SMLK.DE vs. FWEA.DE

Last updated Jun 5, 2026

SMLK.DE (Invesco S&P SmallCap 600 UCITS ETF A) and FWEA.DE (Invesco FTSE All-World UCITS ETF) are both exchange-traded funds - SMLK.DE is a Small Cap Blend Equities fund tracking the S&P SmallCap 600, while FWEA.DE is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past year, SMLK.DE returned 31.03% vs 26.40% for FWEA.DE. A 0.66 correlation means they provide meaningful diversification when combined. SMLK.DE charges 0.14%/yr vs 0.20%/yr for FWEA.DE.

Performance

SMLK.DE vs. FWEA.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco S&P SmallCap 600 UCITS ETF A (SMLK.DE) and Invesco FTSE All-World UCITS ETF (FWEA.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLK.DE achieves a 15.73% return, which is significantly higher than FWEA.DE's 10.64% return.

SMLK.DE

• 1D: 0.95%
• 1M: 2.49%
• YTD: 15.73%
• 6M: 16.04%
• 1Y: 31.03%
• 3Y*: 12.46%
• 5Y*: 6.92%
• 10Y*: —

FWEA.DE

• 1D: -0.24%
• 1M: 4.41%
• YTD: 10.64%
• 6M: 11.85%
• 1Y: 26.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMLK.DE vs. FWEA.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMLK.DE Invesco S&P SmallCap 600 UCITS ETF A	15.73%	-4.02%	13.30%	13.47%
FWEA.DE Invesco FTSE All-World UCITS ETF	10.64%	17.53%	19.21%	8.62%

Correlation

The correlation between SMLK.DE and FWEA.DE is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	0.66

The correlation between SMLK.DE and FWEA.DE has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

Return for Risk

SMLK.DE vs. FWEA.DE — Risk / Return Rank

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

SMLK.DE

SMLK.DE Risk / Return Rank: 66
SMLK.DE Sharpe Ratio Rank: 56
SMLK.DE Sortino Ratio Rank: 56
SMLK.DE Omega Ratio Rank: 55
SMLK.DE Calmar Ratio Rank: 88
SMLK.DE Martin Ratio Rank: 76

FWEA.DE

FWEA.DE Risk / Return Rank: 72
FWEA.DE Sharpe Ratio Rank: 71
FWEA.DE Sortino Ratio Rank: 76
FWEA.DE Omega Ratio Rank: 73
FWEA.DE Calmar Ratio Rank: 65
FWEA.DE Martin Ratio Rank: 73

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.

SMLK.DE vs. FWEA.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 Invesco FTSE All-World UCITS ETF (FWEA.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.

	SMLK.DE	FWEA.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.30	-0.42
Sortino ratio: Return per unit of downside risk	2.63	3.38	-0.74
Omega ratio: Gain probability vs. loss probability	1.33	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	5.02	3.18	+1.85
Martin ratio: Return relative to average drawdown	14.18	13.52	+0.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLK.DE vs. FWEA.DE - Sharpe Ratio Comparison

The current SMLK.DE Sharpe Ratio is 1.88, which is comparable to the FWEA.DE Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of SMLK.DE and FWEA.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

	SMLK.DE	FWEA.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.30	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	1.51	-1.18

Drawdowns

SMLK.DE vs. FWEA.DE - Drawdown Comparison

The maximum SMLK.DE drawdown since its inception was -32.69%, which is greater than FWEA.DE's maximum drawdown of -17.48%. Use the drawdown chart below to compare losses from any high point for SMLK.DE and FWEA.DE.

Drawdown Indicators

	SMLK.DE	FWEA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-32.69%	-17.48%	-15.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-8.28%	+2.13%
Max Drawdown (3Y) Largest decline over 3 years	-32.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.69%	—	—
Current Drawdown Current decline from peak	0.00%	-0.81%	+0.81%
Average Drawdown Average peak-to-trough decline	-8.96%	-1.86%	-7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	1.95%	+0.23%

Volatility

SMLK.DE vs. FWEA.DE - Volatility Comparison

Invesco S&P SmallCap 600 UCITS ETF A (SMLK.DE) has a higher volatility of 4.06% compared to Invesco FTSE All-World UCITS ETF (FWEA.DE) at 3.36%. This indicates that SMLK.DE's price experiences larger fluctuations and is considered to be riskier than FWEA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLK.DE	FWEA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	3.36%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	10.55%	8.93%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	16.46%	11.45%	+5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.01%	12.72%	+7.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	12.72%	+7.26%

SMLK.DE vs. FWEA.DE - Expense Ratio Comparison

SMLK.DE has a 0.14% expense ratio, which is lower than FWEA.DE's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SMLK.DE vs. FWEA.DE - Dividend Comparison

Neither SMLK.DE nor FWEA.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMLK.DE and FWEA.DE in my portfolio?

SMLK.DE and FWEA.DE have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMLK.DE or FWEA.DE?

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.

Which ETF is cheaper, SMLK.DE or FWEA.DE?

SMLK.DE is cheaper with a 0.14% expense ratio, compared with 0.20% for FWEA.DE.

What is the main difference between SMLK.DE and FWEA.DE?

SMLK.DE is categorized as Small Cap Blend Equities, while FWEA.DE is Global Equities. SMLK.DE tracks S&P SmallCap 600, while FWEA.DE tracks FTSE All-World Index. Their fees differ too: 0.14% for SMLK.DE and 0.20% for FWEA.DE.