OP2E.DE vs. ZPRL.DE

Last updated Jun 5, 2026

OP2E.DE (Ossiam Bloomberg Eurozone PAB NR UCITS ETF (EUR)) and ZPRL.DE (SPDR EURO STOXX Low Volatility UCITS ETF) are both Europe Equities funds - OP2E.DE tracks the Bloomberg PAB Eurozone DM Large & Mid Cap while ZPRL.DE tracks the EURO STOXX® Low Risk Weighted 100. Both are passively managed. Over the past 3 years, OP2E.DE returned 11.48%/yr vs 11.19%/yr for ZPRL.DE. A 0.78 correlation means they provide meaningful diversification when combined. OP2E.DE charges 0.17%/yr vs 0.30%/yr for ZPRL.DE.

Performance

OP2E.DE vs. ZPRL.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 SPDR EURO STOXX Low Volatility UCITS ETF (ZPRL.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OP2E.DE achieves a 6.95% return, which is significantly higher than ZPRL.DE's 5.19% return.

OP2E.DE

• 1D: 0.77%
• 1M: 3.64%
• YTD: 6.95%
• 6M: 8.04%
• 1Y: 12.68%
• 3Y*: 11.48%
• 5Y*: —
• 10Y*: —

ZPRL.DE

• 1D: 0.22%
• 1M: -1.72%
• YTD: 5.19%
• 6M: 6.76%
• 1Y: 5.48%
• 3Y*: 11.19%
• 5Y*: 7.05%
• 10Y*: 6.55%

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

OP2E.DE vs. ZPRL.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%
ZPRL.DE SPDR EURO STOXX Low Volatility UCITS ETF	5.19%	18.48%	7.41%	12.34%	-4.02%

Correlation

The correlation between OP2E.DE and ZPRL.DE is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.78

The correlation between OP2E.DE and ZPRL.DE has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

Return for Risk

OP2E.DE vs. ZPRL.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

ZPRL.DE

ZPRL.DE Risk / Return Rank: 19
ZPRL.DE Sharpe Ratio Rank: 20
ZPRL.DE Sortino Ratio Rank: 18
ZPRL.DE Omega Ratio Rank: 19
ZPRL.DE Calmar Ratio Rank: 18
ZPRL.DE Martin Ratio Rank: 19

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. ZPRL.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 SPDR EURO STOXX Low Volatility UCITS ETF (ZPRL.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	ZPRL.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.62	+0.24
Sortino ratio: Return per unit of downside risk	1.35	0.89	+0.46
Omega ratio: Gain probability vs. loss probability	1.16	1.11	+0.05
Calmar ratio: Return relative to maximum drawdown	1.08	0.72	+0.36
Martin ratio: Return relative to average drawdown	3.64	2.02	+1.62
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. ZPRL.DE - Sharpe Ratio Comparison

The current OP2E.DE Sharpe Ratio is 0.86, which is higher than the ZPRL.DE Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of OP2E.DE and ZPRL.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	ZPRL.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	0.62	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.53	+0.32

Drawdowns

OP2E.DE vs. ZPRL.DE - Drawdown Comparison

The maximum OP2E.DE drawdown since its inception was -16.56%, smaller than the maximum ZPRL.DE drawdown of -35.35%. Use the drawdown chart below to compare losses from any high point for OP2E.DE and ZPRL.DE.

Drawdown Indicators

	OP2E.DE	ZPRL.DE	Difference
Max Drawdown Largest peak-to-trough decline	-16.56%	-35.35%	+18.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-7.97%	-3.95%
Max Drawdown (3Y) Largest decline over 3 years	-16.56%	-9.37%	-7.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.35%	—
Current Drawdown Current decline from peak	-0.25%	-3.70%	+3.45%
Average Drawdown Average peak-to-trough decline	-2.85%	-5.39%	+2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	2.84%	+0.69%

Volatility

OP2E.DE vs. ZPRL.DE - Volatility Comparison

Ossiam Bloomberg Eurozone PAB NR UCITS ETF (EUR) (OP2E.DE) has a higher volatility of 4.94% compared to SPDR EURO STOXX Low Volatility UCITS ETF (ZPRL.DE) at 2.90%. This indicates that OP2E.DE's price experiences larger fluctuations and is considered to be riskier than ZPRL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OP2E.DE	ZPRL.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	2.90%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	12.42%	7.65%	+4.77%
Volatility (1Y) Calculated over the trailing 1-year period	14.98%	9.22%	+5.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.18%	11.89%	+3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.18%	13.60%	+1.58%

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

OP2E.DE has a 0.17% expense ratio, which is lower than ZPRL.DE's 0.30% expense ratio.

Dividends

OP2E.DE vs. ZPRL.DE - Dividend Comparison

Neither OP2E.DE nor ZPRL.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

OP2E.DE and ZPRL.DE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, OP2E.DE is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

OP2E.DE is cheaper with a 0.17% expense ratio, compared with 0.30% for ZPRL.DE.

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

OP2E.DE tracks Bloomberg PAB Eurozone DM Large & Mid Cap, while ZPRL.DE tracks EURO STOXX® Low Risk Weighted 100. They also come from different issuers: Natixis and State Street. Their fees differ too: 0.17% for OP2E.DE and 0.30% for ZPRL.DE.