EMSD.L vs. DEM.L
EMSD.L (State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc)) and DEM.L (WisdomTree Emerging Markets Equity Income UCITS ETF) are both Emerging Markets Equities funds - EMSD.L tracks the MSCI Emerging Markets Small Cap Index while DEM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, EMSD.L returned 8.49%/yr vs 8.37%/yr for DEM.L. A 0.77 correlation means they provide meaningful diversification when combined. EMSD.L charges 0.55%/yr vs 0.46%/yr for DEM.L.
Performance
EMSD.L vs. DEM.L - Performance Comparison
Loading charts...
Different Trading Currencies
EMSD.L is traded in USD, while DEM.L is traded in GBp. To make them comparable, the DEM.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMSD.L achieves a 9.38% return, which is significantly lower than DEM.L's 17.25% return. Both investments have delivered pretty close results over the past 10 years, with EMSD.L having a 8.49% annualized return and DEM.L not far behind at 8.37%.
EMSD.L
- 1D
- -0.45%
- 1M
- -6.67%
- 6M
- 6.50%
- YTD
- 9.38%
- 1Y
- 15.90%
- 3Y*
- 13.08%
- 5Y*
- 6.12%
- 10Y*
- 8.49%
DEM.L
- 1D
- 0.64%
- 1M
- -3.03%
- 6M
- 14.97%
- YTD
- 17.25%
- 1Y
- 21.55%
- 3Y*
- 16.93%
- 5Y*
- 10.30%
- 10Y*
- 8.37%
EMSD.L vs. DEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMSD.L State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc) | 9.38% | 20.23% | 2.90% | 22.19% | -16.88% | 16.02% | 20.35% | 8.52% | -14.77% | 30.78% |
DEM.L WisdomTree Emerging Markets Equity Income UCITS ETF | 17.25% | 21.21% | 5.07% | 20.84% | -13.01% | 14.12% | -6.70% | 15.65% | -11.40% | 24.71% |
Correlation
The correlation between EMSD.L and DEM.L is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2014 | 0.77 |
The correlation between EMSD.L and DEM.L has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EMSD.L vs. DEM.L — Risk / Return Rank
EMSD.L
DEM.L
EMSD.L vs. DEM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc) (EMSD.L) and WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.L). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EMSD.L | DEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.26 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 2.78 | -1.35 |
| Martin ratioReturn relative to average drawdown | 4.41 | 8.34 | -3.93 |
Loading charts...
Drawdowns
EMSD.L vs. DEM.L - Drawdown Comparison
The maximum EMSD.L drawdown since its inception was -48.91%, smaller than the maximum DEM.L drawdown of -59.39%. Use the drawdown chart below to compare losses from any high point for EMSD.L and DEM.L.
Loading charts...
Drawdown Indicators
| EMSD.L | DEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.91% | -59.39% | +10.48% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -7.73% | -3.72% |
Max Drawdown (3Y)Largest decline over 3 years | -21.39% | -14.39% | -7.00% |
Max Drawdown (5Y)Largest decline over 5 years | -27.40% | -27.85% | +0.45% |
Max Drawdown (10Y)Largest decline over 10 years | -48.91% | -40.19% | -8.72% |
Current DrawdownCurrent decline from peak | -6.81% | -3.03% | -3.78% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -28.51% | +17.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 2.58% | +1.14% |
Volatility
EMSD.L vs. DEM.L - Volatility Comparison
State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc) (EMSD.L) has a higher volatility of 7.45% compared to WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.L) at 5.91%. This indicates that EMSD.L's price experiences larger fluctuations and is considered to be riskier than DEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EMSD.L | DEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.45% | 5.91% | +1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 17.71% | 12.83% | +4.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.70% | 15.10% | +4.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.71% | 15.49% | +1.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.63% | 16.99% | +0.64% |
EMSD.L vs. DEM.L - Expense Ratio Comparison
EMSD.L has a 0.55% expense ratio, which is higher than DEM.L's 0.46% expense ratio.
Dividends
EMSD.L vs. DEM.L - Dividend Comparison
EMSD.L has not paid dividends to shareholders, while DEM.L's dividend yield for the trailing twelve months is around 3.70%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DEM.L WisdomTree Emerging Markets Equity Income UCITS ETF | 3.70% | 4.47% | 7.67% | 7.00% | 7.05% | 4.14% | 4.77% | 1.46% | 0.00% | 2.15% | 1.49% | 4.55% |
EMSD.L State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (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% |
Frequently Asked Questions
EMSD.L and DEM.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DEM.L is cheaper at 0.46% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DEM.L is cheaper with a 0.46% expense ratio, compared with 0.55% for EMSD.L.
EMSD.L tracks MSCI Emerging Markets Small Cap Index, while DEM.L tracks MSCI EM NR USD. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.55% for EMSD.L and 0.46% for DEM.L.
Find the right allocation for EMSD.L and DEM.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer