HNSS.L vs. SMH.L
HNSS.L (HSBC Nasdaq Global Semiconductor UCITS ETF) and SMH.L (VanEck Semiconductor UCITS ETF) are both Semiconductors funds - HNSS.L tracks the Nasdaq Global Semiconductor Index while SMH.L tracks the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past 3 years, HNSS.L returned 61.28%/yr vs 60.11%/yr for SMH.L. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.
Performance
HNSS.L vs. SMH.L - Performance Comparison
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Different Trading Currencies
HNSS.L is traded in GBP, while SMH.L is traded in USD. To make them comparable, the SMH.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, HNSS.L achieves a 100.95% return, which is significantly higher than SMH.L's 95.82% return.
HNSS.L
- 1D
- 0.00%
- 1M
- 9.06%
- YTD
- 100.95%
- 6M
- 103.80%
- 1Y
- 180.67%
- 3Y*
- 61.28%
- 5Y*
- —
- 10Y*
- —
SMH.L
- 1D
- 1.96%
- 1M
- 11.22%
- YTD
- 95.82%
- 6M
- 96.78%
- 1Y
- 167.51%
- 3Y*
- 60.11%
- 5Y*
- 38.70%
- 10Y*
- —
HNSS.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HNSS.L HSBC Nasdaq Global Semiconductor UCITS ETF | 100.95% | 45.50% | 19.96% | 32.89% | -25.65% |
SMH.L VanEck Semiconductor UCITS ETF | 95.82% | 38.57% | 26.28% | 67.15% | -16.45% |
Correlation
The correlation between HNSS.L and SMH.L is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2022 | 0.89 |
The correlation between HNSS.L and SMH.L has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.
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Return for Risk
HNSS.L vs. SMH.L — Risk / Return Rank
HNSS.L
SMH.L
HNSS.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 (HNSS.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.
| HNSS.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.65 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 6.07 | 13.61 | -7.54 |
| Martin ratioReturn relative to average drawdown | 15.69 | 45.15 | -29.46 |
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Drawdowns
HNSS.L vs. SMH.L - Drawdown Comparison
The maximum HNSS.L drawdown since its inception was -41.32%, which is greater than SMH.L's maximum drawdown of -36.36%. Use the drawdown chart below to compare losses from any high point for HNSS.L and SMH.L.
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Drawdown Indicators
| HNSS.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.32% | -36.36% | -4.96% |
Max Drawdown (1Y)Largest decline over 1 year | -29.74% | -12.23% | -17.51% |
Max Drawdown (3Y)Largest decline over 3 years | -36.83% | -36.36% | -0.47% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.36% | — |
Current DrawdownCurrent decline from peak | -7.24% | -3.80% | -3.44% |
Average DrawdownAverage peak-to-trough decline | -16.35% | -9.76% | -6.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.52% | 3.69% | +7.83% |
Volatility
HNSS.L vs. SMH.L - Volatility Comparison
HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L) has a higher volatility of 15.25% compared to VanEck Semiconductor UCITS ETF (SMH.L) at 13.95%. This indicates that HNSS.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
| HNSS.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.25% | 13.95% | +1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 27.89% | 27.08% | +0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.98% | 33.68% | +21.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.52% | 31.75% | +6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.52% | 31.33% | +7.19% |
HNSS.L vs. SMH.L - Expense Ratio Comparison
Both HNSS.L and SMH.L have an expense ratio of 0.35%.
Dividends
HNSS.L vs. SMH.L - Dividend Comparison
Neither HNSS.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, HNSS.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.
HNSS.L and SMH.L have the same expense ratio: 0.35% per year.
HNSS.L tracks Nasdaq Global Semiconductor Index, 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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