PSM vs PSPO: which one?

Hello everybody,

I would like to take a Scrum certification and it is not clear to me what is the actual industry value difference between the PSM and the PSPO - starting also from the level 1.

To me, it is clear the respective roles of the Scrum Master and of the Product Owner, but I wonder how different as these two certifications? Which perceived different value has the industry (in Europe/Germany, particularly)? I.e., if I have PSM I, would it be clear that I am also given a Product Owner role? And for the second level?

What is the actual overlapping between these certifications?

Thanks in advance!

Dan