EMSM.DE vs. IQQE.DE
EMSM.DE (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and IQQE.DE (iShares MSCI EM UCITS ETF (Dist)) are both Emerging Markets Equities funds - EMSM.DE tracks the MSCI EM NR USD while IQQE.DE tracks the MSCI Emerging Markets. Both are passively managed. Over the past 10 years, EMSM.DE returned 9.68%/yr vs 9.82%/yr for IQQE.DE. With a 0.99 correlation, they move nearly in lockstep. EMSM.DE charges 0.55%/yr vs 0.18%/yr for IQQE.DE.
Performance
EMSM.DE vs. IQQE.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 IQQE.DE slightly lower at 27.09%. Both investments have delivered pretty close results over the past 10 years, with EMSM.DE having a 9.68% annualized return and IQQE.DE not far ahead at 9.82%.
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%
IQQE.DE
- 1D
- -1.70%
- 1M
- 6.32%
- YTD
- 27.09%
- 6M
- 28.99%
- 1Y
- 49.76%
- 3Y*
- 20.70%
- 5Y*
- 8.39%
- 10Y*
- 9.82%
EMSM.DE vs. IQQE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | -11.23% | 20.43% |
IQQE.DE iShares MSCI EM UCITS ETF (Dist) | 27.09% | 19.76% | 13.75% | 5.63% | -14.17% | 4.20% | 7.47% | 20.26% | -11.31% | 19.90% |
Correlation
The correlation between EMSM.DE and IQQE.DE is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2011 | 0.99 |
The correlation between EMSM.DE and IQQE.DE has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
EMSM.DE vs. IQQE.DE — Risk / Return Rank
EMSM.DE
IQQE.DE
EMSM.DE vs. IQQE.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 UCITS ETF (Dist) (IQQE.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 | IQQE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.50 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.83 | 4.59 | +0.24 |
| Martin ratioReturn relative to average drawdown | 17.39 | 16.67 | +0.72 |
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 | IQQE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 2.78 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.49 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | 0.53 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.27 | +0.15 |
Drawdowns
EMSM.DE vs. IQQE.DE - Drawdown Comparison
The maximum EMSM.DE drawdown since its inception was -36.49%, smaller than the maximum IQQE.DE drawdown of -59.33%. Use the drawdown chart below to compare losses from any high point for EMSM.DE and IQQE.DE.
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Drawdown Indicators
| EMSM.DE | IQQE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.49% | -59.33% | +22.84% |
Max Drawdown (1Y)Largest decline over 1 year | -10.29% | -10.78% | +0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -19.25% | -19.41% | +0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -23.87% | -24.02% | +0.15% |
Max Drawdown (10Y)Largest decline over 10 years | -31.69% | -31.66% | -0.03% |
Current DrawdownCurrent decline from peak | -2.68% | -2.60% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -10.06% | -12.99% | +2.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 2.98% | -0.12% |
Volatility
EMSM.DE vs. IQQE.DE - Volatility Comparison
SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE) and iShares MSCI EM UCITS ETF (Dist) (IQQE.DE) have volatilities of 7.40% and 7.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMSM.DE | IQQE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.40% | 7.24% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 14.93% | 15.03% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 17.83% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.73% | 16.78% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.33% | 18.33% | 0.00% |
EMSM.DE vs. IQQE.DE - Expense Ratio Comparison
EMSM.DE has a 0.55% expense ratio, which is higher than IQQE.DE's 0.18% expense ratio.
Dividends
EMSM.DE vs. IQQE.DE - Dividend Comparison
EMSM.DE has not paid dividends to shareholders, while IQQE.DE's dividend yield for the trailing twelve months is around 1.49%.
| Position | 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% |
IQQE.DE iShares MSCI EM UCITS ETF (Dist) | 1.49% | 1.87% | 2.19% | 2.34% | 2.91% | 1.99% | 1.53% | 1.75% | 1.94% | 1.42% | 1.83% | 2.22% |
Frequently Asked Questions
With a correlation of 0.99, EMSM.DE and IQQE.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, IQQE.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IQQE.DE is cheaper with a 0.18% expense ratio, compared with 0.55% for EMSM.DE.
EMSM.DE tracks MSCI EM NR USD, while IQQE.DE tracks MSCI Emerging Markets. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.55% for EMSM.DE and 0.18% for IQQE.DE.
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