SMLP.DE vs. 4GLD.DE
SMLP.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc) and 4GLD.DE (Xetra-Gold) are both exchange-traded funds - SMLP.DE is a Energy Equities fund tracking the Morningstar MLP Composite, while 4GLD.DE is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, SMLP.DE returned 6.71%/yr vs 13.36%/yr for 4GLD.DE. At a 0.08 correlation, their price movements are largely independent. SMLP.DE charges 0.50%/yr vs 0.00%/yr for 4GLD.DE.
Performance
SMLP.DE vs. 4GLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SMLP.DE achieves a 21.07% return, which is significantly higher than 4GLD.DE's 2.80% return. Over the past 10 years, SMLP.DE has underperformed 4GLD.DE with an annualized return of 6.71%, while 4GLD.DE has yielded a comparatively higher 13.36% annualized return.
SMLP.DE
- 1D
- -0.67%
- 1M
- 0.55%
- YTD
- 21.07%
- 6M
- 14.97%
- 1Y
- 13.65%
- 3Y*
- 15.69%
- 5Y*
- 18.35%
- 10Y*
- 6.71%
4GLD.DE
- 1D
- 0.57%
- 1M
- -1.56%
- YTD
- 2.80%
- 6M
- 6.42%
- 1Y
- 30.27%
- 3Y*
- 28.18%
- 5Y*
- 19.85%
- 10Y*
- 13.36%
SMLP.DE vs. 4GLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMLP.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc | 21.07% | -9.11% | 28.88% | 15.48% | 39.72% | 46.65% | -37.48% | 12.48% | -11.75% | -19.80% |
4GLD.DE Xetra-Gold | 2.80% | 49.32% | 34.57% | 9.32% | 7.12% | 4.03% | 13.05% | 21.25% | 3.20% | -1.67% |
Correlation
The correlation between SMLP.DE and 4GLD.DE is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2014 | 0.08 |
The correlation between SMLP.DE and 4GLD.DE shifts across timeframes, from -0.12 (1 year) to 0.09 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SMLP.DE vs. 4GLD.DE — Risk / Return Rank
SMLP.DE
4GLD.DE
SMLP.DE vs. 4GLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (SMLP.DE) and Xetra-Gold (4GLD.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.
| SMLP.DE | 4GLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.26 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 1.82 | -0.41 |
| Martin ratioReturn relative to average drawdown | 3.20 | 4.63 | -1.43 |
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
| SMLP.DE | 4GLD.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 1.31 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | 1.23 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.92 | -0.69 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.65 | -0.55 |
Drawdowns
SMLP.DE vs. 4GLD.DE - Drawdown Comparison
The maximum SMLP.DE drawdown since its inception was -79.34%, which is greater than 4GLD.DE's maximum drawdown of -36.79%. Use the drawdown chart below to compare losses from any high point for SMLP.DE and 4GLD.DE.
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Drawdown Indicators
| SMLP.DE | 4GLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.34% | -36.79% | -42.55% |
Max Drawdown (1Y)Largest decline over 1 year | -9.62% | -16.54% | +6.92% |
Max Drawdown (3Y)Largest decline over 3 years | -22.58% | -16.54% | -6.04% |
Max Drawdown (5Y)Largest decline over 5 years | -22.58% | -16.54% | -6.04% |
Max Drawdown (10Y)Largest decline over 10 years | -76.25% | -18.23% | -58.02% |
Current DrawdownCurrent decline from peak | -3.45% | -14.95% | +11.50% |
Average DrawdownAverage peak-to-trough decline | -25.61% | -11.83% | -13.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 6.52% | -2.27% |
Volatility
SMLP.DE vs. 4GLD.DE - Volatility Comparison
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (SMLP.DE) and Xetra-Gold (4GLD.DE) have volatilities of 5.21% and 5.09%, 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.
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Volatility by Period
| SMLP.DE | 4GLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 5.09% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 12.78% | 20.09% | -7.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.31% | 23.06% | -6.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.44% | 16.00% | +4.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.59% | 14.37% | +14.22% |
SMLP.DE vs. 4GLD.DE - Expense Ratio Comparison
SMLP.DE has a 0.50% expense ratio, which is higher than 4GLD.DE's 0.00% expense ratio.
Dividends
SMLP.DE vs. 4GLD.DE - Dividend Comparison
Neither SMLP.DE nor 4GLD.DE has paid dividends to shareholders.
Frequently Asked Questions
SMLP.DE and 4GLD.DE have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 4GLD.DE is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
4GLD.DE is cheaper with a 0.00% expense ratio, compared with 0.50% for SMLP.DE.
SMLP.DE is categorized as Energy Equities, while 4GLD.DE is Gold. SMLP.DE tracks Morningstar MLP Composite, while 4GLD.DE tracks LBMA Gold Price. They also come from different issuers: Invesco and Deutsche Börse Commodities. Their fees differ too: 0.50% for SMLP.DE and 0.00% for 4GLD.DE.
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