SMLD.DE vs. XUEN.DE

Last updated Jun 5, 2026

SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) and XUEN.DE (Xtrackers MSCI USA Energy UCITS ETF 1D) are both Energy Equities funds - SMLD.DE tracks the Morningstar MLP Composite while XUEN.DE tracks the MSCI USA Energy 20/35 Custom. Both are passively managed. Over the past 5 years, SMLD.DE returned 25.24%/yr vs 21.22%/yr for XUEN.DE. A 0.68 correlation means they provide meaningful diversification when combined. SMLD.DE charges 0.50%/yr vs 0.12%/yr for XUEN.DE.

Performance

SMLD.DE vs. XUEN.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) and Xtrackers MSCI USA Energy UCITS ETF 1D (XUEN.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLD.DE achieves a 20.75% return, which is significantly lower than XUEN.DE's 32.35% 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%

XUEN.DE

• 1D: -0.40%
• 1M: -0.74%
• YTD: 32.35%
• 6M: 29.20%
• 1Y: 41.93%
• 3Y*: 14.05%
• 5Y*: 21.22%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMLD.DE vs. XUEN.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%	2.10%
XUEN.DE Xtrackers MSCI USA Energy UCITS ETF 1D	32.35%	-3.28%	10.56%	-3.66%	71.12%	65.12%	-40.59%	12.55%	-14.61%	11.19%

Correlation

The correlation between SMLD.DE and XUEN.DE is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Sep 18, 2017	0.68

The correlation between SMLD.DE and XUEN.DE has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

Return for Risk

SMLD.DE vs. XUEN.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMLD.DE

SMLD.DE Risk / Return Rank: 20
SMLD.DE Sharpe Ratio Rank: 17
SMLD.DE Sortino Ratio Rank: 19
SMLD.DE Omega Ratio Rank: 23
SMLD.DE Calmar Ratio Rank: 21
SMLD.DE Martin Ratio Rank: 19

XUEN.DE

XUEN.DE Risk / Return Rank: 49
XUEN.DE Sharpe Ratio Rank: 52
XUEN.DE Sortino Ratio Rank: 45
XUEN.DE Omega Ratio Rank: 50
XUEN.DE Calmar Ratio Rank: 50
XUEN.DE Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMLD.DE vs. XUEN.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 Xtrackers MSCI USA Energy UCITS ETF 1D (XUEN.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	XUEN.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.51	1.76	-1.25
Sortino ratio: Return per unit of downside risk	0.91	2.23	-1.32
Omega ratio: Gain probability vs. loss probability	1.15	1.31	-0.16
Calmar ratio: Return relative to maximum drawdown	0.92	2.44	-1.51
Martin ratio: Return relative to average drawdown	1.91	7.67	-5.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLD.DE vs. XUEN.DE - Sharpe Ratio Comparison

The current SMLD.DE Sharpe Ratio is 0.51, which is lower than the XUEN.DE Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SMLD.DE and XUEN.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMLD.DE	XUEN.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	1.76	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.10	0.79	+0.32
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	0.36	-0.07

Drawdowns

SMLD.DE vs. XUEN.DE - Drawdown Comparison

The maximum SMLD.DE drawdown since its inception was -73.78%, which is greater than XUEN.DE's maximum drawdown of -64.67%. Use the drawdown chart below to compare losses from any high point for SMLD.DE and XUEN.DE.

Drawdown Indicators

	SMLD.DE	XUEN.DE	Difference
Max Drawdown Largest peak-to-trough decline	-73.78%	-64.67%	-9.11%
Max Drawdown (1Y) Largest decline over 1 year	-14.77%	-17.12%	+2.35%
Max Drawdown (3Y) Largest decline over 3 years	-22.99%	-26.63%	+3.64%
Max Drawdown (5Y) Largest decline over 5 years	-22.99%	-26.63%	+3.64%
Max Drawdown (10Y) Largest decline over 10 years	-70.79%	—	—
Current Drawdown Current decline from peak	-3.47%	-9.21%	+5.74%
Average Drawdown Average peak-to-trough decline	-17.76%	-16.97%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.16%	5.46%	+1.70%

Volatility

SMLD.DE vs. XUEN.DE - Volatility Comparison

The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) is 5.38%, while Xtrackers MSCI USA Energy UCITS ETF 1D (XUEN.DE) has a volatility of 7.71%. This indicates that SMLD.DE experiences smaller price fluctuations and is considered to be less risky than XUEN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLD.DE	XUEN.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	7.71%	-2.33%
Volatility (6M) Calculated over the trailing 6-month period	12.79%	20.26%	-7.47%
Volatility (1Y) Calculated over the trailing 1-year period	26.64%	23.74%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.60%	26.62%	-4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.70%	29.68%	+5.02%

SMLD.DE vs. XUEN.DE - Expense Ratio Comparison

SMLD.DE has a 0.50% expense ratio, which is higher than XUEN.DE's 0.12% expense ratio.

Dividends

SMLD.DE vs. XUEN.DE - Dividend Comparison

SMLD.DE's dividend yield for the trailing twelve months is around 7.55%, more than XUEN.DE's 2.07% 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%
XUEN.DE Xtrackers MSCI USA Energy UCITS ETF 1D	2.07%	2.80%	2.64%	3.22%	3.89%	3.12%	7.28%	2.72%	0.71%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMLD.DE and XUEN.DE in my portfolio?

SMLD.DE and XUEN.DE have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMLD.DE or XUEN.DE?

On fees, XUEN.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMLD.DE or XUEN.DE?

XUEN.DE is cheaper with a 0.12% expense ratio, compared with 0.50% for SMLD.DE.

What is the main difference between SMLD.DE and XUEN.DE?

SMLD.DE tracks Morningstar MLP Composite, while XUEN.DE tracks MSCI USA Energy 20/35 Custom. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.50% for SMLD.DE and 0.12% for XUEN.DE.