EMSM.DE vs. ACWI

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE) and iShares MSCI ACWI ETF (ACWI).

EMSM.DE and ACWI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMSM.DE is a passively managed fund by Invesco that tracks the performance of the MSCI EM NR USD. It was launched on Apr 26, 2010. ACWI is a passively managed fund by iShares that tracks the performance of the MSCI All Country World Index. It was launched on Mar 26, 2008. Both EMSM.DE and ACWI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMSM.DE vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE) and iShares MSCI ACWI ETF (ACWI). The values are adjusted to include any dividend payments, if applicable.

EMSM.DE vs. ACWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMSM.DE SPDR MSCI Emerging Markets Small Cap UCITS ETF	2.87%	18.76%	13.62%	5.12%	-14.15%	4.29%	6.29%	21.03%	-11.23%	20.43%
ACWI iShares MSCI ACWI ETF	0.23%	7.89%	25.20%	18.61%	-13.33%	27.54%	6.75%	29.45%	-4.92%	9.05%

Different Trading Currencies

EMSM.DE is traded in EUR, while ACWI is traded in USD. To make them comparable, the ACWI values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMSM.DE achieves a 2.87% return, which is significantly higher than ACWI's -0.65% return. Over the past 10 years, EMSM.DE has underperformed ACWI with an annualized return of 7.42%, while ACWI has yielded a comparatively higher 11.41% annualized return.

EMSM.DE

• 1D: -0.23%
• 1M: -8.28%
• YTD: 2.87%
• 6M: 6.65%
• 1Y: 21.38%
• 3Y*: 12.70%
• 5Y*: 3.67%
• 10Y*: 7.42%

ACWI

• 1D: 0.00%
• 1M: -4.54%
• YTD: -0.65%
• 6M: 1.94%
• 1Y: 12.42%
• 3Y*: 14.50%
• 5Y*: 9.80%
• 10Y*: 11.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMSM.DE vs. ACWI - Expense Ratio Comparison

EMSM.DE has a 0.55% expense ratio, which is higher than ACWI's 0.32% expense ratio.

EMSM.DE

SPDR MSCI Emerging Markets Small Cap UCITS ETF

ACWI

iShares MSCI ACWI ETF

Return for Risk

EMSM.DE vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMSM.DE

EMSM.DE Risk / Return Rank: 61
EMSM.DE Sharpe Ratio Rank: 67
EMSM.DE Sortino Ratio Rank: 63
EMSM.DE Omega Ratio Rank: 61
EMSM.DE Calmar Ratio Rank: 55
EMSM.DE Martin Ratio Rank: 57

ACWI

ACWI Risk / Return Rank: 72
ACWI Sharpe Ratio Rank: 68
ACWI Sortino Ratio Rank: 71
ACWI Omega Ratio Rank: 72
ACWI Calmar Ratio Rank: 71
ACWI Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMSM.DE vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE) and iShares MSCI ACWI ETF (ACWI). 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.

	EMSM.DE	ACWI	Difference
Sharpe ratio Return per unit of total volatility	1.24	0.65	+0.58
Sortino ratio Return per unit of downside risk	1.69	1.01	+0.68
Omega ratio Gain probability vs. loss probability	1.24	1.16	+0.08
Calmar ratio Return relative to maximum drawdown	1.57	1.02	+0.54
Martin ratio Return relative to average drawdown	6.18	4.39	+1.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMSM.DE vs. ACWI - Sharpe Ratio Comparison

The current EMSM.DE Sharpe Ratio is 1.24, which is higher than the ACWI Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of EMSM.DE and ACWI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMSM.DE	ACWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	0.65	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.65	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.67	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.51	-0.18

Correlation

The correlation between EMSM.DE and ACWI is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EMSM.DE vs. ACWI - Dividend Comparison

EMSM.DE has not paid dividends to shareholders, while ACWI's dividend yield for the trailing twelve months is around 1.57%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMSM.DE SPDR MSCI Emerging Markets Small Cap UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ACWI iShares MSCI ACWI ETF	1.57%	1.55%	1.70%	1.88%	1.79%	1.71%	1.43%	2.33%	2.18%	1.94%	2.19%	2.56%

Drawdowns

EMSM.DE vs. ACWI - Drawdown Comparison

The maximum EMSM.DE drawdown since its inception was -36.49%, smaller than the maximum ACWI drawdown of -45.79%. Use the drawdown chart below to compare losses from any high point for EMSM.DE and ACWI.

Drawdown Indicators

	EMSM.DE	ACWI	Difference
Max Drawdown Largest peak-to-trough decline	-36.49%	-56.00%	+19.51%
Max Drawdown (1Y) Largest decline over 1 year	-13.64%	-11.76%	-1.88%
Max Drawdown (5Y) Largest decline over 5 years	-23.87%	-26.42%	+2.55%
Max Drawdown (10Y) Largest decline over 10 years	-31.69%	-33.53%	+1.84%
Current Drawdown Current decline from peak	-10.29%	-6.04%	-4.25%
Average Drawdown Average peak-to-trough decline	-10.16%	-8.68%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.57%	+0.89%

Volatility

EMSM.DE vs. ACWI - Volatility Comparison

SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE) has a higher volatility of 7.96% compared to iShares MSCI ACWI ETF (ACWI) at 5.13%. This indicates that EMSM.DE's price experiences larger fluctuations and is considered to be riskier than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMSM.DE	ACWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.96%	5.13%	+2.83%
Volatility (6M) Calculated over the trailing 6-month period	12.65%	9.87%	+2.78%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	19.07%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	15.04%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	16.99%	+1.17%