SMLK.DE vs. ETLZ.DE
SMLK.DE (Invesco S&P SmallCap 600 UCITS ETF A) and ETLZ.DE (L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc) are both Small Cap Blend Equities funds - SMLK.DE tracks the S&P SmallCap 600 while ETLZ.DE tracks the Russell 2000 0.4 Quality Target Exposure Factor Net Tax Index. Both are passively managed. Over the past 5 years, SMLK.DE returned 8.55%/yr vs 9.31%/yr for ETLZ.DE. With a 0.97 correlation, they move nearly in lockstep. SMLK.DE charges 0.14%/yr vs 0.30%/yr for ETLZ.DE.
Performance
SMLK.DE vs. ETLZ.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SMLK.DE having a 23.26% return and ETLZ.DE slightly lower at 23.04%.
SMLK.DE
- 1D
- 0.00%
- 1M
- 3.68%
- 6M
- 15.39%
- YTD
- 23.26%
- 1Y
- 38.19%
- 3Y*
- 13.80%
- 5Y*
- 8.55%
- 10Y*
- —
ETLZ.DE
- 1D
- 0.74%
- 1M
- 3.46%
- 6M
- 14.71%
- YTD
- 23.04%
- 1Y
- 39.69%
- 3Y*
- 15.43%
- 5Y*
- 9.31%
- 10Y*
- 10.91%
SMLK.DE vs. ETLZ.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMLK.DE Invesco S&P SmallCap 600 UCITS ETF A | 23.26% | -4.02% | 13.30% | 13.97% | -11.83% | 12.81% |
ETLZ.DE L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc | 23.04% | 0.32% | 15.12% | 16.03% | -14.22% | 10.92% |
Correlation
The correlation between SMLK.DE and ETLZ.DE is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2021 | 0.97 |
The correlation between SMLK.DE and ETLZ.DE has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
SMLK.DE vs. ETLZ.DE — Risk / Return Rank
SMLK.DE
ETLZ.DE
SMLK.DE vs. ETLZ.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 UCITS ETF A (SMLK.DE) and L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc (ETLZ.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SMLK.DE | ETLZ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.41 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 5.61 | -3.56 |
| Martin ratioReturn relative to average drawdown | 4.60 | 16.79 | -12.19 |
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Drawdowns
SMLK.DE vs. ETLZ.DE - Drawdown Comparison
The maximum SMLK.DE drawdown since its inception was -32.69%, smaller than the maximum ETLZ.DE drawdown of -58.36%. Use the drawdown chart below to compare losses from any high point for SMLK.DE and ETLZ.DE.
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Drawdown Indicators
| SMLK.DE | ETLZ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.69% | -58.36% | +25.67% |
Max Drawdown (1Y)Largest decline over 1 year | -18.60% | -7.04% | -11.56% |
Max Drawdown (3Y)Largest decline over 3 years | -32.69% | -31.34% | -1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -32.69% | -31.34% | -1.35% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.01% | — |
Current DrawdownCurrent decline from peak | -2.34% | -0.92% | -1.42% |
Average DrawdownAverage peak-to-trough decline | -8.88% | -10.71% | +1.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.30% | 2.35% | +5.95% |
Volatility
SMLK.DE vs. ETLZ.DE - Volatility Comparison
Invesco S&P SmallCap 600 UCITS ETF A (SMLK.DE) has a higher volatility of 4.49% compared to L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc (ETLZ.DE) at 4.19%. This indicates that SMLK.DE's price experiences larger fluctuations and is considered to be riskier than ETLZ.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMLK.DE | ETLZ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.49% | 4.19% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 11.26% | 11.21% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.05% | 16.56% | +11.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.44% | 19.97% | +2.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.21% | 21.00% | +1.21% |
SMLK.DE vs. ETLZ.DE - Expense Ratio Comparison
SMLK.DE has a 0.14% expense ratio, which is lower than ETLZ.DE's 0.30% expense ratio.
Dividends
SMLK.DE vs. ETLZ.DE - Dividend Comparison
Neither SMLK.DE nor ETLZ.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.93, SMLK.DE and ETLZ.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.
On fees, SMLK.DE is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMLK.DE is cheaper with a 0.14% expense ratio, compared with 0.30% for ETLZ.DE.
SMLK.DE tracks S&P SmallCap 600, while ETLZ.DE tracks Russell 2000 0.4 Quality Target Exposure Factor Net Tax Index. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.14% for SMLK.DE and 0.30% for ETLZ.DE.
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