EMSM.DE vs. H41E.DE
EMSM.DE (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and H41E.DE (HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - EMSM.DE tracks the MSCI EM NR USD while H41E.DE tracks the MSCI Emerging Markets Value SRI ESG Target Select. Both are passively managed. Over the past 3 years, EMSM.DE returned 20.54%/yr vs 27.78%/yr for H41E.DE. Their correlation of 0.95 suggests significant overlap in exposure. EMSM.DE charges 0.55%/yr vs 0.35%/yr for H41E.DE.
Performance
EMSM.DE vs. H41E.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 H41E.DE's 39.52% 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%
H41E.DE
- 1D
- -1.46%
- 1M
- 11.44%
- YTD
- 39.52%
- 6M
- 42.99%
- 1Y
- 69.89%
- 3Y*
- 27.78%
- 5Y*
- —
- 10Y*
- —
EMSM.DE vs. H41E.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EMSM.DE SPDR MSCI Emerging Markets Small Cap UCITS ETF | 27.59% | 18.76% | 13.62% | 5.12% | -3.09% |
H41E.DE HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) | 39.52% | 22.02% | 17.74% | 11.43% | -2.00% |
Correlation
The correlation between EMSM.DE and H41E.DE is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2022 | 0.95 |
The correlation between EMSM.DE and H41E.DE has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
EMSM.DE vs. H41E.DE — Risk / Return Rank
EMSM.DE
H41E.DE
EMSM.DE vs. H41E.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 HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) (H41E.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 | H41E.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.69 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 4.83 | 7.09 | -2.26 |
| Martin ratioReturn relative to average drawdown | 17.39 | 25.00 | -7.61 |
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 | H41E.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 3.91 | -1.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | — | — |
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 | 1.56 | -1.14 |
Drawdowns
EMSM.DE vs. H41E.DE - Drawdown Comparison
The maximum EMSM.DE drawdown since its inception was -36.49%, which is greater than H41E.DE's maximum drawdown of -20.92%. Use the drawdown chart below to compare losses from any high point for EMSM.DE and H41E.DE.
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Drawdown Indicators
| EMSM.DE | H41E.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.49% | -20.92% | -15.57% |
Max Drawdown (1Y)Largest decline over 1 year | -10.29% | -9.80% | -0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -19.25% | -20.92% | +1.67% |
Max Drawdown (5Y)Largest decline over 5 years | -23.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.69% | — | — |
Current DrawdownCurrent decline from peak | -2.68% | -3.33% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -10.06% | -3.10% | -6.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 2.79% | +0.07% |
Volatility
EMSM.DE vs. H41E.DE - Volatility Comparison
The current volatility for SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE) is 7.40%, while HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) (H41E.DE) has a volatility of 7.97%. This indicates that EMSM.DE experiences smaller price fluctuations and is considered to be less risky than H41E.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 | H41E.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.40% | 7.97% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 14.93% | 14.66% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 17.80% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.73% | 16.06% | +0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.33% | 16.06% | +2.27% |
EMSM.DE vs. H41E.DE - Expense Ratio Comparison
EMSM.DE has a 0.55% expense ratio, which is higher than H41E.DE's 0.35% expense ratio.
Dividends
EMSM.DE vs. H41E.DE - Dividend Comparison
Neither EMSM.DE nor H41E.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, EMSM.DE and H41E.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, H41E.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H41E.DE is cheaper with a 0.35% expense ratio, compared with 0.55% for EMSM.DE.
EMSM.DE tracks MSCI EM NR USD, while H41E.DE tracks MSCI Emerging Markets Value SRI ESG Target Select. They also come from different issuers: Invesco and HSBC. Their fees differ too: 0.55% for EMSM.DE and 0.35% for H41E.DE.
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