H2O.DE vs. VOLT

Last updated Jun 13, 2026

H2O.DE (Enapter AG) is a stock, while VOLT (Tema Electrification ETF) is Energy Equities fund actively managed by Tema. Over the past year, H2O.DE returned -51.59% vs 62.14% for VOLT. At a correlation of -0.04, they often move in opposite directions.

Performance

H2O.DE vs. VOLT - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Enapter AG (H2O.DE) and Tema Electrification ETF (VOLT). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

H2O.DE is traded in EUR, while VOLT is traded in USD. To make them comparable, the VOLT values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, H2O.DE achieves a -17.96% return, which is significantly lower than VOLT's 38.42% return.

H2O.DE

• 1D: 0.00%
• 1M: 5.38%
• YTD: -17.96%
• 6M: -28.65%
• 1Y: -51.59%
• 3Y*: -52.00%
• 5Y*: -44.70%
• 10Y*: —

VOLT

• 1D: 1.37%
• 1M: -2.64%
• YTD: 38.42%
• 6M: 37.03%
• 1Y: 62.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

H2O.DE vs. VOLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
H2O.DE Enapter AG	-17.96%	-59.66%	3.50%
VOLT Tema Electrification ETF	38.42%	10.98%	-7.59%

Correlation

The correlation between H2O.DE and VOLT is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	-0.04

Return for Risk

H2O.DE vs. VOLT — Risk / Return Rank

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

H2O.DE

H2O.DE Risk / Return Rank: 15
H2O.DE Sharpe Ratio Rank: 15
H2O.DE Sortino Ratio Rank: 15
H2O.DE Omega Ratio Rank: 16
H2O.DE Calmar Ratio Rank: 13
H2O.DE Martin Ratio Rank: 16

VOLT

VOLT Risk / Return Rank: 91
VOLT Sharpe Ratio Rank: 92
VOLT Sortino Ratio Rank: 89
VOLT Omega Ratio Rank: 88
VOLT Calmar Ratio Rank: 94
VOLT Martin Ratio Rank: 90

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.

H2O.DE vs. VOLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Enapter AG (H2O.DE) and Tema Electrification ETF (VOLT). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	H2O.DE	VOLT	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	2.98	-3.63
Sortino ratio: Return per unit of downside risk	-0.83	3.70	-4.53
Omega ratio: Gain probability vs. loss probability	0.91	1.50	-0.59
Calmar ratio: Return relative to maximum drawdown	-0.78	6.12	-6.90
Martin ratio: Return relative to average drawdown	-1.18	18.90	-20.08

H2O.DE vs. VOLT - Sharpe Ratio Comparison

The current H2O.DE Sharpe Ratio is -0.65, which is lower than the VOLT Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of H2O.DE and VOLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

H2O.DE vs. VOLT - Drawdown Comparison

The maximum H2O.DE drawdown since its inception was -97.72%, which is greater than VOLT's maximum drawdown of -27.19%. Use the drawdown chart below to compare losses from any high point for H2O.DE and VOLT.

Drawdown Indicators

	H2O.DE	VOLT	Difference
Max Drawdown Largest peak-to-trough decline	-97.72%	-27.19%	-70.53%
Max Drawdown (1Y) Largest decline over 1 year	-63.70%	-10.00%	-53.70%
Max Drawdown (3Y) Largest decline over 3 years	-91.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-96.33%	—	—
Current Drawdown Current decline from peak	-97.17%	-3.28%	-93.89%
Average Drawdown Average peak-to-trough decline	-65.44%	-7.17%	-58.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.28%	3.23%	+39.05%

Volatility

H2O.DE vs. VOLT - Volatility Comparison

Enapter AG (H2O.DE) has a higher volatility of 16.60% compared to Tema Electrification ETF (VOLT) at 8.76%. This indicates that H2O.DE's price experiences larger fluctuations and is considered to be riskier than VOLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H2O.DE	VOLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.60%	8.76%	+7.84%
Volatility (6M) Calculated over the trailing 6-month period	42.25%	17.10%	+25.15%
Volatility (1Y) Calculated over the trailing 1-year period	76.95%	20.55%	+56.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.60%	24.63%	+35.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7,400.27%	24.63%	+7,375.64%

Dividends

H2O.DE vs. VOLT - Dividend Comparison

H2O.DE has not paid dividends to shareholders, while VOLT's dividend yield for the trailing twelve months is around 0.33%.

Position	TTM	2025	2024
H2O.DE Enapter AG	0.00%	0.00%	0.00%
VOLT Tema Electrification ETF	0.33%	0.46%	0.01%

Frequently Asked Questions

Can I hold both H2O.DE and VOLT in my portfolio?

H2O.DE and VOLT have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.