8PSB.DE vs. SMLD.DE

Last updated Jun 5, 2026

8PSB.DE (Invesco Physical Silver ETC) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - 8PSB.DE is a Silver fund tracking the LBMA Silver Price, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 3 years, 8PSB.DE returned 42.18%/yr vs 20.56%/yr for SMLD.DE. At a 0.13 correlation, their price movements are largely independent. 8PSB.DE charges 0.19%/yr vs 0.50%/yr for SMLD.DE.

Performance

8PSB.DE vs. SMLD.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco Physical Silver ETC (8PSB.DE) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 8PSB.DE achieves a -2.37% return, which is significantly lower than SMLD.DE's 20.75% return.

8PSB.DE

• 1D: 0.37%
• 1M: 1.00%
• YTD: -2.37%
• 6M: 29.53%
• 1Y: 110.49%
• 3Y*: 42.18%
• 5Y*: —
• 10Y*: —

SMLD.DE

• 1D: -0.66%
• 1M: 0.52%
• YTD: 20.75%
• 6M: 14.96%
• 1Y: 13.71%
• 3Y*: 20.56%
• 5Y*: 25.24%
• 10Y*: 15.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

8PSB.DE vs. SMLD.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
8PSB.DE Invesco Physical Silver ETC	-2.37%	130.25%	30.85%	-4.18%	10.64%	-7.65%
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist	20.75%	-8.86%	35.22%	27.59%	49.18%	2.89%

Correlation

The correlation between 8PSB.DE and SMLD.DE is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jun 25, 2021	0.13

The correlation between 8PSB.DE and SMLD.DE shifts across timeframes, from -0.11 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

8PSB.DE vs. SMLD.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

8PSB.DE

8PSB.DE Risk / Return Rank: 52
8PSB.DE Sharpe Ratio Rank: 56
8PSB.DE Sortino Ratio Rank: 46
8PSB.DE Omega Ratio Rank: 59
8PSB.DE Calmar Ratio Rank: 58
8PSB.DE Martin Ratio Rank: 39

SMLD.DE

SMLD.DE Risk / Return Rank: 20
SMLD.DE Sharpe Ratio Rank: 17
SMLD.DE Sortino Ratio Rank: 19
SMLD.DE Omega Ratio Rank: 23
SMLD.DE Calmar Ratio Rank: 21
SMLD.DE Martin Ratio Rank: 19

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

8PSB.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Silver ETC (8PSB.DE) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.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.

	8PSB.DE	SMLD.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.89	0.51	+1.38
Sortino ratio: Return per unit of downside risk	2.23	0.91	+1.32
Omega ratio: Gain probability vs. loss probability	1.35	1.15	+0.20
Calmar ratio: Return relative to maximum drawdown	2.85	0.92	+1.92
Martin ratio: Return relative to average drawdown	6.09	1.91	+4.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

8PSB.DE vs. SMLD.DE - Sharpe Ratio Comparison

The current 8PSB.DE Sharpe Ratio is 1.89, which is higher than the SMLD.DE Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of 8PSB.DE and SMLD.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	8PSB.DE	SMLD.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	0.51	+1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.10	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.29	+0.39

Drawdowns

8PSB.DE vs. SMLD.DE - Drawdown Comparison

The maximum 8PSB.DE drawdown since its inception was -38.62%, smaller than the maximum SMLD.DE drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for 8PSB.DE and SMLD.DE.

Drawdown Indicators

	8PSB.DE	SMLD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-38.62%	-73.78%	+35.16%
Max Drawdown (1Y) Largest decline over 1 year	-38.62%	-14.77%	-23.85%
Max Drawdown (3Y) Largest decline over 3 years	-38.62%	-22.99%	-15.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.99%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-70.79%	—
Current Drawdown Current decline from peak	-33.51%	-3.47%	-30.04%
Average Drawdown Average peak-to-trough decline	-11.18%	-17.76%	+6.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.07%	7.16%	+10.91%

Volatility

8PSB.DE vs. SMLD.DE - Volatility Comparison

Invesco Physical Silver ETC (8PSB.DE) has a higher volatility of 16.36% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) at 5.38%. This indicates that 8PSB.DE's price experiences larger fluctuations and is considered to be riskier than SMLD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	8PSB.DE	SMLD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.36%	5.38%	+10.98%
Volatility (6M) Calculated over the trailing 6-month period	51.95%	12.79%	+39.16%
Volatility (1Y) Calculated over the trailing 1-year period	58.17%	26.64%	+31.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.63%	22.60%	+12.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.63%	34.70%	-0.07%

8PSB.DE vs. SMLD.DE - Expense Ratio Comparison

8PSB.DE has a 0.19% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.

Dividends

8PSB.DE vs. SMLD.DE - Dividend Comparison

8PSB.DE has not paid dividends to shareholders, while SMLD.DE's dividend yield for the trailing twelve months is around 7.55%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
8PSB.DE Invesco Physical Silver ETC	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist	7.55%	8.45%	12.45%	18.33%	14.40%	17.94%	25.01%	18.21%	21.61%	18.39%	14.39%	20.63%

Frequently Asked Questions

Can I hold both 8PSB.DE and SMLD.DE in my portfolio?

8PSB.DE and SMLD.DE have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 8PSB.DE or SMLD.DE?

On fees, 8PSB.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 8PSB.DE or SMLD.DE?

8PSB.DE is cheaper with a 0.19% expense ratio, compared with 0.50% for SMLD.DE.

What is the main difference between 8PSB.DE and SMLD.DE?

8PSB.DE is categorized as Silver, while SMLD.DE is Energy Equities. 8PSB.DE tracks LBMA Silver Price, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.19% for 8PSB.DE and 0.50% for SMLD.DE.