IEMB.L vs. SMH
IEMB.L (iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist)) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - IEMB.L is a Emerging Markets Bonds fund managed by iShares, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, IEMB.L returned 3.32%/yr vs 37.49%/yr for SMH. At a 0.20 correlation, their price movements are largely independent. IEMB.L charges 0.45%/yr vs 0.35%/yr for SMH.
Performance
IEMB.L vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, IEMB.L achieves a 1.62% return, which is significantly lower than SMH's 74.25% return. Over the past 10 years, IEMB.L has underperformed SMH with an annualized return of 3.32%, while SMH has yielded a comparatively higher 37.49% annualized return.
IEMB.L
- 1D
- 0.41%
- 1M
- 1.01%
- YTD
- 1.62%
- 6M
- 2.22%
- 1Y
- 11.20%
- 3Y*
- 9.72%
- 5Y*
- 1.91%
- 10Y*
- 3.32%
SMH
- 1D
- -1.63%
- 1M
- 20.06%
- YTD
- 74.25%
- 6M
- 74.08%
- 1Y
- 150.04%
- 3Y*
- 63.96%
- 5Y*
- 38.76%
- 10Y*
- 37.49%
IEMB.L vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEMB.L iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) | 1.62% | 13.71% | 5.70% | 10.54% | -18.35% | -2.28% | 5.57% | 16.06% | -5.53% | 9.73% |
SMH VanEck Semiconductor ETF | 74.25% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between IEMB.L and SMH is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2008 | 0.20 |
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Return for Risk
IEMB.L vs. SMH — Risk / Return Rank
IEMB.L
SMH
IEMB.L vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) (IEMB.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.
| IEMB.L | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.69 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 10.11 | -7.53 |
| Martin ratioReturn relative to average drawdown | 10.73 | 38.76 | -28.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IEMB.L | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | 4.94 | -3.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 1.11 | -0.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 1.15 | -0.80 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.34 | +0.17 |
Drawdowns
IEMB.L vs. SMH - Drawdown Comparison
The maximum IEMB.L drawdown since its inception was -32.08%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for IEMB.L and SMH.
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Drawdown Indicators
| IEMB.L | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.08% | -84.96% | +52.88% |
Max Drawdown (1Y)Largest decline over 1 year | -4.32% | -14.93% | +10.61% |
Max Drawdown (3Y)Largest decline over 3 years | -7.54% | -35.74% | +28.20% |
Max Drawdown (5Y)Largest decline over 5 years | -28.62% | -45.30% | +16.68% |
Max Drawdown (10Y)Largest decline over 10 years | -28.62% | -45.30% | +16.68% |
Current DrawdownCurrent decline from peak | -0.11% | -1.63% | +1.52% |
Average DrawdownAverage peak-to-trough decline | -5.02% | -41.08% | +36.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 3.89% | -2.85% |
Volatility
IEMB.L vs. SMH - Volatility Comparison
The current volatility for iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) (IEMB.L) is 2.57%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.58%. This indicates that IEMB.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
| IEMB.L | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 11.58% | -9.01% |
Volatility (6M)Calculated over the trailing 6-month period | 4.93% | 24.35% | -19.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.95% | 30.57% | -24.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.87% | 35.01% | -26.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.25% | 32.57% | -23.32% |
IEMB.L vs. SMH - Expense Ratio Comparison
IEMB.L has a 0.45% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
IEMB.L vs. SMH - Dividend Comparison
IEMB.L's dividend yield for the trailing twelve months is around 5.83%, more than SMH's 0.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMB.L iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) | 5.83% | 5.85% | 5.80% | 5.65% | 5.55% | 3.95% | 3.86% | 4.73% | 4.82% | 4.79% | 5.57% | 4.78% |
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
IEMB.L and SMH have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMH is cheaper with a 0.35% expense ratio, compared with 0.45% for IEMB.L.
IEMB.L is categorized as Emerging Markets Bonds, while SMH is Semiconductors. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.45% for IEMB.L and 0.35% for SMH.
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