EMSD.L vs. MKUW.L
EMSD.L (State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc)) and MKUW.L (Invesco MSCI Kuwait UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - EMSD.L tracks the MSCI Emerging Markets Small Cap Index while MKUW.L tracks the MSCI Kuwait 20/35 Index. Both are passively managed. Over the past 5 years, EMSD.L returned 5.48%/yr vs 7.19%/yr for MKUW.L. At a 0.22 correlation, their price movements are largely independent. EMSD.L charges 0.55%/yr vs 0.50%/yr for MKUW.L.
Performance
EMSD.L vs. MKUW.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMSD.L achieves a 6.08% return, which is significantly higher than MKUW.L's 0.15% return.
EMSD.L
- 1D
- -2.31%
- 1M
- -9.04%
- 6M
- 2.75%
- YTD
- 6.08%
- 1Y
- 11.77%
- 3Y*
- 11.90%
- 5Y*
- 5.48%
- 10Y*
- 8.23%
MKUW.L
- 1D
- -0.06%
- 1M
- -2.04%
- 6M
- 1.18%
- YTD
- 0.15%
- 1Y
- 3.43%
- 3Y*
- 7.89%
- 5Y*
- 7.19%
- 10Y*
- —
EMSD.L vs. MKUW.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMSD.L State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc) | 6.08% | 20.23% | 2.90% | 22.19% | -16.88% | 16.02% | 20.35% | 5.07% |
MKUW.L Invesco MSCI Kuwait UCITS ETF USD (Acc) | 0.15% | 25.35% | 9.15% | -8.87% | 5.99% | 28.57% | -9.88% | 10.35% |
Correlation
The correlation between EMSD.L and MKUW.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019 | 0.22 |
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Return for Risk
EMSD.L vs. MKUW.L — Risk / Return Rank
EMSD.L
MKUW.L
EMSD.L vs. MKUW.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 Invesco MSCI Kuwait UCITS ETF USD (Acc) (MKUW.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 | MKUW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.07 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.02 | 0.46 | +0.57 |
| Martin ratioReturn relative to average drawdown | 3.12 | 1.05 | +2.06 |
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Drawdowns
EMSD.L vs. MKUW.L - Drawdown Comparison
The maximum EMSD.L drawdown since its inception was -48.91%, which is greater than MKUW.L's maximum drawdown of -37.76%. Use the drawdown chart below to compare losses from any high point for EMSD.L and MKUW.L.
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Drawdown Indicators
| EMSD.L | MKUW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.91% | -37.76% | -11.15% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -7.47% | -3.98% |
Max Drawdown (3Y)Largest decline over 3 years | -21.39% | -14.16% | -7.23% |
Max Drawdown (5Y)Largest decline over 5 years | -27.40% | -25.13% | -2.27% |
Max Drawdown (10Y)Largest decline over 10 years | -48.91% | — | — |
Current DrawdownCurrent decline from peak | -9.61% | -3.60% | -6.01% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -9.42% | -1.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.77% | 3.26% | +0.51% |
Volatility
EMSD.L vs. MKUW.L - Volatility Comparison
State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc) (EMSD.L) has a higher volatility of 7.76% compared to Invesco MSCI Kuwait UCITS ETF USD (Acc) (MKUW.L) at 1.71%. This indicates that EMSD.L's price experiences larger fluctuations and is considered to be riskier than MKUW.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 | MKUW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.76% | 1.71% | +6.05% |
Volatility (6M)Calculated over the trailing 6-month period | 17.89% | 8.01% | +9.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.87% | 10.26% | +9.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.75% | 12.76% | +3.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.65% | 16.49% | +1.16% |
EMSD.L vs. MKUW.L - Expense Ratio Comparison
EMSD.L has a 0.55% expense ratio, which is higher than MKUW.L's 0.50% expense ratio.
Dividends
EMSD.L vs. MKUW.L - Dividend Comparison
Neither EMSD.L nor MKUW.L has paid dividends to shareholders.
Frequently Asked Questions
EMSD.L and MKUW.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MKUW.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MKUW.L is cheaper with a 0.50% expense ratio, compared with 0.55% for EMSD.L.
EMSD.L tracks MSCI Emerging Markets Small Cap Index, while MKUW.L tracks MSCI Kuwait 20/35 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.55% for EMSD.L and 0.50% for MKUW.L.
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