OP2E.DE vs. H4ZZ.DE
OP2E.DE (Ossiam Bloomberg Eurozone PAB NR UCITS ETF (EUR)) and H4ZZ.DE (HSBC Euro Stoxx 50 UCITS ETF EUR (Acc)) are both Europe Equities funds - OP2E.DE tracks the Bloomberg PAB Eurozone DM Large & Mid Cap while H4ZZ.DE tracks the EURO STOXX 50. Both are passively managed. Over the past 3 years, OP2E.DE returned 11.48%/yr vs 15.64%/yr for H4ZZ.DE. With a 0.96 correlation, they move nearly in lockstep. OP2E.DE charges 0.17%/yr vs 0.05%/yr for H4ZZ.DE.
Performance
OP2E.DE vs. H4ZZ.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with OP2E.DE having a 6.95% return and H4ZZ.DE slightly higher at 7.20%.
OP2E.DE
- 1D
- 0.77%
- 1M
- 6.48%
- YTD
- 6.95%
- 6M
- 8.21%
- 1Y
- 12.90%
- 3Y*
- 11.48%
- 5Y*
- —
- 10Y*
- —
H4ZZ.DE
- 1D
- 0.77%
- 1M
- 4.70%
- YTD
- 7.20%
- 6M
- 8.61%
- 1Y
- 15.73%
- 3Y*
- 15.64%
- 5Y*
- —
- 10Y*
- —
OP2E.DE vs. H4ZZ.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% |
H4ZZ.DE HSBC Euro Stoxx 50 UCITS ETF EUR (Acc) | 7.20% | 22.35% | 10.99% | 22.53% | 4.62% |
Correlation
The correlation between OP2E.DE and H4ZZ.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 H4ZZ.DE has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.
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Return for Risk
OP2E.DE vs. H4ZZ.DE — Risk / Return Rank
OP2E.DE
H4ZZ.DE
OP2E.DE vs. H4ZZ.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 (Acc) (H4ZZ.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 | H4ZZ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.18 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 1.43 | -0.35 |
| Martin ratioReturn relative to average drawdown | 3.64 | 4.86 | -1.22 |
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
| OP2E.DE | H4ZZ.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 0.98 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 1.18 | -0.32 |
Drawdowns
OP2E.DE vs. H4ZZ.DE - Drawdown Comparison
The maximum OP2E.DE drawdown since its inception was -16.56%, roughly equal to the maximum H4ZZ.DE drawdown of -16.46%. Use the drawdown chart below to compare losses from any high point for OP2E.DE and H4ZZ.DE.
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Drawdown Indicators
| OP2E.DE | H4ZZ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.56% | -16.46% | -0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -10.94% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -16.56% | -16.46% | -0.10% |
Current DrawdownCurrent decline from peak | -0.25% | -0.53% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -2.68% | -0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.53% | 3.23% | +0.30% |
Volatility
OP2E.DE vs. H4ZZ.DE - Volatility Comparison
Ossiam Bloomberg Eurozone PAB NR UCITS ETF (EUR) (OP2E.DE) and HSBC Euro Stoxx 50 UCITS ETF EUR (Acc) (H4ZZ.DE) have volatilities of 4.94% and 4.93%, 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
| OP2E.DE | H4ZZ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 4.93% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 12.42% | 12.97% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.98% | 15.97% | -0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.18% | 15.85% | -0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.18% | 15.85% | -0.67% |
OP2E.DE vs. H4ZZ.DE - Expense Ratio Comparison
OP2E.DE has a 0.17% expense ratio, which is higher than H4ZZ.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. H4ZZ.DE - Dividend Comparison
Neither OP2E.DE nor H4ZZ.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, OP2E.DE and H4ZZ.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, H4ZZ.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H4ZZ.DE is cheaper with a 0.05% expense ratio, compared with 0.17% for OP2E.DE.
OP2E.DE tracks Bloomberg PAB Eurozone DM Large & Mid Cap, while H4ZZ.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 H4ZZ.DE.
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