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

GLCB.L vs. SMH

Last updated Jun 5, 2026

GLCB.L (SPDR Refinitiv Global Convertible Bond UCITS ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - GLCB.L is a Convertible Bonds fund tracking the Refinitiv Global CB TR USD, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, GLCB.L returned 96.80%/yr vs 40.26%/yr for SMH. At a 0.41 correlation, their price movements are largely independent. GLCB.L charges 0.50%/yr vs 0.35%/yr for SMH.

Performance

GLCB.L vs. SMH - Performance Comparison

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

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Different Trading Currencies

GLCB.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, GLCB.L achieves a 93.48% return, which is significantly higher than SMH's 74.96% return.

GLCB.L

1D
-0.35%
1M
5.09%
YTD
93.48%
6M
94.58%
1Y
283.93%
3Y*
169.95%
5Y*
96.80%
10Y*
—

SMH

1D
-1.63%
1M
21.16%
YTD
74.96%
6M
72.88%
1Y
152.46%
3Y*
59.84%
5Y*
40.26%
10Y*
38.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GLCB.L vs. SMH - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
GLCB.L
SPDR Refinitiv Global Convertible Bond UCITS ETF		93.48%269.52%123.23%45.30%18.17%18.45%117.36%92.24%26.06%
SMH
VanEck Semiconductor ETF		74.96%38.54%41.53%64.71%-25.63%43.48%50.97%58.19%-12.97%

Correlation

The correlation between GLCB.L and SMH is 0.55, 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

0.55

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

0.42

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

0.41

Correlation (All Time)
Calculated using the full available price history since May 25, 2018

0.41

The correlation between GLCB.L and SMH shifts across timeframes, from 0.41 (5 years) to 0.55 (1 year), reflecting how their relationship changes across market environments.

GLCB.L vs. SMH - Sectors Allocation Comparison

Sectors
GLCB.L
SMH

Technology

23.8%
100.0%

Consumer Cyclical

8.5%

-

Healthcare

6.0%

-

Industrials

4.7%

-

Financial Services

4.5%

-

Basic Materials

4.0%

-

Utilities

2.4%

-

Communication Services

1.8%

-

Real Estate

1.6%

-

Energy

1.4%

-

Consumer Defensive

0.6%

-

Technology

GLCB.L
23.8%
SMH
100.0%

Consumer Cyclical

GLCB.L
8.5%
SMH

-

Healthcare

GLCB.L
6.0%
SMH

-

Industrials

GLCB.L
4.7%
SMH

-

Financial Services

GLCB.L
4.5%
SMH

-

Basic Materials

GLCB.L
4.0%
SMH

-

Utilities

GLCB.L
2.4%
SMH

-

Communication Services

GLCB.L
1.8%
SMH

-

Real Estate

GLCB.L
1.6%
SMH

-

Energy

GLCB.L
1.4%
SMH

-

Consumer Defensive

GLCB.L
0.6%
SMH

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Refinitiv Global Convertible Bond UCITS ETF

VanEck Semiconductor ETF

Often compared with GLCB.L:
GLCB.L vs. FLOA.LGLCB.L vs. QQQYGLCB.L vs. SWLD.LGLCB.L vs. SWRD.LGLCB.L vs. ACWI.LGLCB.L vs. GCVG.LGLCB.L vs. SPY5.L
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

GLCB.L vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GLCB.L
GLCB.L Risk / Return Rank: 9797
Overall Rank
GLCB.L Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
GLCB.L Sortino Ratio Rank: 100100
Sortino Ratio Rank
GLCB.L Omega Ratio Rank: 9999
Omega Ratio Rank
GLCB.L Calmar Ratio Rank: 9999
Calmar Ratio Rank
GLCB.L Martin Ratio Rank: 9999
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9595
Sortino Ratio Rank
SMH Omega Ratio Rank: 9494
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9696
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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.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.

GLCB.LSMHDifference
Sharpe ratioReturn per unit of total volatility
2.87
5.20

-2.34

Sortino ratioReturn per unit of downside risk
25.73
5.27

+20.46

Omega ratioGain probability vs. loss probability

4.59

1.73

+2.86

Calmar ratioReturn relative to maximum drawdown

55.06

12.26

+42.80

Martin ratioReturn relative to average drawdown

189.13

43.75

+145.38

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLCB.L vs. SMH - Sharpe Ratio Comparison

The current GLCB.L Sharpe Ratio is 2.87, which is lower than the SMH Sharpe Ratio of 5.20. The chart below compares the historical Sharpe Ratios of GLCB.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.

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Sharpe Ratios by Period

GLCB.LSMHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.87

5.20

-2.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.44

1.21

+0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.21

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.52

0.84

+0.68

Drawdowns

GLCB.L vs. SMH - Drawdown Comparison

The maximum GLCB.L drawdown since its inception was -15.28%, smaller than the maximum SMH drawdown of -47.21%. Use the drawdown chart below to compare losses from any high point for GLCB.L and SMH.

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Drawdown Indicators

GLCB.LSMHDifference

Max Drawdown

Largest peak-to-trough decline

-15.28%

-47.21%

+31.93%

Max Drawdown (1Y)

Largest decline over 1 year

-5.12%

-12.51%

+7.39%

Max Drawdown (3Y)

Largest decline over 3 years

-8.42%

-35.65%

+27.23%

Max Drawdown (5Y)

Largest decline over 5 years

-10.65%

-35.65%

+25.00%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.65%

—

Current Drawdown

Current decline from peak

-0.35%

-1.63%

+1.28%

Average Drawdown

Average peak-to-trough decline

-2.53%

-8.74%

+6.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.49%

3.50%

-2.01%

Volatility

GLCB.L vs. SMH - Volatility Comparison

The current volatility for SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) is 3.18%, while VanEck Semiconductor ETF (SMH) has a volatility of 10.92%. This indicates that GLCB.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.

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Volatility by Period

GLCB.LSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.18%

10.92%

-7.74%

Volatility (6M)

Calculated over the trailing 6-month period

52.08%

22.94%

+29.14%

Volatility (1Y)

Calculated over the trailing 1-year period

98.39%

29.49%

+68.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.00%

33.48%

+33.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

58.85%

31.88%

+26.97%

GLCB.L vs. SMH - Expense Ratio Comparison

GLCB.L has a 0.50% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

GLCB.L vs. SMH - Dividend Comparison

GLCB.L's dividend yield for the trailing twelve months is around 65.48%, more than SMH's 0.18% yield.

PositionTTM20252024202320222021202020192018201720162015
GLCB.L
SPDR Refinitiv Global Convertible Bond UCITS ETF		65.48%77.76%55.57%26.13%27.42%19.20%35.35%48.00%23.37%0.00%0.00%0.00%
SMH
VanEck Semiconductor ETF		0.18%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

GLCB.L and SMH have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SMH is cheaper with a 0.35% expense ratio, compared with 0.50% for GLCB.L.

GLCB.L is categorized as Convertible Bonds, while SMH is Semiconductors. GLCB.L tracks Refinitiv Global CB TR USD, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.50% for GLCB.L and 0.35% for SMH.

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