SMLD.DE vs. SPYN.DE
SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) and SPYN.DE (SPDR MSCI Europe Energy UCITS ETF) are both Energy Equities funds - SMLD.DE tracks the Morningstar MLP Composite while SPYN.DE tracks the MSCI Europe Energy 20/35 Capped. Both are passively managed. Over the past 10 years, SMLD.DE returned 15.33%/yr vs 11.20%/yr for SPYN.DE. A 0.54 correlation means they provide meaningful diversification when combined. SMLD.DE charges 0.50%/yr vs 0.18%/yr for SPYN.DE.
Performance
SMLD.DE vs. SPYN.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 lower than SPYN.DE's 35.04% return. Over the past 10 years, SMLD.DE has outperformed SPYN.DE with an annualized return of 15.33%, while SPYN.DE has yielded a comparatively lower 11.20% 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%
SPYN.DE
- 1D
- -0.92%
- 1M
- -2.45%
- YTD
- 35.04%
- 6M
- 30.84%
- 1Y
- 54.32%
- 3Y*
- 17.57%
- 5Y*
- 19.95%
- 10Y*
- 11.20%
SMLD.DE vs. SPYN.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% |
SPYN.DE SPDR MSCI Europe Energy UCITS ETF | 35.04% | 14.83% | -5.83% | 8.31% | 37.38% | 35.64% | -31.15% | 10.33% | -0.63% | 5.40% |
Correlation
The correlation between SMLD.DE and SPYN.DE is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since May 17, 2013 | 0.54 |
The correlation between SMLD.DE and SPYN.DE has been stable across timeframes, ranging from 0.50 to 0.60 - a consistent structural relationship.
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Return for Risk
SMLD.DE vs. SPYN.DE — Risk / Return Rank
SMLD.DE
SPYN.DE
SMLD.DE vs. SPYN.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 SPDR MSCI Europe Energy UCITS ETF (SPYN.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 | SPYN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.42 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 4.55 | -3.62 |
| Martin ratioReturn relative to average drawdown | 1.91 | 14.57 | -12.66 |
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 | SPYN.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.51 | 2.44 | -1.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.10 | 0.83 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.43 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.30 | -0.02 |
Drawdowns
SMLD.DE vs. SPYN.DE - Drawdown Comparison
The maximum SMLD.DE drawdown since its inception was -73.78%, which is greater than SPYN.DE's maximum drawdown of -58.67%. Use the drawdown chart below to compare losses from any high point for SMLD.DE and SPYN.DE.
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Drawdown Indicators
| SMLD.DE | SPYN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.78% | -58.67% | -15.11% |
Max Drawdown (1Y)Largest decline over 1 year | -14.77% | -11.89% | -2.88% |
Max Drawdown (3Y)Largest decline over 3 years | -22.99% | -26.54% | +3.55% |
Max Drawdown (5Y)Largest decline over 5 years | -22.99% | -26.54% | +3.55% |
Max Drawdown (10Y)Largest decline over 10 years | -70.79% | -58.67% | -12.12% |
Current DrawdownCurrent decline from peak | -3.47% | -6.51% | +3.04% |
Average DrawdownAverage peak-to-trough decline | -17.76% | -11.42% | -6.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.16% | 3.72% | +3.44% |
Volatility
SMLD.DE vs. SPYN.DE - Volatility Comparison
The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) is 5.38%, while SPDR MSCI Europe Energy UCITS ETF (SPYN.DE) has a volatility of 7.11%. This indicates that SMLD.DE experiences smaller price fluctuations and is considered to be less risky than SPYN.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 | SPYN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 7.11% | -1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 12.79% | 19.17% | -6.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.64% | 22.25% | +4.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.60% | 23.69% | -1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.70% | 26.06% | +8.64% |
SMLD.DE vs. SPYN.DE - Expense Ratio Comparison
SMLD.DE has a 0.50% expense ratio, which is higher than SPYN.DE's 0.18% expense ratio.
Dividends
SMLD.DE vs. SPYN.DE - Dividend Comparison
SMLD.DE's dividend yield for the trailing twelve months is around 7.55%, while SPYN.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% |
SPYN.DE SPDR MSCI Europe Energy 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% |
Frequently Asked Questions
SMLD.DE and SPYN.DE have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYN.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYN.DE is cheaper with a 0.18% expense ratio, compared with 0.50% for SMLD.DE.
SMLD.DE tracks Morningstar MLP Composite, while SPYN.DE tracks MSCI Europe Energy 20/35 Capped. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.50% for SMLD.DE and 0.18% for SPYN.DE.
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