X1GD.DE vs. H4ZK.DE
X1GD.DE (Amundi Government Bond Lowest Rated Euro Investment Grade UCITS ETF EUR Dist) and H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) are both European Government Bonds funds - X1GD.DE tracks the FTSE Lowest-Rated Eurozone Government Bond Investment Grade while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, X1GD.DE returned 0.52% vs 0.79% for H4ZK.DE. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.14% expense ratio.
Performance
X1GD.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, X1GD.DE achieves a -0.29% return, which is significantly lower than H4ZK.DE's 0.20% return.
X1GD.DE
- 1D
- 0.03%
- 1M
- -1.19%
- 6M
- -0.84%
- YTD
- -0.29%
- 1Y
- 0.52%
- 3Y*
- 2.65%
- 5Y*
- —
- 10Y*
- —
H4ZK.DE
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.10%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
X1GD.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
X1GD.DE Amundi Government Bond Lowest Rated Euro Investment Grade UCITS ETF EUR Dist | -0.29% | 2.02% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between X1GD.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 | 0.49 |
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Return for Risk
X1GD.DE vs. H4ZK.DE — Risk / Return Rank
X1GD.DE
H4ZK.DE
X1GD.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amundi Government Bond Lowest Rated Euro Investment Grade UCITS ETF EUR Dist (X1GD.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.
| X1GD.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.13 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 0.62 | -0.48 |
| Martin ratioReturn relative to average drawdown | 0.36 | 2.06 | -1.70 |
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Drawdowns
X1GD.DE vs. H4ZK.DE - Drawdown Comparison
The maximum X1GD.DE drawdown since its inception was -21.09%, 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 X1GD.DE and H4ZK.DE.
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Drawdown Indicators
| X1GD.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.09% | -1.26% | -19.83% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -1.26% | -2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -4.19% | — | — |
Current DrawdownCurrent decline from peak | -11.03% | -0.29% | -10.74% |
Average DrawdownAverage peak-to-trough decline | -12.79% | -0.19% | -12.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 0.38% | +1.07% |
Volatility
X1GD.DE vs. H4ZK.DE - Volatility Comparison
Amundi Government Bond Lowest Rated Euro Investment Grade UCITS ETF EUR Dist (X1GD.DE) has a higher volatility of 1.24% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.40%. This indicates that X1GD.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
| X1GD.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 0.40% | +0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 3.99% | 1.23% | +2.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.65% | 1.38% | +3.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.61% | 1.39% | +5.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.61% | 1.39% | +5.22% |
X1GD.DE vs. H4ZK.DE - Expense Ratio Comparison
Both X1GD.DE and H4ZK.DE have an expense ratio of 0.14%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
X1GD.DE vs. H4ZK.DE - Dividend Comparison
X1GD.DE's dividend yield for the trailing twelve months is around 2.59%, while H4ZK.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
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% |
X1GD.DE Amundi Government Bond Lowest Rated Euro Investment Grade UCITS ETF EUR Dist | 2.59% | 2.58% | 2.32% | 2.20% | 2.38% | 1.48% |
Frequently Asked Questions
X1GD.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.
Both ETFs have the same 0.14% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
X1GD.DE and H4ZK.DE have the same expense ratio: 0.14% per year.
X1GD.DE tracks FTSE Lowest-Rated Eurozone Government Bond Investment Grade, while H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. They also come from different issuers: Amundi and HSBC.
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