XZEB.DE vs. H4ZK.DE
XZEB.DE (Xtrackers II ESG Eurozone Government 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 - XZEB.DE tracks the FTSE ESG Select EMU Government Bond while H4ZK.DE tracks the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index. Both are passively managed. Over the past year, XZEB.DE returned -0.16% vs 0.79% for H4ZK.DE. At a 0.50 correlation, their price movements are largely independent. XZEB.DE charges 0.15%/yr vs 0.14%/yr for H4ZK.DE.
Performance
XZEB.DE vs. H4ZK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XZEB.DE achieves a -0.11% return, which is significantly lower than H4ZK.DE's 0.20% return.
XZEB.DE
- 1D
- 0.00%
- 1M
- -0.92%
- 6M
- -0.66%
- YTD
- -0.11%
- 1Y
- -0.16%
- 3Y*
- 1.36%
- 5Y*
- —
- 10Y*
- —
H4ZK.DE
- 1D
- 0.10%
- 1M
- -0.10%
- 6M
- 0.00%
- YTD
- 0.20%
- 1Y
- 0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XZEB.DE vs. H4ZK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XZEB.DE Xtrackers II ESG Eurozone Government Bond UCITS ETF | -0.11% | 0.37% |
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR | 0.20% | 2.30% |
Correlation
The correlation between XZEB.DE and H4ZK.DE is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.50 |
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Return for Risk
XZEB.DE vs. H4ZK.DE — Risk / Return Rank
XZEB.DE
H4ZK.DE
XZEB.DE vs. H4ZK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II ESG Eurozone Government Bond UCITS ETF (XZEB.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.
| XZEB.DE | H4ZK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.13 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.62 | -0.67 |
| Martin ratioReturn relative to average drawdown | -0.12 | 2.06 | -2.18 |
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Drawdowns
XZEB.DE vs. H4ZK.DE - Drawdown Comparison
The maximum XZEB.DE drawdown since its inception was -13.98%, 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 XZEB.DE and H4ZK.DE.
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Drawdown Indicators
| XZEB.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.98% | -1.26% | -12.72% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -1.26% | -1.71% |
Max Drawdown (3Y)Largest decline over 3 years | -4.45% | — | — |
Current DrawdownCurrent decline from peak | -7.56% | -0.29% | -7.27% |
Average DrawdownAverage peak-to-trough decline | -8.27% | -0.19% | -8.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 0.38% | +0.98% |
Volatility
XZEB.DE vs. H4ZK.DE - Volatility Comparison
Xtrackers II ESG Eurozone Government Bond UCITS ETF (XZEB.DE) has a higher volatility of 1.09% compared to HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) at 0.41%. This indicates that XZEB.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
| XZEB.DE | H4ZK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.41% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 1.23% | +2.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.15% | 1.38% | +2.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.42% | 1.40% | +5.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.42% | 1.40% | +5.02% |
XZEB.DE vs. H4ZK.DE - Expense Ratio Comparison
XZEB.DE has a 0.15% 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
XZEB.DE vs. H4ZK.DE - Dividend Comparison
Neither XZEB.DE nor H4ZK.DE has paid dividends to shareholders.
Frequently Asked Questions
XZEB.DE and H4ZK.DE have a correlation of 0.41, 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 0.15% for XZEB.DE.
XZEB.DE tracks FTSE ESG Select EMU Government Bond, 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: 0.15% for XZEB.DE and 0.14% for H4ZK.DE.
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