X03G.DE vs. EUNH.DE
X03G.DE (Xtrackers II Germany Government Bond UCITS ETF) and EUNH.DE (iShares Core Euro Government Bond UCITS ETF (Dist)) are both European Government Bonds funds - X03G.DE tracks the iBoxx® EUR Germany while EUNH.DE tracks the Bloomberg Euro Aggregate Treasury. Both are passively managed. Over the past 10 years, X03G.DE returned -1.28%/yr vs -0.32%/yr for EUNH.DE. A 0.76 correlation means they provide meaningful diversification when combined. X03G.DE charges 0.15%/yr vs 0.07%/yr for EUNH.DE.
Performance
X03G.DE vs. EUNH.DE - Performance Comparison
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Returns By Period
In the year-to-date period, X03G.DE achieves a -0.04% return, which is significantly higher than EUNH.DE's -0.06% return. Over the past 10 years, X03G.DE has underperformed EUNH.DE with an annualized return of -1.28%, while EUNH.DE has yielded a comparatively higher -0.32% annualized return.
X03G.DE
- 1D
- 0.11%
- 1M
- -0.00%
- YTD
- -0.04%
- 6M
- -0.24%
- 1Y
- -0.95%
- 3Y*
- 0.86%
- 5Y*
- -3.03%
- 10Y*
- -1.28%
EUNH.DE
- 1D
- 0.04%
- 1M
- -0.08%
- YTD
- -0.06%
- 6M
- 0.09%
- 1Y
- 0.30%
- 3Y*
- 2.35%
- 5Y*
- -2.27%
- 10Y*
- -0.32%
X03G.DE vs. EUNH.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
X03G.DE Xtrackers II Germany Government Bond UCITS ETF | -0.04% | -1.48% | 0.14% | 5.23% | -17.79% | -2.57% | 2.71% | 2.86% | 2.17% | -1.47% |
EUNH.DE iShares Core Euro Government Bond UCITS ETF (Dist) | -0.06% | 0.80% | 1.52% | 6.83% | -18.32% | -3.37% | 4.72% | 6.76% | 0.85% | -0.13% |
Correlation
The correlation between X03G.DE and EUNH.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 | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2011 | 0.76 |
The correlation between X03G.DE and EUNH.DE shifts across timeframes, from 0.76 (all time) to 0.95 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
X03G.DE vs. EUNH.DE — Risk / Return Rank
X03G.DE
EUNH.DE
X03G.DE vs. EUNH.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Germany Government Bond UCITS ETF (X03G.DE) and iShares Core Euro Government Bond UCITS ETF (Dist) (EUNH.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.
| X03G.DE | EUNH.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.00 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | -0.03 | -0.44 |
| Martin ratioReturn relative to average drawdown | -0.99 | -0.08 | -0.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| X03G.DE | EUNH.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.37 | -0.02 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.49 | -0.35 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.25 | -0.06 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.04 | 0.25 | -0.21 |
Drawdowns
X03G.DE vs. EUNH.DE - Drawdown Comparison
The maximum X03G.DE drawdown since its inception was -23.87%, which is greater than EUNH.DE's maximum drawdown of -22.43%. Use the drawdown chart below to compare losses from any high point for X03G.DE and EUNH.DE.
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Drawdown Indicators
| X03G.DE | EUNH.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.87% | -22.43% | -1.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -3.48% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -5.00% | -4.10% | -0.90% |
Max Drawdown (5Y)Largest decline over 5 years | -21.19% | -21.53% | +0.34% |
Max Drawdown (10Y)Largest decline over 10 years | -23.87% | -22.43% | -1.44% |
Current DrawdownCurrent decline from peak | -19.28% | -14.10% | -5.18% |
Average DrawdownAverage peak-to-trough decline | -7.77% | -5.97% | -1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 1.35% | +0.03% |
Volatility
X03G.DE vs. EUNH.DE - Volatility Comparison
The current volatility for Xtrackers II Germany Government Bond UCITS ETF (X03G.DE) is 1.43%, while iShares Core Euro Government Bond UCITS ETF (Dist) (EUNH.DE) has a volatility of 1.72%. This indicates that X03G.DE experiences smaller price fluctuations and is considered to be less risky than EUNH.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| X03G.DE | EUNH.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.43% | 1.72% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 3.70% | -0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 4.37% | -0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.16% | 6.34% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.15% | 5.52% | -0.37% |
X03G.DE vs. EUNH.DE - Expense Ratio Comparison
X03G.DE has a 0.15% expense ratio, which is higher than EUNH.DE's 0.07% 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
X03G.DE vs. EUNH.DE - Dividend Comparison
X03G.DE has not paid dividends to shareholders, while EUNH.DE's dividend yield for the trailing twelve months is around 2.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUNH.DE iShares Core Euro Government Bond UCITS ETF (Dist) | 2.49% | 2.30% | 1.77% | 0.97% | 0.27% | 0.24% | 0.47% | 0.65% | 0.66% | 0.70% | 0.94% | 0.62% |
X03G.DE Xtrackers II Germany Government Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.33% |
Frequently Asked Questions
With a correlation of 0.94, X03G.DE and EUNH.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, EUNH.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNH.DE is cheaper with a 0.07% expense ratio, compared with 0.15% for X03G.DE.
X03G.DE tracks iBoxx® EUR Germany, while EUNH.DE tracks Bloomberg Euro Aggregate Treasury. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.15% for X03G.DE and 0.07% for EUNH.DE.
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