PSFE.DE vs. SMLD.DE
PSFE.DE (Invesco Euro Corporate Bond UCITS ETF Dist) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - PSFE.DE is a European Corporate Bonds fund tracking the Bloomberg Euro Corporate Bond, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 5 years, PSFE.DE returned 0.02%/yr vs 25.24%/yr for SMLD.DE. At a 0.04 correlation, their price movements are largely independent. PSFE.DE charges 0.10%/yr vs 0.50%/yr for SMLD.DE.
Performance
PSFE.DE vs. SMLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, PSFE.DE achieves a 0.57% return, which is significantly lower than SMLD.DE's 20.75% return.
PSFE.DE
- 1D
- 0.11%
- 1M
- 0.29%
- YTD
- 0.57%
- 6M
- 0.52%
- 1Y
- 2.18%
- 3Y*
- 4.54%
- 5Y*
- 0.02%
- 10Y*
- —
SMLD.DE
- 1D
- -0.66%
- 1M
- 3.73%
- YTD
- 20.75%
- 6M
- 13.95%
- 1Y
- 14.71%
- 3Y*
- 20.56%
- 5Y*
- 25.24%
- 10Y*
- 15.33%
PSFE.DE vs. SMLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSFE.DE Invesco Euro Corporate Bond UCITS ETF Dist | 0.57% | 3.04% | 4.16% | 7.18% | -13.28% | -0.82% | 2.40% | 6.18% | -1.51% | -0.45% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 20.75% | -8.86% | 35.22% | 27.59% | 49.18% | 62.11% | -27.45% | 24.27% | -4.73% | 6.13% |
Correlation
The correlation between PSFE.DE and SMLD.DE is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2017 | 0.04 |
The correlation between PSFE.DE and SMLD.DE shifts across timeframes, from -0.25 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSFE.DE vs. SMLD.DE — Risk / Return Rank
PSFE.DE
SMLD.DE
PSFE.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Euro Corporate Bond UCITS ETF Dist (PSFE.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.
| PSFE.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.15 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 0.92 | -0.24 |
| Martin ratioReturn relative to average drawdown | 2.30 | 1.91 | +0.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PSFE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.51 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | 1.10 | -1.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.44 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 0.29 | -0.14 |
Drawdowns
PSFE.DE vs. SMLD.DE - Drawdown Comparison
The maximum PSFE.DE drawdown since its inception was -17.18%, smaller than the maximum SMLD.DE drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for PSFE.DE and SMLD.DE.
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Drawdown Indicators
| PSFE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.18% | -73.78% | +56.60% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -14.77% | +12.06% |
Max Drawdown (3Y)Largest decline over 3 years | -2.71% | -22.99% | +20.28% |
Max Drawdown (5Y)Largest decline over 5 years | -17.18% | -22.99% | +5.81% |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.79% | — |
Current DrawdownCurrent decline from peak | -1.40% | -3.47% | +2.07% |
Average DrawdownAverage peak-to-trough decline | -4.73% | -17.76% | +13.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 7.16% | -6.36% |
Volatility
PSFE.DE vs. SMLD.DE - Volatility Comparison
The current volatility for Invesco Euro Corporate Bond UCITS ETF Dist (PSFE.DE) is 1.19%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a volatility of 5.38%. This indicates that PSFE.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
| PSFE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 5.38% | -4.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 12.79% | -10.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 26.64% | -23.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.38% | 22.60% | -18.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 34.70% | -30.05% |
PSFE.DE vs. SMLD.DE - Expense Ratio Comparison
PSFE.DE has a 0.10% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
PSFE.DE vs. SMLD.DE - Dividend Comparison
PSFE.DE's dividend yield for the trailing twelve months is around 3.29%, less than SMLD.DE's 7.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSFE.DE Invesco Euro Corporate Bond UCITS ETF Dist | 3.29% | 3.32% | 3.50% | 2.97% | 1.00% | 0.54% | 0.77% | 0.71% | 0.58% | 0.00% | 0.00% | 0.00% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 7.55% | 8.45% | 12.45% | 18.33% | 14.40% | 17.94% | 25.01% | 18.21% | 21.61% | 18.39% | 14.39% | 20.63% |
Frequently Asked Questions
PSFE.DE and SMLD.DE have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PSFE.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PSFE.DE is cheaper with a 0.10% expense ratio, compared with 0.50% for SMLD.DE.
PSFE.DE is categorized as European Corporate Bonds, while SMLD.DE is Energy Equities. PSFE.DE tracks Bloomberg Euro Corporate Bond, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.10% for PSFE.DE and 0.50% for SMLD.DE.
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