PJEU.DE vs. SMLD.DE
PJEU.DE (Invesco Euro Cash 3 Months UCITS ETF Acc) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - PJEU.DE is a Money Market fund tracking the FTSE Eurozone Government Bill 0-6 Month Capped Index, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 10 years, PJEU.DE returned 0.56%/yr vs 6.59%/yr for SMLD.DE. At a 0.03 correlation, their price movements are largely independent. PJEU.DE charges 0.09%/yr vs 0.50%/yr for SMLD.DE.
Performance
PJEU.DE vs. SMLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, PJEU.DE achieves a 0.88% return, which is significantly lower than SMLD.DE's 19.81% return. Over the past 10 years, PJEU.DE has underperformed SMLD.DE with an annualized return of 0.56%, while SMLD.DE has yielded a comparatively higher 6.59% annualized return.
PJEU.DE
- 1D
- -0.01%
- 1M
- 0.14%
- 6M
- 0.79%
- YTD
- 0.88%
- 1Y
- 1.99%
- 3Y*
- 2.87%
- 5Y*
- 1.77%
- 10Y*
- 0.56%
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%
PJEU.DE vs. SMLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PJEU.DE Invesco Euro Cash 3 Months UCITS ETF Acc | 0.88% | 2.33% | 3.61% | 2.91% | -0.44% | -0.76% | -0.60% | -0.48% | -0.71% | -0.79% |
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 PJEU.DE and SMLD.DE is 0.02, 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 | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 16, 2013 | 0.03 |
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Return for Risk
PJEU.DE vs. SMLD.DE — Risk / Return Rank
PJEU.DE
SMLD.DE
PJEU.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.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.
| PJEU.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.17 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 1.63 | +2.07 |
| Martin ratioReturn relative to average drawdown | 10.42 | 3.59 | +6.83 |
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Drawdowns
PJEU.DE vs. SMLD.DE - Drawdown Comparison
The maximum PJEU.DE drawdown since its inception was -4.67%, smaller than the maximum SMLD.DE drawdown of -83.65%. Use the drawdown chart below to compare losses from any high point for PJEU.DE and SMLD.DE.
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Drawdown Indicators
| PJEU.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.67% | -83.65% | +78.98% |
Max Drawdown (1Y)Largest decline over 1 year | -0.54% | -9.68% | +9.14% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -22.99% | +22.45% |
Max Drawdown (5Y)Largest decline over 5 years | -1.04% | -22.99% | +21.95% |
Max Drawdown (10Y)Largest decline over 10 years | -4.17% | -76.32% | +72.15% |
Current DrawdownCurrent decline from peak | -0.08% | -4.21% | +4.13% |
Average DrawdownAverage peak-to-trough decline | -1.21% | -34.00% | +32.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 4.40% | -4.21% |
Volatility
PJEU.DE vs. SMLD.DE - Volatility Comparison
The current volatility for Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.DE) is 0.24%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a volatility of 4.56%. This indicates that PJEU.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
| PJEU.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.24% | 4.56% | -4.32% |
Volatility (6M)Calculated over the trailing 6-month period | 1.43% | 13.00% | -11.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.86% | 16.45% | -14.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.88% | 20.31% | -19.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.67% | 29.07% | -28.40% |
PJEU.DE vs. SMLD.DE - Expense Ratio Comparison
PJEU.DE has a 0.09% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
PJEU.DE vs. SMLD.DE - Dividend Comparison
PJEU.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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PJEU.DE Invesco Euro Cash 3 Months UCITS ETF Acc | 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
PJEU.DE and SMLD.DE have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PJEU.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PJEU.DE is cheaper with a 0.09% expense ratio, compared with 0.50% for SMLD.DE.
PJEU.DE is categorized as Money Market, while SMLD.DE is Energy Equities. PJEU.DE tracks FTSE Eurozone Government Bill 0-6 Month Capped Index, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.09% for PJEU.DE and 0.50% for SMLD.DE.
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