CMOE.DE vs. SMLD.DE
CMOE.DE (Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - CMOE.DE is a Commodities fund tracking the Bloomberg Commodity (EUR Hedged), while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 3 years, CMOE.DE returned 13.22%/yr vs 20.56%/yr for SMLD.DE. At a 0.38 correlation, their price movements are largely independent. CMOE.DE charges 0.24%/yr vs 0.50%/yr for SMLD.DE.
Performance
CMOE.DE vs. SMLD.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with CMOE.DE having a 21.57% return and SMLD.DE slightly lower at 20.75%.
CMOE.DE
- 1D
- -1.32%
- 1M
- -1.55%
- YTD
- 21.57%
- 6M
- 21.82%
- 1Y
- 33.83%
- 3Y*
- 13.22%
- 5Y*
- —
- 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%
CMOE.DE vs. SMLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CMOE.DE Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc | 21.57% | 14.96% | 2.92% | -9.62% | -0.48% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 20.75% | -8.86% | 35.22% | 27.59% | 30.68% |
Correlation
The correlation between CMOE.DE and SMLD.DE is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2022 | 0.38 |
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Return for Risk
CMOE.DE vs. SMLD.DE — Risk / Return Rank
CMOE.DE
SMLD.DE
CMOE.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc (CMOE.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.
| CMOE.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.15 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 4.49 | 0.92 | +3.57 |
| Martin ratioReturn relative to average drawdown | 10.26 | 1.91 | +8.35 |
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
| CMOE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 0.51 | +1.49 |
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 | 0.37 | 0.29 | +0.08 |
Drawdowns
CMOE.DE vs. SMLD.DE - Drawdown Comparison
The maximum CMOE.DE drawdown since its inception was -29.97%, smaller than the maximum SMLD.DE drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for CMOE.DE and SMLD.DE.
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Drawdown Indicators
| CMOE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.97% | -73.78% | +43.81% |
Max Drawdown (1Y)Largest decline over 1 year | -7.70% | -14.77% | +7.07% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -22.99% | +11.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.99% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.79% | — |
Current DrawdownCurrent decline from peak | -5.48% | -3.47% | -2.01% |
Average DrawdownAverage peak-to-trough decline | -19.33% | -17.76% | -1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 7.16% | -3.78% |
Volatility
CMOE.DE vs. SMLD.DE - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc (CMOE.DE) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) have volatilities of 5.18% and 5.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMOE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.18% | 5.38% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 15.26% | 12.79% | +2.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.28% | 26.64% | -9.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.62% | 22.60% | -5.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.62% | 34.70% | -18.08% |
CMOE.DE vs. SMLD.DE - Expense Ratio Comparison
CMOE.DE has a 0.24% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
CMOE.DE vs. SMLD.DE - Dividend Comparison
CMOE.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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMOE.DE Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc | 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
CMOE.DE and SMLD.DE have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMOE.DE is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMOE.DE is cheaper with a 0.24% expense ratio, compared with 0.50% for SMLD.DE.
CMOE.DE is categorized as Commodities, while SMLD.DE is Energy Equities. CMOE.DE tracks Bloomberg Commodity (EUR Hedged), while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.24% for CMOE.DE and 0.50% for SMLD.DE.
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