BSC.L vs. SMH

Last updated Jun 5, 2026

BSC.L (British Smaller Companies Vct 2 plc) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, BSC.L returned 6.89%/yr vs 37.20%/yr for SMH. At a 0.00 correlation, their price movements are largely independent.

Performance

BSC.L vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in British Smaller Companies Vct 2 plc (BSC.L) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BSC.L is traded in GBp, while SMH is traded in USD. To make them comparable, the SMH values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, BSC.L achieves a 1.13% return, which is significantly lower than SMH's 59.78% return. Over the past 10 years, BSC.L has underperformed SMH with an annualized return of 6.89%, while SMH has yielded a comparatively higher 37.20% annualized return.

BSC.L

• 1D: 0.00%
• 1M: 2.12%
• YTD: 1.13%
• 6M: 2.12%
• 1Y: 3.10%
• 3Y*: 3.82%
• 5Y*: 8.64%
• 10Y*: 6.89%

SMH

• 1D: -8.65%
• 1M: 5.59%
• YTD: 59.78%
• 6M: 56.71%
• 1Y: 131.38%
• 3Y*: 54.67%
• 5Y*: 37.73%
• 10Y*: 37.20%

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

BSC.L vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BSC.L British Smaller Companies Vct 2 plc	1.13%	3.89%	3.62%	6.58%	3.20%	37.16%	0.29%	8.14%	7.47%	-1.79%
SMH VanEck Semiconductor ETF	59.78%	38.54%	41.53%	64.71%	-25.63%	43.48%	50.97%	58.19%	-3.66%	26.50%

Correlation

The correlation between BSC.L and SMH is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jul 5, 2007	0.00

Return for Risk

BSC.L vs. SMH — Risk / Return Rank

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

BSC.L

BSC.L Risk / Return Rank: 54
BSC.L Sharpe Ratio Rank: 52
BSC.L Sortino Ratio Rank: 42
BSC.L Omega Ratio Rank: 57
BSC.L Calmar Ratio Rank: 56
BSC.L Martin Ratio Rank: 60

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.

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

This table presents a comparison of risk-adjusted performance metrics for British Smaller Companies Vct 2 plc (BSC.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.

	BSC.L	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.29	4.29	-4.00
Sortino ratio: Return per unit of downside risk	0.50	4.36	-3.87
Omega ratio: Gain probability vs. loss probability	1.15	1.63	-0.48
Calmar ratio: Return relative to maximum drawdown	0.64	10.56	-9.92
Martin ratio: Return relative to average drawdown	1.88	37.07	-35.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSC.L vs. SMH - Sharpe Ratio Comparison

The current BSC.L Sharpe Ratio is 0.29, which is lower than the SMH Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of BSC.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

	BSC.L	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	4.29	-4.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	1.12	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	1.17	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.82	-0.48

Drawdowns

BSC.L vs. SMH - Drawdown Comparison

The maximum BSC.L drawdown since its inception was -61.73%, which is greater than SMH's maximum drawdown of -47.21%. Use the drawdown chart below to compare losses from any high point for BSC.L and SMH.

Drawdown Indicators

	BSC.L	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-61.73%	-47.21%	-14.52%
Max Drawdown (1Y) Largest decline over 1 year	-4.83%	-12.51%	+7.68%
Max Drawdown (3Y) Largest decline over 3 years	-6.54%	-35.65%	+29.11%
Max Drawdown (5Y) Largest decline over 5 years	-6.54%	-35.65%	+29.11%
Max Drawdown (10Y) Largest decline over 10 years	-13.85%	-35.65%	+21.80%
Current Drawdown Current decline from peak	-0.80%	-10.16%	+9.36%
Average Drawdown Average peak-to-trough decline	-3.93%	-8.74%	+4.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	3.56%	-1.91%

Volatility

BSC.L vs. SMH - Volatility Comparison

The current volatility for British Smaller Companies Vct 2 plc (BSC.L) is 3.51%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.11%. This indicates that BSC.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

	BSC.L	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	14.11%	-10.60%
Volatility (6M) Calculated over the trailing 6-month period	5.38%	24.82%	-19.44%
Volatility (1Y) Calculated over the trailing 1-year period	10.80%	30.84%	-20.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	33.70%	-22.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	32.01%	-20.95%

Dividends

BSC.L vs. SMH - Dividend Comparison

BSC.L's dividend yield for the trailing twelve months is around 5.93%, more than SMH's 0.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSC.L British Smaller Companies Vct 2 plc	5.93%	5.83%	7.62%	5.50%	9.72%	13.91%	7.26%	15.38%	5.36%	5.45%	7.63%	8.04%
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 BSC.L and SMH in my portfolio?

BSC.L and SMH have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.