EMSD.L vs. SPYL.L
EMSD.L (State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc)) and SPYL.L (SPDR S&P 500 UCITS ETF USD Acc) are both exchange-traded funds - EMSD.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Small Cap Index, while SPYL.L is a S&P 500 fund tracking the S&P 500. Both are passively managed. Over the past year, EMSD.L returned 15.90% vs 21.76% for SPYL.L. A 0.59 correlation means they provide meaningful diversification when combined. EMSD.L charges 0.55%/yr vs 0.03%/yr for SPYL.L.
Performance
EMSD.L vs. SPYL.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 SPYL.L's 10.27% 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%
SPYL.L
- 1D
- 0.27%
- 1M
- 0.05%
- 6M
- 9.88%
- YTD
- 10.27%
- 1Y
- 21.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EMSD.L vs. SPYL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EMSD.L State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc) | 9.38% | 20.23% | 2.90% | 13.27% |
SPYL.L SPDR S&P 500 UCITS ETF USD Acc | 10.27% | 17.38% | 25.35% | 14.40% |
Correlation
The correlation between EMSD.L and SPYL.L is 0.66, 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 | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2023 | 0.59 |
The correlation between EMSD.L and SPYL.L has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.
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Return for Risk
EMSD.L vs. SPYL.L — Risk / Return Rank
EMSD.L
SPYL.L
EMSD.L vs. SPYL.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 500 UCITS ETF USD Acc (SPYL.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 | SPYL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.32 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 2.66 | -1.23 |
| Martin ratioReturn relative to average drawdown | 4.41 | 10.73 | -6.31 |
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Drawdowns
EMSD.L vs. SPYL.L - Drawdown Comparison
The maximum EMSD.L drawdown since its inception was -48.91%, which is greater than SPYL.L's maximum drawdown of -20.80%. Use the drawdown chart below to compare losses from any high point for EMSD.L and SPYL.L.
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Drawdown Indicators
| EMSD.L | SPYL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.91% | -20.80% | -28.11% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -8.14% | -3.31% |
Max Drawdown (3Y)Largest decline over 3 years | -21.39% | — | — |
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% | -0.59% | -6.22% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -1.79% | -9.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 2.02% | +1.70% |
Volatility
EMSD.L vs. SPYL.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 500 UCITS ETF USD Acc (SPYL.L) at 2.76%. This indicates that EMSD.L's price experiences larger fluctuations and is considered to be riskier than SPYL.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 | SPYL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.45% | 2.76% | +4.69% |
Volatility (6M)Calculated over the trailing 6-month period | 17.71% | 9.23% | +8.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.70% | 11.96% | +7.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.71% | 24.55% | -7.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.63% | 24.55% | -6.92% |
EMSD.L vs. SPYL.L - Expense Ratio Comparison
EMSD.L has a 0.55% expense ratio, which is higher than SPYL.L's 0.03% expense ratio.
Dividends
EMSD.L vs. SPYL.L - Dividend Comparison
Neither EMSD.L nor SPYL.L has paid dividends to shareholders.
Frequently Asked Questions
EMSD.L and SPYL.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYL.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYL.L is cheaper with a 0.03% expense ratio, compared with 0.55% for EMSD.L.
EMSD.L is categorized as Emerging Markets Equities, while SPYL.L is S&P 500. EMSD.L tracks MSCI Emerging Markets Small Cap Index, while SPYL.L tracks S&P 500. Their fees differ too: 0.55% for EMSD.L and 0.03% for SPYL.L.
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