SMLD.DE vs. 8PSE.DE
SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) and 8PSE.DE (Invesco Physical Gold (EUR Hedged) ETC) are both exchange-traded funds - SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite, while 8PSE.DE is a Gold fund tracking the LBMA Gold Price PM (EUR Hedged). Both are passively managed. Over the past 5 years, SMLD.DE returned 17.30%/yr vs 12.89%/yr for 8PSE.DE. At a correlation of -0.07, they often move in opposite directions. SMLD.DE charges 0.50%/yr vs 0.34%/yr for 8PSE.DE.
Performance
SMLD.DE vs. 8PSE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SMLD.DE achieves a 18.24% return, which is significantly lower than 8PSE.DE's 83.34% return.
SMLD.DE
- 1D
- 0.47%
- 1M
- -3.56%
- YTD
- 18.24%
- 6M
- 18.50%
- 1Y
- 14.78%
- 3Y*
- 16.01%
- 5Y*
- 17.30%
- 10Y*
- 6.66%
8PSE.DE
- 1D
- -3.05%
- 1M
- -11.31%
- YTD
- 83.34%
- 6M
- 83.34%
- 1Y
- 83.34%
- 3Y*
- 22.39%
- 5Y*
- 12.89%
- 10Y*
- —
SMLD.DE vs. 8PSE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 18.24% | -8.84% | 28.79% | 15.50% | 39.45% | 46.81% | 6.04% |
8PSE.DE Invesco Physical Gold (EUR Hedged) ETC | 83.34% | 0.00% | 0.00% | 0.00% | 0.00% | -1.85% | 4.42% |
Correlation
The correlation between SMLD.DE and 8PSE.DE is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2020 | -0.07 |
The correlation between SMLD.DE and 8PSE.DE shifts across timeframes, from -0.21 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMLD.DE vs. 8PSE.DE — Risk / Return Rank
SMLD.DE
8PSE.DE
SMLD.DE vs. 8PSE.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 Gold (EUR Hedged) ETC (8PSE.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.
| SMLD.DE | 8PSE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.97 | -0.81 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.73 | -0.21 |
| Martin ratioReturn relative to average drawdown | 3.39 | 3.70 | -0.31 |
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Drawdowns
SMLD.DE vs. 8PSE.DE - Drawdown Comparison
The maximum SMLD.DE drawdown since its inception was -83.65%, which is greater than 8PSE.DE's maximum drawdown of -47.85%. Use the drawdown chart below to compare losses from any high point for SMLD.DE and 8PSE.DE.
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Drawdown Indicators
| SMLD.DE | 8PSE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.65% | -47.85% | -35.80% |
Max Drawdown (1Y)Largest decline over 1 year | -9.68% | -47.85% | +38.17% |
Max Drawdown (3Y)Largest decline over 3 years | -22.99% | -47.85% | +24.86% |
Max Drawdown (5Y)Largest decline over 5 years | -22.99% | -47.85% | +24.86% |
Max Drawdown (10Y)Largest decline over 10 years | -76.32% | — | — |
Current DrawdownCurrent decline from peak | -5.47% | -25.16% | +19.69% |
Average DrawdownAverage peak-to-trough decline | -34.06% | -9.84% | -24.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.35% | 22.43% | -18.08% |
Volatility
SMLD.DE vs. 8PSE.DE - Volatility Comparison
The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) is 5.41%, while Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) has a volatility of 9.10%. This indicates that SMLD.DE experiences smaller price fluctuations and is considered to be less risky than 8PSE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMLD.DE | 8PSE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.41% | 9.10% | -3.69% |
Volatility (6M)Calculated over the trailing 6-month period | 13.07% | 76.34% | -63.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.64% | 150.14% | -133.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.37% | 67.03% | -46.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.13% | 61.70% | -32.57% |
SMLD.DE vs. 8PSE.DE - Expense Ratio Comparison
SMLD.DE has a 0.50% expense ratio, which is higher than 8PSE.DE's 0.34% expense ratio.
Dividends
SMLD.DE vs. 8PSE.DE - Dividend Comparison
SMLD.DE's dividend yield for the trailing twelve months is around 7.86%, while 8PSE.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
8PSE.DE Invesco Physical Gold (EUR Hedged) 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 | 7.86% | 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
SMLD.DE and 8PSE.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, 8PSE.DE is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
8PSE.DE is cheaper with a 0.34% expense ratio, compared with 0.50% for SMLD.DE.
SMLD.DE is categorized as Energy Equities, while 8PSE.DE is Gold. SMLD.DE tracks Morningstar MLP Composite, while 8PSE.DE tracks LBMA Gold Price PM (EUR Hedged). Their fees differ too: 0.50% for SMLD.DE and 0.34% for 8PSE.DE.
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