IPOL.L vs. SMH.L
IPOL.L (iShares MSCI Poland UCITS ETF USD (Acc)) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - IPOL.L is a Global Equities fund tracking the iShares MSCI Poland UCITS ETF USD (Acc), while SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past 5 years, IPOL.L returned 15.25%/yr vs 35.65%/yr for SMH.L. At a 0.46 correlation, their price movements are largely independent. IPOL.L charges 0.74%/yr vs 0.35%/yr for SMH.L.
Performance
IPOL.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, IPOL.L achieves a 17.14% return, which is significantly lower than SMH.L's 76.50% return.
IPOL.L
- 1D
- 0.73%
- 1M
- 1.61%
- 6M
- 14.43%
- YTD
- 17.14%
- 1Y
- 35.57%
- 3Y*
- 29.42%
- 5Y*
- 15.25%
- 10Y*
- 9.83%
SMH.L
- 1D
- -3.48%
- 1M
- -8.87%
- 6M
- 62.90%
- YTD
- 76.50%
- 1Y
- 124.23%
- 3Y*
- 54.24%
- 5Y*
- 35.65%
- 10Y*
- —
IPOL.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IPOL.L iShares MSCI Poland UCITS ETF USD (Acc) | 17.14% | 72.75% | -6.10% | 49.20% | -26.61% | 6.83% | 9.14% |
SMH.L VanEck Semiconductor UCITS ETF | 76.50% | 49.20% | 24.11% | 75.94% | -35.54% | 42.75% | 4.36% |
Correlation
The correlation between IPOL.L and SMH.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020 | 0.46 |
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Return for Risk
IPOL.L vs. SMH.L — Risk / Return Rank
IPOL.L
SMH.L
IPOL.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Poland UCITS ETF USD (Acc) (IPOL.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.
| IPOL.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.47 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.29 | 8.88 | -5.59 |
| Martin ratioReturn relative to average drawdown | 7.57 | 27.77 | -20.20 |
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Drawdowns
IPOL.L vs. SMH.L - Drawdown Comparison
The maximum IPOL.L drawdown since its inception was -68.05%, which is greater than SMH.L's maximum drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for IPOL.L and SMH.L.
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Drawdown Indicators
| IPOL.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.05% | -45.38% | -22.67% |
Max Drawdown (1Y)Largest decline over 1 year | -10.48% | -13.91% | +3.43% |
Max Drawdown (3Y)Largest decline over 3 years | -22.43% | -36.25% | +13.82% |
Max Drawdown (5Y)Largest decline over 5 years | -55.92% | -45.38% | -10.54% |
Max Drawdown (10Y)Largest decline over 10 years | -65.79% | — | — |
Current DrawdownCurrent decline from peak | -0.97% | -11.91% | +10.94% |
Average DrawdownAverage peak-to-trough decline | -29.58% | -11.12% | -18.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.56% | 4.46% | +0.10% |
Volatility
IPOL.L vs. SMH.L - Volatility Comparison
The current volatility for iShares MSCI Poland UCITS ETF USD (Acc) (IPOL.L) is 6.25%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 16.26%. This indicates that IPOL.L experiences smaller price fluctuations and is considered to be less risky 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
| IPOL.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.25% | 16.26% | -10.01% |
Volatility (6M)Calculated over the trailing 6-month period | 19.47% | 30.80% | -11.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.80% | 36.96% | -12.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.16% | 33.56% | -3.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.41% | 32.93% | -5.52% |
IPOL.L vs. SMH.L - Expense Ratio Comparison
IPOL.L has a 0.74% expense ratio, which is higher than SMH.L's 0.35% expense ratio.
Dividends
IPOL.L vs. SMH.L - Dividend Comparison
Neither IPOL.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
IPOL.L and SMH.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMH.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMH.L is cheaper with a 0.35% expense ratio, compared with 0.74% for IPOL.L.
IPOL.L is categorized as Global Equities, while SMH.L is Semiconductors. IPOL.L tracks iShares MSCI Poland UCITS ETF USD (Acc), while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.74% for IPOL.L and 0.35% for SMH.L.
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