EMSM.DE vs. SMLD.DE
EMSM.DE (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - EMSM.DE is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 10 years, EMSM.DE returned 9.68%/yr vs 15.33%/yr for SMLD.DE. At a 0.33 correlation, their price movements are largely independent. EMSM.DE charges 0.55%/yr vs 0.50%/yr for SMLD.DE.
Performance
EMSM.DE vs. SMLD.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 higher than SMLD.DE's 20.75% return. Over the past 10 years, EMSM.DE has underperformed SMLD.DE with an annualized return of 9.68%, while SMLD.DE has yielded a comparatively higher 15.33% annualized 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%
SMLD.DE
- 1D
- -0.66%
- 1M
- 0.52%
- YTD
- 20.75%
- 6M
- 14.96%
- 1Y
- 13.71%
- 3Y*
- 20.56%
- 5Y*
- 25.24%
- 10Y*
- 15.33%
EMSM.DE vs. SMLD.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% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 20.75% | -8.86% | 35.22% | 27.59% | 49.18% | 62.11% | -27.45% | 24.27% | -4.73% | -12.47% |
Correlation
The correlation between EMSM.DE and SMLD.DE is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since May 17, 2013 | 0.33 |
The correlation between EMSM.DE and SMLD.DE shifts across timeframes, from -0.03 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EMSM.DE vs. SMLD.DE — Risk / Return Rank
EMSM.DE
SMLD.DE
EMSM.DE vs. SMLD.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 Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.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 | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.29 | ||
| Sortino ratioReturn per unit of downside risk | +2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.15 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 4.83 | 0.92 | +3.91 |
| Martin ratioReturn relative to average drawdown | 17.39 | 1.91 | +15.48 |
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 | SMLD.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 0.51 | +2.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 1.10 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | 0.44 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.29 | +0.13 |
Drawdowns
EMSM.DE vs. SMLD.DE - Drawdown Comparison
The maximum EMSM.DE drawdown since its inception was -36.49%, smaller than the maximum SMLD.DE drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for EMSM.DE and SMLD.DE.
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Drawdown Indicators
| EMSM.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.49% | -73.78% | +37.29% |
Max Drawdown (1Y)Largest decline over 1 year | -10.29% | -14.77% | +4.48% |
Max Drawdown (3Y)Largest decline over 3 years | -19.25% | -22.99% | +3.74% |
Max Drawdown (5Y)Largest decline over 5 years | -23.87% | -22.99% | -0.88% |
Max Drawdown (10Y)Largest decline over 10 years | -31.69% | -70.79% | +39.10% |
Current DrawdownCurrent decline from peak | -2.68% | -3.47% | +0.79% |
Average DrawdownAverage peak-to-trough decline | -10.06% | -17.76% | +7.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 7.16% | -4.30% |
Volatility
EMSM.DE vs. SMLD.DE - Volatility Comparison
SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE) has a higher volatility of 7.40% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) at 5.38%. This indicates that EMSM.DE's price experiences larger fluctuations and is considered to be riskier than SMLD.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 | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.40% | 5.38% | +2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 14.93% | 12.79% | +2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 26.64% | -8.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.73% | 22.60% | -5.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.33% | 34.70% | -16.37% |
EMSM.DE vs. SMLD.DE - Expense Ratio Comparison
EMSM.DE has a 0.55% expense ratio, which is higher than SMLD.DE's 0.50% expense ratio.
Dividends
EMSM.DE vs. SMLD.DE - Dividend Comparison
EMSM.DE has not paid dividends to shareholders, while SMLD.DE's dividend yield for the trailing twelve months is around 7.55%.
| 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% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 7.55% | 8.45% | 12.45% | 18.33% | 14.40% | 17.94% | 25.01% | 18.21% | 21.61% | 18.39% | 14.39% | 20.63% |
Frequently Asked Questions
EMSM.DE and SMLD.DE have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMLD.DE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMLD.DE is cheaper with a 0.50% expense ratio, compared with 0.55% for EMSM.DE.
EMSM.DE is categorized as Emerging Markets Equities, while SMLD.DE is Energy Equities. EMSM.DE tracks MSCI EM NR USD, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.55% for EMSM.DE and 0.50% for SMLD.DE.
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