SMLD.DE vs. E500.DE

Last updated Jun 26, 2026

SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) and E500.DE (Invesco S&P 500 UCITS ETF (EUR Hdg)) are both exchange-traded funds - SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite, while E500.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SMLD.DE returned 6.66%/yr vs 12.99%/yr for E500.DE. At a 0.38 correlation, their price movements are largely independent. SMLD.DE charges 0.50%/yr vs 0.05%/yr for E500.DE.

Performance

SMLD.DE vs. E500.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 S&P 500 UCITS ETF (EUR Hdg) (E500.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 18.24% return, which is significantly higher than E500.DE's 5.87% return. Over the past 10 years, SMLD.DE has underperformed E500.DE with an annualized return of 6.66%, while E500.DE has yielded a comparatively higher 12.99% annualized 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%

E500.DE

• 1D: -0.30%
• 1M: -2.24%
• YTD: 5.87%
• 6M: 5.69%
• 1Y: 18.89%
• 3Y*: 17.95%
• 5Y*: 10.26%
• 10Y*: 12.99%

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

SMLD.DE vs. E500.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist	18.24%	-8.84%	28.79%	15.50%	39.45%	46.81%	-37.59%	12.61%	-11.81%	-19.80%
E500.DE Invesco S&P 500 UCITS ETF (EUR Hdg)	5.87%	15.34%	22.74%	23.32%	-21.40%	28.58%	16.04%	27.46%	-8.62%	18.82%

Correlation

The correlation between SMLD.DE and E500.DE is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Dec 12, 2014	0.38

The correlation between SMLD.DE and E500.DE shifts across timeframes, from -0.10 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMLD.DE vs. E500.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: 27
SMLD.DE Sharpe Ratio Rank: 27
SMLD.DE Sortino Ratio Rank: 25
SMLD.DE Omega Ratio Rank: 24
SMLD.DE Calmar Ratio Rank: 34
SMLD.DE Martin Ratio Rank: 27

E500.DE

E500.DE Risk / Return Rank: 51
E500.DE Sharpe Ratio Rank: 51
E500.DE Sortino Ratio Rank: 53
E500.DE Omega Ratio Rank: 51
E500.DE Calmar Ratio Rank: 45
E500.DE Martin Ratio Rank: 57

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. E500.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 S&P 500 UCITS ETF (EUR Hdg) (E500.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	E500.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.57	-0.68
Sortino ratio: Return per unit of downside risk	1.29	2.29	-1.01
Omega ratio: Gain probability vs. loss probability	1.16	1.29	-0.13
Calmar ratio: Return relative to maximum drawdown	1.52	2.04	-0.52
Martin ratio: Return relative to average drawdown	3.39	8.83	-5.44

SMLD.DE vs. E500.DE - Sharpe Ratio Comparison

The current SMLD.DE Sharpe Ratio is 0.89, which is lower than the E500.DE Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of SMLD.DE and E500.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

SMLD.DE vs. E500.DE - Drawdown Comparison

The maximum SMLD.DE drawdown since its inception was -83.65%, which is greater than E500.DE's maximum drawdown of -34.19%. Use the drawdown chart below to compare losses from any high point for SMLD.DE and E500.DE.

Drawdown Indicators

	SMLD.DE	E500.DE	Difference
Max Drawdown Largest peak-to-trough decline	-83.65%	-34.19%	-49.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-9.24%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-22.99%	-18.50%	-4.49%
Max Drawdown (5Y) Largest decline over 5 years	-22.99%	-25.81%	+2.82%
Max Drawdown (10Y) Largest decline over 10 years	-76.32%	-34.19%	-42.13%
Current Drawdown Current decline from peak	-5.47%	-3.17%	-2.30%
Average Drawdown Average peak-to-trough decline	-34.06%	-4.77%	-29.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	2.13%	+2.22%

Volatility

SMLD.DE vs. E500.DE - Volatility Comparison

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a higher volatility of 5.41% compared to Invesco S&P 500 UCITS ETF (EUR Hdg) (E500.DE) at 3.13%. This indicates that SMLD.DE's price experiences larger fluctuations and is considered to be riskier than E500.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLD.DE	E500.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	3.13%	+2.28%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	9.32%	+3.75%
Volatility (1Y) Calculated over the trailing 1-year period	16.64%	12.01%	+4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.37%	16.05%	+4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.13%	16.35%	+12.78%

SMLD.DE vs. E500.DE - Expense Ratio Comparison

SMLD.DE has a 0.50% expense ratio, which is higher than E500.DE's 0.05% expense ratio.

Dividends

SMLD.DE vs. E500.DE - Dividend Comparison

SMLD.DE's dividend yield for the trailing twelve months is around 7.86%, while E500.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
E500.DE Invesco S&P 500 UCITS ETF (EUR Hdg)	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

Can I hold both SMLD.DE and E500.DE in my portfolio?

SMLD.DE and E500.DE have a correlation of -0.10, 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 E500.DE?

On fees, E500.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMLD.DE or E500.DE?

E500.DE is cheaper with a 0.05% expense ratio, compared with 0.50% for SMLD.DE.

What is the main difference between SMLD.DE and E500.DE?

SMLD.DE is categorized as Energy Equities, while E500.DE is S&P 500. SMLD.DE tracks Morningstar MLP Composite, while E500.DE tracks S&P 500 Index. Their fees differ too: 0.50% for SMLD.DE and 0.05% for E500.DE.