CSPX.AS vs. SMH
CSPX.AS (iShares Core S&P 500 UCITS ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - CSPX.AS is a S&P 500 fund tracking the S&P 500 Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, CSPX.AS returned 15.01%/yr vs 38.04%/yr for SMH. At a 0.46 correlation, their price movements are largely independent. CSPX.AS charges 0.07%/yr vs 0.35%/yr for SMH.
Performance
CSPX.AS vs. SMH - Performance Comparison
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Different Trading Currencies
CSPX.AS is traded in EUR, while SMH is traded in USD. To make them comparable, the SMH values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, CSPX.AS achieves a 11.94% return, which is significantly lower than SMH's 87.78% return. Over the past 10 years, CSPX.AS has underperformed SMH with an annualized return of 15.01%, while SMH has yielded a comparatively higher 38.04% annualized return.
CSPX.AS
- 1D
- 0.26%
- 1M
- 1.26%
- YTD
- 11.94%
- 6M
- 12.66%
- 1Y
- 27.18%
- 3Y*
- 18.94%
- 5Y*
- 14.49%
- 10Y*
- 15.01%
SMH
- 1D
- 6.12%
- 1M
- 15.88%
- YTD
- 87.78%
- 6M
- 89.80%
- 1Y
- 155.67%
- 3Y*
- 60.84%
- 5Y*
- 41.66%
- 10Y*
- 38.04%
CSPX.AS vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSPX.AS iShares Core S&P 500 UCITS ETF | 11.94% | 4.00% | 33.87% | 22.28% | -14.24% | 40.26% | 7.72% | 32.99% | -0.36% | 7.13% |
SMH VanEck Semiconductor ETF | 87.78% | 31.47% | 48.28% | 68.18% | -29.41% | 52.76% | 42.71% | 68.17% | -4.78% | 21.46% |
Correlation
The correlation between CSPX.AS and SMH is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since May 19, 2010 | 0.46 |
The correlation between CSPX.AS and SMH shifts across timeframes, from 0.46 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CSPX.AS vs. SMH — Risk / Return Rank
CSPX.AS
SMH
CSPX.AS vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 UCITS ETF (CSPX.AS) 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.
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.
| CSPX.AS | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.63 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | 12.42 | -8.58 |
| Martin ratioReturn relative to average drawdown | 13.62 | 41.37 | -27.75 |
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Drawdowns
CSPX.AS vs. SMH - Drawdown Comparison
The maximum CSPX.AS drawdown since its inception was -33.65%, smaller than the maximum SMH drawdown of -54.70%. Use the drawdown chart below to compare losses from any high point for CSPX.AS and SMH.
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Drawdown Indicators
| CSPX.AS | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.65% | -54.70% | +21.05% |
Max Drawdown (1Y)Largest decline over 1 year | -7.11% | -12.35% | +5.24% |
Max Drawdown (3Y)Largest decline over 3 years | -23.37% | -36.90% | +13.53% |
Max Drawdown (5Y)Largest decline over 5 years | -23.37% | -36.90% | +13.53% |
Max Drawdown (10Y)Largest decline over 10 years | -33.65% | -36.90% | +3.25% |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -3.73% | -10.69% | +6.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 3.70% | -1.68% |
Volatility
CSPX.AS vs. SMH - Volatility Comparison
The current volatility for iShares Core S&P 500 UCITS ETF (CSPX.AS) is 3.25%, while VanEck Semiconductor ETF (SMH) has a volatility of 17.01%. This indicates that CSPX.AS 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.
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Volatility by Period
| CSPX.AS | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 17.01% | -13.76% |
Volatility (6M)Calculated over the trailing 6-month period | 7.80% | 27.48% | -19.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.57% | 33.77% | -22.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.18% | 34.92% | -19.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.07% | 32.80% | -16.73% |
CSPX.AS vs. SMH - Expense Ratio Comparison
CSPX.AS has a 0.07% expense ratio, which is lower than SMH's 0.35% expense ratio.
Dividends
CSPX.AS vs. SMH - Dividend Comparison
CSPX.AS has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSPX.AS iShares Core S&P 500 UCITS ETF | 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 | 0.17% | 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
CSPX.AS and SMH have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSPX.AS is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSPX.AS is cheaper with a 0.07% expense ratio, compared with 0.35% for SMH.
CSPX.AS is categorized as S&P 500, while SMH is Semiconductors. CSPX.AS tracks S&P 500 Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.07% for CSPX.AS and 0.35% for SMH.
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