EMSD.L vs. EMVL.L
EMSD.L (State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc)) and EMVL.L (iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)) are both Emerging Markets Equities funds - EMSD.L tracks the MSCI Emerging Markets Small Cap Index while EMVL.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 5 years, EMSD.L returned 6.12%/yr vs 15.16%/yr for EMVL.L. Their correlation of 0.84 suggests significant overlap in exposure. EMSD.L charges 0.55%/yr vs 0.40%/yr for EMVL.L.
Performance
EMSD.L vs. EMVL.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMSD.L achieves a 9.38% return, which is significantly lower than EMVL.L's 31.45% 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%
EMVL.L
- 1D
- -1.18%
- 1M
- -9.38%
- 6M
- 23.78%
- YTD
- 31.45%
- 1Y
- 56.66%
- 3Y*
- 31.82%
- 5Y*
- 15.16%
- 10Y*
- —
EMSD.L vs. EMVL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -1.74% |
EMVL.L iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) | 31.45% | 43.13% | 14.49% | 18.37% | -16.29% | 5.29% | 7.72% | 17.64% | -2.10% |
Correlation
The correlation between EMSD.L and EMVL.L is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2018 | 0.84 |
The correlation between EMSD.L and EMVL.L has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.
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Return for Risk
EMSD.L vs. EMVL.L — Risk / Return Rank
EMSD.L
EMVL.L
EMSD.L vs. EMVL.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 iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.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 | EMVL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.41 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 4.51 | -3.08 |
| Martin ratioReturn relative to average drawdown | 4.41 | 12.55 | -8.14 |
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Drawdowns
EMSD.L vs. EMVL.L - Drawdown Comparison
The maximum EMSD.L drawdown since its inception was -48.91%, which is greater than EMVL.L's maximum drawdown of -34.95%. Use the drawdown chart below to compare losses from any high point for EMSD.L and EMVL.L.
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Drawdown Indicators
| EMSD.L | EMVL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.91% | -34.95% | -13.96% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -12.49% | +1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -21.39% | -16.42% | -4.97% |
Max Drawdown (5Y)Largest decline over 5 years | -27.40% | -31.61% | +4.21% |
Max Drawdown (10Y)Largest decline over 10 years | -48.91% | — | — |
Current DrawdownCurrent decline from peak | -6.81% | -12.45% | +5.64% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -9.51% | -1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 4.50% | -0.78% |
Volatility
EMSD.L vs. EMVL.L - Volatility Comparison
The current volatility for State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc) (EMSD.L) is 7.45%, while iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L) has a volatility of 10.34%. This indicates that EMSD.L experiences smaller price fluctuations and is considered to be less risky than EMVL.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 | EMVL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.45% | 10.34% | -2.89% |
Volatility (6M)Calculated over the trailing 6-month period | 17.71% | 21.31% | -3.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.70% | 23.82% | -4.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.71% | 20.71% | -4.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.63% | 21.39% | -3.76% |
EMSD.L vs. EMVL.L - Expense Ratio Comparison
EMSD.L has a 0.55% expense ratio, which is higher than EMVL.L's 0.40% expense ratio.
Dividends
EMSD.L vs. EMVL.L - Dividend Comparison
Neither EMSD.L nor EMVL.L has paid dividends to shareholders.
Frequently Asked Questions
EMSD.L and EMVL.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMVL.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMVL.L is cheaper with a 0.40% expense ratio, compared with 0.55% for EMSD.L.
EMSD.L tracks MSCI Emerging Markets Small Cap Index, while EMVL.L tracks MSCI EM NR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for EMSD.L and 0.40% for EMVL.L.
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