X03B.DE vs. H4ZK.DE
X03B.DE (Xtrackers Eurozone Government Bond 1-3 UCITS ETF) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - X03B.DE tracks the iBoxx® EUR Eurozone 1-3 while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, X03B.DE returned 0.73% vs 0.79% for H4ZK.DE. At a 0.50 correlation, their price movements are largely independent. X03B.DE charges 0.15%/yr vs 0.14%/yr for H4ZK.DE.
Performance
X03B.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, X03B.DE achieves a 0.12% return, which is significantly lower than H4ZK.DE's 0.20% return.
X03B.DE
- 1D
- -0.03%
- 1M
- -0.13%
- 6M
- 0.02%
- YTD
- 0.12%
- 1Y
- 0.73%
- 3Y*
- 2.65%
- 5Y*
- 0.70%
- 10Y*
- 0.22%
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
X03B.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
X03B.DE Xtrackers Eurozone Government Bond 1-3 UCITS ETF | 0.12% | 2.40% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between X03B.DE and H4ZK.DE is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.50 |
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Return for Risk
X03B.DE vs. H4ZK.DE — Risk / Return Rank
X03B.DE
H4ZK.DE
X03B.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers Eurozone Government Bond 1-3 UCITS ETF (X03B.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.
| X03B.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.13 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 0.62 | -0.05 |
| Martin ratioReturn relative to average drawdown | 1.75 | 2.06 | -0.31 |
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Drawdowns
X03B.DE vs. H4ZK.DE - Drawdown Comparison
The maximum X03B.DE drawdown since its inception was -6.78%, 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 X03B.DE and H4ZK.DE.
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Drawdown Indicators
| X03B.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.78% | -1.26% | -5.52% |
Max Drawdown (1Y)Largest decline over 1 year | -1.28% | -1.26% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -1.28% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -5.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -6.73% | — | — |
Current DrawdownCurrent decline from peak | -0.45% | -0.29% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -1.17% | -0.19% | -0.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 0.38% | +0.04% |
Volatility
X03B.DE vs. H4ZK.DE - Volatility Comparison
The current volatility for Xtrackers Eurozone Government Bond 1-3 UCITS ETF (X03B.DE) is 0.37%, while HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) has a volatility of 0.40%. This indicates that X03B.DE experiences smaller price fluctuations and is considered to be less risky 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
| X03B.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 0.40% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.25% | 1.23% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.32% | 1.38% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.64% | 1.39% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.33% | 1.39% | -0.06% |
X03B.DE vs. H4ZK.DE - Expense Ratio Comparison
X03B.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
X03B.DE vs. H4ZK.DE - Dividend Comparison
X03B.DE's dividend yield for the trailing twelve months is around 1.53%, 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% |
X03B.DE Xtrackers Eurozone Government Bond 1-3 UCITS ETF | 1.53% | 1.39% | 0.98% | 0.28% | 0.12% | 0.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.65% | 0.66% |
Frequently Asked Questions
X03B.DE and H4ZK.DE have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
H4ZK.DE is cheaper with a 0.14% expense ratio, compared with 0.15% for X03B.DE.
X03B.DE tracks iBoxx® EUR Eurozone 1-3, while H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. They also come from different issuers: Xtrackers and HSBC. Their fees differ too: 0.15% for X03B.DE and 0.14% for H4ZK.DE.
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