X03F.DE vs. H4ZK.DE
X03F.DE (Xtrackers II Eurozone Government Bond UCITS ETF) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - X03F.DE tracks the iBoxx® EUR Sovereigns Eurozone while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, X03F.DE returned 0.10% vs 0.79% for H4ZK.DE. At a 0.50 correlation, their price movements are largely independent. X03F.DE charges 0.09%/yr vs 0.14%/yr for H4ZK.DE.
Performance
X03F.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, X03F.DE achieves a -0.38% return, which is significantly lower than H4ZK.DE's 0.20% return.
X03F.DE
- 1D
- 0.02%
- 1M
- -1.17%
- 6M
- -0.74%
- YTD
- -0.38%
- 1Y
- 0.10%
- 3Y*
- 2.02%
- 5Y*
- -2.62%
- 10Y*
- -0.56%
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
X03F.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
X03F.DE Xtrackers II Eurozone Government Bond UCITS ETF | -0.38% | 1.65% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between X03F.DE and H4ZK.DE is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.50 |
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Return for Risk
X03F.DE vs. H4ZK.DE — Risk / Return Rank
X03F.DE
H4ZK.DE
X03F.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Eurozone Government Bond UCITS ETF (X03F.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.
| X03F.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.13 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | 0.62 | -0.59 |
| Martin ratioReturn relative to average drawdown | 0.07 | 2.06 | -1.99 |
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Drawdowns
X03F.DE vs. H4ZK.DE - Drawdown Comparison
The maximum X03F.DE drawdown since its inception was -22.47%, 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 X03F.DE and H4ZK.DE.
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Drawdown Indicators
| X03F.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.47% | -1.26% | -21.21% |
Max Drawdown (1Y)Largest decline over 1 year | -3.48% | -1.26% | -2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.97% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.57% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.47% | — | — |
Current DrawdownCurrent decline from peak | -14.42% | -0.29% | -14.13% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -0.19% | -5.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 0.38% | +1.08% |
Volatility
X03F.DE vs. H4ZK.DE - Volatility Comparison
Xtrackers II Eurozone Government Bond UCITS ETF (X03F.DE) has a higher volatility of 1.16% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.40%. This indicates that X03F.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
| X03F.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.40% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 3.73% | 1.23% | +2.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 1.38% | +3.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.33% | 1.39% | +4.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.26% | 1.39% | +3.87% |
X03F.DE vs. H4ZK.DE - Expense Ratio Comparison
X03F.DE has a 0.09% 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
X03F.DE vs. H4ZK.DE - Dividend Comparison
X03F.DE's dividend yield for the trailing twelve months is around 2.31%, 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% |
X03F.DE Xtrackers II Eurozone Government Bond UCITS ETF | 2.31% | 2.20% | 2.01% | 1.84% | 3.07% | 1.88% | 0.30% | 0.34% | 0.61% | 0.83% | 1.12% | 0.48% |
Frequently Asked Questions
X03F.DE and H4ZK.DE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, X03F.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
X03F.DE is cheaper with a 0.09% expense ratio, compared with 0.14% for H4ZK.DE.
X03F.DE tracks iBoxx® EUR Sovereigns Eurozone, 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: 0.09% for X03F.DE and 0.14% for H4ZK.DE.
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