SMLP.DE vs. VFEG.L

Last updated Jun 5, 2026

SMLP.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc) and VFEG.L (Vanguard FTSE Emerging Markets UCITS ETF Acc) are both exchange-traded funds - SMLP.DE is a Energy Equities fund tracking the Morningstar MLP Composite, while VFEG.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 5 years, SMLP.DE returned 18.35%/yr vs 5.98%/yr for VFEG.L. At a 0.26 correlation, their price movements are largely independent. SMLP.DE charges 0.50%/yr vs 0.22%/yr for VFEG.L.

Performance

SMLP.DE vs. VFEG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (SMLP.DE) and Vanguard FTSE Emerging Markets UCITS ETF Acc (VFEG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMLP.DE is traded in EUR, while VFEG.L is traded in GBP. To make them comparable, the VFEG.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SMLP.DE achieves a 21.07% return, which is significantly higher than VFEG.L's 12.73% 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%

VFEG.L

• 1D: -0.30%
• 1M: 2.35%
• YTD: 12.73%
• 6M: 13.42%
• 1Y: 27.19%
• 3Y*: 15.01%
• 5Y*: 5.98%
• 10Y*: —

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

SMLP.DE vs. VFEG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%	-6.51%
VFEG.L Vanguard FTSE Emerging Markets UCITS ETF Acc	12.73%	11.04%	19.64%	3.42%	-12.04%	6.50%	5.23%	9.48%

Correlation

The correlation between SMLP.DE and VFEG.L is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019	0.26

The correlation between SMLP.DE and VFEG.L shifts across timeframes, from -0.06 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMLP.DE vs. VFEG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMLP.DE

SMLP.DE Risk / Return Rank: 25
SMLP.DE Sharpe Ratio Rank: 24
SMLP.DE Sortino Ratio Rank: 23
SMLP.DE Omega Ratio Rank: 23
SMLP.DE Calmar Ratio Rank: 30
SMLP.DE Martin Ratio Rank: 25

VFEG.L

VFEG.L Risk / Return Rank: 66
VFEG.L Sharpe Ratio Rank: 68
VFEG.L Sortino Ratio Rank: 65
VFEG.L Omega Ratio Rank: 67
VFEG.L Calmar Ratio Rank: 69
VFEG.L Martin Ratio Rank: 62

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.

SMLP.DE vs. VFEG.L - 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 Vanguard FTSE Emerging Markets UCITS ETF Acc (VFEG.L). 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	VFEG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.87	-1.03
Sortino ratio: Return per unit of downside risk	1.21	2.64	-1.43
Omega ratio: Gain probability vs. loss probability	1.15	1.34	-0.19
Calmar ratio: Return relative to maximum drawdown	1.41	3.12	-1.71
Martin ratio: Return relative to average drawdown	3.20	10.31	-7.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLP.DE vs. VFEG.L - Sharpe Ratio Comparison

The current SMLP.DE Sharpe Ratio is 0.83, which is lower than the VFEG.L Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of SMLP.DE and VFEG.L, 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

	SMLP.DE	VFEG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	1.87	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.38	+0.51
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	0.44	-0.35

Drawdowns

SMLP.DE vs. VFEG.L - Drawdown Comparison

The maximum SMLP.DE drawdown since its inception was -79.34%, which is greater than VFEG.L's maximum drawdown of -31.43%. Use the drawdown chart below to compare losses from any high point for SMLP.DE and VFEG.L.

Drawdown Indicators

	SMLP.DE	VFEG.L	Difference
Max Drawdown Largest peak-to-trough decline	-79.34%	-31.43%	-47.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.62%	-8.68%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-17.33%	-5.25%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-19.97%	-2.61%
Max Drawdown (10Y) Largest decline over 10 years	-76.25%	—	—
Current Drawdown Current decline from peak	-3.45%	-1.57%	-1.88%
Average Drawdown Average peak-to-trough decline	-25.61%	-8.50%	-17.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	2.63%	+1.62%

Volatility

SMLP.DE vs. VFEG.L - Volatility Comparison

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (SMLP.DE) and Vanguard FTSE Emerging Markets UCITS ETF Acc (VFEG.L) have volatilities of 5.21% and 5.20%, 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

	SMLP.DE	VFEG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	5.20%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	12.78%	11.39%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	14.49%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.44%	15.73%	+4.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.59%	18.07%	+10.52%

SMLP.DE vs. VFEG.L - Expense Ratio Comparison

SMLP.DE has a 0.50% expense ratio, which is higher than VFEG.L's 0.22% expense ratio.

Dividends

SMLP.DE vs. VFEG.L - Dividend Comparison

Neither SMLP.DE nor VFEG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMLP.DE and VFEG.L in my portfolio?

SMLP.DE and VFEG.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMLP.DE or VFEG.L?

On fees, VFEG.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMLP.DE or VFEG.L?

VFEG.L is cheaper with a 0.22% expense ratio, compared with 0.50% for SMLP.DE.

What is the main difference between SMLP.DE and VFEG.L?

SMLP.DE is categorized as Energy Equities, while VFEG.L is Emerging Markets Equities. SMLP.DE tracks Morningstar MLP Composite, while VFEG.L tracks MSCI EM NR USD. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.50% for SMLP.DE and 0.22% for VFEG.L.