EXSE.DE vs. EMSM.L
EXSE.DE (iShares STOXX Europe Small 200 UCITS ETF (DE)) and EMSM.L (SPDR MSCI Emerging Markets Small Cap UCITS ETF) are both exchange-traded funds - EXSE.DE is a Europe Equities fund tracking the STOXX® Europe Small 200, while EMSM.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets SMID NR USD. Both are passively managed. Over the past 10 years, EXSE.DE returned 7.98%/yr vs 8.84%/yr for EMSM.L. A 0.55 correlation means they provide meaningful diversification when combined. EXSE.DE charges 0.20%/yr vs 0.55%/yr for EMSM.L.
Performance
EXSE.DE vs. EMSM.L - Performance Comparison
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Different Trading Currencies
EXSE.DE is traded in EUR, while EMSM.L is traded in GBP. To make them comparable, the EMSM.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, EXSE.DE achieves a 6.07% return, which is significantly lower than EMSM.L's 13.95% return. Over the past 10 years, EXSE.DE has underperformed EMSM.L with an annualized return of 7.98%, while EMSM.L has yielded a comparatively higher 8.84% annualized return.
EXSE.DE
- 1D
- -0.65%
- 1M
- -1.54%
- YTD
- 6.07%
- 6M
- 7.54%
- 1Y
- 14.93%
- 3Y*
- 12.22%
- 5Y*
- 3.03%
- 10Y*
- 7.98%
EMSM.L
- 1D
- -1.32%
- 1M
- -2.50%
- YTD
- 13.95%
- 6M
- 14.66%
- 1Y
- 23.38%
- 3Y*
- 13.56%
- 5Y*
- 7.43%
- 10Y*
- 8.84%
EXSE.DE vs. EMSM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EXSE.DE iShares STOXX Europe Small 200 UCITS ETF (DE) | 6.07% | 18.59% | 2.82% | 12.10% | -24.02% | 22.03% | 4.28% | 30.57% | -13.90% | 17.39% |
EMSM.L SPDR MSCI Emerging Markets Small Cap UCITS ETF | 13.95% | 6.30% | 9.64% | 17.92% | -11.82% | 25.32% | 9.82% | 12.43% | -14.17% | 18.13% |
Correlation
The correlation between EXSE.DE and EMSM.L 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 | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since May 16, 2011 | 0.55 |
The correlation between EXSE.DE and EMSM.L has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.
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Return for Risk
EXSE.DE vs. EMSM.L — Risk / Return Rank
EXSE.DE
EMSM.L
EXSE.DE vs. EMSM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares STOXX Europe Small 200 UCITS ETF (DE) (EXSE.DE) and SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.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.
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.
| EXSE.DE | EMSM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.26 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 2.47 | -1.04 |
| Martin ratioReturn relative to average drawdown | 5.24 | 7.99 | -2.74 |
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Drawdowns
EXSE.DE vs. EMSM.L - Drawdown Comparison
The maximum EXSE.DE drawdown since its inception was -62.51%, which is greater than EMSM.L's maximum drawdown of -52.41%. Use the drawdown chart below to compare losses from any high point for EXSE.DE and EMSM.L.
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Drawdown Indicators
| EXSE.DE | EMSM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.51% | -52.41% | -10.10% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -9.43% | -0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -15.61% | -25.44% | +9.83% |
Max Drawdown (5Y)Largest decline over 5 years | -35.33% | -25.44% | -9.89% |
Max Drawdown (10Y)Largest decline over 10 years | -38.08% | -40.93% | +2.85% |
Current DrawdownCurrent decline from peak | -2.92% | -5.54% | +2.62% |
Average DrawdownAverage peak-to-trough decline | -13.80% | -21.98% | +8.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 2.92% | -0.08% |
Volatility
EXSE.DE vs. EMSM.L - Volatility Comparison
The current volatility for iShares STOXX Europe Small 200 UCITS ETF (DE) (EXSE.DE) is 4.09%, while SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.L) has a volatility of 7.10%. This indicates that EXSE.DE experiences smaller price fluctuations and is considered to be less risky than EMSM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EXSE.DE | EMSM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.09% | 7.10% | -3.01% |
Volatility (6M)Calculated over the trailing 6-month period | 11.34% | 14.76% | -3.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.66% | 16.98% | -3.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.98% | 20.13% | -3.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 19.47% | -2.53% |
EXSE.DE vs. EMSM.L - Expense Ratio Comparison
EXSE.DE has a 0.20% expense ratio, which is lower than EMSM.L's 0.55% expense ratio.
Dividends
EXSE.DE vs. EMSM.L - Dividend Comparison
EXSE.DE's dividend yield for the trailing twelve months is around 3.08%, while EMSM.L has not paid dividends to shareholders.
| 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
EXSE.DE and EMSM.L 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.
EXSE.DE is categorized as Europe Equities, while EMSM.L is Emerging Markets Equities. EXSE.DE tracks STOXX® Europe Small 200, while EMSM.L tracks MSCI Emerging Markets SMID NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for EXSE.DE and 0.55% for EMSM.L.
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