SC0I.DE vs. SMLD.DE

Last updated Jul 18, 2026

SC0I.DE (Invesco MSCI Japan UCITS ETF) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - SC0I.DE is a Japan Equities fund tracking the MSCI Japan, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 10 years, SC0I.DE returned 8.52%/yr vs 6.39%/yr for SMLD.DE. At a 0.33 correlation, their price movements are largely independent. SC0I.DE charges 0.19%/yr vs 0.50%/yr for SMLD.DE.

Performance

SC0I.DE vs. SMLD.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco MSCI Japan UCITS ETF (SC0I.DE) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SC0I.DE achieves a 14.80% return, which is significantly lower than SMLD.DE's 24.99% return. Over the past 10 years, SC0I.DE has outperformed SMLD.DE with an annualized return of 8.52%, while SMLD.DE has yielded a comparatively lower 6.39% annualized return.

SC0I.DE

• 1D: -2.54%
• 1M: -4.40%
• 6M: 7.55%
• YTD: 14.80%
• 1Y: 32.01%
• 3Y*: 15.32%
• 5Y*: 9.37%
• 10Y*: 8.52%

SMLD.DE

• 1D: 0.45%
• 1M: 7.83%
• 6M: 16.72%
• YTD: 24.99%
• 1Y: 20.87%
• 3Y*: 16.99%
• 5Y*: 19.56%
• 10Y*: 6.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SC0I.DE vs. SMLD.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SC0I.DE Invesco MSCI Japan UCITS ETF	14.80%	12.31%	13.65%	16.36%	-12.51%	9.85%	5.13%	22.22%	-9.86%	9.04%
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist	24.99%	-8.84%	28.79%	15.50%	39.45%	46.81%	-37.59%	12.61%	-11.81%	-19.80%

Correlation

The correlation between SC0I.DE and SMLD.DE is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since May 16, 2013	0.33

The correlation between SC0I.DE and SMLD.DE shifts across timeframes, from -0.13 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SC0I.DE vs. SMLD.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SC0I.DE

SC0I.DE Risk / Return Rank: 70
SC0I.DE Sharpe Ratio Rank: 65
SC0I.DE Sortino Ratio Rank: 68
SC0I.DE Omega Ratio Rank: 66
SC0I.DE Calmar Ratio Rank: 80
SC0I.DE Martin Ratio Rank: 73

SMLD.DE

SMLD.DE Risk / Return Rank: 44
SMLD.DE Sharpe Ratio Rank: 45
SMLD.DE Sortino Ratio Rank: 41
SMLD.DE Omega Ratio Rank: 40
SMLD.DE Calmar Ratio Rank: 54
SMLD.DE Martin Ratio Rank: 38

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SC0I.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Japan UCITS ETF (SC0I.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.

	SC0I.DE	SMLD.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.25	+0.36
Sortino ratio: Return per unit of downside risk	2.37	1.74	+0.62
Omega ratio: Gain probability vs. loss probability	1.30	1.22	+0.08
Calmar ratio: Return relative to maximum drawdown	3.11	2.15	+0.96
Martin ratio: Return relative to average drawdown	9.87	4.71	+5.16

SC0I.DE vs. SMLD.DE - Sharpe Ratio Comparison

The current SC0I.DE Sharpe Ratio is 1.61, which is comparable to the SMLD.DE Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of SC0I.DE and SMLD.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SC0I.DE vs. SMLD.DE - Drawdown Comparison

The maximum SC0I.DE drawdown since its inception was -41.87%, smaller than the maximum SMLD.DE drawdown of -83.65%. Use the drawdown chart below to compare losses from any high point for SC0I.DE and SMLD.DE.

Drawdown Indicators

	SC0I.DE	SMLD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-41.87%	-83.65%	+41.78%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-9.68%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-22.99%	+6.16%
Max Drawdown (5Y) Largest decline over 5 years	-19.11%	-22.99%	+3.88%
Max Drawdown (10Y) Largest decline over 10 years	-28.00%	-76.32%	+48.32%
Current Drawdown Current decline from peak	-7.18%	-0.07%	-7.11%
Average Drawdown Average peak-to-trough decline	-13.49%	-33.91%	+20.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	4.42%	-1.19%

Volatility

SC0I.DE vs. SMLD.DE - Volatility Comparison

Invesco MSCI Japan UCITS ETF (SC0I.DE) has a higher volatility of 6.75% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) at 3.70%. This indicates that SC0I.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.

Volatility by Period

	SC0I.DE	SMLD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	3.70%	+3.05%
Volatility (6M) Calculated over the trailing 6-month period	16.47%	12.95%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	19.87%	16.61%	+3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	20.27%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	29.07%	-11.72%

SC0I.DE vs. SMLD.DE - Expense Ratio Comparison

SC0I.DE has a 0.19% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.

Dividends

SC0I.DE vs. SMLD.DE - Dividend Comparison

SC0I.DE has not paid dividends to shareholders, while SMLD.DE's dividend yield for the trailing twelve months is around 7.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SC0I.DE Invesco MSCI Japan UCITS ETF	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	7.43%	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

Can I hold both SC0I.DE and SMLD.DE in my portfolio?

SC0I.DE and SMLD.DE have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SC0I.DE or SMLD.DE?

On fees, SC0I.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SC0I.DE or SMLD.DE?

SC0I.DE is cheaper with a 0.19% expense ratio, compared with 0.50% for SMLD.DE.

What is the main difference between SC0I.DE and SMLD.DE?

SC0I.DE is categorized as Japan Equities, while SMLD.DE is Energy Equities. SC0I.DE tracks MSCI Japan, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.19% for SC0I.DE and 0.50% for SMLD.DE.