SMLD.DE vs. XAAG.DE
SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) and XAAG.DE (Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc) are both exchange-traded funds - SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite, while XAAG.DE is a Commodities fund tracking the Bloomberg Commodity ex-Agriculture and Livestock. Both are passively managed. Over the past 5 years, SMLD.DE returned 25.24%/yr vs 14.95%/yr for XAAG.DE. At a 0.42 correlation, their price movements are largely independent. SMLD.DE charges 0.50%/yr vs 0.19%/yr for XAAG.DE.
Performance
SMLD.DE vs. XAAG.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 XAAG.DE's 27.69% 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%
XAAG.DE
- 1D
- -0.56%
- 1M
- 0.44%
- YTD
- 27.69%
- 6M
- 30.58%
- 1Y
- 47.37%
- 3Y*
- 17.71%
- 5Y*
- 14.95%
- 10Y*
- —
SMLD.DE vs. XAAG.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% | -6.37% |
XAAG.DE Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc | 27.69% | 12.13% | 14.84% | -14.76% | 23.35% | 39.76% | -19.46% | 12.99% | -5.11% | 4.28% |
Correlation
The correlation between SMLD.DE and XAAG.DE is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since May 31, 2017 | 0.42 |
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Return for Risk
SMLD.DE vs. XAAG.DE — Risk / Return Rank
SMLD.DE
XAAG.DE
SMLD.DE vs. XAAG.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 Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.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 | XAAG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.39 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 4.08 | -3.16 |
| Martin ratioReturn relative to average drawdown | 1.91 | 9.65 | -7.74 |
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 | XAAG.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.51 | 2.17 | -1.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.10 | 0.73 | +0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.49 | -0.20 |
Drawdowns
SMLD.DE vs. XAAG.DE - Drawdown Comparison
The maximum SMLD.DE drawdown since its inception was -73.78%, which is greater than XAAG.DE's maximum drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for SMLD.DE and XAAG.DE.
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Drawdown Indicators
| SMLD.DE | XAAG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.78% | -33.85% | -39.93% |
Max Drawdown (1Y)Largest decline over 1 year | -14.77% | -11.54% | -3.23% |
Max Drawdown (3Y)Largest decline over 3 years | -22.99% | -16.26% | -6.73% |
Max Drawdown (5Y)Largest decline over 5 years | -22.99% | -33.85% | +10.86% |
Max Drawdown (10Y)Largest decline over 10 years | -70.79% | — | — |
Current DrawdownCurrent decline from peak | -3.47% | -2.54% | -0.93% |
Average DrawdownAverage peak-to-trough decline | -17.76% | -13.88% | -3.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.16% | 4.89% | +2.27% |
Volatility
SMLD.DE vs. XAAG.DE - Volatility Comparison
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a higher volatility of 5.38% compared to Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) at 4.71%. This indicates that SMLD.DE's price experiences larger fluctuations and is considered to be riskier than XAAG.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 | XAAG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 4.71% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 12.79% | 18.81% | -6.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.64% | 21.76% | +4.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.60% | 20.32% | +2.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.70% | 18.40% | +16.30% |
SMLD.DE vs. XAAG.DE - Expense Ratio Comparison
SMLD.DE has a 0.50% expense ratio, which is higher than XAAG.DE's 0.19% expense ratio.
Dividends
SMLD.DE vs. XAAG.DE - Dividend Comparison
SMLD.DE's dividend yield for the trailing twelve months is around 7.55%, while XAAG.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% |
XAAG.DE Invesco Bloomberg Commodity ex-Agriculture 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
SMLD.DE and XAAG.DE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XAAG.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XAAG.DE is cheaper with a 0.19% expense ratio, compared with 0.50% for SMLD.DE.
SMLD.DE is categorized as Energy Equities, while XAAG.DE is Commodities. SMLD.DE tracks Morningstar MLP Composite, while XAAG.DE tracks Bloomberg Commodity ex-Agriculture and Livestock. Their fees differ too: 0.50% for SMLD.DE and 0.19% for XAAG.DE.
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