SMLD.DE vs. P500.DE
SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) and P500.DE (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite, while P500.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 15.33%/yr vs 15.16%/yr for P500.DE. At a 0.40 correlation, their price movements are largely independent. SMLD.DE charges 0.50%/yr vs 0.05%/yr for P500.DE.
Performance
SMLD.DE vs. P500.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SMLD.DE achieves a 20.75% return, which is significantly higher than P500.DE's 11.47% return. Both investments have delivered pretty close results over the past 10 years, with SMLD.DE having a 15.33% annualized return and P500.DE not far behind at 15.16%.
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%
P500.DE
- 1D
- -0.10%
- 1M
- 5.26%
- YTD
- 11.47%
- 6M
- 11.50%
- 1Y
- 25.80%
- 3Y*
- 19.07%
- 5Y*
- 14.99%
- 10Y*
- 15.16%
SMLD.DE vs. P500.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 | 20.75% | -8.86% | 35.22% | 27.59% | 49.18% | 62.11% | -27.45% | 24.27% | -4.73% | -12.47% |
P500.DE Invesco S&P 500 UCITS ETF | 11.47% | 4.88% | 32.56% | 22.69% | -14.05% | 41.05% | 7.04% | 34.88% | -0.84% | 6.71% |
Correlation
The correlation between SMLD.DE and P500.DE is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since May 17, 2013 | 0.40 |
Over the past year, the correlation between SMLD.DE and P500.DE has dropped to 0.13 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.
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Return for Risk
SMLD.DE vs. P500.DE — Risk / Return Rank
SMLD.DE
P500.DE
SMLD.DE vs. P500.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 (P500.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 | P500.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.41 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 3.62 | -2.69 |
| Martin ratioReturn relative to average drawdown | 1.91 | 12.91 | -11.00 |
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
| SMLD.DE | P500.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.51 | 2.23 | -1.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.10 | 0.98 | +0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.94 | -0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 1.01 | -0.72 |
Drawdowns
SMLD.DE vs. P500.DE - Drawdown Comparison
The maximum SMLD.DE drawdown since its inception was -73.78%, which is greater than P500.DE's maximum drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for SMLD.DE and P500.DE.
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Drawdown Indicators
| SMLD.DE | P500.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.78% | -33.78% | -40.00% |
Max Drawdown (1Y)Largest decline over 1 year | -14.77% | -7.11% | -7.66% |
Max Drawdown (3Y)Largest decline over 3 years | -22.99% | -23.34% | +0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -22.99% | -23.34% | +0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -70.79% | -33.78% | -37.01% |
Current DrawdownCurrent decline from peak | -3.47% | -0.40% | -3.07% |
Average DrawdownAverage peak-to-trough decline | -17.76% | -3.85% | -13.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.16% | 1.99% | +5.17% |
Volatility
SMLD.DE vs. P500.DE - Volatility Comparison
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a higher volatility of 5.38% compared to Invesco S&P 500 UCITS ETF (P500.DE) at 2.65%. This indicates that SMLD.DE's price experiences larger fluctuations and is considered to be riskier than P500.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 | P500.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 2.65% | +2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 12.79% | 7.59% | +5.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.64% | 11.52% | +15.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.60% | 15.17% | +7.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.70% | 16.07% | +18.63% |
SMLD.DE vs. P500.DE - Expense Ratio Comparison
SMLD.DE has a 0.50% expense ratio, which is higher than P500.DE's 0.05% expense ratio.
Dividends
SMLD.DE vs. P500.DE - Dividend Comparison
SMLD.DE's dividend yield for the trailing twelve months is around 7.55%, while P500.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
P500.DE Invesco S&P 500 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 | 7.55% | 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
SMLD.DE and P500.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.
On fees, P500.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
P500.DE is cheaper with a 0.05% expense ratio, compared with 0.50% for SMLD.DE.
SMLD.DE is categorized as Energy Equities, while P500.DE is S&P 500. SMLD.DE tracks Morningstar MLP Composite, while P500.DE tracks S&P 500 Index. Their fees differ too: 0.50% for SMLD.DE and 0.05% for P500.DE.
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