SMLD.DE vs. 8PSB.DE

Last updated Jun 5, 2026

SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) and 8PSB.DE (Invesco Physical Silver ETC) are both exchange-traded funds - SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite, while 8PSB.DE is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 3 years, SMLD.DE returned 20.56%/yr vs 42.18%/yr for 8PSB.DE. At a 0.13 correlation, their price movements are largely independent. SMLD.DE charges 0.50%/yr vs 0.19%/yr for 8PSB.DE.

Performance

SMLD.DE vs. 8PSB.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) and Invesco Physical Silver ETC (8PSB.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLD.DE achieves a 20.75% return, which is significantly higher than 8PSB.DE's -2.37% return.

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%

8PSB.DE

• 1D: 0.37%
• 1M: 1.00%
• YTD: -2.37%
• 6M: 29.53%
• 1Y: 110.49%
• 3Y*: 42.18%
• 5Y*: —
• 10Y*: —

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

SMLD.DE vs. 8PSB.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist	20.75%	-8.86%	35.22%	27.59%	49.18%	2.89%
8PSB.DE Invesco Physical Silver ETC	-2.37%	130.25%	30.85%	-4.18%	10.64%	-7.65%

Correlation

The correlation between SMLD.DE and 8PSB.DE is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jun 25, 2021	0.13

The correlation between SMLD.DE and 8PSB.DE shifts across timeframes, from -0.11 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMLD.DE vs. 8PSB.DE — Risk / Return Rank

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

SMLD.DE

SMLD.DE Risk / Return Rank: 20
SMLD.DE Sharpe Ratio Rank: 17
SMLD.DE Sortino Ratio Rank: 19
SMLD.DE Omega Ratio Rank: 23
SMLD.DE Calmar Ratio Rank: 21
SMLD.DE Martin Ratio Rank: 19

8PSB.DE

8PSB.DE Risk / Return Rank: 52
8PSB.DE Sharpe Ratio Rank: 56
8PSB.DE Sortino Ratio Rank: 46
8PSB.DE Omega Ratio Rank: 59
8PSB.DE Calmar Ratio Rank: 58
8PSB.DE Martin Ratio Rank: 39

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.

SMLD.DE vs. 8PSB.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) and Invesco Physical Silver ETC (8PSB.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.

	SMLD.DE	8PSB.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.51	1.89	-1.38
Sortino ratio: Return per unit of downside risk	0.91	2.23	-1.32
Omega ratio: Gain probability vs. loss probability	1.15	1.35	-0.20
Calmar ratio: Return relative to maximum drawdown	0.92	2.85	-1.92
Martin ratio: Return relative to average drawdown	1.91	6.09	-4.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLD.DE vs. 8PSB.DE - Sharpe Ratio Comparison

The current SMLD.DE Sharpe Ratio is 0.51, which is lower than the 8PSB.DE Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of SMLD.DE and 8PSB.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.

Sharpe Ratios by Period

	SMLD.DE	8PSB.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	1.89	-1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	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	0.29	0.68	-0.39

Drawdowns

SMLD.DE vs. 8PSB.DE - Drawdown Comparison

The maximum SMLD.DE drawdown since its inception was -73.78%, which is greater than 8PSB.DE's maximum drawdown of -38.62%. Use the drawdown chart below to compare losses from any high point for SMLD.DE and 8PSB.DE.

Drawdown Indicators

	SMLD.DE	8PSB.DE	Difference
Max Drawdown Largest peak-to-trough decline	-73.78%	-38.62%	-35.16%
Max Drawdown (1Y) Largest decline over 1 year	-14.77%	-38.62%	+23.85%
Max Drawdown (3Y) Largest decline over 3 years	-22.99%	-38.62%	+15.63%
Max Drawdown (5Y) Largest decline over 5 years	-22.99%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-70.79%	—	—
Current Drawdown Current decline from peak	-3.47%	-33.51%	+30.04%
Average Drawdown Average peak-to-trough decline	-17.76%	-11.18%	-6.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.16%	18.07%	-10.91%

Volatility

SMLD.DE vs. 8PSB.DE - Volatility Comparison

The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) is 5.38%, while Invesco Physical Silver ETC (8PSB.DE) has a volatility of 16.36%. This indicates that SMLD.DE experiences smaller price fluctuations and is considered to be less risky than 8PSB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLD.DE	8PSB.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	16.36%	-10.98%
Volatility (6M) Calculated over the trailing 6-month period	12.79%	51.95%	-39.16%
Volatility (1Y) Calculated over the trailing 1-year period	26.64%	58.17%	-31.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.60%	34.63%	-12.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.70%	34.63%	+0.07%

SMLD.DE vs. 8PSB.DE - Expense Ratio Comparison

SMLD.DE has a 0.50% expense ratio, which is higher than 8PSB.DE's 0.19% expense ratio.

Dividends

SMLD.DE vs. 8PSB.DE - Dividend Comparison

SMLD.DE's dividend yield for the trailing twelve months is around 7.55%, while 8PSB.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
8PSB.DE Invesco Physical Silver ETC	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	7.55%	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

Can I hold both SMLD.DE and 8PSB.DE in my portfolio?

SMLD.DE and 8PSB.DE have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMLD.DE or 8PSB.DE?

On fees, 8PSB.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, SMLD.DE or 8PSB.DE?

8PSB.DE is cheaper with a 0.19% expense ratio, compared with 0.50% for SMLD.DE.

What is the main difference between SMLD.DE and 8PSB.DE?

SMLD.DE is categorized as Energy Equities, while 8PSB.DE is Silver. SMLD.DE tracks Morningstar MLP Composite, while 8PSB.DE tracks LBMA Silver Price. Their fees differ too: 0.50% for SMLD.DE and 0.19% for 8PSB.DE.