SMLP.DE vs. SPYU.DE
SMLP.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc) and SPYU.DE (SPDR MSCI Europe Utilities UCITS ETF) are both exchange-traded funds - SMLP.DE is a Energy Equities fund tracking the Morningstar MLP Composite, while SPYU.DE is a Utilities Equities fund tracking the MSCI Europe Utilities 20/35 Capped. Both are passively managed. Over the past 10 years, SMLP.DE returned 6.71%/yr vs 10.70%/yr for SPYU.DE. At a 0.23 correlation, their price movements are largely independent. SMLP.DE charges 0.50%/yr vs 0.18%/yr for SPYU.DE.
Performance
SMLP.DE vs. SPYU.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 SPYU.DE's 13.06% return. Over the past 10 years, SMLP.DE has underperformed SPYU.DE with an annualized return of 6.71%, while SPYU.DE has yielded a comparatively higher 10.70% 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%
SPYU.DE
- 1D
- -0.28%
- 1M
- -3.02%
- YTD
- 13.06%
- 6M
- 14.07%
- 1Y
- 26.75%
- 3Y*
- 16.61%
- 5Y*
- 11.82%
- 10Y*
- 10.70%
SMLP.DE vs. SPYU.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% |
SPYU.DE SPDR MSCI Europe Utilities UCITS ETF | 13.06% | 34.39% | 0.99% | 13.57% | -7.97% | 8.80% | 11.01% | 31.91% | 2.41% | 9.05% |
Correlation
The correlation between SMLP.DE and SPYU.DE is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2014 | 0.23 |
The correlation between SMLP.DE and SPYU.DE shifts across timeframes, from 0.09 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMLP.DE vs. SPYU.DE — Risk / Return Rank
SMLP.DE
SPYU.DE
SMLP.DE vs. SPYU.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 SPDR MSCI Europe Utilities UCITS ETF (SPYU.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 | SPYU.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.33 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 3.59 | -2.17 |
| Martin ratioReturn relative to average drawdown | 3.20 | 10.13 | -6.93 |
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 | SPYU.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 1.79 | -0.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | 0.73 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.62 | -0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.57 | -0.48 |
Drawdowns
SMLP.DE vs. SPYU.DE - Drawdown Comparison
The maximum SMLP.DE drawdown since its inception was -79.34%, which is greater than SPYU.DE's maximum drawdown of -32.98%. Use the drawdown chart below to compare losses from any high point for SMLP.DE and SPYU.DE.
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Drawdown Indicators
| SMLP.DE | SPYU.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.34% | -32.98% | -46.36% |
Max Drawdown (1Y)Largest decline over 1 year | -9.62% | -7.43% | -2.19% |
Max Drawdown (3Y)Largest decline over 3 years | -22.58% | -13.44% | -9.14% |
Max Drawdown (5Y)Largest decline over 5 years | -22.58% | -22.28% | -0.30% |
Max Drawdown (10Y)Largest decline over 10 years | -76.25% | -32.98% | -43.27% |
Current DrawdownCurrent decline from peak | -3.45% | -5.24% | +1.79% |
Average DrawdownAverage peak-to-trough decline | -25.61% | -5.63% | -19.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 2.63% | +1.62% |
Volatility
SMLP.DE vs. SPYU.DE - Volatility Comparison
The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (SMLP.DE) is 5.21%, while SPDR MSCI Europe Utilities UCITS ETF (SPYU.DE) has a volatility of 5.85%. This indicates that SMLP.DE experiences smaller price fluctuations and is considered to be less risky than SPYU.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 | SPYU.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 5.85% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 12.78% | 12.96% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.31% | 14.86% | +1.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.44% | 16.01% | +4.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.59% | 17.05% | +11.54% |
SMLP.DE vs. SPYU.DE - Expense Ratio Comparison
SMLP.DE has a 0.50% expense ratio, which is higher than SPYU.DE's 0.18% expense ratio.
Dividends
SMLP.DE vs. SPYU.DE - Dividend Comparison
Neither SMLP.DE nor SPYU.DE has paid dividends to shareholders.
Frequently Asked Questions
SMLP.DE and SPYU.DE have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYU.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYU.DE is cheaper with a 0.18% expense ratio, compared with 0.50% for SMLP.DE.
SMLP.DE is categorized as Energy Equities, while SPYU.DE is Utilities Equities. SMLP.DE tracks Morningstar MLP Composite, while SPYU.DE tracks MSCI Europe Utilities 20/35 Capped. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.50% for SMLP.DE and 0.18% for SPYU.DE.
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