EMSM.L vs. SPYI.DE
EMSM.L (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and SPYI.DE (SPDR MSCI ACWI IMI UCITS ETF) are both exchange-traded funds - EMSM.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets SMID NR USD, while SPYI.DE is a Global Equities fund tracking the MSCI All Country World Investable Market (ACWI IMI). Both are passively managed. Over the past 10 years, EMSM.L returned 10.20%/yr vs 13.21%/yr for SPYI.DE. A 0.58 correlation means they provide meaningful diversification when combined. EMSM.L charges 0.55%/yr vs 0.17%/yr for SPYI.DE.
Performance
EMSM.L vs. SPYI.DE - Performance Comparison
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Different Trading Currencies
EMSM.L is traded in GBP, while SPYI.DE is traded in EUR. To make them comparable, the SPYI.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 15.33% return, which is significantly higher than SPYI.DE's 12.38% return. Over the past 10 years, EMSM.L has underperformed SPYI.DE with an annualized return of 10.20%, while SPYI.DE has yielded a comparatively higher 13.21% 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%
SPYI.DE
- 1D
- -0.00%
- 1M
- 5.39%
- YTD
- 12.38%
- 6M
- 12.83%
- 1Y
- 31.25%
- 3Y*
- 17.74%
- 5Y*
- 12.17%
- 10Y*
- 13.21%
EMSM.L vs. SPYI.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 | 15.33% | 12.15% | 4.60% | 15.48% | -7.03% | 17.67% | 16.12% | 5.70% | -13.10% | 22.98% |
SPYI.DE SPDR MSCI ACWI IMI UCITS ETF | 12.38% | 14.77% | 17.56% | 15.19% | -8.13% | 18.73% | 11.34% | 22.90% | -5.40% | 13.09% |
Correlation
The correlation between EMSM.L and SPYI.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 | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2011 | 0.58 |
The correlation between EMSM.L and SPYI.DE has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.
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Return for Risk
EMSM.L vs. SPYI.DE — Risk / Return Rank
EMSM.L
SPYI.DE
EMSM.L vs. SPYI.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 SPDR MSCI ACWI IMI UCITS ETF (SPYI.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.
| EMSM.L | SPYI.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.54 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 4.53 | -1.30 |
| Martin ratioReturn relative to average drawdown | 10.41 | 17.90 | -7.49 |
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 | SPYI.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 2.85 | -0.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | 0.90 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.90 | -0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.85 | -0.40 |
Drawdowns
EMSM.L vs. SPYI.DE - Drawdown Comparison
The maximum EMSM.L drawdown since its inception was -37.81%, which is greater than SPYI.DE's maximum drawdown of -27.29%. Use the drawdown chart below to compare losses from any high point for EMSM.L and SPYI.DE.
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Drawdown Indicators
| EMSM.L | SPYI.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.81% | -27.29% | -10.52% |
Max Drawdown (1Y)Largest decline over 1 year | -9.43% | -6.87% | -2.56% |
Max Drawdown (3Y)Largest decline over 3 years | -20.07% | -19.59% | -0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -20.07% | -19.59% | -0.48% |
Max Drawdown (10Y)Largest decline over 10 years | -37.81% | -27.29% | -10.52% |
Current DrawdownCurrent decline from peak | -2.13% | -0.36% | -1.77% |
Average DrawdownAverage peak-to-trough decline | -7.93% | -3.53% | -4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.93% | 1.74% | +1.19% |
Volatility
EMSM.L vs. SPYI.DE - Volatility Comparison
SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.L) has a higher volatility of 6.16% compared to SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) at 3.20%. This indicates that EMSM.L's price experiences larger fluctuations and is considered to be riskier than SPYI.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 | SPYI.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.16% | 3.20% | +2.96% |
Volatility (6M)Calculated over the trailing 6-month period | 13.10% | 7.97% | +5.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.44% | 10.90% | +4.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.82% | 13.43% | +0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.38% | 14.98% | +1.40% |
EMSM.L vs. SPYI.DE - Expense Ratio Comparison
EMSM.L has a 0.55% expense ratio, which is higher than SPYI.DE's 0.17% expense ratio.
Dividends
EMSM.L vs. SPYI.DE - Dividend Comparison
Neither EMSM.L nor SPYI.DE has paid dividends to shareholders.
Frequently Asked Questions
EMSM.L and SPYI.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, SPYI.DE is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYI.DE is cheaper with a 0.17% expense ratio, compared with 0.55% for EMSM.L.
EMSM.L is categorized as Emerging Markets Equities, while SPYI.DE is Global Equities. EMSM.L tracks MSCI Emerging Markets SMID NR USD, while SPYI.DE tracks MSCI All Country World Investable Market (ACWI IMI). Their fees differ too: 0.55% for EMSM.L and 0.17% for SPYI.DE.
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