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

EMSM.L vs. EMV.L

Last updated Jun 5, 2026

EMSM.L (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and EMV.L (iShares Edge MSCI EM Minimum Volatility UCITS ETF) are both Emerging Markets Equities funds - EMSM.L tracks the MSCI Emerging Markets SMID NR USD while EMV.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, EMSM.L returned 10.20%/yr vs 7.24%/yr for EMV.L. Their correlation of 0.82 suggests significant overlap in exposure. EMSM.L charges 0.55%/yr vs 0.40%/yr for EMV.L.

Performance

EMSM.L vs. EMV.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 iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L). 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 EMV.L is traded in GBp. To make them comparable, the EMV.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 EMV.L's 17.59% return. Over the past 10 years, EMSM.L has outperformed EMV.L with an annualized return of 10.20%, while EMV.L has yielded a comparatively lower 7.24% 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%

EMV.L

1D
-1.01%
1M
5.53%
YTD
17.59%
6M
17.45%
1Y
26.13%
3Y*
11.29%
5Y*
6.63%
10Y*
7.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMSM.L vs. EMV.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%
EMV.L
iShares Edge MSCI EM Minimum Volatility UCITS ETF		17.59%5.04%10.84%1.45%-4.20%5.93%4.08%3.48%-0.20%15.47%

Correlation

The correlation between EMSM.L and EMV.L is 0.73, 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

0.73

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

0.72

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

0.73

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

0.81

Correlation (All Time)
Calculated using the full available price history since Dec 14, 2012

0.82

The correlation between EMSM.L and EMV.L shifts across timeframes, from 0.72 (3 years) to 0.82 (all time), reflecting how their relationship changes across market environments.

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

Sectors
EMSM.L
EMV.L

Technology

22.6%
32.4%

Industrials

18.5%
6.2%

Financial Services

11.1%
18.9%

Consumer Cyclical

9.8%
6.7%

Basic Materials

9.5%
2.9%

Healthcare

9.3%
6.1%

Real Estate

6.0%
0.6%

Consumer Defensive

5.3%
6.9%

Communication Services

2.9%
11.0%

Utilities

2.7%
4.7%

Energy

2.3%
3.6%

Technology

EMSM.L
22.6%
EMV.L
32.4%

Industrials

EMSM.L
18.5%
EMV.L
6.2%

Financial Services

EMSM.L
11.1%
EMV.L
18.9%

Consumer Cyclical

EMSM.L
9.8%
EMV.L
6.7%

Basic Materials

EMSM.L
9.5%
EMV.L
2.9%

Healthcare

EMSM.L
9.3%
EMV.L
6.1%

Real Estate

EMSM.L
6.0%
EMV.L
0.6%

Consumer Defensive

EMSM.L
5.3%
EMV.L
6.9%

Communication Services

EMSM.L
2.9%
EMV.L
11.0%

Utilities

EMSM.L
2.7%
EMV.L
4.7%

Energy

EMSM.L
2.3%
EMV.L
3.6%

Compare stocks, funds, or ETFs

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SPDR MSCI Emerging Markets Small Cap UCITS ETF

iShares Edge MSCI EM Minimum Volatility UCITS ETF

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 EMV.L:
EMV.L vs. CEA1.LEMV.L vs. EMIM.LEMV.L vs. NDIA.LEMV.L vs. XDEQ.LEMV.L vs. FEMQ.LEMV.L vs. ZEM.TOEMV.L vs. MXFP.L

Return for Risk

EMSM.L vs. EMV.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
EMV.L
EMV.L Risk / Return Rank: 6969
Overall Rank
EMV.L Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
EMV.L Sortino Ratio Rank: 7171
Sortino Ratio Rank
EMV.L Omega Ratio Rank: 7474
Omega Ratio Rank
EMV.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
EMV.L Martin Ratio Rank: 6262
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. EMV.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 Edge MSCI EM Minimum Volatility UCITS ETF (EMV.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.LEMV.LDifference
Sharpe ratioReturn per unit of total volatility
1.98
2.29

-0.31

Sortino ratioReturn per unit of downside risk
2.70
3.17

-0.47

Omega ratioGain probability vs. loss probability

1.37

1.43

-0.07

Calmar ratioReturn relative to maximum drawdown

3.23

3.28

-0.05

Martin ratioReturn relative to average drawdown

10.41

11.15

-0.73

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. EMV.L - Sharpe Ratio Comparison

The current EMSM.L Sharpe Ratio is 1.98, which is comparable to the EMV.L Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of EMSM.L and EMV.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.LEMV.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.98

2.29

-0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

0.61

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.62

0.54

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.41

+0.04

Drawdowns

EMSM.L vs. EMV.L - Drawdown Comparison

The maximum EMSM.L drawdown since its inception was -37.81%, which is greater than EMV.L's maximum drawdown of -28.68%. Use the drawdown chart below to compare losses from any high point for EMSM.L and EMV.L.

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Drawdown Indicators

EMSM.LEMV.LDifference

Max Drawdown

Largest peak-to-trough decline

-37.81%

-28.68%

-9.13%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-7.93%

-1.50%

Max Drawdown (3Y)

Largest decline over 3 years

-20.07%

-11.19%

-8.88%

Max Drawdown (5Y)

Largest decline over 5 years

-20.07%

-11.19%

-8.88%

Max Drawdown (10Y)

Largest decline over 10 years

-37.81%

-22.59%

-15.22%

Current Drawdown

Current decline from peak

-2.13%

-1.54%

-0.59%

Average Drawdown

Average peak-to-trough decline

-7.93%

-5.90%

-2.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

2.34%

+0.59%

Volatility

EMSM.L vs. EMV.L - Volatility Comparison

SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.L) has a higher volatility of 6.16% compared to iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) at 4.60%. This indicates that EMSM.L's price experiences larger fluctuations and is considered to be riskier than EMV.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.LEMV.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.16%

4.60%

+1.56%

Volatility (6M)

Calculated over the trailing 6-month period

13.10%

9.74%

+3.36%

Volatility (1Y)

Calculated over the trailing 1-year period

15.44%

11.37%

+4.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.82%

10.94%

+2.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.38%

13.28%

+3.10%

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

EMSM.L has a 0.55% expense ratio, which is higher than EMV.L's 0.40% expense ratio.

Dividends

EMSM.L vs. EMV.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

EMSM.L and EMV.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EMV.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EMV.L is cheaper with a 0.40% expense ratio, compared with 0.55% for EMSM.L.

EMSM.L tracks MSCI Emerging Markets SMID NR USD, while EMV.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 0.40% for EMV.L.

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