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GBDV.L vs. SMH.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GBDV.L vs. SMH.L

Last updated Jun 26, 2026

GBDV.L (SPDR S&P Global Dividend Aristocrats UCITS) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - GBDV.L is a Global Equities fund tracking the S&P Global Dividend Aristocrats index, 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, GBDV.L returned 7.25%/yr vs 38.70%/yr for SMH.L. At a 0.29 correlation, their price movements are largely independent. GBDV.L charges 0.45%/yr vs 0.35%/yr for SMH.L.

Performance

GBDV.L vs. SMH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) and VanEck Semiconductor UCITS ETF (SMH.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, GBDV.L achieves a 9.62% return, which is significantly lower than SMH.L's 95.82% return.

GBDV.L

1D
0.20%
1M
1.93%
YTD
9.62%
6M
9.74%
1Y
20.65%
3Y*
13.77%
5Y*
7.25%
10Y*
7.24%

SMH.L

1D
1.96%
1M
11.22%
YTD
95.82%
6M
96.78%
1Y
167.51%
3Y*
60.11%
5Y*
38.70%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GBDV.L vs. SMH.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
GBDV.L
SPDR S&P Global Dividend Aristocrats UCITS		9.62%9.25%8.98%1.23%4.57%16.69%1.37%
SMH.L
VanEck Semiconductor UCITS ETF		95.82%38.57%26.28%67.15%-27.87%44.10%2.52%

Correlation

The correlation between GBDV.L and SMH.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.12

Correlation (3Y)
Calculated over the trailing 3-year period

0.20

Correlation (5Y)
Calculated over the trailing 5-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Dec 1, 2020

0.29

The correlation between GBDV.L and SMH.L shifts across timeframes, from 0.12 (1 year) to 0.29 (5 years), reflecting how their relationship changes across market environments.

GBDV.L vs. SMH.L - Sectors Allocation Comparison

Sectors
GBDV.L
SMH.L

Financial Services

23.0%

-

Utilities

16.9%

-

Industrials

12.0%

-

Real Estate

11.4%

-

Communication Services

10.3%

-

Consumer Defensive

8.4%

-

Energy

7.8%

-

Healthcare

3.8%

-

Technology

2.9%
100.0%

Basic Materials

2.3%

-

Consumer Cyclical

1.3%

-

Financial Services

GBDV.L
23.0%
SMH.L

-

Utilities

GBDV.L
16.9%
SMH.L

-

Industrials

GBDV.L
12.0%
SMH.L

-

Real Estate

GBDV.L
11.4%
SMH.L

-

Communication Services

GBDV.L
10.3%
SMH.L

-

Consumer Defensive

GBDV.L
8.4%
SMH.L

-

Energy

GBDV.L
7.8%
SMH.L

-

Healthcare

GBDV.L
3.8%
SMH.L

-

Technology

GBDV.L
2.9%
SMH.L
100.0%

Basic Materials

GBDV.L
2.3%
SMH.L

-

Consumer Cyclical

GBDV.L
1.3%
SMH.L

-

Compare stocks, funds, or ETFs

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SPDR S&P Global Dividend Aristocrats UCITS

VanEck Semiconductor UCITS ETF

Often compared with GBDV.L:
GBDV.L vs. VHYL.ASGBDV.L vs. VHYD.LGBDV.L vs. SDIVGBDV.L vs. IUKD.LGBDV.L vs. XGSD.LGBDV.L vs. FLXX.DEGBDV.L vs. TDGB.L
Often compared with SMH.L:
SMH.L vs. AINF.LSMH.L vs. VWRL.LSMH.L vs. VHVG.LSMH.L vs. SMGB.LSMH.L vs. SMT.LSMH.L vs. VWRA.LSMH.L vs. WQDV.L

Return for Risk

GBDV.L vs. SMH.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GBDV.L
GBDV.L Risk / Return Rank: 7979
Overall Rank
GBDV.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
GBDV.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
GBDV.L Omega Ratio Rank: 8383
Omega Ratio Rank
GBDV.L Calmar Ratio Rank: 7676
Calmar Ratio Rank
GBDV.L Martin Ratio Rank: 6666
Martin Ratio Rank
SMH.L
SMH.L Risk / Return Rank: 9797
Overall Rank
SMH.L Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SMH.L Sortino Ratio Rank: 9696
Sortino Ratio Rank
SMH.L Omega Ratio Rank: 9494
Omega Ratio Rank
SMH.L Calmar Ratio Rank: 9898
Calmar Ratio Rank
SMH.L Martin Ratio Rank: 9797
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Dividend Aristocrats UCITS (GBDV.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.

GBDV.LSMH.LDifference
Sharpe ratioReturn per unit of total volatility
2.37
4.94

-2.57

Sortino ratioReturn per unit of downside risk
3.29
5.03

-1.74

Omega ratioGain probability vs. loss probability

1.43

1.65

-0.22

Calmar ratioReturn relative to maximum drawdown

3.39

13.61

-10.22

Martin ratioReturn relative to average drawdown

10.53

45.15

-34.61

GBDV.L vs. SMH.L - Sharpe Ratio Comparison

The current GBDV.L Sharpe Ratio is 2.37, which is lower than the SMH.L Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of GBDV.L and SMH.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GBDV.L vs. SMH.L - Drawdown Comparison

The maximum GBDV.L drawdown since its inception was -40.46%, which is greater than SMH.L's maximum drawdown of -36.36%. Use the drawdown chart below to compare losses from any high point for GBDV.L and SMH.L.

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Drawdown Indicators

GBDV.LSMH.LDifference

Max Drawdown

Largest peak-to-trough decline

-40.46%

-36.36%

-4.10%

Max Drawdown (1Y)

Largest decline over 1 year

-6.06%

-12.23%

+6.17%

Max Drawdown (3Y)

Largest decline over 3 years

-13.57%

-36.36%

+22.79%

Max Drawdown (5Y)

Largest decline over 5 years

-16.18%

-36.36%

+20.18%

Max Drawdown (10Y)

Largest decline over 10 years

-34.77%

—

—

Current Drawdown

Current decline from peak

0.00%

-3.80%

+3.80%

Average Drawdown

Average peak-to-trough decline

-11.60%

-9.76%

-1.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

3.69%

-1.73%

Volatility

GBDV.L vs. SMH.L - Volatility Comparison

The current volatility for SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) is 1.97%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 13.95%. This indicates that GBDV.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

GBDV.LSMH.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.97%

13.95%

-11.98%

Volatility (6M)

Calculated over the trailing 6-month period

6.45%

27.08%

-20.63%

Volatility (1Y)

Calculated over the trailing 1-year period

8.71%

33.68%

-24.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.74%

31.75%

-20.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.08%

31.33%

-17.25%

GBDV.L vs. SMH.L - Expense Ratio Comparison

GBDV.L has a 0.45% expense ratio, which is higher than SMH.L's 0.35% expense ratio.

Dividends

GBDV.L vs. SMH.L - Dividend Comparison

GBDV.L's dividend yield for the trailing twelve months is around 3.81%, while SMH.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GBDV.L
SPDR S&P Global Dividend Aristocrats UCITS		3.81%4.21%3.80%4.25%4.26%3.68%3.91%3.60%3.87%3.28%3.49%3.73%
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

GBDV.L and SMH.L have a correlation of 0.12, 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 0.45% for GBDV.L.

GBDV.L is categorized as Global Equities, while SMH.L is Semiconductors. GBDV.L tracks S&P Global Dividend Aristocrats index, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.45% for GBDV.L and 0.35% for SMH.L.

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