22.43%. Use the drawdown chart below to compare losses from any high point for H4ZL.DE and EUNH.DE.
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Drawdown Indicators
| H4ZL.DE | EUNH.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.97% | -22.43% | -19.54% |
Max Drawdown (1Y)Largest decline over 1 year | -7.82% | -3.48% | -4.34% |
Max Drawdown (3Y)Largest decline over 3 years | -20.68% | -4.10% | -16.58% |
Max Drawdown (5Y)Largest decline over 5 years | -30.45% | -21.53% | -8.92% |
Max Drawdown (10Y)Largest decline over 10 years | -41.97% | -22.43% | -19.54% |
Current DrawdownCurrent decline from peak | -13.81% | -14.10% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -10.80% | -5.97% | -4.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.67% | 1.35% | +1.32% |
Volatility
H4ZL.DE vs. EUNH.DE - Volatility Comparison
HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) has a higher volatility of 2.88% compared to iShares Core Euro Government Bond UCITS ETF (Dist) (EUNH.DE) at 1.72%. This indicates that H4ZL.DE's price experiences larger fluctuations and is considered to be riskier than EUNH.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| H4ZL.DE | EUNH.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.88% | 1.72% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 8.34% | 3.70% | +4.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.21% | 4.37% | +6.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.69% | 6.34% | +8.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.27% | 5.52% | +10.75% |
H4ZL.DE vs. EUNH.DE - Expense Ratio Comparison
H4ZL.DE has a 0.24% expense ratio, which is higher than EUNH.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
H4ZL.DE vs. EUNH.DE - Dividend Comparison
H4ZL.DE has not paid dividends to shareholders, while EUNH.DE's dividend yield for the trailing twelve months is around 2.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUNH.DE iShares Core Euro Government Bond UCITS ETF (Dist) | 2.49% | 2.30% | 1.77% | 0.97% | 0.27% | 0.24% | 0.47% | 0.65% | 0.66% | 0.70% | 0.94% | 0.62% |
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD | 0.00% | 0.00% | 0.00% | 2.63% | 3.62% | 2.19% | 3.13% | 2.95% | 3.29% | 3.08% | 2.96% | 2.67% |
Frequently Asked Questions
H4ZL.DE and EUNH.DE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EUNH.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNH.DE is cheaper with a 0.07% expense ratio, compared with 0.24% for H4ZL.DE.
H4ZL.DE is categorized as REIT, while EUNH.DE is European Government Bonds. H4ZL.DE tracks FTSE EPRA/NAREIT Developed, while EUNH.DE tracks Bloomberg Euro Aggregate Treasury. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.24% for H4ZL.DE and 0.07% for EUNH.DE.
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