SYBG.DE vs. H4ZK.DE

Last updated Jul 18, 2026

SYBG.DE (SPDR Bloomberg UK Gilt UCITS ETF) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - SYBG.DE tracks the Bloomberg UK Gilt while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, SYBG.DE returned 4.12% vs 0.79% for H4ZK.DE. At a 0.35 correlation, their price movements are largely independent. SYBG.DE charges 0.15%/yr vs 0.14%/yr for H4ZK.DE.

Performance

SYBG.DE vs. H4ZK.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR Bloomberg UK Gilt UCITS ETF (SYBG.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, SYBG.DE achieves a 1.36% return, which is significantly higher than H4ZK.DE's 0.20% return.

SYBG.DE

• 1D: -0.12%
• 1M: 0.65%
• 6M: -0.01%
• YTD: 1.36%
• 1Y: 4.12%
• 3Y*: 2.55%
• 5Y*: -5.16%
• 10Y*: -1.79%

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)

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

	2026 (YTD)	2025
SYBG.DE SPDR Bloomberg UK Gilt UCITS ETF	1.36%	0.58%
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR	0.20%	2.30%

Correlation

The correlation between SYBG.DE and H4ZK.DE is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.35

Return for Risk

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

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

SYBG.DE

SYBG.DE Risk / Return Rank: 21
SYBG.DE Sharpe Ratio Rank: 21
SYBG.DE Sortino Ratio Rank: 18
SYBG.DE Omega Ratio Rank: 18
SYBG.DE Calmar Ratio Rank: 22
SYBG.DE Martin Ratio Rank: 25

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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg UK Gilt UCITS ETF (SYBG.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.

	SYBG.DE	H4ZK.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.52	0.57	-0.05
Sortino ratio: Return per unit of downside risk	0.77	0.81	-0.03
Omega ratio: Gain probability vs. loss probability	1.09	1.13	-0.04
Calmar ratio: Return relative to maximum drawdown	0.76	0.62	+0.14
Martin ratio: Return relative to average drawdown	2.36	2.06	+0.30

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

The current SYBG.DE Sharpe Ratio is 0.52, which is comparable to the H4ZK.DE Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of SYBG.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

SYBG.DE vs. H4ZK.DE - Drawdown Comparison

The maximum SYBG.DE drawdown since its inception was -36.66%, 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 SYBG.DE and H4ZK.DE.

Drawdown Indicators

	SYBG.DE	H4ZK.DE	Difference
Max Drawdown Largest peak-to-trough decline	-36.66%	-1.26%	-35.40%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-1.26%	-4.16%
Max Drawdown (3Y) Largest decline over 3 years	-8.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.66%	—	—
Current Drawdown Current decline from peak	-26.70%	-0.29%	-26.41%
Average Drawdown Average peak-to-trough decline	-13.48%	-0.19%	-13.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	0.38%	+1.37%

Volatility

SYBG.DE vs. H4ZK.DE - Volatility Comparison

SPDR Bloomberg UK Gilt UCITS ETF (SYBG.DE) has a higher volatility of 2.23% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.40%. This indicates that SYBG.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

	SYBG.DE	H4ZK.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	0.40%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	6.24%	1.23%	+5.01%
Volatility (1Y) Calculated over the trailing 1-year period	7.89%	1.38%	+6.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.76%	1.39%	+10.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.82%	1.39%	+12.43%

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

SYBG.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

SYBG.DE vs. H4ZK.DE - Dividend Comparison

SYBG.DE's dividend yield for the trailing twelve months is around 3.75%, 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%
SYBG.DE SPDR Bloomberg UK Gilt UCITS ETF	3.75%	3.64%	2.65%	1.69%	1.22%	0.82%	1.11%	1.14%	1.27%	1.60%	1.77%	1.89%

Frequently Asked Questions

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

SYBG.DE and H4ZK.DE have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

SYBG.DE tracks Bloomberg UK Gilt, 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 SYBG.DE and 0.14% for H4ZK.DE.