EMSM.L vs. DBXP.DE
EMSM.L (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and DBXP.DE (Xtrackers Eurozone Government Bond 1-3 UCITS ETF) are both exchange-traded funds - EMSM.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets SMID NR USD, while DBXP.DE is a European Government Bonds fund tracking the iBoxx® EUR Eurozone 1-3. Both are passively managed. Over the past 10 years, EMSM.L returned 9.30%/yr vs 0.66%/yr for DBXP.DE. At a 0.16 correlation, their price movements are largely independent. EMSM.L charges 0.55%/yr vs 0.15%/yr for DBXP.DE.
Performance
EMSM.L vs. DBXP.DE - Performance Comparison
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Different Trading Currencies
EMSM.L is traded in GBP, while DBXP.DE is traded in EUR. To make them comparable, the DBXP.DE 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 12.68% return, which is significantly higher than DBXP.DE's -0.59% return. Over the past 10 years, EMSM.L has outperformed DBXP.DE with an annualized return of 9.30%, while DBXP.DE has yielded a comparatively lower 0.66% annualized return.
EMSM.L
- 1D
- -1.20%
- 1M
- -2.82%
- YTD
- 12.68%
- 6M
- 13.46%
- 1Y
- 24.97%
- 3Y*
- 13.72%
- 5Y*
- 7.50%
- 10Y*
- 9.30%
DBXP.DE
- 1D
- 0.17%
- 1M
- -0.01%
- YTD
- -0.59%
- 6M
- -0.50%
- 1Y
- 2.39%
- 3Y*
- 2.99%
- 5Y*
- 0.85%
- 10Y*
- 0.66%
EMSM.L vs. DBXP.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMSM.L SPDR MSCI Emerging Markets Small Cap UCITS ETF | 12.68% | 12.15% | 4.60% | 15.48% | -7.03% | 17.67% | 16.12% | 5.70% | -13.10% | 22.98% |
DBXP.DE Xtrackers Eurozone Government Bond 1-3 UCITS ETF | -0.59% | 7.53% | -1.49% | 1.35% | 0.57% | -7.79% | 5.46% | -5.04% | 1.03% | 3.81% |
Correlation
The correlation between EMSM.L and DBXP.DE is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since May 16, 2011 | 0.16 |
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Return for Risk
EMSM.L vs. DBXP.DE — Risk / Return Rank
EMSM.L
DBXP.DE
EMSM.L vs. DBXP.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.L) and Xtrackers Eurozone Government Bond 1-3 UCITS ETF (DBXP.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EMSM.L | DBXP.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.10 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 0.90 | +1.73 |
| Martin ratioReturn relative to average drawdown | 8.10 | 1.85 | +6.25 |
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Drawdowns
EMSM.L vs. DBXP.DE - Drawdown Comparison
The maximum EMSM.L drawdown since its inception was -53.76%, which is greater than DBXP.DE's maximum drawdown of -18.51%. Use the drawdown chart below to compare losses from any high point for EMSM.L and DBXP.DE.
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Drawdown Indicators
| EMSM.L | DBXP.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.76% | -18.51% | -35.25% |
Max Drawdown (1Y)Largest decline over 1 year | -9.43% | -2.64% | -6.79% |
Max Drawdown (3Y)Largest decline over 3 years | -27.11% | -3.20% | -23.91% |
Max Drawdown (5Y)Largest decline over 5 years | -27.11% | -6.23% | -20.88% |
Max Drawdown (10Y)Largest decline over 10 years | -37.81% | -13.41% | -24.40% |
Current DrawdownCurrent decline from peak | -5.45% | -4.27% | -1.18% |
Average DrawdownAverage peak-to-trough decline | -23.93% | -6.93% | -17.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.07% | 1.29% | +1.78% |
Volatility
EMSM.L vs. DBXP.DE - Volatility Comparison
SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.L) has a higher volatility of 7.13% compared to Xtrackers Eurozone Government Bond 1-3 UCITS ETF (DBXP.DE) at 0.86%. This indicates that EMSM.L's price experiences larger fluctuations and is considered to be riskier than DBXP.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.L | DBXP.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.13% | 0.86% | +6.27% |
Volatility (6M)Calculated over the trailing 6-month period | 14.52% | 2.70% | +11.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 4.07% | +12.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.69% | 5.23% | +14.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.08% | 6.59% | +12.49% |
EMSM.L vs. DBXP.DE - Expense Ratio Comparison
EMSM.L has a 0.55% expense ratio, which is higher than DBXP.DE's 0.15% expense ratio.
Dividends
EMSM.L vs. DBXP.DE - Dividend Comparison
Neither EMSM.L nor DBXP.DE has paid dividends to shareholders.
Frequently Asked Questions
EMSM.L and DBXP.DE have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DBXP.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DBXP.DE is cheaper with a 0.15% expense ratio, compared with 0.55% for EMSM.L.
EMSM.L is categorized as Emerging Markets Equities, while DBXP.DE is European Government Bonds. EMSM.L tracks MSCI Emerging Markets SMID NR USD, while DBXP.DE tracks iBoxx® EUR Eurozone 1-3. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.55% for EMSM.L and 0.15% for DBXP.DE.
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