SYB4.DE vs. H4ZK.DE

Last updated Jul 18, 2026

SYB4.DE (SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - SYB4.DE tracks the Bloomberg Euro Treasury 50bn 3-5 Year Bond while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, SYB4.DE returned 0.24% vs 0.79% for H4ZK.DE. A 0.64 correlation means they provide meaningful diversification when combined. SYB4.DE charges 0.15%/yr vs 0.14%/yr for H4ZK.DE.

Performance

SYB4.DE vs. H4ZK.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF (SYB4.DE) and HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SYB4.DE achieves a -0.23% return, which is significantly lower than H4ZK.DE's 0.20% return.

SYB4.DE

• 1D: 0.03%
• 1M: -0.58%
• 6M: -0.50%
• YTD: -0.23%
• 1Y: 0.24%
• 3Y*: 2.75%
• 5Y*: -0.40%
• 10Y*: 0.02%

H4ZK.DE

• 1D: 0.00%
• 1M: -0.10%
• 6M: 0.10%
• YTD: 0.20%
• 1Y: 0.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SYB4.DE vs. H4ZK.DE - Yearly Performance Comparison

	2026 (YTD)	2025
SYB4.DE SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF	-0.23%	2.86%
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR	0.20%	2.30%

Correlation

The correlation between SYB4.DE and H4ZK.DE is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.64

The correlation between SYB4.DE and H4ZK.DE has been stable across timeframes, ranging from 0.62 to 0.64 - a consistent structural relationship.

Return for Risk

SYB4.DE vs. H4ZK.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SYB4.DE

SYB4.DE Risk / Return Rank: 11
SYB4.DE Sharpe Ratio Rank: 12
SYB4.DE Sortino Ratio Rank: 10
SYB4.DE Omega Ratio Rank: 10
SYB4.DE Calmar Ratio Rank: 12
SYB4.DE Martin Ratio Rank: 12

H4ZK.DE

H4ZK.DE Risk / Return Rank: 22
H4ZK.DE Sharpe Ratio Rank: 22
H4ZK.DE Sortino Ratio Rank: 19
H4ZK.DE Omega Ratio Rank: 24
H4ZK.DE Calmar Ratio Rank: 20
H4ZK.DE Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SYB4.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF (SYB4.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.

	SYB4.DE	H4ZK.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.10	0.57	-0.47
Sortino ratio: Return per unit of downside risk	0.16	0.81	-0.65
Omega ratio: Gain probability vs. loss probability	1.02	1.13	-0.11
Calmar ratio: Return relative to maximum drawdown	0.09	0.62	-0.53
Martin ratio: Return relative to average drawdown	0.26	2.06	-1.80

SYB4.DE vs. H4ZK.DE - Sharpe Ratio Comparison

The current SYB4.DE Sharpe Ratio is 0.10, which is lower than the H4ZK.DE Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of SYB4.DE and H4ZK.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SYB4.DE vs. H4ZK.DE - Drawdown Comparison

The maximum SYB4.DE drawdown since its inception was -12.20%, 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 SYB4.DE and H4ZK.DE.

Drawdown Indicators

	SYB4.DE	H4ZK.DE	Difference
Max Drawdown Largest peak-to-trough decline	-12.20%	-1.26%	-10.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-1.26%	-1.26%
Max Drawdown (3Y) Largest decline over 3 years	-2.52%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-12.20%	—	—
Current Drawdown Current decline from peak	-2.60%	-0.29%	-2.31%
Average Drawdown Average peak-to-trough decline	-2.83%	-0.19%	-2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.38%	+0.55%

Volatility

SYB4.DE vs. H4ZK.DE - Volatility Comparison

SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF (SYB4.DE) has a higher volatility of 0.63% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.40%. This indicates that SYB4.DE's price experiences larger fluctuations and is considered to be riskier than H4ZK.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SYB4.DE	H4ZK.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.40%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	2.06%	1.23%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	2.41%	1.38%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.53%	1.39%	+2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.85%	1.39%	+1.46%

SYB4.DE vs. H4ZK.DE - Expense Ratio Comparison

SYB4.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

SYB4.DE vs. H4ZK.DE - Dividend Comparison

SYB4.DE's dividend yield for the trailing twelve months is around 2.42%, 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%
SYB4.DE SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF	2.42%	2.51%	2.26%	0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.12%

Frequently Asked Questions

Can I hold both SYB4.DE and H4ZK.DE in my portfolio?

SYB4.DE and H4ZK.DE have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SYB4.DE or H4ZK.DE?

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.

Which ETF is cheaper, SYB4.DE or H4ZK.DE?

H4ZK.DE is cheaper with a 0.14% expense ratio, compared with 0.15% for SYB4.DE.

What is the main difference between SYB4.DE and H4ZK.DE?

SYB4.DE tracks Bloomberg Euro Treasury 50bn 3-5 Year Bond, while H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.15% for SYB4.DE and 0.14% for H4ZK.DE.