SMLP.DE vs. DFEN.DE
SMLP.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc) and DFEN.DE (VanEck Defense UCITS ETF A) are both exchange-traded funds - SMLP.DE is a Energy Equities fund tracking the Morningstar MLP Composite, while DFEN.DE is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index. Both are passively managed. Over the past year, SMLP.DE returned 13.65% vs 14.03% for DFEN.DE. At a 0.28 correlation, their price movements are largely independent. SMLP.DE charges 0.50%/yr vs 0.55%/yr for DFEN.DE.
Performance
SMLP.DE vs. DFEN.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 DFEN.DE's 4.02% 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%
DFEN.DE
- 1D
- 0.30%
- 1M
- -3.33%
- YTD
- 4.02%
- 6M
- 6.91%
- 1Y
- 14.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMLP.DE vs. DFEN.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SMLP.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc | 21.07% | -9.11% | 28.88% | 10.87% |
DFEN.DE VanEck Defense UCITS ETF A | 4.02% | 50.76% | 51.97% | 8.67% |
Correlation
The correlation between SMLP.DE and DFEN.DE is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2023 | 0.28 |
The correlation between SMLP.DE and DFEN.DE shifts across timeframes, from 0.10 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMLP.DE vs. DFEN.DE — Risk / Return Rank
SMLP.DE
DFEN.DE
SMLP.DE vs. DFEN.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 VanEck Defense UCITS ETF A (DFEN.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 | DFEN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.11 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 0.75 | +0.66 |
| Martin ratioReturn relative to average drawdown | 3.20 | 1.81 | +1.39 |
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 | DFEN.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.56 | +0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 1.75 | -1.66 |
Drawdowns
SMLP.DE vs. DFEN.DE - Drawdown Comparison
The maximum SMLP.DE drawdown since its inception was -79.34%, which is greater than DFEN.DE's maximum drawdown of -18.60%. Use the drawdown chart below to compare losses from any high point for SMLP.DE and DFEN.DE.
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Drawdown Indicators
| SMLP.DE | DFEN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.34% | -18.60% | -60.74% |
Max Drawdown (1Y)Largest decline over 1 year | -9.62% | -18.60% | +8.98% |
Max Drawdown (3Y)Largest decline over 3 years | -22.58% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -22.58% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -76.25% | — | — |
Current DrawdownCurrent decline from peak | -3.45% | -15.21% | +11.76% |
Average DrawdownAverage peak-to-trough decline | -25.61% | -3.27% | -22.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 7.72% | -3.47% |
Volatility
SMLP.DE vs. DFEN.DE - Volatility Comparison
The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (SMLP.DE) is 5.21%, while VanEck Defense UCITS ETF A (DFEN.DE) has a volatility of 7.38%. This indicates that SMLP.DE experiences smaller price fluctuations and is considered to be less risky than DFEN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMLP.DE | DFEN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 7.38% | -2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 12.78% | 19.16% | -6.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.31% | 24.79% | -8.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.44% | 21.47% | -1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.59% | 21.47% | +7.12% |
SMLP.DE vs. DFEN.DE - Expense Ratio Comparison
SMLP.DE has a 0.50% expense ratio, which is lower than DFEN.DE's 0.55% expense ratio.
Dividends
SMLP.DE vs. DFEN.DE - Dividend Comparison
Neither SMLP.DE nor DFEN.DE has paid dividends to shareholders.
Frequently Asked Questions
SMLP.DE and DFEN.DE have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMLP.DE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMLP.DE is cheaper with a 0.50% expense ratio, compared with 0.55% for DFEN.DE.
SMLP.DE is categorized as Energy Equities, while DFEN.DE is Aerospace & Defense. SMLP.DE tracks Morningstar MLP Composite, while DFEN.DE tracks MarketVector Global Defense Industry Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.50% for SMLP.DE and 0.55% for DFEN.DE.
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