0GZD.DE vs. B4NQ.DE

Last updated Jun 5, 2026

0GZD.DE (BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC) and B4NQ.DE (BNPP Kupfer (TR) ETC) are both Metals funds from BNP Paribas - 0GZD.DE tracks the RICI Enhanced Industrial Metals (EUR Hedged) while B4NQ.DE tracks the LME Copper Futures. Both are passively managed. Over the past 5 years, 0GZD.DE returned 5.74%/yr vs 9.94%/yr for B4NQ.DE. A 0.72 correlation means they provide meaningful diversification when combined. 0GZD.DE charges 1.20%/yr vs 0.90%/yr for B4NQ.DE.

Performance

0GZD.DE vs. B4NQ.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC (0GZD.DE) and BNPP Kupfer (TR) ETC (B4NQ.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 0GZD.DE achieves a 11.84% return, which is significantly lower than B4NQ.DE's 12.61% return.

0GZD.DE

• 1D: -0.26%
• 1M: 3.67%
• YTD: 11.84%
• 6M: 16.56%
• 1Y: 30.72%
• 3Y*: 12.45%
• 5Y*: 5.74%
• 10Y*: —

B4NQ.DE

• 1D: 0.20%
• 1M: 7.15%
• YTD: 12.61%
• 6M: 23.40%
• 1Y: 44.36%
• 3Y*: 17.04%
• 5Y*: 9.94%
• 10Y*: —

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

0GZD.DE vs. B4NQ.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
0GZD.DE BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC	11.84%	16.30%	4.70%	-4.91%	-2.95%	24.31%	11.15%	1.38%
B4NQ.DE BNPP Kupfer (TR) ETC	12.61%	27.66%	11.19%	-0.03%	-5.09%	34.69%	13.54%	8.24%

Correlation

The correlation between 0GZD.DE and B4NQ.DE is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Aug 12, 2019	0.72

The correlation between 0GZD.DE and B4NQ.DE has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

Return for Risk

0GZD.DE vs. B4NQ.DE — Risk / Return Rank

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

0GZD.DE

0GZD.DE Risk / Return Rank: 63
0GZD.DE Sharpe Ratio Rank: 62
0GZD.DE Sortino Ratio Rank: 62
0GZD.DE Omega Ratio Rank: 61
0GZD.DE Calmar Ratio Rank: 66
0GZD.DE Martin Ratio Rank: 66

B4NQ.DE

B4NQ.DE Risk / Return Rank: 72
B4NQ.DE Sharpe Ratio Rank: 62
B4NQ.DE Sortino Ratio Rank: 64
B4NQ.DE Omega Ratio Rank: 67
B4NQ.DE Calmar Ratio Rank: 86
B4NQ.DE Martin Ratio Rank: 80

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.

0GZD.DE vs. B4NQ.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC (0GZD.DE) and BNPP Kupfer (TR) ETC (B4NQ.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.

	0GZD.DE	B4NQ.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.04	0.00
Sortino ratio: Return per unit of downside risk	2.86	2.92	-0.06
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	3.25	4.70	-1.45
Martin ratio: Return relative to average drawdown	12.05	15.53	-3.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

0GZD.DE vs. B4NQ.DE - Sharpe Ratio Comparison

The current 0GZD.DE Sharpe Ratio is 2.04, which is comparable to the B4NQ.DE Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of 0GZD.DE and B4NQ.DE, 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

	0GZD.DE	B4NQ.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	2.04	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.47	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.54	-0.06

Drawdowns

0GZD.DE vs. B4NQ.DE - Drawdown Comparison

The maximum 0GZD.DE drawdown since its inception was -39.86%, which is greater than B4NQ.DE's maximum drawdown of -29.78%. Use the drawdown chart below to compare losses from any high point for 0GZD.DE and B4NQ.DE.

Drawdown Indicators

	0GZD.DE	B4NQ.DE	Difference
Max Drawdown Largest peak-to-trough decline	-39.86%	-29.78%	-10.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.42%	-9.40%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.15%	-22.98%	+5.83%
Max Drawdown (5Y) Largest decline over 5 years	-39.86%	-27.51%	-12.35%
Current Drawdown Current decline from peak	-8.92%	-0.62%	-8.30%
Average Drawdown Average peak-to-trough decline	-19.47%	-11.05%	-8.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	2.85%	-0.31%

Volatility

0GZD.DE vs. B4NQ.DE - Volatility Comparison

The current volatility for BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC (0GZD.DE) is 4.69%, while BNPP Kupfer (TR) ETC (B4NQ.DE) has a volatility of 5.45%. This indicates that 0GZD.DE experiences smaller price fluctuations and is considered to be less risky than B4NQ.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	0GZD.DE	B4NQ.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	5.45%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	18.83%	-6.24%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	21.66%	-6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.20%	21.13%	-1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	20.30%	-2.19%

0GZD.DE vs. B4NQ.DE - Expense Ratio Comparison

0GZD.DE has a 1.20% expense ratio, which is higher than B4NQ.DE's 0.90% expense ratio.

Dividends

0GZD.DE vs. B4NQ.DE - Dividend Comparison

Neither 0GZD.DE nor B4NQ.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 0GZD.DE and B4NQ.DE in my portfolio?

0GZD.DE and B4NQ.DE have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 0GZD.DE or B4NQ.DE?

On fees, B4NQ.DE is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 0GZD.DE or B4NQ.DE?

B4NQ.DE is cheaper with a 0.90% expense ratio, compared with 1.20% for 0GZD.DE.

What is the main difference between 0GZD.DE and B4NQ.DE?

0GZD.DE tracks RICI Enhanced Industrial Metals (EUR Hedged), while B4NQ.DE tracks LME Copper Futures. Their fees differ too: 1.20% for 0GZD.DE and 0.90% for B4NQ.DE.