EMSD.L vs. EXCS.L
EMSD.L (State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc)) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - EMSD.L tracks the MSCI Emerging Markets Small Cap Index while EXCS.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 3 years, EMSD.L returned 13.08%/yr vs 24.27%/yr for EXCS.L. A 0.79 correlation means they provide meaningful diversification when combined. EMSD.L charges 0.55%/yr vs 0.18%/yr for EXCS.L.
Performance
EMSD.L vs. EXCS.L - Performance Comparison
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Different Trading Currencies
EMSD.L is traded in USD, while EXCS.L is traded in GBP. To make them comparable, the EXCS.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 EXCS.L's 31.24% 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%
EXCS.L
- 1D
- -0.63%
- 1M
- -6.99%
- 6M
- 24.86%
- YTD
- 31.24%
- 1Y
- 53.10%
- 3Y*
- 24.27%
- 5Y*
- —
- 10Y*
- —
EMSD.L vs. EXCS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMSD.L State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc) | 9.38% | 20.23% | 2.90% | 22.19% | -16.88% | -0.83% |
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc) | 31.24% | 35.75% | 3.67% | 16.90% | -18.20% | -24.55% |
Correlation
The correlation between EMSD.L and EXCS.L is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021 | 0.79 |
The correlation between EMSD.L and EXCS.L has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.
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Return for Risk
EMSD.L vs. EXCS.L — Risk / Return Rank
EMSD.L
EXCS.L
EMSD.L vs. EXCS.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 MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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 | EXCS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.39 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 3.77 | -2.34 |
| Martin ratioReturn relative to average drawdown | 4.41 | 12.33 | -7.92 |
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Drawdowns
EMSD.L vs. EXCS.L - Drawdown Comparison
The maximum EMSD.L drawdown since its inception was -48.91%, which is greater than EXCS.L's maximum drawdown of -44.14%. Use the drawdown chart below to compare losses from any high point for EMSD.L and EXCS.L.
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Drawdown Indicators
| EMSD.L | EXCS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.91% | -44.14% | -4.77% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -14.02% | +2.57% |
Max Drawdown (3Y)Largest decline over 3 years | -21.39% | -19.69% | -1.70% |
Max Drawdown (5Y)Largest decline over 5 years | -27.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.91% | — | — |
Current DrawdownCurrent decline from peak | -6.81% | -10.26% | +3.45% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -23.96% | +12.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 4.29% | -0.57% |
Volatility
EMSD.L vs. EXCS.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 MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 10.64%. This indicates that EMSD.L experiences smaller price fluctuations and is considered to be less risky than EXCS.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 | EXCS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.45% | 10.64% | -3.19% |
Volatility (6M)Calculated over the trailing 6-month period | 17.71% | 22.02% | -4.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.70% | 24.03% | -4.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.71% | 26.06% | -9.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.63% | 26.06% | -8.43% |
EMSD.L vs. EXCS.L - Expense Ratio Comparison
EMSD.L has a 0.55% expense ratio, which is higher than EXCS.L's 0.18% expense ratio.
Dividends
EMSD.L vs. EXCS.L - Dividend Comparison
Neither EMSD.L nor EXCS.L has paid dividends to shareholders.
Frequently Asked Questions
EMSD.L and EXCS.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, EXCS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EXCS.L is cheaper with a 0.18% expense ratio, compared with 0.55% for EMSD.L.
EMSD.L tracks MSCI Emerging Markets Small Cap Index, while EXCS.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 0.18% for EXCS.L.
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