GDX.L vs. SMGB.L
GDX.L (VanEck Gold Miners UCITS ETF) and SMGB.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - GDX.L is a Commodity Producers Equities fund tracking the VanEck Gold Miners UCITS ETF, while SMGB.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past 5 years, GDX.L returned 18.04%/yr vs 35.78%/yr for SMGB.L. At a 0.25 correlation, their price movements are largely independent. GDX.L charges 0.53%/yr vs 0.35%/yr for SMGB.L.
Performance
GDX.L vs. SMGB.L - Performance Comparison
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Different Trading Currencies
GDX.L is traded in USD, while SMGB.L is traded in GBP. To make them comparable, the SMGB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GDX.L achieves a -14.33% return, which is significantly lower than SMGB.L's 77.21% return.
GDX.L
- 1D
- 0.25%
- 1M
- -14.29%
- 6M
- -24.08%
- YTD
- -14.33%
- 1Y
- 45.65%
- 3Y*
- 33.56%
- 5Y*
- 18.04%
- 10Y*
- 10.47%
SMGB.L
- 1D
- -3.09%
- 1M
- -8.61%
- 6M
- 63.59%
- YTD
- 77.21%
- 1Y
- 124.86%
- 3Y*
- 54.50%
- 5Y*
- 35.78%
- 10Y*
- —
GDX.L vs. SMGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDX.L VanEck Gold Miners UCITS ETF | -14.33% | 156.68% | 9.22% | 9.69% | -7.72% | -11.80% | 2.05% |
SMGB.L VanEck Semiconductor UCITS ETF | 77.21% | 49.26% | 24.21% | 74.92% | -35.50% | 43.10% | 2.03% |
Correlation
The correlation between GDX.L and SMGB.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.25 |
The correlation between GDX.L and SMGB.L shifts across timeframes, from 0.22 (3 years) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GDX.L vs. SMGB.L — Risk / Return Rank
GDX.L
SMGB.L
GDX.L vs. SMGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners UCITS ETF (GDX.L) and VanEck Semiconductor UCITS ETF (SMGB.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.
| GDX.L | SMGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.33 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.47 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 8.76 | -7.62 |
| Martin ratioReturn relative to average drawdown | 2.64 | 27.77 | -25.13 |
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Drawdowns
GDX.L vs. SMGB.L - Drawdown Comparison
The maximum GDX.L drawdown since its inception was -50.37%, which is greater than SMGB.L's maximum drawdown of -45.92%. Use the drawdown chart below to compare losses from any high point for GDX.L and SMGB.L.
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Drawdown Indicators
| GDX.L | SMGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.37% | -45.92% | -4.45% |
Max Drawdown (1Y)Largest decline over 1 year | -37.20% | -14.18% | -23.02% |
Max Drawdown (3Y)Largest decline over 3 years | -37.20% | -36.85% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -45.52% | -45.92% | +0.40% |
Max Drawdown (10Y)Largest decline over 10 years | -50.37% | — | — |
Current DrawdownCurrent decline from peak | -35.87% | -11.66% | -24.21% |
Average DrawdownAverage peak-to-trough decline | -21.70% | -11.21% | -10.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.97% | 4.48% | +11.49% |
Volatility
GDX.L vs. SMGB.L - Volatility Comparison
The current volatility for VanEck Gold Miners UCITS ETF (GDX.L) is 14.82%, while VanEck Semiconductor UCITS ETF (SMGB.L) has a volatility of 16.49%. This indicates that GDX.L experiences smaller price fluctuations and is considered to be less risky than SMGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX.L | SMGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.82% | 16.49% | -1.67% |
Volatility (6M)Calculated over the trailing 6-month period | 38.73% | 30.67% | +8.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.46% | 36.87% | +10.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 33.17% | +3.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.06% | 32.57% | +2.49% |
GDX.L vs. SMGB.L - Expense Ratio Comparison
GDX.L has a 0.53% expense ratio, which is higher than SMGB.L's 0.35% expense ratio.
Dividends
GDX.L vs. SMGB.L - Dividend Comparison
Neither GDX.L nor SMGB.L has paid dividends to shareholders.
Frequently Asked Questions
GDX.L and SMGB.L have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMGB.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMGB.L is cheaper with a 0.35% expense ratio, compared with 0.53% for GDX.L.
GDX.L is categorized as Commodity Producers Equities, while SMGB.L is Semiconductors. GDX.L tracks VanEck Gold Miners UCITS ETF, while SMGB.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. Their fees differ too: 0.53% for GDX.L and 0.35% for SMGB.L.
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