SMLK.DE vs. MWON.DE

Last updated Jun 5, 2026

SMLK.DE (Invesco S&P SmallCap 600 UCITS ETF A) and MWON.DE (Amundi S&P SmallCap 600 ESG UCITS ETF Dist) are both Small Cap Blend Equities funds - SMLK.DE tracks the S&P SmallCap 600 while MWON.DE tracks the S&P SmallCap 600 ESG+. Both are passively managed. Over the past 3 years, SMLK.DE returned 12.46%/yr vs 10.44%/yr for MWON.DE. With a 0.98 correlation, they move nearly in lockstep. SMLK.DE charges 0.14%/yr vs 0.35%/yr for MWON.DE.

Performance

SMLK.DE vs. MWON.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 Amundi S&P SmallCap 600 ESG UCITS ETF Dist (MWON.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 MWON.DE's 12.91% 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*: —

MWON.DE

• 1D: 0.91%
• 1M: 2.67%
• YTD: 12.91%
• 6M: 13.12%
• 1Y: 23.32%
• 3Y*: 10.44%
• 5Y*: —
• 10Y*: —

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

SMLK.DE vs. MWON.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%	9.82%
MWON.DE Amundi S&P SmallCap 600 ESG UCITS ETF Dist	12.91%	-7.43%	13.55%	11.44%

Correlation

The correlation between SMLK.DE and MWON.DE is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.98

The correlation between SMLK.DE and MWON.DE has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

SMLK.DE vs. MWON.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

MWON.DE

MWON.DE Risk / Return Rank: 45
MWON.DE Sharpe Ratio Rank: 40
MWON.DE Sortino Ratio Rank: 40
MWON.DE Omega Ratio Rank: 38
MWON.DE Calmar Ratio Rank: 55
MWON.DE Martin Ratio Rank: 50

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. MWON.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 Amundi S&P SmallCap 600 ESG UCITS ETF Dist (MWON.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	MWON.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.38	+0.50
Sortino ratio: Return per unit of downside risk	2.63	2.02	+0.61
Omega ratio: Gain probability vs. loss probability	1.33	1.25	+0.09
Calmar ratio: Return relative to maximum drawdown	5.02	2.67	+2.36
Martin ratio: Return relative to average drawdown	14.18	8.28	+5.90
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. MWON.DE - Sharpe Ratio Comparison

The current SMLK.DE Sharpe Ratio is 1.88, which is higher than the MWON.DE Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of SMLK.DE and MWON.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	MWON.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.38	+0.50
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	0.44	-0.10

Drawdowns

SMLK.DE vs. MWON.DE - Drawdown Comparison

The maximum SMLK.DE drawdown since its inception was -32.69%, roughly equal to the maximum MWON.DE drawdown of -32.42%. Use the drawdown chart below to compare losses from any high point for SMLK.DE and MWON.DE.

Drawdown Indicators

	SMLK.DE	MWON.DE	Difference
Max Drawdown Largest peak-to-trough decline	-32.69%	-32.42%	-0.27%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-8.71%	+2.56%
Max Drawdown (3Y) Largest decline over 3 years	-32.69%	-32.42%	-0.27%
Max Drawdown (5Y) Largest decline over 5 years	-32.69%	—	—
Current Drawdown Current decline from peak	0.00%	-4.82%	+4.82%
Average Drawdown Average peak-to-trough decline	-8.96%	-9.99%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.81%	-0.63%

Volatility

SMLK.DE vs. MWON.DE - Volatility Comparison

Invesco S&P SmallCap 600 UCITS ETF A (SMLK.DE) and Amundi S&P SmallCap 600 ESG UCITS ETF Dist (MWON.DE) have volatilities of 4.06% and 4.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLK.DE	MWON.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.21%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	10.55%	11.41%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	16.46%	16.85%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.01%	19.61%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	19.61%	+0.37%

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

SMLK.DE has a 0.14% expense ratio, which is lower than MWON.DE's 0.35% expense ratio.

Dividends

SMLK.DE vs. MWON.DE - Dividend Comparison

SMLK.DE has not paid dividends to shareholders, while MWON.DE's dividend yield for the trailing twelve months is around 0.78%.

Position	TTM	2025	2024
MWON.DE Amundi S&P SmallCap 600 ESG UCITS ETF Dist	0.78%	1.11%	0.80%
SMLK.DE Invesco S&P SmallCap 600 UCITS ETF A	0.00%	0.00%	0.00%

Frequently Asked Questions

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

With a correlation of 0.98, SMLK.DE and MWON.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.

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

SMLK.DE is cheaper with a 0.14% expense ratio, compared with 0.35% for MWON.DE.

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

SMLK.DE tracks S&P SmallCap 600, while MWON.DE tracks S&P SmallCap 600 ESG+. They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.14% for SMLK.DE and 0.35% for MWON.DE.