HKOD.L vs. SMH.L
HKOD.L (HSBC MSCI KOREA CAPPED UCITS ETF) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - HKOD.L is a Global Equities fund tracking the HSBC MSCI KOREA CAPPED UCITS ETF, 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, HKOD.L returned 14.71%/yr vs 35.65%/yr for SMH.L. A 0.61 correlation means they provide meaningful diversification when combined. HKOD.L charges 0.50%/yr vs 0.35%/yr for SMH.L.
Performance
HKOD.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, HKOD.L achieves a 70.37% return, which is significantly lower than SMH.L's 76.50% return.
HKOD.L
- 1D
- -1.67%
- 1M
- -20.60%
- 6M
- 52.67%
- YTD
- 70.37%
- 1Y
- 138.83%
- 3Y*
- 37.85%
- 5Y*
- 14.71%
- 10Y*
- 14.34%
SMH.L
- 1D
- -3.48%
- 1M
- -8.87%
- 6M
- 62.90%
- YTD
- 76.50%
- 1Y
- 124.23%
- 3Y*
- 54.24%
- 5Y*
- 35.65%
- 10Y*
- —
HKOD.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HKOD.L HSBC MSCI KOREA CAPPED UCITS ETF | 70.37% | 99.54% | -22.90% | 19.95% | -28.44% | -8.49% | 15.54% |
SMH.L VanEck Semiconductor UCITS ETF | 76.50% | 49.20% | 24.11% | 75.94% | -35.54% | 42.75% | 4.36% |
Correlation
The correlation between HKOD.L and SMH.L is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020 | 0.61 |
The correlation between HKOD.L and SMH.L has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.
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Return for Risk
HKOD.L vs. SMH.L — Risk / Return Rank
HKOD.L
SMH.L
HKOD.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI KOREA CAPPED UCITS ETF (HKOD.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.
| HKOD.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.47 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 5.77 | 8.88 | -3.11 |
| Martin ratioReturn relative to average drawdown | 17.93 | 27.77 | -9.84 |
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Drawdowns
HKOD.L vs. SMH.L - Drawdown Comparison
The maximum HKOD.L drawdown since its inception was -50.54%, which is greater than SMH.L's maximum drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for HKOD.L and SMH.L.
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Drawdown Indicators
| HKOD.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.54% | -45.38% | -5.16% |
Max Drawdown (1Y)Largest decline over 1 year | -24.00% | -13.91% | -10.09% |
Max Drawdown (3Y)Largest decline over 3 years | -29.48% | -36.25% | +6.77% |
Max Drawdown (5Y)Largest decline over 5 years | -47.65% | -45.38% | -2.27% |
Max Drawdown (10Y)Largest decline over 10 years | -50.54% | — | — |
Current DrawdownCurrent decline from peak | -24.00% | -11.91% | -12.09% |
Average DrawdownAverage peak-to-trough decline | -18.79% | -11.12% | -7.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.75% | 4.46% | +3.29% |
Volatility
HKOD.L vs. SMH.L - Volatility Comparison
HSBC MSCI KOREA CAPPED UCITS ETF (HKOD.L) has a higher volatility of 20.20% compared to VanEck Semiconductor UCITS ETF (SMH.L) at 16.26%. This indicates that HKOD.L's price experiences larger fluctuations and is considered to be riskier 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
| HKOD.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.20% | 16.26% | +3.94% |
Volatility (6M)Calculated over the trailing 6-month period | 41.23% | 30.80% | +10.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.10% | 36.96% | +8.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.74% | 33.56% | -3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.96% | 32.93% | -5.97% |
HKOD.L vs. SMH.L - Expense Ratio Comparison
HKOD.L has a 0.50% expense ratio, which is higher than SMH.L's 0.35% expense ratio.
Dividends
HKOD.L vs. SMH.L - Dividend Comparison
HKOD.L's dividend yield for the trailing twelve months is around 0.43%, while SMH.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HKOD.L HSBC MSCI KOREA CAPPED UCITS ETF | 0.43% | 0.68% | 1.54% | 1.08% | 0.72% | 0.61% | 0.02% | 0.29% | 0.56% | 0.10% |
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% |
Frequently Asked Questions
HKOD.L and SMH.L have a correlation of 0.71, 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 0.50% for HKOD.L.
HKOD.L is categorized as Global Equities, while SMH.L is Semiconductors. HKOD.L tracks HSBC MSCI KOREA CAPPED UCITS ETF, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: HSBC and VanEck. Their fees differ too: 0.50% for HKOD.L and 0.35% for SMH.L.
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