HYGB.L vs. SMGB.L

Last updated Jul 16, 2026

HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF) and SMGB.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - HYGB.L is a High Yield Bonds fund tracking the VanEck Emerging Markets High Yield Bond UCITS ETF, while SMGB.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past 5 years, HYGB.L returned 3.23%/yr vs 36.22%/yr for SMGB.L. At a 0.03 correlation, their price movements are largely independent. HYGB.L charges 0.40%/yr vs 0.35%/yr for SMGB.L.

Performance

HYGB.L vs. SMGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Emerging Markets High Yield Bond UCITS ETF (HYGB.L) and VanEck Semiconductor UCITS ETF (SMGB.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYGB.L achieves a 3.41% return, which is significantly lower than SMGB.L's 76.18% return.

HYGB.L

• 1D: -0.56%
• 1M: -0.50%
• 6M: 2.88%
• YTD: 3.41%
• 1Y: 7.65%
• 3Y*: 8.57%
• 5Y*: 3.23%
• 10Y*: —

SMGB.L

• 1D: -4.19%
• 1M: -9.43%
• 6M: 62.45%
• YTD: 76.18%
• 1Y: 122.30%
• 3Y*: 52.80%
• 5Y*: 36.22%
• 10Y*: —

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

HYGB.L vs. SMGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF	3.41%	1.56%	13.72%	1.66%	-2.52%	0.59%	-1.04%
SMGB.L VanEck Semiconductor UCITS ETF	76.18%	38.79%	26.32%	66.15%	-27.78%	44.41%	-0.72%

Correlation

The correlation between HYGB.L and SMGB.L is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020	0.03

Return for Risk

HYGB.L vs. SMGB.L — Risk / Return Rank

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

HYGB.L

HYGB.L Risk / Return Rank: 43
HYGB.L Sharpe Ratio Rank: 39
HYGB.L Sortino Ratio Rank: 39
HYGB.L Omega Ratio Rank: 37
HYGB.L Calmar Ratio Rank: 57
HYGB.L Martin Ratio Rank: 44

SMGB.L

SMGB.L Risk / Return Rank: 95
SMGB.L Sharpe Ratio Rank: 96
SMGB.L Sortino Ratio Rank: 93
SMGB.L Omega Ratio Rank: 91
SMGB.L Calmar Ratio Rank: 97
SMGB.L 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.

HYGB.L vs. SMGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets High Yield Bond UCITS ETF (HYGB.L) and VanEck Semiconductor UCITS ETF (SMGB.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.

	HYGB.L	SMGB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.17	3.38	-2.21
Sortino ratio: Return per unit of downside risk	1.71	3.71	-1.99
Omega ratio: Gain probability vs. loss probability	1.21	1.48	-0.27
Calmar ratio: Return relative to maximum drawdown	2.30	8.37	-6.07
Martin ratio: Return relative to average drawdown	5.91	28.90	-22.99

HYGB.L vs. SMGB.L - Sharpe Ratio Comparison

The current HYGB.L Sharpe Ratio is 1.17, which is lower than the SMGB.L Sharpe Ratio of 3.38. The chart below compares the historical Sharpe Ratios of HYGB.L and SMGB.L, 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

HYGB.L vs. SMGB.L - Drawdown Comparison

The maximum HYGB.L drawdown since its inception was -26.72%, smaller than the maximum SMGB.L drawdown of -36.23%. Use the drawdown chart below to compare losses from any high point for HYGB.L and SMGB.L.

Drawdown Indicators

	HYGB.L	SMGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.72%	-36.23%	+9.51%
Max Drawdown (1Y) Largest decline over 1 year	-3.31%	-14.52%	+11.21%
Max Drawdown (3Y) Largest decline over 3 years	-8.96%	-36.23%	+27.27%
Max Drawdown (5Y) Largest decline over 5 years	-23.02%	-36.23%	+13.21%
Current Drawdown Current decline from peak	-2.23%	-13.53%	+11.30%
Average Drawdown Average peak-to-trough decline	-14.29%	-9.77%	-4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	4.22%	-2.93%

Volatility

HYGB.L vs. SMGB.L - Volatility Comparison

The current volatility for VanEck Emerging Markets High Yield Bond UCITS ETF (HYGB.L) is 1.95%, while VanEck Semiconductor UCITS ETF (SMGB.L) has a volatility of 16.71%. This indicates that HYGB.L experiences smaller price fluctuations and is considered to be less risky than SMGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGB.L	SMGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	16.71%	-14.76%
Volatility (6M) Calculated over the trailing 6-month period	4.98%	29.79%	-24.81%
Volatility (1Y) Calculated over the trailing 1-year period	6.52%	36.04%	-29.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	31.55%	-13.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.41%	30.99%	-13.58%

HYGB.L vs. SMGB.L - Expense Ratio Comparison

HYGB.L has a 0.40% expense ratio, which is higher than SMGB.L's 0.35% expense ratio.

Dividends

HYGB.L vs. SMGB.L - Dividend Comparison

Neither HYGB.L nor SMGB.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HYGB.L and SMGB.L in my portfolio?

HYGB.L and SMGB.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYGB.L or SMGB.L?

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

Which ETF is cheaper, HYGB.L or SMGB.L?

SMGB.L is cheaper with a 0.35% expense ratio, compared with 0.40% for HYGB.L.

What is the main difference between HYGB.L and SMGB.L?

HYGB.L is categorized as High Yield Bonds, while SMGB.L is Semiconductors. HYGB.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF, while SMGB.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. Their fees differ too: 0.40% for HYGB.L and 0.35% for SMGB.L.