ENGE.L vs. SMH

Last updated Jun 5, 2026

ENGE.L (SPDR MSCI Europe Energy UCITS ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - ENGE.L is a Energy Equities fund tracking the MSCI World/Energy NR USD, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 3 years, ENGE.L returned 17.62%/yr vs 54.67%/yr for SMH. At a 0.10 correlation, their price movements are largely independent. ENGE.L charges 0.18%/yr vs 0.35%/yr for SMH.

Performance

ENGE.L vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI Europe Energy UCITS ETF (ENGE.L) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ENGE.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, ENGE.L achieves a 33.47% return, which is significantly lower than SMH's 59.78% return.

ENGE.L

• 1D: -0.79%
• 1M: 1.77%
• YTD: 33.47%
• 6M: 31.39%
• 1Y: 58.60%
• 3Y*: 17.62%
• 5Y*: —
• 10Y*: —

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)

ENGE.L vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ENGE.L SPDR MSCI Europe Energy UCITS ETF	33.47%	20.13%	-9.19%	5.91%	21.28%
SMH VanEck Semiconductor ETF	59.78%	38.54%	41.53%	64.71%	-17.51%

Correlation

The correlation between ENGE.L and SMH is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.10

The correlation between ENGE.L and SMH shifts across timeframes, from -0.01 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ENGE.L vs. SMH — Risk / Return Rank

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

ENGE.L

ENGE.L Risk / Return Rank: 78
ENGE.L Sharpe Ratio Rank: 82
ENGE.L Sortino Ratio Rank: 68
ENGE.L Omega Ratio Rank: 78
ENGE.L Calmar Ratio Rank: 87
ENGE.L Martin Ratio Rank: 77

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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Energy UCITS ETF (ENGE.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.

	ENGE.L	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.60	4.29	-1.68
Sortino ratio: Return per unit of downside risk	3.08	4.36	-1.28
Omega ratio: Gain probability vs. loss probability	1.45	1.63	-0.17
Calmar ratio: Return relative to maximum drawdown	4.93	10.56	-5.63
Martin ratio: Return relative to average drawdown	14.51	37.07	-22.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENGE.L vs. SMH - Sharpe Ratio Comparison

The current ENGE.L Sharpe Ratio is 2.60, which is lower than the SMH Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of ENGE.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

	ENGE.L	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	4.29	-1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.82	-0.10

Drawdowns

ENGE.L vs. SMH - Drawdown Comparison

The maximum ENGE.L drawdown since its inception was -25.54%, smaller than the maximum SMH drawdown of -47.21%. Use the drawdown chart below to compare losses from any high point for ENGE.L and SMH.

Drawdown Indicators

	ENGE.L	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-25.54%	-47.21%	+21.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.77%	-12.51%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-25.54%	-35.65%	+10.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.65%	—
Current Drawdown Current decline from peak	-7.24%	-10.16%	+2.92%
Average Drawdown Average peak-to-trough decline	-8.15%	-8.74%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	3.56%	+0.45%

Volatility

ENGE.L vs. SMH - Volatility Comparison

The current volatility for SPDR MSCI Europe Energy UCITS ETF (ENGE.L) is 8.22%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.11%. This indicates that ENGE.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

	ENGE.L	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	14.11%	-5.89%
Volatility (6M) Calculated over the trailing 6-month period	19.02%	24.82%	-5.80%
Volatility (1Y) Calculated over the trailing 1-year period	22.37%	30.84%	-8.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.66%	33.70%	-11.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.66%	32.01%	-9.35%

ENGE.L vs. SMH - Expense Ratio Comparison

ENGE.L has a 0.18% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

ENGE.L vs. SMH - Dividend Comparison

ENGE.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
ENGE.L SPDR MSCI Europe Energy 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	0.19%	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 ENGE.L and SMH in my portfolio?

ENGE.L and SMH have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ENGE.L or SMH?

On fees, ENGE.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ENGE.L or SMH?

ENGE.L is cheaper with a 0.18% expense ratio, compared with 0.35% for SMH.

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

ENGE.L is categorized as Energy Equities, while SMH is Semiconductors. ENGE.L tracks MSCI World/Energy NR USD, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.18% for ENGE.L and 0.35% for SMH.