IBCA.DE vs. H4ZK.DE
IBCA.DE (iShares Euro Government Bond 1-3yr UCITS ETF (Dist)) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - IBCA.DE tracks the Bloomberg Euro Government Bond 1-3 while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, IBCA.DE returned 0.88% vs 0.79% for H4ZK.DE. A 0.51 correlation means they provide meaningful diversification when combined. IBCA.DE charges 0.15%/yr vs 0.14%/yr for H4ZK.DE.
Performance
IBCA.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IBCA.DE achieves a 0.25% return, which is significantly higher than H4ZK.DE's 0.20% return.
IBCA.DE
- 1D
- -0.01%
- 1M
- -0.09%
- 6M
- 0.11%
- YTD
- 0.25%
- 1Y
- 0.88%
- 3Y*
- 2.72%
- 5Y*
- 0.84%
- 10Y*
- 0.37%
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBCA.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBCA.DE iShares Euro Government Bond 1-3yr UCITS ETF (Dist) | 0.25% | 2.39% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between IBCA.DE and H4ZK.DE is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.51 |
The correlation between IBCA.DE and H4ZK.DE has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.
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Return for Risk
IBCA.DE vs. H4ZK.DE — Risk / Return Rank
IBCA.DE
H4ZK.DE
IBCA.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBCA.DE) and HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.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.
| IBCA.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 0.62 | +0.15 |
| Martin ratioReturn relative to average drawdown | 2.37 | 2.06 | +0.31 |
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Drawdowns
IBCA.DE vs. H4ZK.DE - Drawdown Comparison
The maximum IBCA.DE drawdown since its inception was -8.31%, which is greater than H4ZK.DE's maximum drawdown of -1.26%. Use the drawdown chart below to compare losses from any high point for IBCA.DE and H4ZK.DE.
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Drawdown Indicators
| IBCA.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.31% | -1.26% | -7.05% |
Max Drawdown (1Y)Largest decline over 1 year | -1.14% | -1.26% | +0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -1.14% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -5.21% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -8.31% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -0.29% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -0.19% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.38% | -0.01% |
Volatility
IBCA.DE vs. H4ZK.DE - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBCA.DE) is 0.34%, while HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) has a volatility of 0.40%. This indicates that IBCA.DE experiences smaller price fluctuations and is considered to be less risky than H4ZK.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBCA.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | 0.40% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.31% | 1.23% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.40% | 1.38% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.56% | 1.39% | +0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.81% | 1.39% | +2.42% |
IBCA.DE vs. H4ZK.DE - Expense Ratio Comparison
IBCA.DE has a 0.15% expense ratio, which is higher than H4ZK.DE's 0.14% 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
IBCA.DE vs. H4ZK.DE - Dividend Comparison
IBCA.DE's dividend yield for the trailing twelve months is around 2.18%, while H4ZK.DE has not paid dividends to shareholders.
| 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% |
IBCA.DE iShares Euro Government Bond 1-3yr UCITS ETF (Dist) | 2.18% | 2.45% | 2.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.04% | 0.29% |
Frequently Asked Questions
IBCA.DE and H4ZK.DE have a correlation of 0.43, 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 IBCA.DE.
IBCA.DE tracks Bloomberg Euro Government Bond 1-3, while H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.15% for IBCA.DE and 0.14% for H4ZK.DE.
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