SMLP.DE vs. EUNL.DE
SMLP.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc) and EUNL.DE (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - SMLP.DE is a Energy Equities fund tracking the Morningstar MLP Composite, while EUNL.DE is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 10 years, SMLP.DE returned 6.71%/yr vs 12.82%/yr for EUNL.DE. At a 0.48 correlation, their price movements are largely independent. SMLP.DE charges 0.50%/yr vs 0.20%/yr for EUNL.DE.
Performance
SMLP.DE vs. EUNL.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 EUNL.DE's 10.86% return. Over the past 10 years, SMLP.DE has underperformed EUNL.DE with an annualized return of 6.71%, while EUNL.DE has yielded a comparatively higher 12.82% 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%
EUNL.DE
- 1D
- 0.02%
- 1M
- 4.80%
- YTD
- 10.86%
- 6M
- 11.29%
- 1Y
- 23.80%
- 3Y*
- 17.55%
- 5Y*
- 12.89%
- 10Y*
- 12.82%
SMLP.DE vs. EUNL.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% |
EUNL.DE iShares Core MSCI World UCITS ETF USD (Acc) | 10.86% | 7.90% | 25.93% | 20.13% | -13.59% | 32.71% | 5.48% | 31.34% | -5.13% | 7.71% |
Correlation
The correlation between SMLP.DE and EUNL.DE is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2014 | 0.48 |
Over the past year, the correlation between SMLP.DE and EUNL.DE has dropped to 0.11 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
SMLP.DE vs. EUNL.DE — Risk / Return Rank
SMLP.DE
EUNL.DE
SMLP.DE vs. EUNL.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 iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.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 | EUNL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.40 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 3.64 | -2.23 |
| Martin ratioReturn relative to average drawdown | 3.20 | 14.52 | -11.31 |
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 | EUNL.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 2.12 | -1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | 0.90 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.84 | -0.61 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.82 | -0.72 |
Drawdowns
SMLP.DE vs. EUNL.DE - Drawdown Comparison
The maximum SMLP.DE drawdown since its inception was -79.34%, which is greater than EUNL.DE's maximum drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for SMLP.DE and EUNL.DE.
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Drawdown Indicators
| SMLP.DE | EUNL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.34% | -33.63% | -45.71% |
Max Drawdown (1Y)Largest decline over 1 year | -9.62% | -6.50% | -3.12% |
Max Drawdown (3Y)Largest decline over 3 years | -22.58% | -21.73% | -0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -22.58% | -21.73% | -0.85% |
Max Drawdown (10Y)Largest decline over 10 years | -76.25% | -33.63% | -42.62% |
Current DrawdownCurrent decline from peak | -3.45% | -0.31% | -3.14% |
Average DrawdownAverage peak-to-trough decline | -25.61% | -4.25% | -21.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 1.64% | +2.61% |
Volatility
SMLP.DE vs. EUNL.DE - Volatility Comparison
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (SMLP.DE) has a higher volatility of 5.21% compared to iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.DE) at 2.62%. This indicates that SMLP.DE's price experiences larger fluctuations and is considered to be riskier than EUNL.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 | EUNL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 2.62% | +2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 12.78% | 7.72% | +5.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.31% | 11.16% | +5.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.44% | 14.17% | +6.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.59% | 15.17% | +13.42% |
SMLP.DE vs. EUNL.DE - Expense Ratio Comparison
SMLP.DE has a 0.50% expense ratio, which is higher than EUNL.DE's 0.20% expense ratio.
Dividends
SMLP.DE vs. EUNL.DE - Dividend Comparison
Neither SMLP.DE nor EUNL.DE has paid dividends to shareholders.
Frequently Asked Questions
SMLP.DE and EUNL.DE have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EUNL.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNL.DE is cheaper with a 0.20% expense ratio, compared with 0.50% for SMLP.DE.
SMLP.DE is categorized as Energy Equities, while EUNL.DE is Global Equities. SMLP.DE tracks Morningstar MLP Composite, while EUNL.DE tracks MSCI World Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for SMLP.DE and 0.20% for EUNL.DE.
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