EMUX.DE vs. ETSZ.DE
EMUX.DE (BNP Paribas Easy MSCI EMU ESG Filtered Min TE UCITS ETF) and ETSZ.DE (BNP Paribas Easy STOXX Europe 600 UCITS ETF) are both Europe Equities funds from BNP Paribas - EMUX.DE tracks the MSCI EMU ESG Filtered Min TE while ETSZ.DE tracks the STOXX® Europe 600. Both are passively managed. Over the past 5 years, EMUX.DE returned 10.17%/yr vs 9.62%/yr for ETSZ.DE. With a 0.95 correlation, they move nearly in lockstep. EMUX.DE charges 0.15%/yr vs 0.20%/yr for ETSZ.DE.
Performance
EMUX.DE vs. ETSZ.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EMUX.DE achieves a 8.53% return, which is significantly higher than ETSZ.DE's 7.24% return.
EMUX.DE
- 1D
- 0.57%
- 1M
- 4.72%
- YTD
- 8.53%
- 6M
- 10.52%
- 1Y
- 17.64%
- 3Y*
- 15.40%
- 5Y*
- 10.17%
- 10Y*
- —
ETSZ.DE
- 1D
- 0.59%
- 1M
- 3.00%
- YTD
- 7.24%
- 6M
- 9.76%
- 1Y
- 16.19%
- 3Y*
- 13.72%
- 5Y*
- 9.62%
- 10Y*
- 9.16%
EMUX.DE vs. ETSZ.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMUX.DE BNP Paribas Easy MSCI EMU ESG Filtered Min TE UCITS ETF | 8.53% | 24.11% | 9.25% | 18.05% | -12.61% | 22.90% | -0.87% | 27.26% | -13.48% | 13.46% |
ETSZ.DE BNP Paribas Easy STOXX Europe 600 UCITS ETF | 7.24% | 20.43% | 8.21% | 15.61% | -10.31% | 24.89% | -1.49% | 28.86% | -11.18% | 10.63% |
Correlation
The correlation between EMUX.DE and ETSZ.DE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2016 | 0.95 |
The correlation between EMUX.DE and ETSZ.DE has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
EMUX.DE vs. ETSZ.DE — Risk / Return Rank
EMUX.DE
ETSZ.DE
EMUX.DE vs. ETSZ.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BNP Paribas Easy MSCI EMU ESG Filtered Min TE UCITS ETF (EMUX.DE) and BNP Paribas Easy STOXX Europe 600 UCITS ETF (ETSZ.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.
| EMUX.DE | ETSZ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 1.72 | 0.00 |
| Martin ratioReturn relative to average drawdown | 6.23 | 6.45 | -0.22 |
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
| EMUX.DE | ETSZ.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.21 | 1.26 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | 0.66 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.59 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.52 | +0.09 |
Drawdowns
EMUX.DE vs. ETSZ.DE - Drawdown Comparison
The maximum EMUX.DE drawdown since its inception was -38.44%, which is greater than ETSZ.DE's maximum drawdown of -35.51%. Use the drawdown chart below to compare losses from any high point for EMUX.DE and ETSZ.DE.
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Drawdown Indicators
| EMUX.DE | ETSZ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.44% | -35.51% | -2.93% |
Max Drawdown (1Y)Largest decline over 1 year | -10.23% | -9.39% | -0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -15.03% | -16.35% | +1.32% |
Max Drawdown (5Y)Largest decline over 5 years | -25.11% | -20.55% | -4.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.51% | — |
Current DrawdownCurrent decline from peak | -0.53% | -1.70% | +1.17% |
Average DrawdownAverage peak-to-trough decline | -5.35% | -5.41% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 2.51% | +0.31% |
Volatility
EMUX.DE vs. ETSZ.DE - Volatility Comparison
BNP Paribas Easy MSCI EMU ESG Filtered Min TE UCITS ETF (EMUX.DE) has a higher volatility of 4.57% compared to BNP Paribas Easy STOXX Europe 600 UCITS ETF (ETSZ.DE) at 4.34%. This indicates that EMUX.DE's price experiences larger fluctuations and is considered to be riskier than ETSZ.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMUX.DE | ETSZ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.57% | 4.34% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 11.92% | 10.64% | +1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.51% | 12.84% | +1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.23% | 14.39% | +1.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.59% | 15.54% | +1.05% |
EMUX.DE vs. ETSZ.DE - Expense Ratio Comparison
EMUX.DE has a 0.15% expense ratio, which is lower than ETSZ.DE's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
EMUX.DE vs. ETSZ.DE - Dividend Comparison
Neither EMUX.DE nor ETSZ.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, EMUX.DE and ETSZ.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, EMUX.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMUX.DE is cheaper with a 0.15% expense ratio, compared with 0.20% for ETSZ.DE.
EMUX.DE tracks MSCI EMU ESG Filtered Min TE, while ETSZ.DE tracks STOXX® Europe 600. Their fees differ too: 0.15% for EMUX.DE and 0.20% for ETSZ.DE.
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