SMLD.DE vs. XAT1.DE
SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) and XAT1.DE (Invesco AT1 Capital Bond ETF EUR Hedged Dist) are both exchange-traded funds - SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite, while XAT1.DE is a Corporate Bonds fund tracking the Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD. Both are passively managed. Over the past 5 years, SMLD.DE returned 25.24%/yr vs 0.67%/yr for XAT1.DE. At a 0.19 correlation, their price movements are largely independent. SMLD.DE charges 0.50%/yr vs 0.39%/yr for XAT1.DE.
Performance
SMLD.DE vs. XAT1.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 XAT1.DE's 0.23% 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%
XAT1.DE
- 1D
- -0.09%
- 1M
- -0.65%
- YTD
- 0.23%
- 6M
- 0.90%
- 1Y
- 5.64%
- 3Y*
- 8.79%
- 5Y*
- 0.67%
- 10Y*
- —
SMLD.DE vs. XAT1.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -12.07% |
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 0.23% | 8.61% | 8.34% | -0.02% | -12.08% | 2.58% | 5.80% | 15.11% | -0.93% |
Correlation
The correlation between SMLD.DE and XAT1.DE is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.19 |
The correlation between SMLD.DE and XAT1.DE shifts across timeframes, from -0.13 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMLD.DE vs. XAT1.DE — Risk / Return Rank
SMLD.DE
XAT1.DE
SMLD.DE vs. XAT1.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 AT1 Capital Bond ETF EUR Hedged Dist (XAT1.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 | XAT1.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.24 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 1.55 | -0.62 |
| Martin ratioReturn relative to average drawdown | 1.91 | 6.31 | -4.40 |
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 | XAT1.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.51 | 1.15 | -0.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.10 | 0.08 | +1.02 |
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 | 0.31 | -0.02 |
Drawdowns
SMLD.DE vs. XAT1.DE - Drawdown Comparison
The maximum SMLD.DE drawdown since its inception was -73.78%, which is greater than XAT1.DE's maximum drawdown of -28.95%. Use the drawdown chart below to compare losses from any high point for SMLD.DE and XAT1.DE.
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Drawdown Indicators
| SMLD.DE | XAT1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.78% | -28.95% | -44.83% |
Max Drawdown (1Y)Largest decline over 1 year | -14.77% | -3.63% | -11.14% |
Max Drawdown (3Y)Largest decline over 3 years | -22.99% | -4.67% | -18.32% |
Max Drawdown (5Y)Largest decline over 5 years | -22.99% | -27.74% | +4.75% |
Max Drawdown (10Y)Largest decline over 10 years | -70.79% | — | — |
Current DrawdownCurrent decline from peak | -3.47% | -1.42% | -2.05% |
Average DrawdownAverage peak-to-trough decline | -17.76% | -6.38% | -11.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.16% | 0.89% | +6.27% |
Volatility
SMLD.DE vs. XAT1.DE - Volatility Comparison
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a higher volatility of 5.38% compared to Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE) at 1.69%. This indicates that SMLD.DE's price experiences larger fluctuations and is considered to be riskier than XAT1.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 | XAT1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 1.69% | +3.69% |
Volatility (6M)Calculated over the trailing 6-month period | 12.79% | 4.41% | +8.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.64% | 4.91% | +21.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.60% | 8.18% | +14.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.70% | 10.25% | +24.45% |
SMLD.DE vs. XAT1.DE - Expense Ratio Comparison
SMLD.DE has a 0.50% expense ratio, which is higher than XAT1.DE's 0.39% expense ratio.
Dividends
SMLD.DE vs. XAT1.DE - Dividend Comparison
SMLD.DE's dividend yield for the trailing twelve months is around 7.55%, more than XAT1.DE's 5.94% yield.
| 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% |
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 5.94% | 5.95% | 6.40% | 6.17% | 6.02% | 4.42% | 5.23% | 5.59% | 2.63% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMLD.DE and XAT1.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, XAT1.DE is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XAT1.DE is cheaper with a 0.39% expense ratio, compared with 0.50% for SMLD.DE.
SMLD.DE is categorized as Energy Equities, while XAT1.DE is Corporate Bonds. SMLD.DE tracks Morningstar MLP Composite, while XAT1.DE tracks Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD. Their fees differ too: 0.50% for SMLD.DE and 0.39% for XAT1.DE.
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