XZHE.DE vs. AYE2.DE
XZHE.DE (Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C) and AYE2.DE (iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc) are both European High Yield Bonds funds - XZHE.DE tracks the Bloomberg Pan Euro HY Euro TR EUR while AYE2.DE tracks the Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond. Both are passively managed. Over the past 3 years, XZHE.DE returned 6.40%/yr vs 6.88%/yr for AYE2.DE. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.
Performance
XZHE.DE vs. AYE2.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XZHE.DE achieves a 0.54% return, which is significantly lower than AYE2.DE's 0.71% return.
XZHE.DE
- 1D
- 0.00%
- 1M
- 0.84%
- YTD
- 0.54%
- 6M
- 0.98%
- 1Y
- 3.81%
- 3Y*
- 6.40%
- 5Y*
- —
- 10Y*
- —
AYE2.DE
- 1D
- -0.10%
- 1M
- 0.40%
- YTD
- 0.71%
- 6M
- 1.00%
- 1Y
- 4.01%
- 3Y*
- 6.88%
- 5Y*
- 2.45%
- 10Y*
- —
XZHE.DE vs. AYE2.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XZHE.DE Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C | 0.54% | 5.48% | 5.98% | 9.94% | 2.99% |
AYE2.DE iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc | 0.71% | 5.88% | 6.36% | 10.77% | 2.99% |
Correlation
The correlation between XZHE.DE and AYE2.DE is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022 | 0.82 |
The correlation between XZHE.DE and AYE2.DE has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.
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Return for Risk
XZHE.DE vs. AYE2.DE — Risk / Return Rank
XZHE.DE
AYE2.DE
XZHE.DE vs. AYE2.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C (XZHE.DE) and iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.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.
| XZHE.DE | AYE2.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.21 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 1.21 | -0.29 |
| Martin ratioReturn relative to average drawdown | 3.44 | 5.15 | -1.71 |
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
| XZHE.DE | AYE2.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.81 | 1.05 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.45 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | 0.45 | +0.67 |
Drawdowns
XZHE.DE vs. AYE2.DE - Drawdown Comparison
The maximum XZHE.DE drawdown since its inception was -7.83%, smaller than the maximum AYE2.DE drawdown of -16.48%. Use the drawdown chart below to compare losses from any high point for XZHE.DE and AYE2.DE.
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Drawdown Indicators
| XZHE.DE | AYE2.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.83% | -16.48% | +8.65% |
Max Drawdown (1Y)Largest decline over 1 year | -3.94% | -3.10% | -0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -3.99% | -3.69% | -0.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.48% | — |
Current DrawdownCurrent decline from peak | -0.55% | -0.33% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -0.99% | -3.96% | +2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.73% | +0.32% |
Volatility
XZHE.DE vs. AYE2.DE - Volatility Comparison
Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C (XZHE.DE) has a higher volatility of 1.07% compared to iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.DE) at 0.98%. This indicates that XZHE.DE's price experiences larger fluctuations and is considered to be riskier than AYE2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XZHE.DE | AYE2.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.98% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.04% | 3.09% | +0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.48% | 3.58% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.65% | 5.34% | +0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.65% | 5.26% | +0.39% |
XZHE.DE vs. AYE2.DE - Expense Ratio Comparison
Both XZHE.DE and AYE2.DE have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
XZHE.DE vs. AYE2.DE - Dividend Comparison
Neither XZHE.DE nor AYE2.DE has paid dividends to shareholders.
Frequently Asked Questions
XZHE.DE and AYE2.DE have a correlation of 0.73, 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 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
XZHE.DE and AYE2.DE have the same expense ratio: 0.25% per year.
XZHE.DE tracks Bloomberg Pan Euro HY Euro TR EUR, while AYE2.DE tracks Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond. They also come from different issuers: DWS and iShares.
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