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UK, Europe look cheap on Glencore, VW news: Trader

Highly leveraged mining giant Glencore and embattled automaker Volkswagen have weighed on European stocks recently, but ProShares Advisors' Simeon Hyman said Tuesday those market slides may be flashing buy signs across the pond.

The firm's head of investment strategy noted that European equities have already dropped substantially, and the continent—particularly the United Kingdom—may represent "a ray of hope."

"Maybe there's an overreaction both to commodities and the VW crisis," he told CNBC's "Squawk Box." "If you look at a market like the U.K., where you almost have a little bit potentially of a sweet spot, where you have valuations that look like Europe valuations, but a macro economy that looks a little bit more like the U.S.'s"

Read MoreEuropean stocks lower; Glencore up 8%

Investors who want to avoid risk should steer clear of emerging markets, which are still too dependent on commodities, Hyman said, but more diverse places like the Europe "are places where you might want to take a little bit of a bet that the Glencores and the VWs have taken an outsize bite out of those valuations."

The caveat with the U.K., he said, is that it has double the exposure to the ailing energy market than the U.S. market.

Hyman acknowledged that the Glencore and Volkswagen situations are unnerving. Shares of Glencore recovered slightly after falling 29 percent on Monday.

Hyman said for his hypothesis to bear fruit, investors must assume Glencore doesn't present systemic risk, as some market watchers have suggested it does. He said if Glencore were to fail, it would not be a Lehman moment.

Read More Should you fear a 'Glencore' moment?

"We don't know anything for certain, but what we do know from history is Enron didn't blow up the markets," he said. "Various large commodity players have had troubles in the past and it hasn't blown up all global risk assets."