B4NQ.DE vs. BNQP.DE
B4NQ.DE (BNPP Kupfer (TR) ETC) and BNQP.DE (BNPP RICI Kupfer (TR) Enhanced ETC) are both Metals funds from BNP Paribas - B4NQ.DE tracks the LME Copper Futures while BNQP.DE tracks the RICI Enhanced Copper. Both are passively managed. Over the past 5 years, B4NQ.DE returned 9.94%/yr vs 9.93%/yr for BNQP.DE. Their correlation of 0.92 suggests significant overlap in exposure. B4NQ.DE charges 0.90%/yr vs 1.00%/yr for BNQP.DE.
Performance
B4NQ.DE vs. BNQP.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with B4NQ.DE having a 12.61% return and BNQP.DE slightly higher at 12.82%.
B4NQ.DE
- 1D
- 0.20%
- 1M
- 7.15%
- YTD
- 12.61%
- 6M
- 23.40%
- 1Y
- 44.36%
- 3Y*
- 17.04%
- 5Y*
- 9.94%
- 10Y*
- —
BNQP.DE
- 1D
- 0.72%
- 1M
- 6.09%
- YTD
- 12.82%
- 6M
- 23.25%
- 1Y
- 42.24%
- 3Y*
- 17.47%
- 5Y*
- 9.93%
- 10Y*
- —
B4NQ.DE vs. BNQP.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
B4NQ.DE BNPP Kupfer (TR) ETC | 12.61% | 27.66% | 11.19% | -0.03% | -5.09% | 34.69% | 13.54% | 6.45% | -13.91% | 19.60% |
BNQP.DE BNPP RICI Kupfer (TR) Enhanced ETC | 12.82% | 20.92% | 16.44% | 2.18% | -3.18% | 31.64% | 12.34% | 7.41% | -13.56% | 19.85% |
Correlation
The correlation between B4NQ.DE and BNQP.DE is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since May 31, 2017 | 0.92 |
The correlation between B4NQ.DE and BNQP.DE has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
B4NQ.DE vs. BNQP.DE — Risk / Return Rank
B4NQ.DE
BNQP.DE
B4NQ.DE vs. BNQP.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 Kupfer (TR) Enhanced ETC (BNQP.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 | BNQP.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.40 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.70 | 4.87 | -0.18 |
| Martin ratioReturn relative to average drawdown | 15.53 | 16.92 | -1.39 |
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
| B4NQ.DE | BNQP.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 2.21 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.52 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.66 | -0.12 |
Drawdowns
B4NQ.DE vs. BNQP.DE - Drawdown Comparison
The maximum B4NQ.DE drawdown since its inception was -29.78%, roughly equal to the maximum BNQP.DE drawdown of -29.03%. Use the drawdown chart below to compare losses from any high point for B4NQ.DE and BNQP.DE.
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Drawdown Indicators
| B4NQ.DE | BNQP.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.78% | -29.03% | -0.75% |
Max Drawdown (1Y)Largest decline over 1 year | -9.40% | -8.63% | -0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -22.98% | -17.93% | -5.05% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -25.14% | -2.37% |
Current DrawdownCurrent decline from peak | -0.62% | -1.26% | +0.64% |
Average DrawdownAverage peak-to-trough decline | -11.05% | -9.15% | -1.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 2.49% | +0.36% |
Volatility
B4NQ.DE vs. BNQP.DE - Volatility Comparison
BNPP Kupfer (TR) ETC (B4NQ.DE) and BNPP RICI Kupfer (TR) Enhanced ETC (BNQP.DE) have volatilities of 5.45% and 5.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| B4NQ.DE | BNQP.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.45% | 5.70% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 18.83% | 15.31% | +3.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.66% | 19.07% | +2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.13% | 19.11% | +2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.30% | 18.78% | +1.52% |
B4NQ.DE vs. BNQP.DE - Expense Ratio Comparison
B4NQ.DE has a 0.90% expense ratio, which is lower than BNQP.DE's 1.00% expense ratio.
Dividends
B4NQ.DE vs. BNQP.DE - Dividend Comparison
Neither B4NQ.DE nor BNQP.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, B4NQ.DE and BNQP.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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.
B4NQ.DE is cheaper with a 0.90% expense ratio, compared with 1.00% for BNQP.DE.
B4NQ.DE tracks LME Copper Futures, while BNQP.DE tracks RICI Enhanced Copper. Their fees differ too: 0.90% for B4NQ.DE and 1.00% for BNQP.DE.
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