AVSG.L vs. SMH

Last updated Jun 5, 2026

AVSG.L (Avantis Global Small Cap Value UCITS ETF USD Acc) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - AVSG.L is a Small Cap Value Equities fund actively managed by Avantis, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. AVSG.L is actively managed, while SMH is passively managed. Over the past year, AVSG.L returned 38.69% vs 127.40% for SMH. At a 0.33 correlation, their price movements are largely independent. AVSG.L charges 0.39%/yr vs 0.35%/yr for SMH.

Performance

AVSG.L vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Global Small Cap Value UCITS ETF USD Acc (AVSG.L) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVSG.L achieves a 17.60% return, which is significantly lower than SMH's 58.19% return.

AVSG.L

• 1D: 0.38%
• 1M: 1.56%
• YTD: 17.60%
• 6M: 17.30%
• 1Y: 38.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMH

• 1D: -9.22%
• 1M: 3.63%
• YTD: 58.19%
• 6M: 56.81%
• 1Y: 127.40%
• 3Y*: 58.39%
• 5Y*: 36.10%
• 10Y*: 36.02%

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

AVSG.L vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVSG.L Avantis Global Small Cap Value UCITS ETF USD Acc	17.60%	12.18%	-4.47%
SMH VanEck Semiconductor ETF	58.19%	49.17%	-3.72%

Correlation

The correlation between AVSG.L and SMH is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Dec 5, 2024	0.33

Return for Risk

AVSG.L vs. SMH — Risk / Return Rank

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

AVSG.L

AVSG.L Risk / Return Rank: 89
AVSG.L Sharpe Ratio Rank: 89
AVSG.L Sortino Ratio Rank: 89
AVSG.L Omega Ratio Rank: 88
AVSG.L Calmar Ratio Rank: 90
AVSG.L Martin Ratio Rank: 91

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 90
SMH Omega Ratio Rank: 92
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 95

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.

AVSG.L vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Global Small Cap Value UCITS ETF USD Acc (AVSG.L) and VanEck Semiconductor ETF (SMH). 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.

	AVSG.L	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.99	4.00	-1.02
Sortino ratio: Return per unit of downside risk	4.09	4.12	-0.03
Omega ratio: Gain probability vs. loss probability	1.53	1.59	-0.06
Calmar ratio: Return relative to maximum drawdown	5.57	8.58	-3.02
Martin ratio: Return relative to average drawdown	21.27	32.42	-11.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVSG.L vs. SMH - Sharpe Ratio Comparison

The current AVSG.L Sharpe Ratio is 2.99, which is comparable to the SMH Sharpe Ratio of 4.00. The chart below compares the historical Sharpe Ratios of AVSG.L and SMH, 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

	AVSG.L	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	4.00	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.32	+0.73

Drawdowns

AVSG.L vs. SMH - Drawdown Comparison

The maximum AVSG.L drawdown since its inception was -21.38%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for AVSG.L and SMH.

Drawdown Indicators

	AVSG.L	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-21.38%	-84.96%	+63.58%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-14.93%	+8.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-0.55%	-10.69%	+10.14%
Average Drawdown Average peak-to-trough decline	-4.00%	-41.08%	+37.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	3.94%	-2.13%

Volatility

AVSG.L vs. SMH - Volatility Comparison

The current volatility for Avantis Global Small Cap Value UCITS ETF USD Acc (AVSG.L) is 3.39%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.88%. This indicates that AVSG.L experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVSG.L	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	14.88%	-11.49%
Volatility (6M) Calculated over the trailing 6-month period	9.04%	26.35%	-17.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.87%	32.03%	-19.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.87%	35.24%	-19.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.87%	32.70%	-16.83%

AVSG.L vs. SMH - Expense Ratio Comparison

AVSG.L has a 0.39% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

AVSG.L vs. SMH - Dividend Comparison

AVSG.L has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.19%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVSG.L Avantis Global Small Cap Value 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%
SMH VanEck Semiconductor ETF	0.19%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both AVSG.L and SMH in my portfolio?

AVSG.L and SMH have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AVSG.L or SMH?

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AVSG.L or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.39% for AVSG.L.

What is the main difference between AVSG.L and SMH?

AVSG.L is categorized as Small Cap Value Equities, while SMH is Semiconductors. They also come from different issuers: Avantis and VanEck. Their fees differ too: 0.39% for AVSG.L and 0.35% for SMH.