H4Z7.DE vs. SMH

Last updated Jun 5, 2026

H4Z7.DE (HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (Acc)) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - H4Z7.DE is a REIT fund tracking the FTSE EPRA/NAREIT Developed, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 3 years, H4Z7.DE returned 6.21%/yr vs 56.38%/yr for SMH. At a 0.19 correlation, their price movements are largely independent. H4Z7.DE charges 0.24%/yr vs 0.35%/yr for SMH.

Performance

H4Z7.DE vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (Acc) (H4Z7.DE) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

H4Z7.DE is traded in EUR, while SMH is traded in USD. To make them comparable, the SMH values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, H4Z7.DE achieves a 7.83% return, which is significantly lower than SMH's 74.80% return.

H4Z7.DE

• 1D: -0.12%
• 1M: -0.57%
• YTD: 7.83%
• 6M: 8.92%
• 1Y: 10.28%
• 3Y*: 6.21%
• 5Y*: —
• 10Y*: —

SMH

• 1D: 1.81%
• 1M: 12.01%
• YTD: 74.80%
• 6M: 78.21%
• 1Y: 141.63%
• 3Y*: 56.38%
• 5Y*: 39.69%
• 10Y*: 37.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

H4Z7.DE vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
H4Z7.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (Acc)	7.83%	-1.78%	5.80%	7.39%	-12.91%
SMH VanEck Semiconductor ETF	74.80%	31.47%	48.28%	68.18%	-13.62%

Correlation

The correlation between H4Z7.DE and SMH is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jul 25, 2022	0.19

Return for Risk

H4Z7.DE vs. SMH — Risk / Return Rank

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

H4Z7.DE

H4Z7.DE Risk / Return Rank: 25
H4Z7.DE Sharpe Ratio Rank: 25
H4Z7.DE Sortino Ratio Rank: 24
H4Z7.DE Omega Ratio Rank: 24
H4Z7.DE Calmar Ratio Rank: 26
H4Z7.DE Martin Ratio Rank: 28

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

H4Z7.DE vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (Acc) (H4Z7.DE) 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.

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.

	H4Z7.DE	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.86	4.20	-3.34
Sortino ratio: Return per unit of downside risk	1.26	4.31	-3.05
Omega ratio: Gain probability vs. loss probability	1.15	1.60	-0.45
Calmar ratio: Return relative to maximum drawdown	1.23	11.14	-9.91
Martin ratio: Return relative to average drawdown	3.99	37.26	-33.26

H4Z7.DE vs. SMH - Sharpe Ratio Comparison

The current H4Z7.DE Sharpe Ratio is 0.86, which is lower than the SMH Sharpe Ratio of 4.20. The chart below compares the historical Sharpe Ratios of H4Z7.DE 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.

Drawdowns

H4Z7.DE vs. SMH - Drawdown Comparison

The maximum H4Z7.DE drawdown since its inception was -26.78%, smaller than the maximum SMH drawdown of -54.92%. Use the drawdown chart below to compare losses from any high point for H4Z7.DE and SMH.

Drawdown Indicators

	H4Z7.DE	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-26.78%	-54.92%	+28.14%
Max Drawdown (1Y) Largest decline over 1 year	-7.86%	-12.35%	+4.49%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-36.90%	+16.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.90%	—
Current Drawdown Current decline from peak	-2.86%	-2.56%	-0.30%
Average Drawdown Average peak-to-trough decline	-11.52%	-10.76%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	3.69%	-1.27%

Volatility

H4Z7.DE vs. SMH - Volatility Comparison

The current volatility for HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (Acc) (H4Z7.DE) is 2.87%, while VanEck Semiconductor ETF (SMH) has a volatility of 15.46%. This indicates that H4Z7.DE 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

	H4Z7.DE	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	15.46%	-12.59%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	26.61%	-18.05%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	32.74%	-21.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.41%	34.71%	-20.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.41%	32.68%	-18.27%

H4Z7.DE vs. SMH - Expense Ratio Comparison

H4Z7.DE has a 0.24% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

H4Z7.DE vs. SMH - Dividend Comparison

H4Z7.DE has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H4Z7.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (Acc)	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	0.18%	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

Can I hold both H4Z7.DE and SMH in my portfolio?

H4Z7.DE and SMH have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H4Z7.DE or SMH?

On fees, H4Z7.DE is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, H4Z7.DE or SMH?

H4Z7.DE is cheaper with a 0.24% expense ratio, compared with 0.35% for SMH.

What is the main difference between H4Z7.DE and SMH?

H4Z7.DE is categorized as REIT, while SMH is Semiconductors. H4Z7.DE tracks FTSE EPRA/NAREIT Developed, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: HSBC and VanEck. Their fees differ too: 0.24% for H4Z7.DE and 0.35% for SMH.