SMT.L vs. OPEN.L
SMT.L (Scottish Mortgage Investment Trust plc) and OPEN.L (iShares Refinitiv Inclusion and Diversity UCITS ETF USD (Acc)) are both Global Equities funds. SMT.L is actively managed, while OPEN.L is passively managed. Over the past 5 years, SMT.L returned 4.67%/yr vs 11.79%/yr for OPEN.L. A 0.59 correlation means they provide meaningful diversification when combined. SMT.L charges 0.31%/yr vs 0.25%/yr for OPEN.L.
Performance
SMT.L vs. OPEN.L - Performance Comparison
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Different Trading Currencies
SMT.L is traded in GBp, while OPEN.L is traded in USD. To make them comparable, the OPEN.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMT.L achieves a 27.32% return, which is significantly higher than OPEN.L's 19.27% 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%
OPEN.L
- 1D
- -0.79%
- 1M
- 11.07%
- YTD
- 19.27%
- 6M
- 20.35%
- 1Y
- 31.90%
- 3Y*
- 16.90%
- 5Y*
- 11.79%
- 10Y*
- —
SMT.L vs. OPEN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SMT.L Scottish Mortgage Investment Trust plc | 27.32% | 24.72% | 18.75% | 12.46% | -45.71% | 10.46% | 110.49% | 24.76% | -12.17% |
OPEN.L iShares Refinitiv Inclusion and Diversity UCITS ETF USD (Acc) | 19.27% | 15.24% | 9.49% | 9.61% | 1.80% | 18.45% | 7.20% | 16.21% | -6.81% |
Correlation
The correlation between SMT.L and OPEN.L is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018 | 0.59 |
The correlation between SMT.L and OPEN.L has been stable across timeframes, ranging from 0.52 to 0.59 - a consistent structural relationship.
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Return for Risk
SMT.L vs. OPEN.L — Risk / Return Rank
SMT.L
OPEN.L
SMT.L vs. OPEN.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 Refinitiv Inclusion and Diversity UCITS ETF USD (Acc) (OPEN.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 | OPEN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.48 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.16 | 3.38 | +0.78 |
| Martin ratioReturn relative to average drawdown | 14.08 | 12.44 | +1.65 |
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 | OPEN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.54 | 2.48 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.86 | -0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.73 | -0.17 |
Drawdowns
SMT.L vs. OPEN.L - Drawdown Comparison
The maximum SMT.L drawdown since its inception was -62.61%, which is greater than OPEN.L's maximum drawdown of -25.68%. Use the drawdown chart below to compare losses from any high point for SMT.L and OPEN.L.
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Drawdown Indicators
| SMT.L | OPEN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.61% | -25.68% | -36.93% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -9.40% | -2.86% |
Max Drawdown (3Y)Largest decline over 3 years | -28.05% | -16.44% | -11.61% |
Max Drawdown (5Y)Largest decline over 5 years | -60.11% | -16.44% | -43.67% |
Max Drawdown (10Y)Largest decline over 10 years | -60.11% | — | — |
Current DrawdownCurrent decline from peak | -2.27% | -1.34% | -0.93% |
Average DrawdownAverage peak-to-trough decline | -16.03% | -3.57% | -12.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.62% | 2.56% | +1.06% |
Volatility
SMT.L vs. OPEN.L - Volatility Comparison
The current volatility for Scottish Mortgage Investment Trust plc (SMT.L) is 4.49%, while iShares Refinitiv Inclusion and Diversity UCITS ETF USD (Acc) (OPEN.L) has a volatility of 5.18%. This indicates that SMT.L experiences smaller price fluctuations and is considered to be less risky than OPEN.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 | OPEN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.49% | 5.18% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 16.02% | 10.92% | +5.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.11% | 12.81% | +7.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.68% | 13.69% | +15.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.76% | 15.72% | +13.04% |
SMT.L vs. OPEN.L - Expense Ratio Comparison
SMT.L has a 0.31% expense ratio, which is higher than OPEN.L's 0.25% expense ratio.
Dividends
SMT.L vs. OPEN.L - Dividend Comparison
SMT.L's dividend yield for the trailing twelve months is around 0.29%, while OPEN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPEN.L iShares Refinitiv Inclusion and Diversity UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 OPEN.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, OPEN.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
OPEN.L is cheaper with a 0.25% expense ratio, compared with 0.31% for SMT.L.
They also come from different issuers: Baillie Gifford Funds and BlackRock. Their fees differ too: 0.31% for SMT.L and 0.25% for OPEN.L.
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