VGEA.DE vs. H4ZK.DE
VGEA.DE (Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - VGEA.DE tracks the Bloomberg Euro Aggregate Treasury while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, VGEA.DE returned 0.29% vs 0.79% for H4ZK.DE. A 0.51 correlation means they provide meaningful diversification when combined. VGEA.DE charges 0.07%/yr vs 0.14%/yr for H4ZK.DE.
Performance
VGEA.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VGEA.DE achieves a -0.33% return, which is significantly lower than H4ZK.DE's 0.20% return.
VGEA.DE
- 1D
- -0.17%
- 1M
- -1.08%
- 6M
- -0.83%
- YTD
- -0.33%
- 1Y
- 0.29%
- 3Y*
- 2.28%
- 5Y*
- -2.58%
- 10Y*
- —
H4ZK.DE
- 1D
- 0.10%
- 1M
- -0.10%
- 6M
- 0.00%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VGEA.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VGEA.DE Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating | -0.33% | 1.57% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between VGEA.DE and H4ZK.DE is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.51 |
The correlation between VGEA.DE and H4ZK.DE shifts across timeframes, from 0.41 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VGEA.DE vs. H4ZK.DE — Risk / Return Rank
VGEA.DE
H4ZK.DE
VGEA.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VGEA.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.
| VGEA.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.13 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.08 | 0.62 | -0.54 |
| Martin ratioReturn relative to average drawdown | 0.21 | 2.06 | -1.85 |
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Drawdowns
VGEA.DE vs. H4ZK.DE - Drawdown Comparison
The maximum VGEA.DE drawdown since its inception was -22.35%, 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 VGEA.DE and H4ZK.DE.
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Drawdown Indicators
| VGEA.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.35% | -1.26% | -21.09% |
Max Drawdown (1Y)Largest decline over 1 year | -3.47% | -1.26% | -2.21% |
Max Drawdown (3Y)Largest decline over 3 years | -3.92% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.48% | — | — |
Current DrawdownCurrent decline from peak | -14.28% | -0.29% | -13.99% |
Average DrawdownAverage peak-to-trough decline | -10.38% | -0.19% | -10.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 0.38% | +1.03% |
Volatility
VGEA.DE vs. H4ZK.DE - Volatility Comparison
Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VGEA.DE) has a higher volatility of 1.11% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.41%. This indicates that VGEA.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.
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Volatility by Period
| VGEA.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 0.41% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 3.68% | 1.23% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.41% | 1.38% | +3.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 1.40% | +5.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.91% | 1.40% | +4.51% |
VGEA.DE vs. H4ZK.DE - Expense Ratio Comparison
VGEA.DE has a 0.07% expense ratio, which is lower than H4ZK.DE's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VGEA.DE vs. H4ZK.DE - Dividend Comparison
Neither VGEA.DE nor H4ZK.DE has paid dividends to shareholders.
Frequently Asked Questions
VGEA.DE and H4ZK.DE have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGEA.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEA.DE is cheaper with a 0.07% expense ratio, compared with 0.14% for H4ZK.DE.
VGEA.DE tracks Bloomberg Euro Aggregate Treasury, while H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. They also come from different issuers: Vanguard and HSBC. Their fees differ too: 0.07% for VGEA.DE and 0.14% for H4ZK.DE.
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