EMSM.L vs. EXX7.DE
EMSM.L (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and EXX7.DE (iShares Nikkei 225 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 EXX7.DE is a Japan Equities fund tracking the Nikkei 225®. Both are passively managed. Over the past 10 years, EMSM.L returned 9.30%/yr vs 12.09%/yr for EXX7.DE. A 0.56 correlation means they provide meaningful diversification when combined. EMSM.L charges 0.55%/yr vs 0.51%/yr for EXX7.DE.
Performance
EMSM.L vs. EXX7.DE - Performance Comparison
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Different Trading Currencies
EMSM.L is traded in GBP, while EXX7.DE is traded in EUR. To make them comparable, the EXX7.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 lower than EXX7.DE's 36.04% return. Over the past 10 years, EMSM.L has underperformed EXX7.DE with an annualized return of 9.30%, while EXX7.DE has yielded a comparatively higher 12.09% 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%
EXX7.DE
- 1D
- -2.04%
- 1M
- 7.83%
- YTD
- 36.04%
- 6M
- 36.50%
- 1Y
- 63.53%
- 3Y*
- 22.93%
- 5Y*
- 12.40%
- 10Y*
- 12.09%
EMSM.L vs. EXX7.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% |
EXX7.DE iShares Nikkei 225 UCITS ETF (DE) | 36.04% | 20.34% | 8.65% | 15.10% | -11.41% | -4.63% | 19.59% | 17.68% | -4.68% | 14.84% |
Correlation
The correlation between EMSM.L and EXX7.DE is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since May 16, 2011 | 0.56 |
The correlation between EMSM.L and EXX7.DE has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.
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Return for Risk
EMSM.L vs. EXX7.DE — Risk / Return Rank
EMSM.L
EXX7.DE
EMSM.L vs. EXX7.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 Nikkei 225 UCITS ETF (DE) (EXX7.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 | EXX7.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.43 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 4.76 | -2.13 |
| Martin ratioReturn relative to average drawdown | 8.10 | 14.00 | -5.89 |
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Drawdowns
EMSM.L vs. EXX7.DE - Drawdown Comparison
The maximum EMSM.L drawdown since its inception was -53.76%, which is greater than EXX7.DE's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for EMSM.L and EXX7.DE.
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Drawdown Indicators
| EMSM.L | EXX7.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.76% | -34.70% | -19.06% |
Max Drawdown (1Y)Largest decline over 1 year | -9.43% | -13.27% | +3.84% |
Max Drawdown (3Y)Largest decline over 3 years | -27.11% | -20.25% | -6.86% |
Max Drawdown (5Y)Largest decline over 5 years | -27.11% | -21.32% | -5.79% |
Max Drawdown (10Y)Largest decline over 10 years | -37.81% | -24.15% | -13.66% |
Current DrawdownCurrent decline from peak | -5.45% | -4.11% | -1.34% |
Average DrawdownAverage peak-to-trough decline | -23.93% | -8.10% | -15.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.07% | 4.52% | -1.45% |
Volatility
EMSM.L vs. EXX7.DE - Volatility Comparison
The current volatility for SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.L) is 7.13%, while iShares Nikkei 225 UCITS ETF (DE) (EXX7.DE) has a volatility of 9.55%. This indicates that EMSM.L experiences smaller price fluctuations and is considered to be less risky than EXX7.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 | EXX7.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.13% | 9.55% | -2.42% |
Volatility (6M)Calculated over the trailing 6-month period | 14.52% | 19.63% | -5.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 24.32% | -7.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.69% | 18.35% | +1.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.08% | 17.59% | +1.49% |
EMSM.L vs. EXX7.DE - Expense Ratio Comparison
EMSM.L has a 0.55% expense ratio, which is higher than EXX7.DE's 0.51% expense ratio.
Dividends
EMSM.L vs. EXX7.DE - Dividend Comparison
EMSM.L has not paid dividends to shareholders, while EXX7.DE's dividend yield for the trailing twelve months is around 0.06%.
| 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% |
EXX7.DE iShares Nikkei 225 UCITS ETF (DE) | 0.06% | 0.00% | 0.63% | 1.17% | 0.94% | 0.57% | 0.64% | 1.21% | 0.00% | 1.19% | 1.35% | 1.29% |
Frequently Asked Questions
EMSM.L and EXX7.DE have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EXX7.DE is cheaper at 0.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EXX7.DE is cheaper with a 0.51% expense ratio, compared with 0.55% for EMSM.L.
EMSM.L is categorized as Emerging Markets Equities, while EXX7.DE is Japan Equities. EMSM.L tracks MSCI Emerging Markets SMID NR USD, while EXX7.DE tracks Nikkei 225®. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for EMSM.L and 0.51% for EXX7.DE.
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