VGOV.DE vs. H4ZK.DE
VGOV.DE (Vanguard UK Gilt 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 - VGOV.DE tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, VGOV.DE returned 4.76% vs 0.79% for H4ZK.DE. At a 0.34 correlation, their price movements are largely independent. VGOV.DE charges 0.07%/yr vs 0.14%/yr for H4ZK.DE.
Performance
VGOV.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VGOV.DE achieves a 1.45% return, which is significantly higher than H4ZK.DE's 0.20% return.
VGOV.DE
- 1D
- -0.30%
- 1M
- 1.09%
- 6M
- -0.13%
- YTD
- 1.45%
- 1Y
- 4.76%
- 3Y*
- 2.86%
- 5Y*
- -5.63%
- 10Y*
- -0.25%
H4ZK.DE
- 1D
- 0.10%
- 1M
- -0.10%
- 6M
- 0.00%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VGOV.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing | 1.45% | 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 VGOV.DE and H4ZK.DE is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.34 |
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Return for Risk
VGOV.DE vs. H4ZK.DE — Risk / Return Rank
VGOV.DE
H4ZK.DE
VGOV.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard UK Gilt UCITS ETF Distributing (VGOV.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.
| VGOV.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.13 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.62 | +0.26 |
| Martin ratioReturn relative to average drawdown | 2.72 | 2.06 | +0.66 |
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Drawdowns
VGOV.DE vs. H4ZK.DE - Drawdown Comparison
The maximum VGOV.DE drawdown since its inception was -40.96%, 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 VGOV.DE and H4ZK.DE.
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Drawdown Indicators
| VGOV.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.96% | -1.26% | -39.70% |
Max Drawdown (1Y)Largest decline over 1 year | -5.39% | -1.26% | -4.13% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -40.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.96% | — | — |
Current DrawdownCurrent decline from peak | -28.98% | -0.29% | -28.69% |
Average DrawdownAverage peak-to-trough decline | -11.98% | -0.19% | -11.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 0.38% | +1.37% |
Volatility
VGOV.DE vs. H4ZK.DE - Volatility Comparison
Vanguard UK Gilt UCITS ETF Distributing (VGOV.DE) has a higher volatility of 2.22% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.41%. This indicates that VGOV.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
| VGOV.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.22% | 0.41% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 6.32% | 1.23% | +5.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 1.38% | +6.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.88% | 1.40% | +11.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.01% | 1.40% | +10.61% |
VGOV.DE vs. H4ZK.DE - Expense Ratio Comparison
VGOV.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
VGOV.DE vs. H4ZK.DE - Dividend Comparison
VGOV.DE's dividend yield for the trailing twelve months is around 4.82%, 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% |
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing | 4.82% | 4.59% | 4.08% | 3.17% | 1.94% | 1.07% | 1.18% | 1.34% | 1.60% | 1.64% |
Frequently Asked Questions
VGOV.DE and H4ZK.DE have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGOV.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGOV.DE is cheaper with a 0.07% expense ratio, compared with 0.14% for H4ZK.DE.
VGOV.DE tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, 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 VGOV.DE and 0.14% for H4ZK.DE.
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