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

EMSM.L vs. EMDV.L

Last updated Jun 5, 2026

EMSM.L (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and EMDV.L (SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)) are both Emerging Markets Equities funds from State Street - EMSM.L tracks the MSCI Emerging Markets SMID NR USD while EMDV.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, EMSM.L returned 10.20%/yr vs 6.88%/yr for EMDV.L. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.

Performance

EMSM.L vs. EMDV.L - 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 SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMSM.L achieves a 15.33% return, which is significantly higher than EMDV.L's 3.89% return. Over the past 10 years, EMSM.L has outperformed EMDV.L with an annualized return of 10.20%, while EMDV.L has yielded a comparatively lower 6.88% annualized return.

EMSM.L

1D
-0.02%
1M
1.01%
YTD
15.33%
6M
16.01%
1Y
30.63%
3Y*
14.30%
5Y*
8.54%
10Y*
10.20%

EMDV.L

1D
-0.29%
1M
-1.07%
YTD
3.89%
6M
2.18%
1Y
9.77%
3Y*
8.73%
5Y*
5.38%
10Y*
6.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMSM.L vs. EMDV.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMSM.L
SPDR MSCI Emerging Markets Small Cap UCITS ETF		15.33%12.15%4.60%15.48%-7.03%17.67%16.12%5.70%-13.10%22.98%
EMDV.L
SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)		3.89%8.10%16.29%-0.66%1.92%0.14%-5.08%7.32%-0.61%16.71%

Correlation

The correlation between EMSM.L and EMDV.L is 0.56, 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

0.56

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

0.61

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

0.65

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

0.74

Correlation (All Time)
Calculated using the full available price history since Nov 9, 2011

0.72

The correlation between EMSM.L and EMDV.L shifts across timeframes, from 0.56 (1 year) to 0.74 (10 years), reflecting how their relationship changes across market environments.

EMSM.L vs. EMDV.L - Sectors Allocation Comparison

Sectors
EMSM.L
EMDV.L

Technology

22.6%
6.7%

Industrials

18.5%
12.4%

Financial Services

11.1%
32.9%

Consumer Cyclical

9.8%
13.2%

Basic Materials

9.5%
2.2%

Healthcare

9.3%
2.6%

Real Estate

6.0%
7.0%

Consumer Defensive

5.3%
2.8%

Communication Services

2.9%
12.9%

Utilities

2.7%
2.0%

Energy

2.3%
5.3%

Technology

EMSM.L
22.6%
EMDV.L
6.7%

Industrials

EMSM.L
18.5%
EMDV.L
12.4%

Financial Services

EMSM.L
11.1%
EMDV.L
32.9%

Consumer Cyclical

EMSM.L
9.8%
EMDV.L
13.2%

Basic Materials

EMSM.L
9.5%
EMDV.L
2.2%

Healthcare

EMSM.L
9.3%
EMDV.L
2.6%

Real Estate

EMSM.L
6.0%
EMDV.L
7.0%

Consumer Defensive

EMSM.L
5.3%
EMDV.L
2.8%

Communication Services

EMSM.L
2.9%
EMDV.L
12.9%

Utilities

EMSM.L
2.7%
EMDV.L
2.0%

Energy

EMSM.L
2.3%
EMDV.L
5.3%

Compare stocks, funds, or ETFs

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SPDR MSCI Emerging Markets Small Cap UCITS ETF

SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)

Often compared with EMSM.L:
EMSM.L vs. IEMS.LEMSM.L vs. USSC.LEMSM.L vs. ACWIEMSM.L vs. SSAC.LEMSM.L vs. WLDS.LEMSM.L vs. VWRP.LEMSM.L vs. SPYI.DE
Often compared with EMDV.L:
EMDV.L vs. TLTEMDV.L vs. HEMC.LEMDV.L vs. XEMD.LEMDV.L vs. EMGU.LEMDV.L vs. IEMA.LEMDV.L vs. AEME.LEMDV.L vs. HMEF.L

Return for Risk

EMSM.L vs. EMDV.L — 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: 5858
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: 5959
Martin Ratio Rank
EMDV.L
EMDV.L Risk / Return Rank: 2323
Overall Rank
EMDV.L Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EMDV.L Sortino Ratio Rank: 2323
Sortino Ratio Rank
EMDV.L Omega Ratio Rank: 2323
Omega Ratio Rank
EMDV.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
EMDV.L Martin Ratio Rank: 2222
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. EMDV.L - 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 SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.L). 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.LEMDV.LDifference
Sharpe ratioReturn per unit of total volatility
1.98
0.83

+1.14

Sortino ratioReturn per unit of downside risk
2.70
1.20

+1.50

Omega ratioGain probability vs. loss probability

1.37

1.15

+0.22

Calmar ratioReturn relative to maximum drawdown

3.23

1.16

+2.07

Martin ratioReturn relative to average drawdown

10.41

2.64

+7.78

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. EMDV.L - Sharpe Ratio Comparison

The current EMSM.L Sharpe Ratio is 1.98, which is higher than the EMDV.L Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of EMSM.L and EMDV.L, 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.LEMDV.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.98

0.83

+1.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

0.37

+0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.62

0.41

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.23

+0.22

Drawdowns

EMSM.L vs. EMDV.L - Drawdown Comparison

The maximum EMSM.L drawdown since its inception was -37.81%, smaller than the maximum EMDV.L drawdown of -48.26%. Use the drawdown chart below to compare losses from any high point for EMSM.L and EMDV.L.

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Drawdown Indicators

EMSM.LEMDV.LDifference

Max Drawdown

Largest peak-to-trough decline

-37.81%

-48.26%

+10.45%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-8.38%

-1.05%

Max Drawdown (3Y)

Largest decline over 3 years

-20.07%

-13.20%

-6.87%

Max Drawdown (5Y)

Largest decline over 5 years

-20.07%

-15.31%

-4.76%

Max Drawdown (10Y)

Largest decline over 10 years

-37.81%

-34.93%

-2.88%

Current Drawdown

Current decline from peak

-2.13%

-5.29%

+3.16%

Average Drawdown

Average peak-to-trough decline

-7.93%

-13.49%

+5.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

3.70%

-0.77%

Volatility

EMSM.L vs. EMDV.L - Volatility Comparison

SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.L) has a higher volatility of 6.16% compared to SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.L) at 3.75%. This indicates that EMSM.L's price experiences larger fluctuations and is considered to be riskier than EMDV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMSM.LEMDV.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.16%

3.75%

+2.41%

Volatility (6M)

Calculated over the trailing 6-month period

13.10%

8.56%

+4.54%

Volatility (1Y)

Calculated over the trailing 1-year period

15.44%

11.78%

+3.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.82%

14.56%

-0.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.38%

16.96%

-0.58%

EMSM.L vs. EMDV.L - Expense Ratio Comparison

Both EMSM.L and EMDV.L have an expense ratio of 0.55%.

Dividends

EMSM.L vs. EMDV.L - Dividend Comparison

Neither EMSM.L nor EMDV.L has paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EMDV.L
SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)		0.00%1.29%4.08%4.98%4.45%3.28%3.19%3.83%3.49%2.89%4.15%5.95%
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 EMDV.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

EMSM.L and EMDV.L have the same expense ratio: 0.55% per year.

EMSM.L tracks MSCI Emerging Markets SMID NR USD, while EMDV.L tracks MSCI EM NR USD.

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