IBTS.L vs. SMH
IBTS.L (iShares $ Treasury Bond 1-3yr UCITS ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - IBTS.L is a Government Bonds fund tracking the ICE U.S. Treasury 1-3 Year Bond Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, IBTS.L returned 2.25%/yr vs 38.20%/yr for SMH. At a 0.09 correlation, their price movements are largely independent. IBTS.L charges 0.07%/yr vs 0.35%/yr for SMH.
Performance
IBTS.L vs. SMH - Performance Comparison
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Different Trading Currencies
IBTS.L is traded in GBP, while SMH is traded in USD. To make them comparable, the SMH values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBTS.L achieves a 0.78% return, which is significantly lower than SMH's 73.03% return. Over the past 10 years, IBTS.L has underperformed SMH with an annualized return of 2.25%, while SMH has yielded a comparatively higher 38.20% annualized return.
IBTS.L
- 1D
- -0.49%
- 1M
- 0.97%
- YTD
- 0.78%
- 6M
- 0.39%
- 1Y
- 4.68%
- 3Y*
- 2.11%
- 5Y*
- 2.90%
- 10Y*
- 2.25%
SMH
- 1D
- 1.81%
- 1M
- 9.25%
- YTD
- 73.03%
- 6M
- 75.18%
- 1Y
- 140.07%
- 3Y*
- 56.83%
- 5Y*
- 39.85%
- 10Y*
- 38.20%
IBTS.L vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 0.78% | -1.91% | 5.79% | -1.41% | 7.61% | 0.64% | -0.34% | 0.37% | 7.22% | -8.60% |
SMH VanEck Semiconductor ETF | 73.03% | 38.54% | 41.53% | 64.71% | -25.63% | 43.48% | 50.97% | 58.19% | -3.66% | 26.50% |
Correlation
The correlation between IBTS.L and SMH is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2007 | 0.09 |
The correlation between IBTS.L and SMH shifts across timeframes, from -0.05 (5 years) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBTS.L vs. SMH — Risk / Return Rank
IBTS.L
SMH
IBTS.L vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) 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.
| IBTS.L | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.64 | ||
| Sortino ratioReturn per unit of downside risk | -3.35 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.63 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | 11.26 | -10.23 |
| Martin ratioReturn relative to average drawdown | 2.62 | 38.31 | -35.70 |
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Drawdowns
IBTS.L vs. SMH - Drawdown Comparison
The maximum IBTS.L drawdown since its inception was -45.91%, roughly equal to the maximum SMH drawdown of -47.21%. Use the drawdown chart below to compare losses from any high point for IBTS.L and SMH.
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Drawdown Indicators
| IBTS.L | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.91% | -47.21% | +1.30% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -12.51% | +8.00% |
Max Drawdown (3Y)Largest decline over 3 years | -8.89% | -35.65% | +26.76% |
Max Drawdown (5Y)Largest decline over 5 years | -16.29% | -35.65% | +19.36% |
Max Drawdown (10Y)Largest decline over 10 years | -19.02% | -35.65% | +16.63% |
Current DrawdownCurrent decline from peak | -7.40% | -2.71% | -4.69% |
Average DrawdownAverage peak-to-trough decline | -11.02% | -8.74% | -2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 3.67% | -1.88% |
Volatility
IBTS.L vs. SMH - Volatility Comparison
The current volatility for iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) is 1.63%, while VanEck Semiconductor ETF (SMH) has a volatility of 15.70%. This indicates that IBTS.L 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.
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Volatility by Period
| IBTS.L | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.63% | 15.70% | -14.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.42% | 26.26% | -21.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.11% | 31.97% | -25.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.09% | 33.93% | -25.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.24% | 32.13% | -22.89% |
IBTS.L vs. SMH - Expense Ratio Comparison
IBTS.L has a 0.07% expense ratio, which is lower than SMH's 0.35% expense ratio.
Dividends
IBTS.L vs. SMH - Dividend Comparison
IBTS.L's dividend yield for the trailing twelve months is around 3.99%, more than SMH's 0.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 3.99% | 4.22% | 4.12% | 3.08% | 0.75% | 0.61% | 1.84% | 2.39% | 1.49% | 1.01% | 0.67% | 0.49% |
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
IBTS.L and SMH have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTS.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTS.L is cheaper with a 0.07% expense ratio, compared with 0.35% for SMH.
IBTS.L is categorized as Government Bonds, while SMH is Semiconductors. IBTS.L tracks ICE U.S. Treasury 1-3 Year Bond Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.07% for IBTS.L and 0.35% for SMH.
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