B4NQ.DE vs. 0GZD.DE

Last updated Jun 5, 2026

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

Performance

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

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

Returns By Period

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

B4NQ.DE

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

0GZD.DE

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

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
B4NQ.DE BNPP Kupfer (TR) ETC	12.61%	27.66%	11.19%	-0.03%	-5.09%	34.69%	13.54%	8.24%
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%

Correlation

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

Return for Risk

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

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

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

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

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.

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

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

	B4NQ.DE	0GZD.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.04	0.00
Sortino ratio: Return per unit of downside risk	2.92	2.86	+0.06
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.03
Calmar ratio: Return relative to maximum drawdown	4.70	3.25	+1.45
Martin ratio: Return relative to average drawdown	15.53	12.05	+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.

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

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

	B4NQ.DE	0GZD.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	0.47	0.30	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.48	+0.06

Drawdowns

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

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

Drawdown Indicators

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

Volatility

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

BNPP Kupfer (TR) ETC (B4NQ.DE) has a higher volatility of 5.45% compared to BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC (0GZD.DE) at 4.69%. This indicates that B4NQ.DE's price experiences larger fluctuations and is considered to be riskier than 0GZD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

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

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

Dividends

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

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

B4NQ.DE and 0GZD.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, B4NQ.DE or 0GZD.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, B4NQ.DE or 0GZD.DE?

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

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

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