EMSM.DE vs. AYEM.DE
EMSM.DE (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and AYEM.DE (iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - EMSM.DE tracks the MSCI EM NR USD while AYEM.DE tracks the MSCI Emerging Markets IMI ESG Screened. Both are passively managed. Over the past 5 years, EMSM.DE returned 8.20%/yr vs 8.30%/yr for AYEM.DE. With a 0.98 correlation, they move nearly in lockstep. EMSM.DE charges 0.55%/yr vs 0.18%/yr for AYEM.DE.
Performance
EMSM.DE vs. AYEM.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with EMSM.DE having a 27.59% return and AYEM.DE slightly lower at 26.90%.
EMSM.DE
- 1D
- -1.74%
- 1M
- 6.15%
- YTD
- 27.59%
- 6M
- 29.59%
- 1Y
- 49.96%
- 3Y*
- 20.54%
- 5Y*
- 8.20%
- 10Y*
- 9.68%
AYEM.DE
- 1D
- -1.29%
- 1M
- 6.51%
- YTD
- 26.90%
- 6M
- 28.38%
- 1Y
- 47.58%
- 3Y*
- 20.23%
- 5Y*
- 8.30%
- 10Y*
- —
EMSM.DE vs. AYEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMSM.DE SPDR MSCI Emerging Markets Small Cap UCITS ETF | 27.59% | 18.76% | 13.62% | 5.12% | -14.15% | 4.29% | 6.29% | 21.03% | 1.35% |
AYEM.DE iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) | 26.90% | 17.51% | 14.02% | 6.81% | -14.64% | 6.10% | 7.92% | 21.67% | 1.83% |
Correlation
The correlation between EMSM.DE and AYEM.DE is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2018 | 0.98 |
The correlation between EMSM.DE and AYEM.DE has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
EMSM.DE vs. AYEM.DE — Risk / Return Rank
EMSM.DE
AYEM.DE
EMSM.DE vs. AYEM.DE - 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 EM IMI ESG Screened UCITS ETF USD (Acc) (AYEM.DE). 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 | AYEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.48 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.83 | 4.30 | +0.53 |
| Martin ratioReturn relative to average drawdown | 17.39 | 15.83 | +1.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMSM.DE | AYEM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 2.68 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.50 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.58 | -0.17 |
Drawdowns
EMSM.DE vs. AYEM.DE - Drawdown Comparison
The maximum EMSM.DE drawdown since its inception was -36.49%, which is greater than AYEM.DE's maximum drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for EMSM.DE and AYEM.DE.
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Drawdown Indicators
| EMSM.DE | AYEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.49% | -31.19% | -5.30% |
Max Drawdown (1Y)Largest decline over 1 year | -10.29% | -11.01% | +0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -19.25% | -19.14% | -0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -23.87% | -23.38% | -0.49% |
Max Drawdown (10Y)Largest decline over 10 years | -31.69% | — | — |
Current DrawdownCurrent decline from peak | -2.68% | -2.20% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -10.06% | -8.38% | -1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 3.00% | -0.14% |
Volatility
EMSM.DE vs. AYEM.DE - Volatility Comparison
SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE) has a higher volatility of 7.40% compared to iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) (AYEM.DE) at 7.02%. This indicates that EMSM.DE's price experiences larger fluctuations and is considered to be riskier than AYEM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMSM.DE | AYEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.40% | 7.02% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 14.93% | 14.89% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 17.68% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.73% | 16.40% | +0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.33% | 18.62% | -0.29% |
EMSM.DE vs. AYEM.DE - Expense Ratio Comparison
EMSM.DE has a 0.55% expense ratio, which is higher than AYEM.DE's 0.18% expense ratio.
Dividends
EMSM.DE vs. AYEM.DE - Dividend Comparison
Neither EMSM.DE nor AYEM.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, EMSM.DE and AYEM.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, AYEM.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AYEM.DE is cheaper with a 0.18% expense ratio, compared with 0.55% for EMSM.DE.
EMSM.DE tracks MSCI EM NR USD, while AYEM.DE tracks MSCI Emerging Markets IMI ESG Screened. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.55% for EMSM.DE and 0.18% for AYEM.DE.
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