84X0.DE vs. EMSM.DE
84X0.DE (iShares MSCI EM ex-China UCITS ETF USD Acc) and EMSM.DE (SPDR MSCI Emerging Markets Small Cap UCITS ETF) are both Emerging Markets Equities funds - 84X0.DE tracks the MSCI Emerging Markets ex China Index (Net) while EMSM.DE tracks the MSCI EM NR USD. Both are passively managed. Over the past year, 84X0.DE returned 67.73% vs 48.92% for EMSM.DE. Their correlation of 0.89 suggests significant overlap in exposure. 84X0.DE charges 0.18%/yr vs 0.55%/yr for EMSM.DE.
Performance
84X0.DE vs. EMSM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, 84X0.DE achieves a 40.37% return, which is significantly higher than EMSM.DE's 27.59% return.
84X0.DE
- 1D
- -1.73%
- 1M
- 5.67%
- YTD
- 40.37%
- 6M
- 42.72%
- 1Y
- 67.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EMSM.DE
- 1D
- -1.74%
- 1M
- 3.66%
- YTD
- 27.59%
- 6M
- 28.30%
- 1Y
- 48.92%
- 3Y*
- 20.54%
- 5Y*
- 8.20%
- 10Y*
- 9.68%
84X0.DE vs. EMSM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
84X0.DE iShares MSCI EM ex-China UCITS ETF USD Acc | 40.37% | 19.85% | 9.62% | 7.38% |
EMSM.DE SPDR MSCI Emerging Markets Small Cap UCITS ETF | 27.59% | 18.76% | 13.62% | 3.50% |
Correlation
The correlation between 84X0.DE and EMSM.DE is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023 | 0.89 |
The correlation between 84X0.DE and EMSM.DE has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.
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Return for Risk
84X0.DE vs. EMSM.DE — Risk / Return Rank
84X0.DE
EMSM.DE
84X0.DE vs. EMSM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM ex-China UCITS ETF USD Acc (84X0.DE) and SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.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.
| 84X0.DE | EMSM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.50 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 5.88 | 4.83 | +1.04 |
| Martin ratioReturn relative to average drawdown | 21.92 | 17.39 | +4.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| 84X0.DE | EMSM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.52 | 2.80 | +0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.48 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.77 | 0.42 | +1.35 |
Drawdowns
84X0.DE vs. EMSM.DE - Drawdown Comparison
The maximum 84X0.DE drawdown since its inception was -19.72%, smaller than the maximum EMSM.DE drawdown of -36.49%. Use the drawdown chart below to compare losses from any high point for 84X0.DE and EMSM.DE.
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Drawdown Indicators
| 84X0.DE | EMSM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.72% | -36.49% | +16.77% |
Max Drawdown (1Y)Largest decline over 1 year | -11.66% | -10.29% | -1.37% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.25% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.87% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.69% | — |
Current DrawdownCurrent decline from peak | -2.49% | -2.68% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -2.70% | -10.06% | +7.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.13% | 2.86% | +0.27% |
Volatility
84X0.DE vs. EMSM.DE - Volatility Comparison
iShares MSCI EM ex-China UCITS ETF USD Acc (84X0.DE) has a higher volatility of 8.41% compared to SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE) at 7.40%. This indicates that 84X0.DE's price experiences larger fluctuations and is considered to be riskier than EMSM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 84X0.DE | EMSM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.41% | 7.40% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 16.93% | 14.93% | +2.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.46% | 17.75% | +1.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.11% | 16.73% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 18.33% | -1.22% |
84X0.DE vs. EMSM.DE - Expense Ratio Comparison
84X0.DE has a 0.18% expense ratio, which is lower than EMSM.DE's 0.55% expense ratio.
Dividends
84X0.DE vs. EMSM.DE - Dividend Comparison
Neither 84X0.DE nor EMSM.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, 84X0.DE and EMSM.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, 84X0.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
84X0.DE is cheaper with a 0.18% expense ratio, compared with 0.55% for EMSM.DE.
84X0.DE tracks MSCI Emerging Markets ex China Index (Net), while EMSM.DE tracks MSCI EM NR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.18% for 84X0.DE and 0.55% for EMSM.DE.
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