DH2O.L vs. SMH.L
DH2O.L (iShares Global Water UCITS ETF USD (Dist)) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - DH2O.L is a Global Equities fund tracking the S&P Global Water Index (NET) (USD), while SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past 5 years, DH2O.L returned 4.80%/yr vs 35.65%/yr for SMH.L. A 0.50 correlation means they provide meaningful diversification when combined. DH2O.L charges 0.65%/yr vs 0.35%/yr for SMH.L.
Performance
DH2O.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, DH2O.L achieves a 2.64% return, which is significantly lower than SMH.L's 76.50% return.
DH2O.L
- 1D
- -0.07%
- 1M
- 2.85%
- 6M
- 0.83%
- YTD
- 2.64%
- 1Y
- 6.10%
- 3Y*
- 8.88%
- 5Y*
- 4.80%
- 10Y*
- 9.56%
SMH.L
- 1D
- -3.48%
- 1M
- -8.87%
- 6M
- 62.90%
- YTD
- 76.50%
- 1Y
- 124.23%
- 3Y*
- 54.24%
- 5Y*
- 35.65%
- 10Y*
- —
DH2O.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DH2O.L iShares Global Water UCITS ETF USD (Dist) | 2.64% | 17.60% | 4.29% | 13.57% | -20.83% | 30.67% | 4.42% |
SMH.L VanEck Semiconductor UCITS ETF | 76.50% | 49.20% | 24.11% | 75.94% | -35.54% | 42.75% | 4.36% |
Correlation
The correlation between DH2O.L and SMH.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020 | 0.50 |
Over the past year, the correlation between DH2O.L and SMH.L has dropped to 0.30 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.
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Return for Risk
DH2O.L vs. SMH.L — Risk / Return Rank
DH2O.L
SMH.L
DH2O.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Water UCITS ETF USD (Dist) (DH2O.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.
| DH2O.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.47 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 8.88 | -8.22 |
| Martin ratioReturn relative to average drawdown | 1.53 | 27.77 | -26.24 |
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Drawdowns
DH2O.L vs. SMH.L - Drawdown Comparison
The maximum DH2O.L drawdown since its inception was -56.90%, which is greater than SMH.L's maximum drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for DH2O.L and SMH.L.
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Drawdown Indicators
| DH2O.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.90% | -45.38% | -11.52% |
Max Drawdown (1Y)Largest decline over 1 year | -10.53% | -13.91% | +3.38% |
Max Drawdown (3Y)Largest decline over 3 years | -16.08% | -36.25% | +20.17% |
Max Drawdown (5Y)Largest decline over 5 years | -32.43% | -45.38% | +12.95% |
Max Drawdown (10Y)Largest decline over 10 years | -35.56% | — | — |
Current DrawdownCurrent decline from peak | -5.23% | -11.91% | +6.68% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -11.12% | +0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.58% | 4.46% | +0.12% |
Volatility
DH2O.L vs. SMH.L - Volatility Comparison
The current volatility for iShares Global Water UCITS ETF USD (Dist) (DH2O.L) is 4.04%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 16.26%. This indicates that DH2O.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
| DH2O.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.04% | 16.26% | -12.22% |
Volatility (6M)Calculated over the trailing 6-month period | 10.79% | 30.80% | -20.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.58% | 36.96% | -23.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.74% | 33.56% | -16.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.48% | 32.93% | -16.45% |
DH2O.L vs. SMH.L - Expense Ratio Comparison
DH2O.L has a 0.65% expense ratio, which is higher than SMH.L's 0.35% expense ratio.
Dividends
DH2O.L vs. SMH.L - Dividend Comparison
DH2O.L's dividend yield for the trailing twelve months is around 1.36%, while SMH.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DH2O.L iShares Global Water UCITS ETF USD (Dist) | 1.36% | 1.33% | 1.06% | 1.18% | 1.09% | 1.66% | 0.94% | 1.39% | 1.80% | 1.46% | 1.76% | 1.65% |
SMH.L VanEck Semiconductor 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% |
Frequently Asked Questions
DH2O.L and SMH.L have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMH.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMH.L is cheaper with a 0.35% expense ratio, compared with 0.65% for DH2O.L.
DH2O.L is categorized as Global Equities, while SMH.L is Semiconductors. DH2O.L tracks S&P Global Water Index (NET) (USD), while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.65% for DH2O.L and 0.35% for SMH.L.
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