OP2E.DE vs. H4ZA.DE

Last updated Jun 5, 2026

OP2E.DE (Ossiam Bloomberg Eurozone PAB NR UCITS ETF (EUR)) and H4ZA.DE (HSBC EURO STOXX 50 UCITS ETF EUR) are both Europe Equities funds - OP2E.DE tracks the Bloomberg PAB Eurozone DM Large & Mid Cap while H4ZA.DE tracks the EURO STOXX® 50. Both are passively managed. Over the past 3 years, OP2E.DE returned 11.48%/yr vs 16.60%/yr for H4ZA.DE. With a 0.96 correlation, they move nearly in lockstep. OP2E.DE charges 0.17%/yr vs 0.05%/yr for H4ZA.DE.

Performance

OP2E.DE vs. H4ZA.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Ossiam Bloomberg Eurozone PAB NR UCITS ETF (EUR) (OP2E.DE) and HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with OP2E.DE having a 6.95% return and H4ZA.DE slightly higher at 7.24%.

OP2E.DE

• 1D: 0.77%
• 1M: 6.48%
• YTD: 6.95%
• 6M: 8.21%
• 1Y: 12.90%
• 3Y*: 11.48%
• 5Y*: —
• 10Y*: —

H4ZA.DE

• 1D: 0.77%
• 1M: 4.72%
• YTD: 7.24%
• 6M: 8.63%
• 1Y: 15.73%
• 3Y*: 16.60%
• 5Y*: 12.12%
• 10Y*: 10.80%

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

OP2E.DE vs. H4ZA.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OP2E.DE Ossiam Bloomberg Eurozone PAB NR UCITS ETF (EUR)	6.95%	15.46%	7.37%	19.25%	0.85%
H4ZA.DE HSBC EURO STOXX 50 UCITS ETF EUR	7.24%	22.26%	13.81%	22.59%	4.61%

Correlation

The correlation between OP2E.DE and H4ZA.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	0.96
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.96

The correlation between OP2E.DE and H4ZA.DE has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

Return for Risk

OP2E.DE vs. H4ZA.DE — Risk / Return Rank

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

OP2E.DE

OP2E.DE Risk / Return Rank: 25
OP2E.DE Sharpe Ratio Rank: 25
OP2E.DE Sortino Ratio Rank: 25
OP2E.DE Omega Ratio Rank: 25
OP2E.DE Calmar Ratio Rank: 24
OP2E.DE Martin Ratio Rank: 27

H4ZA.DE

H4ZA.DE Risk / Return Rank: 29
H4ZA.DE Sharpe Ratio Rank: 28
H4ZA.DE Sortino Ratio Rank: 29
H4ZA.DE Omega Ratio Rank: 28
H4ZA.DE Calmar Ratio Rank: 30
H4ZA.DE Martin Ratio Rank: 33

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.

OP2E.DE vs. H4ZA.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ossiam Bloomberg Eurozone PAB NR UCITS ETF (EUR) (OP2E.DE) and HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.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.

	OP2E.DE	H4ZA.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.98	-0.12
Sortino ratio: Return per unit of downside risk	1.35	1.54	-0.18
Omega ratio: Gain probability vs. loss probability	1.16	1.18	-0.02
Calmar ratio: Return relative to maximum drawdown	1.08	1.43	-0.35
Martin ratio: Return relative to average drawdown	3.64	4.85	-1.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OP2E.DE vs. H4ZA.DE - Sharpe Ratio Comparison

The current OP2E.DE Sharpe Ratio is 0.86, which is comparable to the H4ZA.DE Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of OP2E.DE and H4ZA.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

	OP2E.DE	H4ZA.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	0.98	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.41	+0.45

Drawdowns

OP2E.DE vs. H4ZA.DE - Drawdown Comparison

The maximum OP2E.DE drawdown since its inception was -16.56%, smaller than the maximum H4ZA.DE drawdown of -38.41%. Use the drawdown chart below to compare losses from any high point for OP2E.DE and H4ZA.DE.

Drawdown Indicators

	OP2E.DE	H4ZA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-16.56%	-38.41%	+21.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-10.97%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-16.56%	-16.40%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.41%	—
Current Drawdown Current decline from peak	-0.25%	-0.50%	+0.25%
Average Drawdown Average peak-to-trough decline	-2.85%	-7.84%	+4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	3.24%	+0.29%

Volatility

OP2E.DE vs. H4ZA.DE - Volatility Comparison

Ossiam Bloomberg Eurozone PAB NR UCITS ETF (EUR) (OP2E.DE) and HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE) have volatilities of 4.94% and 4.95%, 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.

Volatility by Period

	OP2E.DE	H4ZA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	4.95%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	12.42%	12.99%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.98%	15.99%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.18%	17.50%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.18%	18.17%	-2.99%

OP2E.DE vs. H4ZA.DE - Expense Ratio Comparison

OP2E.DE has a 0.17% expense ratio, which is higher than H4ZA.DE's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

OP2E.DE vs. H4ZA.DE - Dividend Comparison

OP2E.DE has not paid dividends to shareholders, while H4ZA.DE's dividend yield for the trailing twelve months is around 2.44%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H4ZA.DE HSBC EURO STOXX 50 UCITS ETF EUR	2.44%	2.49%	5.35%	2.93%	2.94%	1.94%	2.06%	2.84%	3.55%	2.73%	2.85%	2.70%
OP2E.DE Ossiam Bloomberg Eurozone PAB NR UCITS ETF (EUR)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OP2E.DE and H4ZA.DE in my portfolio?

With a correlation of 0.96, OP2E.DE and H4ZA.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.

Which ETF is better, OP2E.DE or H4ZA.DE?

On fees, H4ZA.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OP2E.DE or H4ZA.DE?

H4ZA.DE is cheaper with a 0.05% expense ratio, compared with 0.17% for OP2E.DE.

What is the main difference between OP2E.DE and H4ZA.DE?

OP2E.DE tracks Bloomberg PAB Eurozone DM Large & Mid Cap, while H4ZA.DE tracks EURO STOXX® 50. They also come from different issuers: Natixis and HSBC. Their fees differ too: 0.17% for OP2E.DE and 0.05% for H4ZA.DE.