ECMA.DE vs. SMLD.DE
ECMA.DE (Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF Acc) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - ECMA.DE is a European Corporate Bonds fund tracking the Invesco EUR Corporate Bond ESG Multi-Factor, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 3 years, ECMA.DE returned 4.49%/yr vs 20.56%/yr for SMLD.DE. At a correlation of -0.04, they often move in opposite directions. ECMA.DE charges 0.19%/yr vs 0.50%/yr for SMLD.DE.
Performance
ECMA.DE vs. SMLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ECMA.DE achieves a 0.50% return, which is significantly lower than SMLD.DE's 20.75% return.
ECMA.DE
- 1D
- 0.10%
- 1M
- 0.29%
- YTD
- 0.50%
- 6M
- 0.46%
- 1Y
- 2.04%
- 3Y*
- 4.49%
- 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%
ECMA.DE vs. SMLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ECMA.DE Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF Acc | 0.50% | 2.90% | 4.30% | 7.06% | -1.21% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 20.75% | -8.86% | 35.22% | 27.59% | 17.90% |
Correlation
The correlation between ECMA.DE and SMLD.DE is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2022 | -0.04 |
Over the past year, the inverse relationship between ECMA.DE and SMLD.DE has strengthened: their correlation has moved from -0.04 to -0.25, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
ECMA.DE vs. SMLD.DE — Risk / Return Rank
ECMA.DE
SMLD.DE
ECMA.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF Acc (ECMA.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.
| ECMA.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.15 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 0.92 | -0.31 |
| Martin ratioReturn relative to average drawdown | 2.07 | 1.91 | +0.17 |
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
| ECMA.DE | SMLD.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.53 | 0.51 | +0.02 |
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 | 0.81 | 0.29 | +0.52 |
Drawdowns
ECMA.DE vs. SMLD.DE - Drawdown Comparison
The maximum ECMA.DE drawdown since its inception was -8.91%, smaller than the maximum SMLD.DE drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for ECMA.DE and SMLD.DE.
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Drawdown Indicators
| ECMA.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.91% | -73.78% | +64.87% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -14.77% | +12.09% |
Max Drawdown (3Y)Largest decline over 3 years | -2.68% | -22.99% | +20.31% |
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 | -0.76% | -3.47% | +2.71% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -17.76% | +15.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 7.16% | -6.36% |
Volatility
ECMA.DE vs. SMLD.DE - Volatility Comparison
The current volatility for Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF Acc (ECMA.DE) is 1.28%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a volatility of 5.38%. This indicates that ECMA.DE experiences smaller price fluctuations and is considered to be less risky 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
| ECMA.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 5.38% | -4.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 12.79% | -10.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.13% | 26.64% | -23.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.16% | 22.60% | -18.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.16% | 34.70% | -30.54% |
ECMA.DE vs. SMLD.DE - Expense Ratio Comparison
ECMA.DE has a 0.19% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
ECMA.DE vs. SMLD.DE - Dividend Comparison
ECMA.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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ECMA.DE Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF 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
ECMA.DE and SMLD.DE have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ECMA.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ECMA.DE is cheaper with a 0.19% expense ratio, compared with 0.50% for SMLD.DE.
ECMA.DE is categorized as European Corporate Bonds, while SMLD.DE is Energy Equities. ECMA.DE tracks Invesco EUR Corporate Bond ESG Multi-Factor, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.19% for ECMA.DE and 0.50% for SMLD.DE.
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