It isn't 7 years old yet, it is 5 years and 10 months 😉
The reason is, a lot (if not all) first gen i5s like this one had only two physical cores, and with hyperthreading enabled this would make a total of four virtual cores which increases performance.
Current gen i5s are (Desktop i5s) are all quad cores. Four physical cores to share the workload, which will always perform better than two hyperthreaded cores.
If you want hyperthreading you need to buy an i7 4790k (4cores with hyperthreading) which is almost the same as the 4690k, but it has hyperthreading (and higher stock clockspeeds) the hyperthreading splits each core into two making it 8 virtual cores.
I hope i clarified it a little bit for you, if not ill try to explain it a bit more i guess.