AINF.L vs. SMH.L
AINF.L (iShares AI Infrastructure UCITS ETF USD (Acc)) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - AINF.L is a Technology Equities fund tracking the STOXX Global AI Infrastructure Net Index, while SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past year, AINF.L returned 102.57% vs 167.51% for SMH.L. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.
Performance
AINF.L vs. SMH.L - Performance Comparison
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Different Trading Currencies
AINF.L is traded in GBP, while SMH.L is traded in USD. To make them comparable, the SMH.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, AINF.L achieves a 56.26% return, which is significantly lower than SMH.L's 95.82% return.
AINF.L
- 1D
- 0.00%
- 1M
- 5.48%
- YTD
- 56.26%
- 6M
- 57.37%
- 1Y
- 102.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMH.L
- 1D
- 1.96%
- 1M
- 11.22%
- YTD
- 95.82%
- 6M
- 96.78%
- 1Y
- 167.51%
- 3Y*
- 60.11%
- 5Y*
- 38.70%
- 10Y*
- —
AINF.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AINF.L iShares AI Infrastructure UCITS ETF USD (Acc) | 56.26% | 34.74% | 0.43% |
SMH.L VanEck Semiconductor UCITS ETF | 95.82% | 38.57% | 2.25% |
Correlation
The correlation between AINF.L and SMH.L is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2024 | 0.89 |
The correlation between AINF.L and SMH.L has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.
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Return for Risk
AINF.L vs. SMH.L — Risk / Return Rank
AINF.L
SMH.L
AINF.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares AI Infrastructure UCITS ETF USD (Acc) (AINF.L) and VanEck Semiconductor UCITS ETF (SMH.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AINF.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.65 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 13.61 | -10.13 |
| Martin ratioReturn relative to average drawdown | 6.35 | 45.15 | -38.80 |
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Drawdowns
AINF.L vs. SMH.L - Drawdown Comparison
The maximum AINF.L drawdown since its inception was -29.48%, smaller than the maximum SMH.L drawdown of -36.36%. Use the drawdown chart below to compare losses from any high point for AINF.L and SMH.L.
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Drawdown Indicators
| AINF.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.48% | -36.36% | +6.88% |
Max Drawdown (1Y)Largest decline over 1 year | -29.48% | -12.23% | -17.25% |
Max Drawdown (3Y)Largest decline over 3 years | — | -36.36% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.36% | — |
Current DrawdownCurrent decline from peak | -3.94% | -3.80% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -11.19% | -9.76% | -1.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.16% | 3.69% | +12.47% |
Volatility
AINF.L vs. SMH.L - Volatility Comparison
The current volatility for iShares AI Infrastructure UCITS ETF USD (Acc) (AINF.L) is 10.99%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 13.95%. This indicates that AINF.L experiences smaller price fluctuations and is considered to be less risky than SMH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AINF.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.99% | 13.95% | -2.96% |
Volatility (6M)Calculated over the trailing 6-month period | 19.69% | 27.08% | -7.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.67% | 33.68% | +15.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.00% | 31.75% | +12.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.00% | 31.33% | +12.67% |
AINF.L vs. SMH.L - Expense Ratio Comparison
Both AINF.L and SMH.L have an expense ratio of 0.35%.
Dividends
AINF.L vs. SMH.L - Dividend Comparison
Neither AINF.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
AINF.L and SMH.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
AINF.L and SMH.L have the same expense ratio: 0.35% per year.
AINF.L is categorized as Technology Equities, while SMH.L is Semiconductors. AINF.L tracks STOXX Global AI Infrastructure Net Index, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: iShares and VanEck.
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