X03F.DE vs. XGEZ.DE
X03F.DE (Xtrackers II Eurozone Government Bond UCITS ETF) and XGEZ.DE (Xtrackers II Eurozone Government Green Bond UCITS ETF) are both European Government Bonds funds from Xtrackers - X03F.DE tracks the iBoxx® EUR Sovereigns Eurozone while XGEZ.DE tracks the iBoxx® EUR Eurozone Sovereigns Green Bonds Capped. Both are passively managed. Over the past 3 years, X03F.DE returned 2.02%/yr vs 0.46%/yr for XGEZ.DE. With a 0.98 correlation, they move nearly in lockstep. X03F.DE charges 0.09%/yr vs 0.18%/yr for XGEZ.DE.
Performance
X03F.DE vs. XGEZ.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 higher than XGEZ.DE's -0.85% 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%
XGEZ.DE
- 1D
- 0.00%
- 1M
- -1.93%
- 6M
- -1.58%
- YTD
- -0.85%
- 1Y
- -1.14%
- 3Y*
- 0.46%
- 5Y*
- —
- 10Y*
- —
X03F.DE vs. XGEZ.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
X03F.DE Xtrackers II Eurozone Government Bond UCITS ETF | -0.38% | 0.74% | 1.51% | 6.93% | -0.58% |
XGEZ.DE Xtrackers II Eurozone Government Green Bond UCITS ETF | -0.85% | -2.16% | -0.51% | 8.88% | -0.36% |
Correlation
The correlation between X03F.DE and XGEZ.DE is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2022 | 0.98 |
The correlation between X03F.DE and XGEZ.DE has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
X03F.DE vs. XGEZ.DE — Risk / Return Rank
X03F.DE
XGEZ.DE
X03F.DE vs. XGEZ.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 Xtrackers II Eurozone Government Green Bond UCITS ETF (XGEZ.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 | XGEZ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.98 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | -0.24 | +0.27 |
| Martin ratioReturn relative to average drawdown | 0.07 | -0.52 | +0.59 |
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Drawdowns
X03F.DE vs. XGEZ.DE - Drawdown Comparison
The maximum X03F.DE drawdown since its inception was -22.47%, which is greater than XGEZ.DE's maximum drawdown of -13.63%. Use the drawdown chart below to compare losses from any high point for X03F.DE and XGEZ.DE.
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Drawdown Indicators
| X03F.DE | XGEZ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.47% | -13.63% | -8.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.48% | -4.70% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.97% | -7.82% | +3.85% |
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% | -6.31% | -8.11% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -5.38% | -0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 2.19% | -0.73% |
Volatility
X03F.DE vs. XGEZ.DE - Volatility Comparison
The current volatility for Xtrackers II Eurozone Government Bond UCITS ETF (X03F.DE) is 1.16%, while Xtrackers II Eurozone Government Green Bond UCITS ETF (XGEZ.DE) has a volatility of 1.68%. This indicates that X03F.DE experiences smaller price fluctuations and is considered to be less risky than XGEZ.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 | XGEZ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.68% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 3.73% | 5.25% | -1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 6.45% | -2.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.33% | 9.86% | -3.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.26% | 9.86% | -4.60% |
X03F.DE vs. XGEZ.DE - Expense Ratio Comparison
X03F.DE has a 0.09% expense ratio, which is lower than XGEZ.DE's 0.18% 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. XGEZ.DE - Dividend Comparison
X03F.DE's dividend yield for the trailing twelve months is around 2.31%, more than XGEZ.DE's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XGEZ.DE Xtrackers II Eurozone Government Green Bond UCITS ETF | 2.11% | 1.99% | 2.07% | 1.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, X03F.DE and XGEZ.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.18% for XGEZ.DE.
X03F.DE tracks iBoxx® EUR Sovereigns Eurozone, while XGEZ.DE tracks iBoxx® EUR Eurozone Sovereigns Green Bonds Capped. Their fees differ too: 0.09% for X03F.DE and 0.18% for XGEZ.DE.
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