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EMSM.L vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMSM.L vs. ACWI

Last updated Jun 4, 2026

EMSM.L (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - EMSM.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets SMID NR USD, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, EMSM.L returned 10.41%/yr vs 13.74%/yr for ACWI. A 0.53 correlation means they provide meaningful diversification when combined. EMSM.L charges 0.55%/yr vs 0.32%/yr for ACWI.

Performance

EMSM.L vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.L) and iShares MSCI ACWI ETF (ACWI). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EMSM.L is traded in GBP, while ACWI is traded in USD. To make them comparable, the ACWI values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMSM.L achieves a 15.36% return, which is significantly higher than ACWI's 12.54% return. Over the past 10 years, EMSM.L has underperformed ACWI with an annualized return of 10.41%, while ACWI has yielded a comparatively higher 13.74% annualized return.

EMSM.L

1D
-1.19%
1M
2.41%
YTD
15.36%
6M
15.54%
1Y
31.12%
3Y*
14.47%
5Y*
8.54%
10Y*
10.41%

ACWI

1D
-0.56%
1M
6.13%
YTD
12.54%
6M
12.37%
1Y
30.08%
3Y*
18.15%
5Y*
12.47%
10Y*
13.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMSM.L vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMSM.L
SPDR MSCI Emerging Markets Small Cap UCITS ETF		15.36%12.15%4.60%15.48%-7.03%17.67%16.12%5.70%-13.10%22.98%
ACWI
iShares MSCI ACWI ETF		12.54%13.69%19.50%16.16%-8.68%19.79%12.92%21.77%-3.80%13.58%

Correlation

The correlation between EMSM.L and ACWI is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

Correlation (5Y)
Calculated over the trailing 5-year period

0.48

Correlation (10Y)
Calculated over the trailing 10-year period

0.55

Correlation (All Time)
Calculated using the full available price history since Aug 16, 2011

0.53

The correlation between EMSM.L and ACWI has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.

EMSM.L vs. ACWI - Sectors Allocation Comparison

Sectors
EMSM.L
ACWI

Technology

22.6%
29.4%

Industrials

18.5%
10.9%

Financial Services

11.1%
16.1%

Consumer Cyclical

9.8%
9.3%

Basic Materials

9.5%
3.7%

Healthcare

9.3%
8.1%

Real Estate

6.0%
1.8%

Consumer Defensive

5.3%
5.0%

Communication Services

2.9%
9.0%

Utilities

2.7%
2.6%

Energy

2.3%
4.2%

Technology

EMSM.L
22.6%
ACWI
29.4%

Industrials

EMSM.L
18.5%
ACWI
10.9%

Financial Services

EMSM.L
11.1%
ACWI
16.1%

Consumer Cyclical

EMSM.L
9.8%
ACWI
9.3%

Basic Materials

EMSM.L
9.5%
ACWI
3.7%

Healthcare

EMSM.L
9.3%
ACWI
8.1%

Real Estate

EMSM.L
6.0%
ACWI
1.8%

Consumer Defensive

EMSM.L
5.3%
ACWI
5.0%

Communication Services

EMSM.L
2.9%
ACWI
9.0%

Utilities

EMSM.L
2.7%
ACWI
2.6%

Energy

EMSM.L
2.3%
ACWI
4.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR MSCI Emerging Markets Small Cap UCITS ETF

iShares MSCI ACWI ETF

Often compared with EMSM.L:
EMSM.L vs. IEMS.LEMSM.L vs. USSC.LEMSM.L vs. SSAC.LEMSM.L vs. WLDS.LEMSM.L vs. VWRP.LEMSM.L vs. SPYI.DEEMSM.L vs. GLD
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

EMSM.L vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMSM.L
EMSM.L Risk / Return Rank: 6161
Overall Rank
EMSM.L Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
EMSM.L Sortino Ratio Rank: 5959
Sortino Ratio Rank
EMSM.L Omega Ratio Rank: 6161
Omega Ratio Rank
EMSM.L Calmar Ratio Rank: 6666
Calmar Ratio Rank
EMSM.L Martin Ratio Rank: 6060
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 6666
Overall Rank
ACWI Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6767
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6767
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5959
Calmar Ratio Rank
ACWI Martin Ratio Rank: 7171
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMSM.L vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.L) and iShares MSCI ACWI ETF (ACWI). 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.LACWIDifference
Sharpe ratioReturn per unit of total volatility
2.01
2.63

-0.62

Sortino ratioReturn per unit of downside risk
2.74
3.46

-0.72

Omega ratioGain probability vs. loss probability

1.37

1.50

-0.13

Calmar ratioReturn relative to maximum drawdown

3.28

4.01

-0.73

Martin ratioReturn relative to average drawdown

10.59

16.62

-6.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMSM.L vs. ACWI - Sharpe Ratio Comparison

The current EMSM.L Sharpe Ratio is 2.01, which is comparable to the ACWI Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of EMSM.L and ACWI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EMSM.LACWIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.01

2.63

-0.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

0.88

-0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.84

-0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.59

-0.14

Drawdowns

EMSM.L vs. ACWI - Drawdown Comparison

The maximum EMSM.L drawdown since its inception was -37.81%, roughly equal to the maximum ACWI drawdown of -38.18%. Use the drawdown chart below to compare losses from any high point for EMSM.L and ACWI.

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Drawdown Indicators

EMSM.LACWIDifference

Max Drawdown

Largest peak-to-trough decline

-37.81%

-38.18%

+0.37%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-7.53%

-1.90%

Max Drawdown (3Y)

Largest decline over 3 years

-20.07%

-17.98%

-2.09%

Max Drawdown (5Y)

Largest decline over 5 years

-20.07%

-17.98%

-2.09%

Max Drawdown (10Y)

Largest decline over 10 years

-37.81%

-26.56%

-11.25%

Current Drawdown

Current decline from peak

-2.11%

-0.56%

-1.55%

Average Drawdown

Average peak-to-trough decline

-7.93%

-5.14%

-2.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

1.81%

+1.12%

Volatility

EMSM.L vs. ACWI - Volatility Comparison

SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.L) has a higher volatility of 6.30% compared to iShares MSCI ACWI ETF (ACWI) at 3.34%. This indicates that EMSM.L's price experiences larger fluctuations and is considered to be riskier than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMSM.LACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.30%

3.34%

+2.96%

Volatility (6M)

Calculated over the trailing 6-month period

13.11%

8.84%

+4.27%

Volatility (1Y)

Calculated over the trailing 1-year period

15.45%

11.50%

+3.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.82%

14.19%

-0.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.39%

16.47%

-0.08%

EMSM.L vs. ACWI - Expense Ratio Comparison

EMSM.L has a 0.55% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

EMSM.L vs. ACWI - Dividend Comparison

EMSM.L has not paid dividends to shareholders, while ACWI's dividend yield for the trailing twelve months is around 1.38%.

PositionTTM20252024202320222021202020192018201720162015
ACWI
iShares MSCI ACWI ETF		1.38%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%
EMSM.L
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%

Frequently Asked Questions

EMSM.L and ACWI have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ACWI is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ACWI is cheaper with a 0.32% expense ratio, compared with 0.55% for EMSM.L.

EMSM.L is categorized as Emerging Markets Equities, while ACWI is Global Equities. EMSM.L tracks MSCI Emerging Markets SMID NR USD, while ACWI tracks MSCI All Country World Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for EMSM.L and 0.32% for ACWI.

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