IS0Z.DE vs. HGGA.DE
IS0Z.DE (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) and HGGA.DE (HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF) are both Global Bonds funds - IS0Z.DE tracks the Bloomberg Global Government AAA-AA Capped Bond while HGGA.DE tracks the Bloomberg MSCI Global Aggregate 1-3 SRI Carbon ESG-Weighted. Both are passively managed. Over the past 3 years, IS0Z.DE returned 1.18%/yr vs 0.90%/yr for HGGA.DE. At a 0.41 correlation, their price movements are largely independent. IS0Z.DE charges 0.20%/yr vs 0.18%/yr for HGGA.DE.
Performance
IS0Z.DE vs. HGGA.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IS0Z.DE having a 1.29% return and HGGA.DE slightly higher at 1.31%.
IS0Z.DE
- 1D
- 0.06%
- 1M
- 0.78%
- YTD
- 1.29%
- 6M
- 1.06%
- 1Y
- 0.23%
- 3Y*
- 1.18%
- 5Y*
- -2.11%
- 10Y*
- -0.58%
HGGA.DE
- 1D
- 0.00%
- 1M
- 0.48%
- YTD
- 1.31%
- 6M
- 0.93%
- 1Y
- 0.17%
- 3Y*
- 0.90%
- 5Y*
- —
- 10Y*
- —
IS0Z.DE vs. HGGA.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IS0Z.DE iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 1.29% | -1.88% | 0.75% | 4.39% | -14.80% |
HGGA.DE HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF | 1.31% | -4.17% | 5.69% | 0.16% | -1.86% |
Correlation
The correlation between IS0Z.DE and HGGA.DE is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2022 | 0.41 |
The correlation between IS0Z.DE and HGGA.DE shifts across timeframes, from 0.26 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IS0Z.DE vs. HGGA.DE — Risk / Return Rank
IS0Z.DE
HGGA.DE
IS0Z.DE vs. HGGA.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.DE) and HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF (HGGA.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.
| IS0Z.DE | HGGA.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.01 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | 0.08 | +0.01 |
| Martin ratioReturn relative to average drawdown | 0.19 | 0.17 | +0.02 |
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
| IS0Z.DE | HGGA.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.06 | 0.05 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.10 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.04 | +0.01 |
Drawdowns
IS0Z.DE vs. HGGA.DE - Drawdown Comparison
The maximum IS0Z.DE drawdown since its inception was -21.02%, which is greater than HGGA.DE's maximum drawdown of -8.58%. Use the drawdown chart below to compare losses from any high point for IS0Z.DE and HGGA.DE.
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Drawdown Indicators
| IS0Z.DE | HGGA.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.02% | -8.58% | -12.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -2.04% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -5.11% | -6.78% | +1.67% |
Max Drawdown (5Y)Largest decline over 5 years | -19.65% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -21.02% | — | — |
Current DrawdownCurrent decline from peak | -15.06% | -4.56% | -10.50% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -4.18% | -3.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.02% | +0.19% |
Volatility
IS0Z.DE vs. HGGA.DE - Volatility Comparison
iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.DE) has a higher volatility of 1.69% compared to HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF (HGGA.DE) at 0.53%. This indicates that IS0Z.DE's price experiences larger fluctuations and is considered to be riskier than HGGA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IS0Z.DE | HGGA.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.69% | 0.53% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 2.33% | +0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.82% | 3.42% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.19% | 4.98% | +1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.66% | 4.98% | +0.68% |
IS0Z.DE vs. HGGA.DE - Expense Ratio Comparison
IS0Z.DE has a 0.20% expense ratio, which is higher than HGGA.DE's 0.18% 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
IS0Z.DE vs. HGGA.DE - Dividend Comparison
IS0Z.DE's dividend yield for the trailing twelve months is around 2.67%, while HGGA.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HGGA.DE HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IS0Z.DE iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 2.67% | 2.51% | 2.30% | 1.57% | 0.80% | 0.47% | 0.62% | 0.88% | 0.90% | 0.82% | 0.84% | 1.06% |
Frequently Asked Questions
IS0Z.DE and HGGA.DE have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HGGA.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HGGA.DE is cheaper with a 0.18% expense ratio, compared with 0.20% for IS0Z.DE.
IS0Z.DE tracks Bloomberg Global Government AAA-AA Capped Bond, while HGGA.DE tracks Bloomberg MSCI Global Aggregate 1-3 SRI Carbon ESG-Weighted. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.20% for IS0Z.DE and 0.18% for HGGA.DE.
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