XUEN.DE vs. SMLD.DE

Last updated Jun 5, 2026

XUEN.DE (Xtrackers MSCI USA Energy UCITS ETF 1D) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both Energy Equities funds - XUEN.DE tracks the MSCI USA Energy 20/35 Custom while SMLD.DE tracks the Morningstar MLP Composite. Both are passively managed. Over the past 5 years, XUEN.DE returned 21.22%/yr vs 25.24%/yr for SMLD.DE. A 0.68 correlation means they provide meaningful diversification when combined. XUEN.DE charges 0.12%/yr vs 0.50%/yr for SMLD.DE.

Performance

XUEN.DE vs. SMLD.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Xtrackers MSCI USA Energy UCITS ETF 1D (XUEN.DE) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XUEN.DE achieves a 32.35% return, which is significantly higher than SMLD.DE's 20.75% return.

XUEN.DE

• 1D: -0.40%
• 1M: 4.10%
• YTD: 32.35%
• 6M: 28.01%
• 1Y: 43.05%
• 3Y*: 14.05%
• 5Y*: 21.22%
• 10Y*: —

SMLD.DE

• 1D: -0.66%
• 1M: 3.73%
• YTD: 20.75%
• 6M: 13.95%
• 1Y: 14.71%
• 3Y*: 20.56%
• 5Y*: 25.24%
• 10Y*: 15.33%

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

XUEN.DE vs. SMLD.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XUEN.DE Xtrackers MSCI USA Energy UCITS ETF 1D	32.35%	-3.28%	10.56%	-3.66%	71.12%	65.12%	-40.59%	12.55%	-14.61%	11.19%
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist	20.75%	-8.86%	35.22%	27.59%	49.18%	62.11%	-27.45%	24.27%	-4.73%	2.10%

Correlation

The correlation between XUEN.DE and SMLD.DE is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Sep 18, 2017	0.68

The correlation between XUEN.DE and SMLD.DE has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

Return for Risk

XUEN.DE vs. SMLD.DE — Risk / Return Rank

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

XUEN.DE

XUEN.DE Risk / Return Rank: 49
XUEN.DE Sharpe Ratio Rank: 52
XUEN.DE Sortino Ratio Rank: 45
XUEN.DE Omega Ratio Rank: 50
XUEN.DE Calmar Ratio Rank: 50
XUEN.DE Martin Ratio Rank: 47

SMLD.DE

SMLD.DE Risk / Return Rank: 20
SMLD.DE Sharpe Ratio Rank: 17
SMLD.DE Sortino Ratio Rank: 19
SMLD.DE Omega Ratio Rank: 23
SMLD.DE Calmar Ratio Rank: 21
SMLD.DE Martin Ratio Rank: 19

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.

XUEN.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI USA Energy UCITS ETF 1D (XUEN.DE) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.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.

	XUEN.DE	SMLD.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.51	+1.25
Sortino ratio: Return per unit of downside risk	2.23	0.91	+1.32
Omega ratio: Gain probability vs. loss probability	1.31	1.15	+0.16
Calmar ratio: Return relative to maximum drawdown	2.44	0.92	+1.51
Martin ratio: Return relative to average drawdown	7.67	1.91	+5.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XUEN.DE Sharpe Ratio is 1.76, which is higher than the SMLD.DE Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of XUEN.DE and SMLD.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

	XUEN.DE	SMLD.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	0.51	+1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	1.10	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.29	+0.07

Drawdowns

XUEN.DE vs. SMLD.DE - Drawdown Comparison

The maximum XUEN.DE drawdown since its inception was -64.67%, smaller than the maximum SMLD.DE drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for XUEN.DE and SMLD.DE.

Drawdown Indicators

	XUEN.DE	SMLD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-64.67%	-73.78%	+9.11%
Max Drawdown (1Y) Largest decline over 1 year	-17.12%	-14.77%	-2.35%
Max Drawdown (3Y) Largest decline over 3 years	-26.63%	-22.99%	-3.64%
Max Drawdown (5Y) Largest decline over 5 years	-26.63%	-22.99%	-3.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-70.79%	—
Current Drawdown Current decline from peak	-9.21%	-3.47%	-5.74%
Average Drawdown Average peak-to-trough decline	-16.97%	-17.76%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	7.16%	-1.70%

Volatility

XUEN.DE vs. SMLD.DE - Volatility Comparison

Xtrackers MSCI USA Energy UCITS ETF 1D (XUEN.DE) has a higher volatility of 7.71% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) at 5.38%. This indicates that XUEN.DE's price experiences larger fluctuations and is considered to be riskier than SMLD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUEN.DE	SMLD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.71%	5.38%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	20.26%	12.79%	+7.47%
Volatility (1Y) Calculated over the trailing 1-year period	23.74%	26.64%	-2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.62%	22.60%	+4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.68%	34.70%	-5.02%

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

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

Dividends

XUEN.DE vs. SMLD.DE - Dividend Comparison

XUEN.DE's dividend yield for the trailing twelve months is around 2.07%, less than SMLD.DE's 7.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist	7.55%	8.45%	12.45%	18.33%	14.40%	17.94%	25.01%	18.21%	21.61%	18.39%	14.39%	20.63%
XUEN.DE Xtrackers MSCI USA Energy UCITS ETF 1D	2.07%	2.80%	2.64%	3.22%	3.89%	3.12%	7.28%	2.72%	0.71%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XUEN.DE and SMLD.DE in my portfolio?

XUEN.DE and SMLD.DE have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XUEN.DE or SMLD.DE?

On fees, XUEN.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XUEN.DE or SMLD.DE?

XUEN.DE is cheaper with a 0.12% expense ratio, compared with 0.50% for SMLD.DE.

What is the main difference between XUEN.DE and SMLD.DE?

XUEN.DE tracks MSCI USA Energy 20/35 Custom, while SMLD.DE tracks Morningstar MLP Composite. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.12% for XUEN.DE and 0.50% for SMLD.DE.