EMSM.L vs. EXSE.DE
EMSM.L (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and EXSE.DE (iShares STOXX Europe Small 200 UCITS ETF (DE)) are both exchange-traded funds - EMSM.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets SMID NR USD, while EXSE.DE is a Europe Equities fund tracking the STOXX® Europe Small 200. Both are passively managed. Over the past 10 years, EMSM.L returned 9.30%/yr vs 8.41%/yr for EXSE.DE. A 0.56 correlation means they provide meaningful diversification when combined. EMSM.L charges 0.55%/yr vs 0.20%/yr for EXSE.DE.
Performance
EMSM.L vs. EXSE.DE - Performance Comparison
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Different Trading Currencies
EMSM.L is traded in GBP, while EXSE.DE is traded in EUR. To make them comparable, the EXSE.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 EXSE.DE's 4.90% return. Over the past 10 years, EMSM.L has outperformed EXSE.DE with an annualized return of 9.30%, while EXSE.DE has yielded a comparatively lower 8.41% 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%
EXSE.DE
- 1D
- -0.53%
- 1M
- -1.90%
- YTD
- 4.90%
- 6M
- 6.33%
- 1Y
- 16.33%
- 3Y*
- 12.34%
- 5Y*
- 3.09%
- 10Y*
- 8.41%
EMSM.L vs. EXSE.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% |
EXSE.DE iShares STOXX Europe Small 200 UCITS ETF (DE) | 4.90% | 24.76% | -1.67% | 9.86% | -19.85% | 13.43% | 10.17% | 23.77% | -12.68% | 22.40% |
Correlation
The correlation between EMSM.L and EXSE.DE is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since May 16, 2011 | 0.56 |
The correlation between EMSM.L and EXSE.DE has been stable across timeframes, ranging from 0.47 to 0.56 - a consistent structural relationship.
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Return for Risk
EMSM.L vs. EXSE.DE — Risk / Return Rank
EMSM.L
EXSE.DE
EMSM.L vs. EXSE.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 iShares STOXX Europe Small 200 UCITS ETF (DE) (EXSE.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 | EXSE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.22 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 1.50 | +1.14 |
| Martin ratioReturn relative to average drawdown | 8.10 | 5.47 | +2.64 |
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Drawdowns
EMSM.L vs. EXSE.DE - Drawdown Comparison
The maximum EMSM.L drawdown since its inception was -53.76%, which is greater than EXSE.DE's maximum drawdown of -49.08%. Use the drawdown chart below to compare losses from any high point for EMSM.L and EXSE.DE.
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Drawdown Indicators
| EMSM.L | EXSE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.76% | -49.08% | -4.68% |
Max Drawdown (1Y)Largest decline over 1 year | -9.43% | -10.86% | +1.43% |
Max Drawdown (3Y)Largest decline over 3 years | -27.11% | -13.81% | -13.30% |
Max Drawdown (5Y)Largest decline over 5 years | -27.11% | -33.77% | +6.66% |
Max Drawdown (10Y)Largest decline over 10 years | -37.81% | -33.77% | -4.04% |
Current DrawdownCurrent decline from peak | -5.45% | -2.95% | -2.50% |
Average DrawdownAverage peak-to-trough decline | -23.93% | -10.04% | -13.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.07% | 2.98% | +0.09% |
Volatility
EMSM.L vs. EXSE.DE - Volatility Comparison
SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.L) has a higher volatility of 7.13% compared to iShares STOXX Europe Small 200 UCITS ETF (DE) (EXSE.DE) at 4.10%. This indicates that EMSM.L's price experiences larger fluctuations and is considered to be riskier than EXSE.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 | EXSE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.13% | 4.10% | +3.03% |
Volatility (6M)Calculated over the trailing 6-month period | 14.52% | 11.36% | +3.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 13.52% | +3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.69% | 16.85% | +2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.08% | 16.78% | +2.30% |
EMSM.L vs. EXSE.DE - Expense Ratio Comparison
EMSM.L has a 0.55% expense ratio, which is higher than EXSE.DE's 0.20% expense ratio.
Dividends
EMSM.L vs. EXSE.DE - Dividend Comparison
EMSM.L has not paid dividends to shareholders, while EXSE.DE's dividend yield for the trailing twelve months is around 3.08%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
EXSE.DE iShares STOXX Europe Small 200 UCITS ETF (DE) | 3.08% | 2.91% | 2.25% | 2.00% | 2.26% | 1.24% | 1.09% | 1.85% | 2.18% | 3.01% | 2.47% | 2.50% |
Frequently Asked Questions
EMSM.L and EXSE.DE have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EXSE.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EXSE.DE is cheaper with a 0.20% expense ratio, compared with 0.55% for EMSM.L.
EMSM.L is categorized as Emerging Markets Equities, while EXSE.DE is Europe Equities. EMSM.L tracks MSCI Emerging Markets SMID NR USD, while EXSE.DE tracks STOXX® Europe Small 200. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for EMSM.L and 0.20% for EXSE.DE.
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