- Issuer
- State Street
- Inception Date
- May 13, 2011
- Category
- Emerging Markets Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF
- Distribution Policy
- Accumulating
- Asset Class
- Equity
Share Price Chart
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Performance
EMSD.L Performance Chart
State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSD.L) is up 9.4% since the beginning of the year. EMSD.L is currently trading at $152 per share. Investors who bought $1,000 worth of EMSD.L shares 5 years ago would now be looking at an investment worth $1,346.
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Returns By Period
State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSD.L) has returned 9.38% so far this year and 15.90% over the past 12 months. Over the last ten years, EMSD.L has returned 8.49% per year, falling short of the S&P 500 Index benchmark, which averaged 13.36% annually.
State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF
- 1D
- -0.45%
- 1M
- -6.67%
- 6M
- 6.50%
- YTD
- 9.38%
- 1Y
- 15.90%
- 3Y*
- 13.08%
- 5Y*
- 6.12%
- 10Y*
- 8.49%
Benchmark (S&P 500 Index)
- 1D
- 0.38%
- 1M
- 0.24%
- 6M
- 9.32%
- YTD
- 10.62%
- 1Y
- 21.28%
- 3Y*
- 18.90%
- 5Y*
- 11.84%
- 10Y*
- 13.36%
EMSD.L Monthly Returns History
Based on dividend-adjusted daily data since May 16, 2011, EMSD.L's average daily return is +0.02%, while the average monthly return is +0.52%. At this rate, an investment would double in approximately 11.1 years.
Historically, 52% of months were positive and 48% were negative. The best month was Nov 2020 with a return of +14.1%, while the worst month was Mar 2020 at -20.9%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 6 months.
On a daily basis, EMSD.L closed higher 52% of trading days. The best single day was Mar 24, 2020 with a return of +7.0%, while the worst single day was Mar 12, 2020 at -13.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.60% | 4.22% | -10.78% | 13.78% | 3.11% | -3.14% | -2.89% | 9.38% | |||||
| 2025 | -2.08% | -1.73% | -0.60% | 2.32% | 7.68% | 5.83% | 0.05% | 4.09% | 2.05% | 1.97% | -0.89% | 0.38% | 20.23% |
| 2024 | -0.52% | 1.78% | 0.66% | 1.65% | 0.84% | 3.47% | 0.04% | -0.65% | 3.07% | -3.55% | -2.06% | -1.64% | 2.90% |
| 2023 | 6.58% | -2.60% | 0.97% | -0.13% | -0.03% | 5.99% | 5.93% | -1.31% | -2.59% | -5.20% | 10.70% | 3.08% | 22.19% |
| 2022 | -4.01% | -2.16% | 2.29% | -5.34% | -1.96% | -10.62% | 3.43% | 1.94% | -9.53% | -0.12% | 9.95% | -0.41% | -16.88% |
| 2021 | -0.01% | 4.90% | 2.09% | 4.57% | 3.01% | 2.83% | -0.84% | 0.24% | -2.04% | -0.05% | -2.99% | 3.61% | 16.02% |
Benchmark Metrics
State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF has an annualized alpha of -1.11%, beta of 0.56, and R2 of 0.29 versus S&P 500 Index. Calculated based on daily prices since May 16, 2011.
- This ETF participated in 101.03% of S&P 500 Index downside but only 71.23% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.56 may look defensive, but with R2 of 0.29 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.29 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -1.11%
- Beta
- 0.56
- R²
- 0.29
- Upside Capture
- 71.23%
- Downside Capture
- 101.03%
Expense Ratio
EMSD.L has an expense ratio of 0.55%, placing it in the medium range.
Return for Risk
Risk / Return Rank
EMSD.L ranks 30 for risk / return — below 30% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSD.L) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EMSD.L | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.31 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 2.35 | -0.92 |
| Martin ratioReturn relative to average drawdown | 4.41 | 10.19 | -5.78 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF was 48.91%, occurring on Mar 23, 2020. Recovery took 194 trading sessions.
The current State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF drawdown is 6.81%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-48.91%Mar 2020 | 2y 1mo | 9mo 11d | 2y 11moJan 2018 - Dec 2020 | COVID crash2020 |
-29.55%Oct 2011 | 2mo 28d | 2y 10mo | 3y 1moJul 2011 - Aug 2014 | — |
-27.94%Jan 2016 | 8mo 4d | 1y 5mo | 2y 1moMay 2015 - Jul 2017 | — |
-27.40%Oct 2022 | 1y 1mo | 1y 4mo | 2y 5moSep 2021 - Feb 2024 | Bear market2022 |
-21.39%Apr 2025 | 6mo 11d | 2mo 1d | 8mo 12dSep 2024 - Jun 2025 | 2025 selloff2025 |
Drawdown Indicators
| EMSD.L | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.91% | -56.78% | +7.87% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -9.10% | -2.35% |
Max Drawdown (3Y)Largest decline over 3 years | -21.39% | -18.90% | -2.49% |
Max Drawdown (5Y)Largest decline over 5 years | -27.40% | -25.43% | -1.97% |
Max Drawdown (10Y)Largest decline over 10 years | -48.91% | -33.92% | -14.99% |
Current DrawdownCurrent decline from peak | -6.81% | -0.49% | -6.32% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -10.70% | -0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 2.09% | +1.63% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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