SMT.L vs. INFR.L
SMT.L (Scottish Mortgage Investment Trust plc) and INFR.L (iShares Global Infrastructure UCITS ETF USD (Dist)) are both exchange-traded funds - SMT.L is a Global Equities fund actively managed by Baillie Gifford Funds, while INFR.L is a Utilities Equities fund tracking the FTSE Global Core Infrastructure Index. SMT.L is actively managed, while INFR.L is passively managed. Over the past 10 years, SMT.L returned 19.70%/yr vs 8.66%/yr for INFR.L. At a 0.42 correlation, their price movements are largely independent. SMT.L charges 0.31%/yr vs 0.65%/yr for INFR.L.
Performance
SMT.L vs. INFR.L - Performance Comparison
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Returns By Period
In the year-to-date period, SMT.L achieves a 27.32% return, which is significantly higher than INFR.L's 9.52% return. Over the past 10 years, SMT.L has outperformed INFR.L with an annualized return of 19.70%, while INFR.L has yielded a comparatively lower 8.66% annualized return.
SMT.L
- 1D
- -1.53%
- 1M
- 5.30%
- YTD
- 27.32%
- 6M
- 42.05%
- 1Y
- 51.19%
- 3Y*
- 30.43%
- 5Y*
- 4.67%
- 10Y*
- 19.70%
INFR.L
- 1D
- -1.24%
- 1M
- -2.23%
- YTD
- 9.52%
- 6M
- 8.44%
- 1Y
- 16.29%
- 3Y*
- 9.33%
- 5Y*
- 7.61%
- 10Y*
- 8.66%
SMT.L vs. INFR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMT.L Scottish Mortgage Investment Trust plc | 27.32% | 24.72% | 18.75% | 12.46% | -45.71% | 10.46% | 110.49% | 24.76% | 4.64% | 41.09% |
INFR.L iShares Global Infrastructure UCITS ETF USD (Dist) | 9.52% | 5.90% | 11.49% | -4.96% | 5.77% | 19.54% | -4.70% | 20.82% | 4.39% | 5.41% |
Correlation
The correlation between SMT.L and INFR.L is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2006 | 0.42 |
The correlation between SMT.L and INFR.L shifts across timeframes, from -0.13 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMT.L vs. INFR.L — Risk / Return Rank
SMT.L
INFR.L
SMT.L vs. INFR.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Scottish Mortgage Investment Trust plc (SMT.L) and iShares Global Infrastructure UCITS ETF USD (Dist) (INFR.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.
| SMT.L | INFR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.27 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.16 | 3.13 | +1.03 |
| Martin ratioReturn relative to average drawdown | 14.08 | 7.96 | +6.13 |
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
| SMT.L | INFR.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.54 | 1.55 | +0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.62 | -0.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | 0.61 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.52 | +0.04 |
Drawdowns
SMT.L vs. INFR.L - Drawdown Comparison
The maximum SMT.L drawdown since its inception was -62.61%, which is greater than INFR.L's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for SMT.L and INFR.L.
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Drawdown Indicators
| SMT.L | INFR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.61% | -34.25% | -28.36% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -5.19% | -7.07% |
Max Drawdown (3Y)Largest decline over 3 years | -28.05% | -11.08% | -16.97% |
Max Drawdown (5Y)Largest decline over 5 years | -60.11% | -22.87% | -37.24% |
Max Drawdown (10Y)Largest decline over 10 years | -60.11% | -26.75% | -33.36% |
Current DrawdownCurrent decline from peak | -2.27% | -3.70% | +1.43% |
Average DrawdownAverage peak-to-trough decline | -16.03% | -6.12% | -9.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.62% | 2.04% | +1.58% |
Volatility
SMT.L vs. INFR.L - Volatility Comparison
Scottish Mortgage Investment Trust plc (SMT.L) has a higher volatility of 4.49% compared to iShares Global Infrastructure UCITS ETF USD (Dist) (INFR.L) at 3.92%. This indicates that SMT.L's price experiences larger fluctuations and is considered to be riskier than INFR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMT.L | INFR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.49% | 3.92% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 16.02% | 8.92% | +7.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.11% | 10.49% | +9.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.68% | 12.26% | +17.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.76% | 14.10% | +14.66% |
SMT.L vs. INFR.L - Expense Ratio Comparison
SMT.L has a 0.31% expense ratio, which is lower than INFR.L's 0.65% expense ratio.
Dividends
SMT.L vs. INFR.L - Dividend Comparison
SMT.L's dividend yield for the trailing twelve months is around 0.29%, less than INFR.L's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INFR.L iShares Global Infrastructure UCITS ETF USD (Dist) | 2.82% | 2.97% | 2.96% | 3.02% | 2.54% | 2.60% | 2.84% | 2.70% | 2.99% | 3.51% | 3.45% | 4.75% |
SMT.L Scottish Mortgage Investment Trust plc | 0.29% | 0.37% | 0.44% | 0.51% | 0.51% | 0.26% | 0.27% | 0.54% | 0.66% | 0.67% | 0.93% | 1.05% |
Frequently Asked Questions
SMT.L and INFR.L have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMT.L is cheaper at 0.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMT.L is cheaper with a 0.31% expense ratio, compared with 0.65% for INFR.L.
SMT.L is categorized as Global Equities, while INFR.L is Utilities Equities. They also come from different issuers: Baillie Gifford Funds and iShares. Their fees differ too: 0.31% for SMT.L and 0.65% for INFR.L.
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