EMSM.L vs. EMIM.L
EMSM.L (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and EMIM.L (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)) are both Emerging Markets Equities funds - EMSM.L tracks the MSCI Emerging Markets SMID NR USD while EMIM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, EMSM.L returned 10.20%/yr vs 11.09%/yr for EMIM.L. Their correlation of 0.86 suggests significant overlap in exposure. EMSM.L charges 0.55%/yr vs 0.18%/yr for EMIM.L.
Performance
EMSM.L vs. EMIM.L - Performance Comparison
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Different Trading Currencies
EMSM.L is traded in GBP, while EMIM.L is traded in GBp. To make them comparable, the EMIM.L 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 15.33% return, which is significantly lower than EMIM.L's 24.23% return. Over the past 10 years, EMSM.L has underperformed EMIM.L with an annualized return of 10.20%, while EMIM.L has yielded a comparatively higher 11.09% 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%
EMIM.L
- 1D
- -1.35%
- 1M
- 5.54%
- YTD
- 24.23%
- 6M
- 26.48%
- 1Y
- 50.85%
- 3Y*
- 20.15%
- 5Y*
- 8.76%
- 10Y*
- 11.09%
EMSM.L vs. EMIM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
EMIM.L iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 24.23% | 23.35% | 9.18% | 4.93% | -10.17% | 0.74% | 14.91% | 12.69% | -9.32% | 24.72% |
Correlation
The correlation between EMSM.L and EMIM.L is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2014 | 0.86 |
The correlation between EMSM.L and EMIM.L has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.
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Return for Risk
EMSM.L vs. EMIM.L — Risk / Return Rank
EMSM.L
EMIM.L
EMSM.L vs. EMIM.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 iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.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.L | EMIM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.57 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 4.63 | -1.40 |
| Martin ratioReturn relative to average drawdown | 10.41 | 16.57 | -6.15 |
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.L | EMIM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 3.04 | -1.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | 0.55 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.62 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.49 | -0.04 |
Drawdowns
EMSM.L vs. EMIM.L - Drawdown Comparison
The maximum EMSM.L drawdown since its inception was -37.81%, which is greater than EMIM.L's maximum drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for EMSM.L and EMIM.L.
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Drawdown Indicators
| EMSM.L | EMIM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.81% | -31.70% | -6.11% |
Max Drawdown (1Y)Largest decline over 1 year | -9.43% | -10.92% | +1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -20.07% | -15.56% | -4.51% |
Max Drawdown (5Y)Largest decline over 5 years | -20.07% | -21.98% | +1.91% |
Max Drawdown (10Y)Largest decline over 10 years | -37.81% | -26.46% | -11.35% |
Current DrawdownCurrent decline from peak | -2.13% | -2.39% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -7.93% | -8.71% | +0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.93% | 3.06% | -0.13% |
Volatility
EMSM.L vs. EMIM.L - Volatility Comparison
The current volatility for SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.L) is 6.16%, while iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L) has a volatility of 7.03%. This indicates that EMSM.L experiences smaller price fluctuations and is considered to be less risky than EMIM.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.L | EMIM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.16% | 7.03% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 13.10% | 14.14% | -1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.44% | 16.67% | -1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.82% | 15.82% | -2.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.38% | 17.81% | -1.43% |
EMSM.L vs. EMIM.L - Expense Ratio Comparison
EMSM.L has a 0.55% expense ratio, which is higher than EMIM.L's 0.18% expense ratio.
Dividends
EMSM.L vs. EMIM.L - Dividend Comparison
Neither EMSM.L nor EMIM.L has paid dividends to shareholders.
Frequently Asked Questions
EMSM.L and EMIM.L have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMIM.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMIM.L is cheaper with a 0.18% expense ratio, compared with 0.55% for EMSM.L.
EMSM.L tracks MSCI Emerging Markets SMID NR USD, while EMIM.L tracks MSCI EM NR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for EMSM.L and 0.18% for EMIM.L.
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