EMSD.L vs. EMDV.L
EMSD.L (State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc)) and EMDV.L (SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)) are both Emerging Markets Equities funds from State Street - EMSD.L tracks the MSCI Emerging Markets Small Cap Index while EMDV.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, EMSD.L returned 8.49%/yr vs 5.96%/yr for EMDV.L. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.
Performance
EMSD.L vs. EMDV.L - Performance Comparison
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Different Trading Currencies
EMSD.L is traded in USD, while EMDV.L is traded in GBP. To make them comparable, the EMDV.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 higher than EMDV.L's 7.05% return. Over the past 10 years, EMSD.L has outperformed EMDV.L with an annualized return of 8.49%, while EMDV.L has yielded a comparatively lower 5.96% annualized return.
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%
EMDV.L
- 1D
- 1.22%
- 1M
- 0.28%
- 6M
- 3.47%
- YTD
- 7.05%
- 1Y
- 9.07%
- 3Y*
- 12.05%
- 5Y*
- 6.29%
- 10Y*
- 5.96%
EMSD.L vs. EMDV.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% |
EMDV.L SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) | 7.05% | 19.28% | 14.38% | 4.54% | -8.97% | -0.72% | -2.21% | 11.69% | -6.30% | 27.81% |
Correlation
The correlation between EMSD.L and EMDV.L is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2011 | 0.75 |
The correlation between EMSD.L and EMDV.L shifts across timeframes, from 0.58 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EMSD.L vs. EMDV.L — Risk / Return Rank
EMSD.L
EMDV.L
EMSD.L vs. EMDV.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 SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.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 | EMDV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.13 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 0.91 | +0.52 |
| Martin ratioReturn relative to average drawdown | 4.41 | 2.15 | +2.26 |
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Drawdowns
EMSD.L vs. EMDV.L - Drawdown Comparison
The maximum EMSD.L drawdown since its inception was -48.91%, smaller than the maximum EMDV.L drawdown of -65.26%. Use the drawdown chart below to compare losses from any high point for EMSD.L and EMDV.L.
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Drawdown Indicators
| EMSD.L | EMDV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.91% | -65.26% | +16.35% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -9.93% | -1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -21.39% | -14.87% | -6.52% |
Max Drawdown (5Y)Largest decline over 5 years | -27.40% | -28.44% | +1.04% |
Max Drawdown (10Y)Largest decline over 10 years | -48.91% | -42.90% | -6.01% |
Current DrawdownCurrent decline from peak | -6.81% | -15.45% | +8.64% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -40.58% | +29.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 4.21% | -0.49% |
Volatility
EMSD.L vs. EMDV.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 SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.L) at 3.43%. This indicates that EMSD.L's price experiences larger fluctuations and is considered to be riskier than EMDV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMSD.L | EMDV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.45% | 3.43% | +4.02% |
Volatility (6M)Calculated over the trailing 6-month period | 17.71% | 10.20% | +7.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.70% | 12.67% | +7.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.71% | 16.85% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.63% | 18.18% | -0.55% |
EMSD.L vs. EMDV.L - Expense Ratio Comparison
Both EMSD.L and EMDV.L have an expense ratio of 0.55%.
Dividends
EMSD.L vs. EMDV.L - Dividend Comparison
EMSD.L has not paid dividends to shareholders, while EMDV.L's dividend yield for the trailing twelve months is around 3.79%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMDV.L SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) | 3.79% | 3.90% | 4.07% | 4.99% | 4.45% | 3.28% | 3.19% | 3.83% | 3.49% | 2.89% | 4.15% | 5.95% |
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 EMDV.L have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
EMSD.L and EMDV.L have the same expense ratio: 0.55% per year.
EMSD.L tracks MSCI Emerging Markets Small Cap Index, while EMDV.L tracks MSCI EM NR USD.
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