SMLD.DE vs. SMLP.DE
SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) and SMLP.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc) are both Energy Equities funds from Invesco tracking the Morningstar MLP Composite. Both are passively managed. Over the past 10 years, SMLD.DE returned 15.33%/yr vs 6.71%/yr for SMLP.DE. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.
Performance
SMLD.DE vs. SMLP.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SMLD.DE having a 20.75% return and SMLP.DE slightly higher at 21.07%. Over the past 10 years, SMLD.DE has outperformed SMLP.DE with an annualized return of 15.33%, while SMLP.DE has yielded a comparatively lower 6.71% annualized 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%
SMLP.DE
- 1D
- -0.67%
- 1M
- 0.55%
- YTD
- 21.07%
- 6M
- 14.97%
- 1Y
- 13.65%
- 3Y*
- 15.69%
- 5Y*
- 18.35%
- 10Y*
- 6.71%
SMLD.DE vs. SMLP.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% |
SMLP.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc | 21.07% | -9.11% | 28.88% | 15.48% | 39.72% | 46.65% | -37.48% | 12.48% | -11.75% | -19.80% |
Correlation
The correlation between SMLD.DE and SMLP.DE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2014 | 0.90 |
The correlation between SMLD.DE and SMLP.DE has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.
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Return for Risk
SMLD.DE vs. SMLP.DE — Risk / Return Rank
SMLD.DE
SMLP.DE
SMLD.DE vs. SMLP.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 Morningstar US Energy Infrastructure MLP UCITS ETF Acc (SMLP.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 | SMLP.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.15 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 1.41 | -0.49 |
| Martin ratioReturn relative to average drawdown | 1.91 | 3.20 | -1.29 |
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 | SMLP.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.51 | 0.83 | -0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.10 | 0.89 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.23 | +0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.10 | +0.19 |
Drawdowns
SMLD.DE vs. SMLP.DE - Drawdown Comparison
The maximum SMLD.DE drawdown since its inception was -73.78%, smaller than the maximum SMLP.DE drawdown of -79.34%. Use the drawdown chart below to compare losses from any high point for SMLD.DE and SMLP.DE.
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Drawdown Indicators
| SMLD.DE | SMLP.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.78% | -79.34% | +5.56% |
Max Drawdown (1Y)Largest decline over 1 year | -14.77% | -9.62% | -5.15% |
Max Drawdown (3Y)Largest decline over 3 years | -22.99% | -22.58% | -0.41% |
Max Drawdown (5Y)Largest decline over 5 years | -22.99% | -22.58% | -0.41% |
Max Drawdown (10Y)Largest decline over 10 years | -70.79% | -76.25% | +5.46% |
Current DrawdownCurrent decline from peak | -3.47% | -3.45% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -17.76% | -25.61% | +7.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.16% | 4.25% | +2.91% |
Volatility
SMLD.DE vs. SMLP.DE - Volatility Comparison
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (SMLP.DE) have volatilities of 5.38% and 5.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMLD.DE | SMLP.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 5.21% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 12.79% | 12.78% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.64% | 16.31% | +10.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.60% | 20.44% | +2.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.70% | 28.59% | +6.11% |
SMLD.DE vs. SMLP.DE - Expense Ratio Comparison
Both SMLD.DE and SMLP.DE have an expense ratio of 0.50%.
Dividends
SMLD.DE vs. SMLP.DE - Dividend Comparison
SMLD.DE's dividend yield for the trailing twelve months is around 7.55%, while SMLP.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SMLP.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, SMLD.DE and SMLP.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SMLD.DE and SMLP.DE have the same expense ratio: 0.50% per year.
Both ETFs track Morningstar MLP Composite.
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