EMSM.DE vs. EMXC.DE
EMSM.DE (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and EMXC.DE (Lyxor MSCI Emerging Markets Ex China UCITS ETF - Acc) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from Invesco and Amundi respectively. Both are passively managed. Over the past 5 years, EMSM.DE returned 8.20%/yr vs 13.66%/yr for EMXC.DE. Their correlation of 0.87 suggests significant overlap in exposure. EMSM.DE charges 0.55%/yr vs 0.15%/yr for EMXC.DE.
Performance
EMSM.DE vs. EMXC.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EMSM.DE achieves a 27.59% return, which is significantly lower than EMXC.DE's 40.23% return.
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%
EMXC.DE
- 1D
- -1.80%
- 1M
- 8.39%
- YTD
- 40.23%
- 6M
- 44.14%
- 1Y
- 69.02%
- 3Y*
- 25.05%
- 5Y*
- 13.66%
- 10Y*
- —
EMSM.DE vs. EMXC.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMSM.DE SPDR MSCI Emerging Markets Small Cap UCITS ETF | 27.59% | 18.76% | 13.62% | 5.12% | -14.15% | 4.29% | 6.29% | 7.71% |
EMXC.DE Lyxor MSCI Emerging Markets Ex China UCITS ETF - Acc | 40.23% | 19.92% | 9.13% | 14.33% | -13.60% | 17.56% | 2.27% | 6.14% |
Correlation
The correlation between EMSM.DE and EMXC.DE is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2019 | 0.87 |
The correlation between EMSM.DE and EMXC.DE has been stable across timeframes, ranging from 0.86 to 0.94 - a consistent structural relationship.
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Return for Risk
EMSM.DE vs. EMXC.DE — Risk / Return Rank
EMSM.DE
EMXC.DE
EMSM.DE vs. EMXC.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 Lyxor MSCI Emerging Markets Ex China UCITS ETF - Acc (EMXC.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 | EMXC.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.62 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.83 | 5.78 | -0.95 |
| Martin ratioReturn relative to average drawdown | 17.39 | 21.97 | -4.58 |
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 | EMXC.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 3.46 | -0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.85 | -0.37 |
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 | 0.69 | -0.28 |
Drawdowns
EMSM.DE vs. EMXC.DE - Drawdown Comparison
The maximum EMSM.DE drawdown since its inception was -36.49%, smaller than the maximum EMXC.DE drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for EMSM.DE and EMXC.DE.
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Drawdown Indicators
| EMSM.DE | EMXC.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.49% | -38.77% | +2.28% |
Max Drawdown (1Y)Largest decline over 1 year | -10.29% | -11.87% | +1.58% |
Max Drawdown (3Y)Largest decline over 3 years | -19.25% | -20.48% | +1.23% |
Max Drawdown (5Y)Largest decline over 5 years | -23.87% | -20.48% | -3.39% |
Max Drawdown (10Y)Largest decline over 10 years | -31.69% | — | — |
Current DrawdownCurrent decline from peak | -2.68% | -2.53% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -10.06% | -6.73% | -3.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 3.13% | -0.27% |
Volatility
EMSM.DE vs. EMXC.DE - Volatility Comparison
The current volatility for SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE) is 7.40%, while Lyxor MSCI Emerging Markets Ex China UCITS ETF - Acc (EMXC.DE) has a volatility of 8.44%. This indicates that EMSM.DE experiences smaller price fluctuations and is considered to be less risky than EMXC.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 | EMXC.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.40% | 8.44% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 14.93% | 17.23% | -2.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 19.85% | -2.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.73% | 15.83% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.33% | 18.50% | -0.17% |
EMSM.DE vs. EMXC.DE - Expense Ratio Comparison
EMSM.DE has a 0.55% expense ratio, which is higher than EMXC.DE's 0.15% expense ratio.
Dividends
EMSM.DE vs. EMXC.DE - Dividend Comparison
Neither EMSM.DE nor EMXC.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, EMSM.DE and EMXC.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, EMXC.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMXC.DE is cheaper with a 0.15% expense ratio, compared with 0.55% for EMSM.DE.
Both ETFs track MSCI EM NR USD. They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.55% for EMSM.DE and 0.15% for EMXC.DE.
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