This paper compares the performance of four different power electronic converter topologies, which have been proposed for STATCOM applications. Two of the topologies are Modular Multilevel Cascaded Converters (MMCC), whilst the remaining circuits utilize magnetic elements and an open-winding transformer configuration to combine individual power modules. It is assumed that the STATCOM has to work under unbalanced conditions, so that it delivers both positive and negative sequence currents. Simulation studies for the four topologies have been carried out using the simulation tool Saber.