IGLN.L vs. SMH
IGLN.L (iShares Physical Gold ETC) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - IGLN.L is a Gold fund tracking the LBMA Gold Price, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, IGLN.L returned 13.40%/yr vs 37.68%/yr for SMH. At a 0.01 correlation, their price movements are largely independent. IGLN.L charges 0.25%/yr vs 0.35%/yr for SMH.
Performance
IGLN.L vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, IGLN.L achieves a 3.00% return, which is significantly lower than SMH's 77.13% return. Over the past 10 years, IGLN.L has underperformed SMH with an annualized return of 13.40%, while SMH has yielded a comparatively higher 37.68% annualized return.
IGLN.L
- 1D
- -1.45%
- 1M
- -4.23%
- YTD
- 3.00%
- 6M
- 5.09%
- 1Y
- 32.44%
- 3Y*
- 31.11%
- 5Y*
- 18.45%
- 10Y*
- 13.40%
SMH
- 1D
- 0.90%
- 1M
- 25.87%
- YTD
- 77.13%
- 6M
- 75.61%
- 1Y
- 157.20%
- 3Y*
- 64.17%
- 5Y*
- 39.21%
- 10Y*
- 37.68%
IGLN.L vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGLN.L iShares Physical Gold ETC | 3.00% | 64.92% | 26.14% | 13.44% | -0.09% | -4.03% | 24.16% | 18.28% | -1.31% | 11.67% |
SMH VanEck Semiconductor ETF | 77.13% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between IGLN.L and SMH is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 13, 2011 | 0.01 |
The correlation between IGLN.L and SMH shifts across timeframes, from 0.01 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IGLN.L vs. SMH — Risk / Return Rank
IGLN.L
SMH
IGLN.L vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Gold ETC (IGLN.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.
| IGLN.L | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.88 | ||
| Sortino ratioReturn per unit of downside risk | -3.48 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.72 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 10.59 | -8.73 |
| Martin ratioReturn relative to average drawdown | 4.85 | 40.63 | -35.77 |
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
| IGLN.L | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 5.19 | -3.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.06 | 1.13 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 1.16 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.34 | +0.11 |
Drawdowns
IGLN.L vs. SMH - Drawdown Comparison
The maximum IGLN.L drawdown since its inception was -45.24%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for IGLN.L and SMH.
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Drawdown Indicators
| IGLN.L | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.24% | -84.96% | +39.72% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -14.93% | -2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -17.36% | -35.74% | +18.38% |
Max Drawdown (5Y)Largest decline over 5 years | -21.15% | -45.30% | +24.15% |
Max Drawdown (10Y)Largest decline over 10 years | -21.15% | -45.30% | +24.15% |
Current DrawdownCurrent decline from peak | -16.23% | 0.00% | -16.23% |
Average DrawdownAverage peak-to-trough decline | -19.80% | -41.09% | +21.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.66% | 3.89% | +2.77% |
Volatility
IGLN.L vs. SMH - Volatility Comparison
The current volatility for iShares Physical Gold ETC (IGLN.L) is 6.40%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that IGLN.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
| IGLN.L | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.40% | 11.47% | -5.07% |
Volatility (6M)Calculated over the trailing 6-month period | 21.73% | 24.29% | -2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.79% | 30.56% | -5.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.37% | 35.01% | -17.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 32.57% | -17.03% |
IGLN.L vs. SMH - Expense Ratio Comparison
IGLN.L has a 0.25% expense ratio, which is lower than SMH's 0.35% expense ratio.
Dividends
IGLN.L vs. SMH - Dividend Comparison
IGLN.L has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGLN.L iShares Physical Gold ETC | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMH VanEck Semiconductor ETF | 0.17% | 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
IGLN.L and SMH have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IGLN.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGLN.L is cheaper with a 0.25% expense ratio, compared with 0.35% for SMH.
IGLN.L is categorized as Gold, while SMH is Semiconductors. IGLN.L tracks LBMA Gold Price, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.25% for IGLN.L and 0.35% for SMH.
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