VIOV vs. SMLK.DE

Last updated Jun 4, 2026

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and SMLK.DE (Invesco S&P SmallCap 600 UCITS ETF A) are both exchange-traded funds - VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index, while SMLK.DE is a Small Cap Blend Equities fund tracking the S&P SmallCap 600. Both are passively managed. Over the past 5 years, VIOV returned 5.75%/yr vs 5.72%/yr for SMLK.DE. A 0.69 correlation means they provide meaningful diversification when combined. VIOV charges 0.10%/yr vs 0.14%/yr for SMLK.DE.

Performance

VIOV vs. SMLK.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Invesco S&P SmallCap 600 UCITS ETF A (SMLK.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VIOV is traded in USD, while SMLK.DE is traded in EUR. To make them comparable, the SMLK.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VIOV achieves a 15.28% return, which is significantly higher than SMLK.DE's 13.26% return.

VIOV

• 1D: -1.28%
• 1M: 2.26%
• YTD: 15.28%
• 6M: 14.76%
• 1Y: 37.06%
• 3Y*: 14.29%
• 5Y*: 5.75%
• 10Y*: 10.23%

SMLK.DE

• 1D: -0.48%
• 1M: 1.62%
• YTD: 13.26%
• 6M: 14.60%
• 1Y: 32.05%
• 3Y*: 14.95%
• 5Y*: 5.72%
• 10Y*: —

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

VIOV vs. SMLK.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VIOV Vanguard S&P Small-Cap 600 Value ETF	15.28%	6.63%	7.44%	15.36%	-11.37%	3.84%
SMLK.DE Invesco S&P SmallCap 600 UCITS ETF A	13.26%	8.35%	6.82%	17.57%	-16.69%	4.92%

Correlation

The correlation between VIOV and SMLK.DE is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 15, 2021	0.69

The correlation between VIOV and SMLK.DE has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

Return for Risk

VIOV vs. SMLK.DE — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 64
VIOV Sharpe Ratio Rank: 59
VIOV Sortino Ratio Rank: 61
VIOV Omega Ratio Rank: 55
VIOV Calmar Ratio Rank: 77
VIOV Martin Ratio Rank: 69

SMLK.DE

SMLK.DE Risk / Return Rank: 63
SMLK.DE Sharpe Ratio Rank: 52
SMLK.DE Sortino Ratio Rank: 52
SMLK.DE Omega Ratio Rank: 51
SMLK.DE Calmar Ratio Rank: 86
SMLK.DE Martin Ratio Rank: 72

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.

VIOV vs. SMLK.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Invesco S&P SmallCap 600 UCITS ETF A (SMLK.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.

	VIOV	SMLK.DE	Difference
Sharpe ratio Return per unit of total volatility	2.03	1.91	+0.13
Sortino ratio Return per unit of downside risk	2.92	2.79	+0.13
Omega ratio Gain probability vs. loss probability	1.35	1.33	+0.02
Calmar ratio Return relative to maximum drawdown	3.99	3.80	+0.19
Martin ratio Return relative to average drawdown	13.00	11.71	+1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIOV vs. SMLK.DE - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 2.03, which is comparable to the SMLK.DE Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of VIOV and SMLK.DE, 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

	VIOV	SMLK.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	1.91	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.27	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.28	+0.25

Drawdowns

VIOV vs. SMLK.DE - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, which is greater than SMLK.DE's maximum drawdown of -29.80%. Use the drawdown chart below to compare losses from any high point for VIOV and SMLK.DE.

Drawdown Indicators

	VIOV	SMLK.DE	Difference
Max Drawdown Largest peak-to-trough decline	-47.36%	-29.80%	-17.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-8.39%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	-28.44%	-29.80%	+1.36%
Max Drawdown (5Y) Largest decline over 5 years	-28.44%	-29.80%	+1.36%
Max Drawdown (10Y) Largest decline over 10 years	-47.36%	—	—
Current Drawdown Current decline from peak	-1.28%	-0.95%	-0.33%
Average Drawdown Average peak-to-trough decline	-7.38%	-10.49%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.73%	+0.13%

Volatility

VIOV vs. SMLK.DE - Volatility Comparison

Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Invesco S&P SmallCap 600 UCITS ETF A (SMLK.DE) have volatilities of 4.54% and 4.48%, 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

	VIOV	SMLK.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	4.48%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	11.57%	11.01%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	16.78%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.95%	20.88%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.89%	20.87%	+3.02%

VIOV vs. SMLK.DE - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is lower than SMLK.DE's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VIOV vs. SMLK.DE - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.59%, while SMLK.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLK.DE Invesco S&P SmallCap 600 UCITS ETF A	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.59%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%

Frequently Asked Questions

Can I hold both VIOV and SMLK.DE in my portfolio?

VIOV and SMLK.DE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VIOV or SMLK.DE?

On fees, VIOV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VIOV or SMLK.DE?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.14% for SMLK.DE.

What is the main difference between VIOV and SMLK.DE?

VIOV is categorized as Small Cap Value Equities, while SMLK.DE is Small Cap Blend Equities. VIOV tracks S&P SmallCap 600 Value Index, while SMLK.DE tracks S&P SmallCap 600. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.10% for VIOV and 0.14% for SMLK.DE.