8PSE.DE vs. SMLD.DE
8PSE.DE (Invesco Physical Gold (EUR Hedged) ETC) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - 8PSE.DE is a Gold fund tracking the LBMA Gold Price PM (EUR Hedged), while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 5 years, 8PSE.DE returned 15.46%/yr vs 25.24%/yr for SMLD.DE. At a correlation of -0.01, they often move in opposite directions. 8PSE.DE charges 0.34%/yr vs 0.50%/yr for SMLD.DE.
Performance
8PSE.DE vs. SMLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, 8PSE.DE achieves a 0.15% return, which is significantly lower than SMLD.DE's 20.75% return.
8PSE.DE
- 1D
- 0.72%
- 1M
- -4.91%
- YTD
- 0.15%
- 6M
- 4.44%
- 1Y
- 29.12%
- 3Y*
- 28.08%
- 5Y*
- 15.46%
- 10Y*
- —
SMLD.DE
- 1D
- -0.66%
- 1M
- 3.73%
- YTD
- 20.75%
- 6M
- 13.95%
- 1Y
- 14.71%
- 3Y*
- 20.56%
- 5Y*
- 25.24%
- 10Y*
- 15.33%
8PSE.DE vs. SMLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
8PSE.DE Invesco Physical Gold (EUR Hedged) ETC | 0.15% | 62.78% | 24.11% | 10.00% | -2.18% | -5.81% | 2.14% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 20.75% | -8.86% | 35.22% | 27.59% | 49.18% | 62.11% | 15.12% |
Correlation
The correlation between 8PSE.DE and SMLD.DE is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2020 | -0.01 |
Over the past year, the inverse relationship between 8PSE.DE and SMLD.DE has strengthened: their correlation has moved from -0.01 to -0.23, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
8PSE.DE vs. SMLD.DE — Risk / Return Rank
8PSE.DE
SMLD.DE
8PSE.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold (EUR Hedged) ETC (8PSE.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.
| 8PSE.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.15 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 0.92 | -0.37 |
| Martin ratioReturn relative to average drawdown | 2.31 | 1.91 | +0.40 |
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
| 8PSE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | 0.51 | -0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 1.10 | -0.93 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.44 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.29 | -0.12 |
Drawdowns
8PSE.DE vs. SMLD.DE - Drawdown Comparison
The maximum 8PSE.DE drawdown since its inception was -50.81%, smaller than the maximum SMLD.DE drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for 8PSE.DE and SMLD.DE.
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Drawdown Indicators
| 8PSE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.81% | -73.78% | +22.97% |
Max Drawdown (1Y)Largest decline over 1 year | -50.81% | -14.77% | -36.04% |
Max Drawdown (3Y)Largest decline over 3 years | -50.81% | -22.99% | -27.82% |
Max Drawdown (5Y)Largest decline over 5 years | -50.81% | -22.99% | -27.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.79% | — |
Current DrawdownCurrent decline from peak | -16.31% | -3.47% | -12.84% |
Average DrawdownAverage peak-to-trough decline | -10.13% | -17.76% | +7.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.27% | 7.16% | +5.11% |
Volatility
8PSE.DE vs. SMLD.DE - Volatility Comparison
Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) has a higher volatility of 5.95% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) at 5.38%. This indicates that 8PSE.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.
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Volatility by Period
| 8PSE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.95% | 5.38% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 71.01% | 12.79% | +58.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 181.73% | 26.64% | +155.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 87.63% | 22.60% | +65.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.06% | 34.70% | +46.36% |
8PSE.DE vs. SMLD.DE - Expense Ratio Comparison
8PSE.DE has a 0.34% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
8PSE.DE vs. SMLD.DE - Dividend Comparison
8PSE.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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
8PSE.DE Invesco Physical Gold (EUR Hedged) 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
8PSE.DE and SMLD.DE have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 8PSE.DE is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
8PSE.DE is cheaper with a 0.34% expense ratio, compared with 0.50% for SMLD.DE.
8PSE.DE is categorized as Gold, while SMLD.DE is Energy Equities. 8PSE.DE tracks LBMA Gold Price PM (EUR Hedged), while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.34% for 8PSE.DE and 0.50% for SMLD.DE.
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