EXSE.DE vs. XESD.DE

Last updated Jun 5, 2026

EXSE.DE (iShares STOXX Europe Small 200 UCITS ETF (DE)) and XESD.DE (Xtrackers Spanish Equity UCITS ETF) are both Europe Equities funds - EXSE.DE tracks the STOXX® Europe Small 200 while XESD.DE tracks the Solactive Spain 40. Both are passively managed. Over the past 5 years, EXSE.DE returned 3.52%/yr vs 18.89%/yr for XESD.DE. A 0.74 correlation means they provide meaningful diversification when combined. EXSE.DE charges 0.20%/yr vs 0.30%/yr for XESD.DE.

Performance

EXSE.DE vs. XESD.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares STOXX Europe Small 200 UCITS ETF (DE) (EXSE.DE) and Xtrackers Spanish Equity UCITS ETF (XESD.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with EXSE.DE having a 7.33% return and XESD.DE slightly lower at 7.26%.

EXSE.DE

• 1D: 0.55%
• 1M: 1.10%
• YTD: 7.33%
• 6M: 10.98%
• 1Y: 15.08%
• 3Y*: 11.63%
• 5Y*: 3.52%
• 10Y*: 7.21%

XESD.DE

• 1D: 0.58%
• 1M: 1.30%
• YTD: 7.26%
• 6M: 11.75%
• 1Y: 34.69%
• 3Y*: 29.40%
• 5Y*: 18.89%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EXSE.DE vs. XESD.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EXSE.DE iShares STOXX Europe Small 200 UCITS ETF (DE)	7.33%	18.59%	3.15%	12.44%	-23.69%	22.14%	4.50%	30.93%	-13.60%	6.44%
XESD.DE Xtrackers Spanish Equity UCITS ETF	7.26%	58.73%	14.57%	26.73%	-1.59%	10.90%	-10.12%	15.71%	-12.40%	-1.58%

Correlation

The correlation between EXSE.DE and XESD.DE is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jul 10, 2017	0.74

The correlation between EXSE.DE and XESD.DE has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

Return for Risk

EXSE.DE vs. XESD.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EXSE.DE

EXSE.DE Risk / Return Rank: 33
EXSE.DE Sharpe Ratio Rank: 32
EXSE.DE Sortino Ratio Rank: 32
EXSE.DE Omega Ratio Rank: 32
EXSE.DE Calmar Ratio Rank: 31
EXSE.DE Martin Ratio Rank: 36

XESD.DE

XESD.DE Risk / Return Rank: 65
XESD.DE Sharpe Ratio Rank: 64
XESD.DE Sortino Ratio Rank: 62
XESD.DE Omega Ratio Rank: 63
XESD.DE Calmar Ratio Rank: 70
XESD.DE Martin Ratio Rank: 66

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.

EXSE.DE vs. XESD.DE - 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 Xtrackers Spanish Equity UCITS ETF (XESD.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.

	EXSE.DE	XESD.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.10	-0.94
Sortino ratio: Return per unit of downside risk	1.69	2.86	-1.17
Omega ratio: Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio: Return relative to maximum drawdown	1.49	3.46	-1.97
Martin ratio: Return relative to average drawdown	5.48	12.05	-6.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EXSE.DE vs. XESD.DE - Sharpe Ratio Comparison

The current EXSE.DE Sharpe Ratio is 1.16, which is lower than the XESD.DE Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of EXSE.DE and XESD.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EXSE.DE	XESD.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	2.10	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	1.12	-0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.55	-0.16

Drawdowns

EXSE.DE vs. XESD.DE - Drawdown Comparison

The maximum EXSE.DE drawdown since its inception was -62.51%, which is greater than XESD.DE's maximum drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for EXSE.DE and XESD.DE.

Drawdown Indicators

	EXSE.DE	XESD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-62.51%	-38.77%	-23.74%
Max Drawdown (1Y) Largest decline over 1 year	-10.36%	-10.27%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-15.61%	-12.49%	-3.12%
Max Drawdown (5Y) Largest decline over 5 years	-35.13%	-18.59%	-16.54%
Max Drawdown (10Y) Largest decline over 10 years	-38.03%	—	—
Current Drawdown Current decline from peak	-1.14%	-0.56%	-0.58%
Average Drawdown Average peak-to-trough decline	-12.96%	-7.38%	-5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.96%	-0.14%

Volatility

EXSE.DE vs. XESD.DE - Volatility Comparison

The current volatility for iShares STOXX Europe Small 200 UCITS ETF (DE) (EXSE.DE) is 3.72%, while Xtrackers Spanish Equity UCITS ETF (XESD.DE) has a volatility of 4.46%. This indicates that EXSE.DE experiences smaller price fluctuations and is considered to be less risky than XESD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXSE.DE	XESD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	4.46%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	10.87%	14.06%	-3.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.33%	16.93%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	16.73%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.34%	18.81%	-1.47%

EXSE.DE vs. XESD.DE - Expense Ratio Comparison

EXSE.DE has a 0.20% expense ratio, which is lower than XESD.DE's 0.30% expense ratio.

Dividends

EXSE.DE vs. XESD.DE - Dividend Comparison

EXSE.DE's dividend yield for the trailing twelve months is around 2.67%, more than XESD.DE's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXSE.DE iShares STOXX Europe Small 200 UCITS ETF (DE)	2.67%	2.91%	2.58%	2.29%	2.59%	1.43%	1.25%	2.13%	2.59%	3.45%	2.83%	2.87%
XESD.DE Xtrackers Spanish Equity UCITS ETF	2.50%	2.43%	3.14%	2.57%	3.98%	1.51%	4.30%	3.35%	4.48%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EXSE.DE and XESD.DE in my portfolio?

EXSE.DE and XESD.DE have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EXSE.DE or XESD.DE?

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.

Which ETF is cheaper, EXSE.DE or XESD.DE?

EXSE.DE is cheaper with a 0.20% expense ratio, compared with 0.30% for XESD.DE.

What is the main difference between EXSE.DE and XESD.DE?

EXSE.DE tracks STOXX® Europe Small 200, while XESD.DE tracks Solactive Spain 40. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.20% for EXSE.DE and 0.30% for XESD.DE.