PSWD.DE vs. SMLD.DE
PSWD.DE (Invesco FTSE RAFI All World 3000 UCITS ETF) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - PSWD.DE is a Global Equities fund tracking the FTSE RAFI All-World 3000, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 10 years, PSWD.DE returned 11.86%/yr vs 15.33%/yr for SMLD.DE. At a 0.47 correlation, their price movements are largely independent. PSWD.DE charges 0.39%/yr vs 0.50%/yr for SMLD.DE.
Performance
PSWD.DE vs. SMLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, PSWD.DE achieves a 16.46% return, which is significantly lower than SMLD.DE's 20.75% return. Over the past 10 years, PSWD.DE has underperformed SMLD.DE with an annualized return of 11.86%, while SMLD.DE has yielded a comparatively higher 15.33% annualized return.
PSWD.DE
- 1D
- -0.19%
- 1M
- 4.72%
- YTD
- 16.46%
- 6M
- 17.75%
- 1Y
- 32.88%
- 3Y*
- 18.93%
- 5Y*
- 13.34%
- 10Y*
- 11.86%
SMLD.DE
- 1D
- -0.66%
- 1M
- 0.52%
- YTD
- 20.75%
- 6M
- 14.96%
- 1Y
- 13.71%
- 3Y*
- 20.56%
- 5Y*
- 25.24%
- 10Y*
- 15.33%
PSWD.DE vs. SMLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSWD.DE Invesco FTSE RAFI All World 3000 UCITS ETF | 16.46% | 14.64% | 17.68% | 12.73% | -3.63% | 31.90% | -3.90% | 26.32% | -9.60% | 5.60% |
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% | -12.47% |
Correlation
The correlation between PSWD.DE and SMLD.DE is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2014 | 0.47 |
Over the past year, the correlation between PSWD.DE and SMLD.DE has dropped to 0.21 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
PSWD.DE vs. SMLD.DE — Risk / Return Rank
PSWD.DE
SMLD.DE
PSWD.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI All World 3000 UCITS ETF (PSWD.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.
| PSWD.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.59 | ||
| Sortino ratioReturn per unit of downside risk | +3.26 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.15 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 5.56 | 0.92 | +4.63 |
| Martin ratioReturn relative to average drawdown | 22.39 | 1.91 | +20.48 |
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
| PSWD.DE | SMLD.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.10 | 0.51 | +2.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | 1.10 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.80 | 0.44 | +0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.29 | +0.39 |
Drawdowns
PSWD.DE vs. SMLD.DE - Drawdown Comparison
The maximum PSWD.DE drawdown since its inception was -36.39%, smaller than the maximum SMLD.DE drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for PSWD.DE and SMLD.DE.
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Drawdown Indicators
| PSWD.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.39% | -73.78% | +37.39% |
Max Drawdown (1Y)Largest decline over 1 year | -5.89% | -14.77% | +8.88% |
Max Drawdown (3Y)Largest decline over 3 years | -18.19% | -22.99% | +4.80% |
Max Drawdown (5Y)Largest decline over 5 years | -18.19% | -22.99% | +4.80% |
Max Drawdown (10Y)Largest decline over 10 years | -36.39% | -70.79% | +34.40% |
Current DrawdownCurrent decline from peak | -0.31% | -3.47% | +3.16% |
Average DrawdownAverage peak-to-trough decline | -4.65% | -17.76% | +13.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 7.16% | -5.70% |
Volatility
PSWD.DE vs. SMLD.DE - Volatility Comparison
The current volatility for Invesco FTSE RAFI All World 3000 UCITS ETF (PSWD.DE) is 3.08%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a volatility of 5.38%. This indicates that PSWD.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
| PSWD.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 5.38% | -2.30% |
Volatility (6M)Calculated over the trailing 6-month period | 7.86% | 12.79% | -4.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.54% | 26.64% | -16.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.16% | 22.60% | -9.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.19% | 34.70% | -19.51% |
PSWD.DE vs. SMLD.DE - Expense Ratio Comparison
PSWD.DE has a 0.39% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
PSWD.DE vs. SMLD.DE - Dividend Comparison
PSWD.DE's dividend yield for the trailing twelve months is around 1.75%, less than SMLD.DE's 7.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSWD.DE Invesco FTSE RAFI All World 3000 UCITS ETF | 1.75% | 2.03% | 2.27% | 2.48% | 2.66% | 1.92% | 1.98% | 2.37% | 2.56% | 2.06% | 1.97% | 2.02% |
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
PSWD.DE and SMLD.DE have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PSWD.DE is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PSWD.DE is cheaper with a 0.39% expense ratio, compared with 0.50% for SMLD.DE.
PSWD.DE is categorized as Global Equities, while SMLD.DE is Energy Equities. PSWD.DE tracks FTSE RAFI All-World 3000, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.39% for PSWD.DE and 0.50% for SMLD.DE.
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