EMSD.L vs. EMXC.L
EMSD.L (State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc)) and EMXC.L (Lyxor MSCI Emerging Markets Ex China UCITS ETF - Acc) are both Emerging Markets Equities funds - EMSD.L tracks the MSCI Emerging Markets Small Cap Index while EMXC.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 5 years, EMSD.L returned 6.12%/yr vs 11.23%/yr for EMXC.L. Their correlation of 0.83 suggests significant overlap in exposure. EMSD.L charges 0.55%/yr vs 0.15%/yr for EMXC.L.
Performance
EMSD.L vs. EMXC.L - Performance Comparison
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Different Trading Currencies
EMSD.L is traded in USD, while EMXC.L is traded in EUR. To make them comparable, the EMXC.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 EMXC.L's 27.54% 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%
EMXC.L
- 1D
- -0.61%
- 1M
- -8.49%
- 6M
- 22.55%
- YTD
- 27.54%
- 1Y
- 50.99%
- 3Y*
- 24.90%
- 5Y*
- 11.23%
- 10Y*
- —
EMSD.L vs. EMXC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
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% | 60.12% |
EMXC.L Lyxor MSCI Emerging Markets Ex China UCITS ETF - Acc | 27.54% | 53.41% | -3.23% | 22.38% | -23.72% | 1.12% | 72.37% |
Correlation
The correlation between EMSD.L and EMXC.L is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since May 4, 2020 | 0.83 |
The correlation between EMSD.L and EMXC.L has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.
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Return for Risk
EMSD.L vs. EMXC.L — Risk / Return Rank
EMSD.L
EMXC.L
EMSD.L vs. EMXC.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 Lyxor MSCI Emerging Markets Ex China UCITS ETF - Acc (EMXC.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 | EMXC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.34 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 3.04 | -1.62 |
| Martin ratioReturn relative to average drawdown | 4.41 | 10.28 | -5.87 |
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Drawdowns
EMSD.L vs. EMXC.L - Drawdown Comparison
The maximum EMSD.L drawdown since its inception was -48.91%, which is greater than EMXC.L's maximum drawdown of -42.21%. Use the drawdown chart below to compare losses from any high point for EMSD.L and EMXC.L.
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Drawdown Indicators
| EMSD.L | EMXC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.91% | -42.21% | -6.70% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -16.67% | +5.22% |
Max Drawdown (3Y)Largest decline over 3 years | -21.39% | -21.96% | +0.57% |
Max Drawdown (5Y)Largest decline over 5 years | -27.40% | -41.31% | +13.91% |
Max Drawdown (10Y)Largest decline over 10 years | -48.91% | — | — |
Current DrawdownCurrent decline from peak | -6.81% | -10.46% | +3.65% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -12.61% | +1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 4.94% | -1.22% |
Volatility
EMSD.L vs. EMXC.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 Lyxor MSCI Emerging Markets Ex China UCITS ETF - Acc (EMXC.L) has a volatility of 10.86%. This indicates that EMSD.L experiences smaller price fluctuations and is considered to be less risky than EMXC.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 | EMXC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.45% | 10.86% | -3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 17.71% | 24.80% | -7.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.70% | 27.02% | -7.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.71% | 22.42% | -5.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.63% | 22.22% | -4.59% |
EMSD.L vs. EMXC.L - Expense Ratio Comparison
EMSD.L has a 0.55% expense ratio, which is higher than EMXC.L's 0.15% expense ratio.
Dividends
EMSD.L vs. EMXC.L - Dividend Comparison
Neither EMSD.L nor EMXC.L has paid dividends to shareholders.
Frequently Asked Questions
EMSD.L and EMXC.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMXC.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMXC.L is cheaper with a 0.15% expense ratio, compared with 0.55% for EMSD.L.
EMSD.L tracks MSCI Emerging Markets Small Cap Index, while EMXC.L tracks MSCI EM NR USD. They also come from different issuers: State Street and Amundi. Their fees differ too: 0.55% for EMSD.L and 0.15% for EMXC.L.
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