PDSE.DE vs. SMLD.DE
PDSE.DE (Invesco Preferred Shares UCITS ETF EUR Hedged Dist) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - PDSE.DE is a Preferred Stock/Convertible Bonds fund tracking the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 5 years, PDSE.DE returned -3.94%/yr vs 17.25%/yr for SMLD.DE. At a 0.20 correlation, their price movements are largely independent. PDSE.DE charges 0.55%/yr vs 0.50%/yr for SMLD.DE.
Performance
PDSE.DE vs. SMLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, PDSE.DE achieves a -1.41% return, which is significantly lower than SMLD.DE's 19.81% return.
PDSE.DE
- 1D
- 0.24%
- 1M
- -1.95%
- 6M
- -1.49%
- YTD
- -1.41%
- 1Y
- -0.55%
- 3Y*
- 1.44%
- 5Y*
- -3.94%
- 10Y*
- —
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%
PDSE.DE vs. SMLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PDSE.DE Invesco Preferred Shares UCITS ETF EUR Hedged Dist | -1.41% | 1.64% | 1.07% | 7.14% | -23.69% | 1.81% | 3.21% | 15.02% | -6.85% |
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% | -0.32% |
Correlation
The correlation between PDSE.DE and SMLD.DE is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2018 | 0.20 |
The correlation between PDSE.DE and SMLD.DE shifts across timeframes, from -0.01 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PDSE.DE vs. SMLD.DE — Risk / Return Rank
PDSE.DE
SMLD.DE
PDSE.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred Shares UCITS ETF EUR Hedged Dist (PDSE.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.
| PDSE.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.17 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 1.63 | -1.71 |
| Martin ratioReturn relative to average drawdown | -0.15 | 3.59 | -3.74 |
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Drawdowns
PDSE.DE vs. SMLD.DE - Drawdown Comparison
The maximum PDSE.DE drawdown since its inception was -31.94%, smaller than the maximum SMLD.DE drawdown of -83.65%. Use the drawdown chart below to compare losses from any high point for PDSE.DE and SMLD.DE.
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Drawdown Indicators
| PDSE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.94% | -83.65% | +51.71% |
Max Drawdown (1Y)Largest decline over 1 year | -6.69% | -9.68% | +2.99% |
Max Drawdown (3Y)Largest decline over 3 years | -12.68% | -22.99% | +10.31% |
Max Drawdown (5Y)Largest decline over 5 years | -29.67% | -22.99% | -6.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.32% | — |
Current DrawdownCurrent decline from peak | -18.42% | -4.21% | -14.21% |
Average DrawdownAverage peak-to-trough decline | -10.80% | -34.00% | +23.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 4.40% | -0.79% |
Volatility
PDSE.DE vs. SMLD.DE - Volatility Comparison
The current volatility for Invesco Preferred Shares UCITS ETF EUR Hedged Dist (PDSE.DE) is 1.43%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a volatility of 4.56%. This indicates that PDSE.DE experiences smaller price fluctuations and is considered to be less risky 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
| PDSE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.43% | 4.56% | -3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.41% | 13.00% | -6.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.73% | 16.45% | -7.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.74% | 20.31% | -9.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.32% | 29.07% | -15.75% |
PDSE.DE vs. SMLD.DE - Expense Ratio Comparison
PDSE.DE has a 0.55% expense ratio, which is higher than SMLD.DE's 0.50% expense ratio.
Dividends
PDSE.DE vs. SMLD.DE - Dividend Comparison
PDSE.DE's dividend yield for the trailing twelve months is around 5.53%, less than SMLD.DE's 7.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDSE.DE Invesco Preferred Shares UCITS ETF EUR Hedged Dist | 5.53% | 5.23% | 5.31% | 5.27% | 5.80% | 4.50% | 4.42% | 4.58% | 3.71% | 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
PDSE.DE and SMLD.DE have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMLD.DE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMLD.DE is cheaper with a 0.50% expense ratio, compared with 0.55% for PDSE.DE.
PDSE.DE is categorized as Preferred Stock/Convertible Bonds, while SMLD.DE is Energy Equities. PDSE.DE tracks ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.55% for PDSE.DE and 0.50% for SMLD.DE.
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