SMLP.DE vs. XUEN.DE

Last updated Apr 3, 2026

Compare and contrast key facts about Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (SMLP.DE) and Xtrackers MSCI USA Energy UCITS ETF 1D (XUEN.DE).

SMLP.DE and XUEN.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMLP.DE is a passively managed fund by Invesco that tracks the performance of the Morningstar MLP Composite. It was launched on May 15, 2013. XUEN.DE is a passively managed fund by Xtrackers that tracks the performance of the MSCI USA Energy 20/35 Custom. It was launched on Sep 12, 2017. Both SMLP.DE and XUEN.DE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SMLP.DE vs. XUEN.DE - 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 Xtrackers MSCI USA Energy UCITS ETF 1D (XUEN.DE). The values are adjusted to include any dividend payments, if applicable.

SMLP.DE vs. XUEN.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	16.73%	-9.11%	28.88%	15.48%	39.72%	46.65%	-37.48%	12.48%	-11.75%	-0.88%
XUEN.DE Xtrackers MSCI USA Energy UCITS ETF 1D	35.49%	-3.28%	10.56%	-3.66%	71.12%	65.12%	-40.59%	12.55%	-14.61%	11.19%

Returns By Period

In the year-to-date period, SMLP.DE achieves a 16.73% return, which is significantly lower than XUEN.DE's 35.49% return.

SMLP.DE

• 1D: -3.96%
• 1M: -1.51%
• YTD: 16.73%
• 6M: 15.48%
• 1Y: -1.87%
• 3Y*: 15.78%
• 5Y*: 20.74%
• 10Y*: 9.30%

XUEN.DE

• 1D: 0.89%
• 1M: 5.02%
• YTD: 35.49%
• 6M: 36.68%
• 1Y: 21.71%
• 3Y*: 12.41%
• 5Y*: 23.67%
• 10Y*: —

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

SMLP.DE vs. XUEN.DE - Expense Ratio Comparison

SMLP.DE has a 0.50% expense ratio, which is higher than XUEN.DE's 0.12% expense ratio.

SMLP.DE

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc

XUEN.DE

Xtrackers MSCI USA Energy UCITS ETF 1D

Return for Risk

SMLP.DE vs. XUEN.DE — 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: 9
SMLP.DE Sharpe Ratio Rank: 10
SMLP.DE Sortino Ratio Rank: 10
SMLP.DE Omega Ratio Rank: 10
SMLP.DE Calmar Ratio Rank: 8
SMLP.DE Martin Ratio Rank: 9

XUEN.DE

XUEN.DE Risk / Return Rank: 58
XUEN.DE Sharpe Ratio Rank: 44
XUEN.DE Sortino Ratio Rank: 40
XUEN.DE Omega Ratio Rank: 41
XUEN.DE Calmar Ratio Rank: 91
XUEN.DE Martin Ratio Rank: 74

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. XUEN.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 Xtrackers MSCI USA Energy UCITS ETF 1D (XUEN.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	XUEN.DE	Difference
Sharpe ratio Return per unit of total volatility	-0.08	0.87	-0.94
Sortino ratio Return per unit of downside risk	0.03	1.21	-1.18
Omega ratio Gain probability vs. loss probability	1.00	1.18	-0.17
Calmar ratio Return relative to maximum drawdown	-0.12	3.83	-3.95
Martin ratio Return relative to average drawdown	-0.23	9.70	-9.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLP.DE vs. XUEN.DE - Sharpe Ratio Comparison

The current SMLP.DE Sharpe Ratio is -0.08, which is lower than the XUEN.DE Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of SMLP.DE and XUEN.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMLP.DE	XUEN.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.08	0.87	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.88	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.38	-0.29

Correlation

The correlation between SMLP.DE and XUEN.DE is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SMLP.DE vs. XUEN.DE - Dividend Comparison

SMLP.DE has not paid dividends to shareholders, while XUEN.DE's dividend yield for the trailing twelve months is around 2.02%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SMLP.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XUEN.DE Xtrackers MSCI USA Energy UCITS ETF 1D	2.02%	2.80%	2.64%	3.22%	3.89%	3.12%	7.28%	2.72%	0.71%

Drawdowns

SMLP.DE vs. XUEN.DE - Drawdown Comparison

The maximum SMLP.DE drawdown since its inception was -79.34%, which is greater than XUEN.DE's maximum drawdown of -64.67%. Use the drawdown chart below to compare losses from any high point for SMLP.DE and XUEN.DE.

Drawdown Indicators

	SMLP.DE	XUEN.DE	Difference
Max Drawdown Largest peak-to-trough decline	-79.34%	-64.67%	-14.67%
Max Drawdown (1Y) Largest decline over 1 year	-14.98%	-15.48%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-26.63%	+4.05%
Max Drawdown (10Y) Largest decline over 10 years	-76.25%	—	—
Current Drawdown Current decline from peak	-6.25%	-7.06%	+0.81%
Average Drawdown Average peak-to-trough decline	-25.92%	-17.09%	-8.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.18%	3.26%	+4.92%

Volatility

SMLP.DE vs. XUEN.DE - Volatility Comparison

The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (SMLP.DE) is 5.84%, while Xtrackers MSCI USA Energy UCITS ETF 1D (XUEN.DE) has a volatility of 9.52%. This indicates that SMLP.DE experiences smaller price fluctuations and is considered to be less risky than XUEN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLP.DE	XUEN.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.84%	9.52%	-3.68%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	16.13%	-5.28%
Volatility (1Y) Calculated over the trailing 1-year period	20.44%	24.94%	-4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	26.45%	-5.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.73%	29.62%	-0.89%