NS4E.DE vs. SMLD.DE
NS4E.DE (Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg)) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - NS4E.DE is a Japan Equities fund tracking the JPX-Nikkei Index 400, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 10 years, NS4E.DE returned 15.07%/yr vs 6.59%/yr for SMLD.DE. At a 0.33 correlation, their price movements are largely independent. NS4E.DE charges 0.19%/yr vs 0.50%/yr for SMLD.DE.
Performance
NS4E.DE vs. SMLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, NS4E.DE achieves a 20.94% return, which is significantly higher than SMLD.DE's 19.81% return. Over the past 10 years, NS4E.DE has outperformed SMLD.DE with an annualized return of 15.07%, while SMLD.DE has yielded a comparatively lower 6.59% annualized return.
NS4E.DE
- 1D
- 0.76%
- 1M
- 2.16%
- 6M
- 19.66%
- YTD
- 20.94%
- 1Y
- 46.51%
- 3Y*
- 26.09%
- 5Y*
- 20.00%
- 10Y*
- 15.07%
SMLD.DE
- 1D
- 0.81%
- 1M
- -1.44%
- 6M
- 18.91%
- YTD
- 19.81%
- 1Y
- 15.83%
- 3Y*
- 15.35%
- 5Y*
- 17.25%
- 10Y*
- 6.59%
NS4E.DE vs. SMLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) | 20.94% | 27.33% | 22.81% | 33.35% | -4.26% | 10.90% | 7.50% | 17.31% | -17.52% | 19.58% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 19.81% | -8.84% | 28.79% | 15.50% | 39.45% | 46.81% | -37.59% | 12.61% | -11.81% | -19.80% |
Correlation
The correlation between NS4E.DE and SMLD.DE is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.33 |
The correlation between NS4E.DE and SMLD.DE shifts across timeframes, from -0.09 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NS4E.DE vs. SMLD.DE — Risk / Return Rank
NS4E.DE
SMLD.DE
NS4E.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.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.
| NS4E.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.17 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 4.83 | 1.63 | +3.20 |
| Martin ratioReturn relative to average drawdown | 16.73 | 3.59 | +13.14 |
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Drawdowns
NS4E.DE vs. SMLD.DE - Drawdown Comparison
The maximum NS4E.DE drawdown since its inception was -35.32%, smaller than the maximum SMLD.DE drawdown of -83.65%. Use the drawdown chart below to compare losses from any high point for NS4E.DE and SMLD.DE.
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Drawdown Indicators
| NS4E.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.32% | -83.65% | +48.33% |
Max Drawdown (1Y)Largest decline over 1 year | -9.59% | -9.68% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -20.96% | -22.99% | +2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -20.96% | -22.99% | +2.03% |
Max Drawdown (10Y)Largest decline over 10 years | -35.32% | -76.32% | +41.00% |
Current DrawdownCurrent decline from peak | -1.49% | -4.21% | +2.72% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -34.00% | +25.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 4.40% | -1.63% |
Volatility
NS4E.DE vs. SMLD.DE - Volatility Comparison
Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE) has a higher volatility of 5.77% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) at 4.56%. This indicates that NS4E.DE's price experiences larger fluctuations and is considered to be riskier than SMLD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NS4E.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.77% | 4.56% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 15.28% | 13.00% | +2.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.12% | 16.45% | +2.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.19% | 20.31% | -2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.25% | 29.07% | -10.82% |
NS4E.DE vs. SMLD.DE - Expense Ratio Comparison
NS4E.DE has a 0.19% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
NS4E.DE vs. SMLD.DE - Dividend Comparison
NS4E.DE has not paid dividends to shareholders, while SMLD.DE's dividend yield for the trailing twelve months is around 7.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 7.76% | 8.45% | 7.99% | 8.81% | 8.09% | 8.24% | 11.54% | 9.90% | 9.70% | 8.60% | 7.76% | 9.80% |
Frequently Asked Questions
NS4E.DE and SMLD.DE have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NS4E.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NS4E.DE is cheaper with a 0.19% expense ratio, compared with 0.50% for SMLD.DE.
NS4E.DE is categorized as Japan Equities, while SMLD.DE is Energy Equities. NS4E.DE tracks JPX-Nikkei Index 400, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.19% for NS4E.DE and 0.50% for SMLD.DE.
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