Both Panasonic ZS99 and Olympus E-M1 II have 20.0 MP resolution sensors but Panasonic ZS99's sensor is 1/2.3-inch (6.17 x 4.55 mm ) and Olympus E-M1 II's sensor is Four Thirds (17.4 x 13 mm ).
Since Olympus E-M1 II's has a larger sensor area with the same resolution, this means that it also has a larger pixel area hence better light collecting capacity for a given aperture compared to Panasonic ZS99.
One other difference between these two cameras that is worth mentioning is that Olympus E-M1 II's sensor doesn't have an anti-alias (Low-Pass) filter. Removing anti-alias filter increases the sharpness and level of detail but at the same time, it increases the chance of moiré occurring in certain scenes.
Below you can see the ZS99 and E-M1 II sensor size comparison.
Sensor Size and Resolution Comparison image of Panasonic ZS99 and Olympus E-M1 II Cameras
As seen above, Olympus E-M1 II has a 8.1x Larger sensor area than Panasonic ZS99. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.
Sensor size sets the circle of confusion, so it drives how much depth of field each
of these bodies gives you at a given aperture. You can calculate it exactly for the
Panasonic ZS99
or the
Olympus E-M1 II ,
including hyperfocal distance.
One thing to watch when comparing these two: they have different sensor sizes
(1/2.3-inch versus Four Thirds),
so compare them at the same framing rather than the same focal length.
Put the same focal length on the smaller sensor and it will show less depth of
field, not more, because it also crops tighter. The calculator shows the
full frame equivalent focal length for each body so you can match the framing.