HNSC.L vs. SMH.L
HNSC.L (HSBC Nasdaq Global Semiconductor UCITS ETF USD) and SMH.L (VanEck Semiconductor UCITS ETF) are both Semiconductors funds - HNSC.L tracks the Nasdaq Global Semiconductor while SMH.L tracks the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past 3 years, HNSC.L returned 63.82%/yr vs 61.84%/yr for SMH.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.35% expense ratio.
Performance
HNSC.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, HNSC.L achieves a 97.73% return, which is significantly higher than SMH.L's 87.70% return.
HNSC.L
- 1D
- -0.50%
- 1M
- 11.46%
- YTD
- 97.73%
- 6M
- 98.84%
- 1Y
- 174.73%
- 3Y*
- 63.82%
- 5Y*
- —
- 10Y*
- —
SMH.L
- 1D
- -0.65%
- 1M
- 10.70%
- YTD
- 87.70%
- 6M
- 88.16%
- 1Y
- 154.67%
- 3Y*
- 61.84%
- 5Y*
- 36.71%
- 10Y*
- —
HNSC.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HNSC.L HSBC Nasdaq Global Semiconductor UCITS ETF USD | 97.73% | 55.90% | 17.75% | 70.19% | -27.87% |
SMH.L VanEck Semiconductor UCITS ETF | 87.70% | 49.20% | 24.11% | 75.94% | -25.44% |
Correlation
The correlation between HNSC.L and SMH.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2022 | 0.98 |
The correlation between HNSC.L and SMH.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
HNSC.L vs. SMH.L — Risk / Return Rank
HNSC.L
SMH.L
HNSC.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.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.
| HNSC.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.60 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 11.60 | 11.05 | +0.55 |
| Martin ratioReturn relative to average drawdown | 39.42 | 38.66 | +0.76 |
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Drawdowns
HNSC.L vs. SMH.L - Drawdown Comparison
The maximum HNSC.L drawdown since its inception was -40.93%, smaller than the maximum SMH.L drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for HNSC.L and SMH.L.
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Drawdown Indicators
| HNSC.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.93% | -45.38% | +4.45% |
Max Drawdown (1Y)Largest decline over 1 year | -14.97% | -13.91% | -1.06% |
Max Drawdown (3Y)Largest decline over 3 years | -37.22% | -36.25% | -0.97% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.38% | — |
Current DrawdownCurrent decline from peak | -8.06% | -6.27% | -1.79% |
Average DrawdownAverage peak-to-trough decline | -11.68% | -11.16% | -0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.41% | 3.98% | +0.43% |
Volatility
HNSC.L vs. SMH.L - Volatility Comparison
HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L) has a higher volatility of 15.95% compared to VanEck Semiconductor UCITS ETF (SMH.L) at 14.03%. This indicates that HNSC.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
| HNSC.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.95% | 14.03% | +1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 29.53% | 27.87% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.08% | 34.42% | +1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.08% | 32.98% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.08% | 32.54% | +0.54% |
HNSC.L vs. SMH.L - Expense Ratio Comparison
Both HNSC.L and SMH.L have an expense ratio of 0.35%.
Dividends
HNSC.L vs. SMH.L - Dividend Comparison
Neither HNSC.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, HNSC.L and SMH.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HNSC.L and SMH.L have the same expense ratio: 0.35% per year.
HNSC.L tracks Nasdaq Global Semiconductor, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: HSBC and VanEck.
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