0GZB.DE vs. ESE.PA

Last updated Jun 5, 2026

0GZB.DE (BNPP RICI Enhanced Kupfer (ER) EUR Hedge ETC) and ESE.PA (BNP Paribas Easy S&P 500 UCITS ETF) are both exchange-traded funds - 0GZB.DE is a Metals fund tracking the RICI Enhanced Copper (EUR Hedged), while ESE.PA is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, 0GZB.DE returned 6.77%/yr vs 14.69%/yr for ESE.PA. At a 0.19 correlation, their price movements are largely independent. 0GZB.DE charges 1.20%/yr vs 0.15%/yr for ESE.PA.

Performance

0GZB.DE vs. ESE.PA - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in BNPP RICI Enhanced Kupfer (ER) EUR Hedge ETC (0GZB.DE) and BNP Paribas Easy S&P 500 UCITS ETF (ESE.PA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 0GZB.DE achieves a 10.76% return, which is significantly lower than ESE.PA's 11.48% return.

0GZB.DE

• 1D: 0.84%
• 1M: 3.24%
• YTD: 10.76%
• 6M: 20.27%
• 1Y: 40.22%
• 3Y*: 18.68%
• 5Y*: 6.77%
• 10Y*: —

ESE.PA

• 1D: -0.10%
• 1M: 4.36%
• YTD: 11.48%
• 6M: 10.75%
• 1Y: 25.30%
• 3Y*: 18.70%
• 5Y*: 14.69%
• 10Y*: 15.10%

*Multi-year figures are annualized to reflect compound growth (CAGR)

0GZB.DE vs. ESE.PA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
0GZB.DE BNPP RICI Enhanced Kupfer (ER) EUR Hedge ETC	10.76%	33.47%	8.38%	3.72%	-11.58%	20.19%	21.59%	6.66%
ESE.PA BNP Paribas Easy S&P 500 UCITS ETF	11.48%	3.58%	33.68%	22.35%	-14.10%	40.40%	8.06%	11.47%

Correlation

The correlation between 0GZB.DE and ESE.PA is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Aug 12, 2019	0.19

The correlation between 0GZB.DE and ESE.PA shifts across timeframes, from 0.13 (3 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

0GZB.DE vs. ESE.PA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

0GZB.DE

0GZB.DE Risk / Return Rank: 66
0GZB.DE Sharpe Ratio Rank: 65
0GZB.DE Sortino Ratio Rank: 65
0GZB.DE Omega Ratio Rank: 62
0GZB.DE Calmar Ratio Rank: 73
0GZB.DE Martin Ratio Rank: 67

ESE.PA

ESE.PA Risk / Return Rank: 69
ESE.PA Sharpe Ratio Rank: 68
ESE.PA Sortino Ratio Rank: 67
ESE.PA Omega Ratio Rank: 71
ESE.PA Calmar Ratio Rank: 72
ESE.PA Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

0GZB.DE vs. ESE.PA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNPP RICI Enhanced Kupfer (ER) EUR Hedge ETC (0GZB.DE) and BNP Paribas Easy S&P 500 UCITS ETF (ESE.PA). 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.

	0GZB.DE	ESE.PA	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.21	-0.10
Sortino ratio: Return per unit of downside risk	2.94	3.01	-0.07
Omega ratio: Gain probability vs. loss probability	1.37	1.41	-0.05
Calmar ratio: Return relative to maximum drawdown	3.60	3.51	+0.09
Martin ratio: Return relative to average drawdown	12.08	12.50	-0.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

0GZB.DE vs. ESE.PA - Sharpe Ratio Comparison

The current 0GZB.DE Sharpe Ratio is 2.10, which is comparable to the ESE.PA Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of 0GZB.DE and ESE.PA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	0GZB.DE	ESE.PA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.21	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.96	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.81	-0.18

Drawdowns

0GZB.DE vs. ESE.PA - Drawdown Comparison

The maximum 0GZB.DE drawdown since its inception was -31.84%, smaller than the maximum ESE.PA drawdown of -36.74%. Use the drawdown chart below to compare losses from any high point for 0GZB.DE and ESE.PA.

Drawdown Indicators

	0GZB.DE	ESE.PA	Difference
Max Drawdown Largest peak-to-trough decline	-31.84%	-36.74%	+4.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.71%	-7.15%	-4.56%
Max Drawdown (3Y) Largest decline over 3 years	-17.85%	-23.28%	+5.43%
Max Drawdown (5Y) Largest decline over 5 years	-31.84%	-23.28%	-8.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.62%	—
Current Drawdown Current decline from peak	-2.20%	-0.41%	-1.79%
Average Drawdown Average peak-to-trough decline	-10.14%	-4.88%	-5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	2.02%	+1.48%

Volatility

0GZB.DE vs. ESE.PA - Volatility Comparison

BNPP RICI Enhanced Kupfer (ER) EUR Hedge ETC (0GZB.DE) has a higher volatility of 6.38% compared to BNP Paribas Easy S&P 500 UCITS ETF (ESE.PA) at 2.64%. This indicates that 0GZB.DE's price experiences larger fluctuations and is considered to be riskier than ESE.PA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	0GZB.DE	ESE.PA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	2.64%	+3.74%
Volatility (6M) Calculated over the trailing 6-month period	16.81%	7.47%	+9.34%
Volatility (1Y) Calculated over the trailing 1-year period	20.06%	11.37%	+8.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	15.12%	+5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.49%	16.09%	+4.40%

0GZB.DE vs. ESE.PA - Expense Ratio Comparison

0GZB.DE has a 1.20% expense ratio, which is higher than ESE.PA's 0.15% expense ratio.

Dividends

0GZB.DE vs. ESE.PA - Dividend Comparison

Neither 0GZB.DE nor ESE.PA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 0GZB.DE and ESE.PA in my portfolio?

0GZB.DE and ESE.PA have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 0GZB.DE or ESE.PA?

On fees, ESE.PA is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 0GZB.DE or ESE.PA?

ESE.PA is cheaper with a 0.15% expense ratio, compared with 1.20% for 0GZB.DE.

What is the main difference between 0GZB.DE and ESE.PA?

0GZB.DE is categorized as Metals, while ESE.PA is S&P 500. 0GZB.DE tracks RICI Enhanced Copper (EUR Hedged), while ESE.PA tracks S&P 500 Index. Their fees differ too: 1.20% for 0GZB.DE and 0.15% for ESE.PA.