XGEZ.DE vs. H4ZK.DE
XGEZ.DE (Xtrackers II Eurozone Government Green 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 - XGEZ.DE tracks the iBoxx® EUR Eurozone Sovereigns Green Bonds Capped while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, XGEZ.DE returned -0.58% vs 0.79% for H4ZK.DE. At a 0.47 correlation, their price movements are largely independent. XGEZ.DE charges 0.18%/yr vs 0.14%/yr for H4ZK.DE.
Performance
XGEZ.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XGEZ.DE achieves a -0.54% return, which is significantly lower than H4ZK.DE's 0.20% return.
XGEZ.DE
- 1D
- 0.00%
- 1M
- -1.47%
- 6M
- -1.42%
- YTD
- -0.54%
- 1Y
- -0.58%
- 3Y*
- 1.00%
- 5Y*
- —
- 10Y*
- —
H4ZK.DE
- 1D
- 0.10%
- 1M
- -0.10%
- 6M
- 0.00%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XGEZ.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XGEZ.DE Xtrackers II Eurozone Government Green Bond UCITS ETF | -0.54% | -0.55% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between XGEZ.DE and H4ZK.DE is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.47 |
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Return for Risk
XGEZ.DE vs. H4ZK.DE — Risk / Return Rank
XGEZ.DE
H4ZK.DE
XGEZ.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Eurozone Government Green Bond UCITS ETF (XGEZ.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.
| XGEZ.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.13 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 0.62 | -0.74 |
| Martin ratioReturn relative to average drawdown | -0.27 | 2.06 | -2.33 |
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Drawdowns
XGEZ.DE vs. H4ZK.DE - Drawdown Comparison
The maximum XGEZ.DE drawdown since its inception was -13.63%, 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 XGEZ.DE and H4ZK.DE.
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Drawdown Indicators
| XGEZ.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.63% | -1.26% | -12.37% |
Max Drawdown (1Y)Largest decline over 1 year | -4.70% | -1.26% | -3.44% |
Max Drawdown (3Y)Largest decline over 3 years | -7.82% | — | — |
Current DrawdownCurrent decline from peak | -6.01% | -0.29% | -5.72% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -0.19% | -5.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 0.38% | +1.80% |
Volatility
XGEZ.DE vs. H4ZK.DE - Volatility Comparison
Xtrackers II Eurozone Government Green Bond UCITS ETF (XGEZ.DE) has a higher volatility of 1.67% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.41%. This indicates that XGEZ.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
| XGEZ.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 0.41% | +1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 5.25% | 1.23% | +4.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.45% | 1.38% | +5.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.87% | 1.40% | +8.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.87% | 1.40% | +8.47% |
XGEZ.DE vs. H4ZK.DE - Expense Ratio Comparison
XGEZ.DE has a 0.18% expense ratio, which is higher than H4ZK.DE's 0.14% 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
XGEZ.DE vs. H4ZK.DE - Dividend Comparison
XGEZ.DE's dividend yield for the trailing twelve months is around 2.11%, while H4ZK.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.00% | 0.00% | 0.00% | 0.00% |
XGEZ.DE Xtrackers II Eurozone Government Green Bond UCITS ETF | 2.11% | 1.99% | 2.07% | 1.27% |
Frequently Asked Questions
XGEZ.DE and H4ZK.DE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, H4ZK.DE is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H4ZK.DE is cheaper with a 0.14% expense ratio, compared with 0.18% for XGEZ.DE.
XGEZ.DE tracks iBoxx® EUR Eurozone Sovereigns Green Bonds Capped, 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: 0.18% for XGEZ.DE and 0.14% for H4ZK.DE.
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