X03G.DE vs. XZEB.DE
X03G.DE (Xtrackers II Germany Government Bond UCITS ETF) and XZEB.DE (Xtrackers II ESG Eurozone Government Bond UCITS ETF) are both European Government Bonds funds from Xtrackers - X03G.DE tracks the iBoxx® EUR Germany while XZEB.DE tracks the FTSE ESG Select EMU Government Bond. Both are passively managed. Over the past 3 years, X03G.DE returned 0.86%/yr vs 1.37%/yr for XZEB.DE. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.
Performance
X03G.DE vs. XZEB.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 lower than XZEB.DE's 0.20% 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%
XZEB.DE
- 1D
- 0.07%
- 1M
- -0.04%
- YTD
- 0.20%
- 6M
- 0.18%
- 1Y
- -0.32%
- 3Y*
- 1.37%
- 5Y*
- —
- 10Y*
- —
X03G.DE vs. XZEB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
X03G.DE Xtrackers II Germany Government Bond UCITS ETF | -0.04% | -1.48% | 0.14% | 5.23% | -7.70% |
XZEB.DE Xtrackers II ESG Eurozone Government Bond UCITS ETF | 0.20% | -0.59% | 0.01% | 5.77% | -7.62% |
Correlation
The correlation between X03G.DE and XZEB.DE is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2022 | 0.98 |
The correlation between X03G.DE and XZEB.DE has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
X03G.DE vs. XZEB.DE — Risk / Return Rank
X03G.DE
XZEB.DE
X03G.DE vs. XZEB.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 Xtrackers II ESG Eurozone Government Bond UCITS ETF (XZEB.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 | XZEB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.97 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | -0.24 | -0.23 |
| Martin ratioReturn relative to average drawdown | -0.99 | -0.53 | -0.45 |
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 | XZEB.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.37 | -0.17 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.49 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.25 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.04 | -0.11 | +0.15 |
Drawdowns
X03G.DE vs. XZEB.DE - Drawdown Comparison
The maximum X03G.DE drawdown since its inception was -23.87%, which is greater than XZEB.DE's maximum drawdown of -13.98%. Use the drawdown chart below to compare losses from any high point for X03G.DE and XZEB.DE.
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Drawdown Indicators
| X03G.DE | XZEB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.87% | -13.98% | -9.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.97% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -5.00% | -4.45% | -0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -21.19% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.87% | — | — |
Current DrawdownCurrent decline from peak | -19.28% | -7.28% | -12.00% |
Average DrawdownAverage peak-to-trough decline | -7.77% | -8.40% | +0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 1.33% | +0.05% |
Volatility
X03G.DE vs. XZEB.DE - Volatility Comparison
The current volatility for Xtrackers II Germany Government Bond UCITS ETF (X03G.DE) is 1.43%, while Xtrackers II ESG Eurozone Government Bond UCITS ETF (XZEB.DE) has a volatility of 1.57%. This indicates that X03G.DE experiences smaller price fluctuations and is considered to be less risky than XZEB.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 | XZEB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.43% | 1.57% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 3.45% | -0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 4.14% | -0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.16% | 6.32% | -0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.15% | 6.32% | -1.17% |
X03G.DE vs. XZEB.DE - Expense Ratio Comparison
Both X03G.DE and XZEB.DE have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
X03G.DE vs. XZEB.DE - Dividend Comparison
Neither X03G.DE nor XZEB.DE has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XZEB.DE Xtrackers II ESG Eurozone 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% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, X03G.DE and XZEB.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.
Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
X03G.DE and XZEB.DE have the same expense ratio: 0.15% per year.
X03G.DE tracks iBoxx® EUR Germany, while XZEB.DE tracks FTSE ESG Select EMU Government Bond.
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