VGEB.DE vs. H4ZK.DE
VGEB.DE (Vanguard EUR Eurozone Government Bond UCITS ETF Distributing) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - VGEB.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, VGEB.DE returned 0.20% vs 0.79% for H4ZK.DE. At a 0.48 correlation, their price movements are largely independent. VGEB.DE charges 0.07%/yr vs 0.14%/yr for H4ZK.DE.
Performance
VGEB.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VGEB.DE achieves a -0.34% return, which is significantly lower than H4ZK.DE's 0.20% return.
VGEB.DE
- 1D
- -0.19%
- 1M
- -1.09%
- 6M
- -0.64%
- YTD
- -0.34%
- 1Y
- 0.20%
- 3Y*
- 2.28%
- 5Y*
- -2.59%
- 10Y*
- —
H4ZK.DE
- 1D
- 0.10%
- 1M
- -0.10%
- 6M
- 0.00%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VGEB.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | -0.34% | 1.52% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between VGEB.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 | 0.48 |
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Return for Risk
VGEB.DE vs. H4ZK.DE — Risk / Return Rank
VGEB.DE
H4ZK.DE
VGEB.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 Distributing (VGEB.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.
| VGEB.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.13 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 0.62 | -0.56 |
| Martin ratioReturn relative to average drawdown | 0.14 | 2.06 | -1.92 |
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Drawdowns
VGEB.DE vs. H4ZK.DE - Drawdown Comparison
The maximum VGEB.DE drawdown since its inception was -22.41%, 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 VGEB.DE and H4ZK.DE.
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Drawdown Indicators
| VGEB.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.41% | -1.26% | -21.15% |
Max Drawdown (1Y)Largest decline over 1 year | -3.44% | -1.26% | -2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -4.06% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.50% | — | — |
Current DrawdownCurrent decline from peak | -14.33% | -0.29% | -14.04% |
Average DrawdownAverage peak-to-trough decline | -9.01% | -0.19% | -8.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 0.38% | +1.05% |
Volatility
VGEB.DE vs. H4ZK.DE - Volatility Comparison
Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VGEB.DE) has a higher volatility of 1.18% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.41%. This indicates that VGEB.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
| VGEB.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 0.41% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 3.61% | 1.23% | +2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 1.38% | +2.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.36% | 1.40% | +4.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.52% | 1.40% | +4.12% |
VGEB.DE vs. H4ZK.DE - Expense Ratio Comparison
VGEB.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
VGEB.DE vs. H4ZK.DE - Dividend Comparison
VGEB.DE's dividend yield for the trailing twelve months is around 3.16%, while H4ZK.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | 3.16% | 2.88% | 2.56% | 1.83% | 0.48% | 0.08% | 0.15% | 0.51% | 0.56% | 0.09% |
Frequently Asked Questions
VGEB.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, VGEB.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEB.DE is cheaper with a 0.07% expense ratio, compared with 0.14% for H4ZK.DE.
VGEB.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 VGEB.DE and 0.14% for H4ZK.DE.
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