IRSA.L vs. SMH.L
IRSA.L (iShares MSCI South Africa UCITS ETF USD (Acc)) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - IRSA.L is a Global Equities fund tracking the iShares MSCI South Africa 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, IRSA.L returned 10.90%/yr vs 35.65%/yr for SMH.L. At a 0.47 correlation, their price movements are largely independent. IRSA.L charges 0.65%/yr vs 0.35%/yr for SMH.L.
Performance
IRSA.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, IRSA.L achieves a -4.47% return, which is significantly lower than SMH.L's 76.50% return.
IRSA.L
- 1D
- 1.35%
- 1M
- -4.91%
- 6M
- -10.54%
- YTD
- -4.47%
- 1Y
- 32.37%
- 3Y*
- 21.89%
- 5Y*
- 10.90%
- 10Y*
- 6.54%
SMH.L
- 1D
- -3.48%
- 1M
- -8.87%
- 6M
- 62.90%
- YTD
- 76.50%
- 1Y
- 124.23%
- 3Y*
- 54.24%
- 5Y*
- 35.65%
- 10Y*
- —
IRSA.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IRSA.L iShares MSCI South Africa UCITS ETF USD (Acc) | -4.47% | 76.74% | 7.84% | 0.20% | -3.75% | 3.99% | 11.04% |
SMH.L VanEck Semiconductor UCITS ETF | 76.50% | 49.20% | 24.11% | 75.94% | -35.54% | 42.75% | 4.36% |
Correlation
The correlation between IRSA.L and SMH.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
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 | 0.47 |
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Return for Risk
IRSA.L vs. SMH.L — Risk / Return Rank
IRSA.L
SMH.L
IRSA.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa UCITS ETF USD (Acc) (IRSA.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.
| IRSA.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.47 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 8.88 | -7.50 |
| Martin ratioReturn relative to average drawdown | 2.95 | 27.77 | -24.82 |
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Drawdowns
IRSA.L vs. SMH.L - Drawdown Comparison
The maximum IRSA.L drawdown since its inception was -61.84%, 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 IRSA.L and SMH.L.
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Drawdown Indicators
| IRSA.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.84% | -45.38% | -16.46% |
Max Drawdown (1Y)Largest decline over 1 year | -22.87% | -13.91% | -8.96% |
Max Drawdown (3Y)Largest decline over 3 years | -22.87% | -36.25% | +13.38% |
Max Drawdown (5Y)Largest decline over 5 years | -34.44% | -45.38% | +10.94% |
Max Drawdown (10Y)Largest decline over 10 years | -61.84% | — | — |
Current DrawdownCurrent decline from peak | -19.50% | -11.91% | -7.59% |
Average DrawdownAverage peak-to-trough decline | -17.86% | -11.12% | -6.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.68% | 4.46% | +6.22% |
Volatility
IRSA.L vs. SMH.L - Volatility Comparison
The current volatility for iShares MSCI South Africa UCITS ETF USD (Acc) (IRSA.L) is 7.83%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 16.26%. This indicates that IRSA.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
| IRSA.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.83% | 16.26% | -8.43% |
Volatility (6M)Calculated over the trailing 6-month period | 27.42% | 30.80% | -3.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.59% | 36.96% | -4.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.69% | 33.56% | -4.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.78% | 32.93% | -3.15% |
IRSA.L vs. SMH.L - Expense Ratio Comparison
IRSA.L has a 0.65% expense ratio, which is higher than SMH.L's 0.35% expense ratio.
Dividends
IRSA.L vs. SMH.L - Dividend Comparison
Neither IRSA.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
IRSA.L and SMH.L have a correlation of 0.46, 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 0.65% for IRSA.L.
IRSA.L is categorized as Global Equities, while SMH.L is Semiconductors. IRSA.L tracks iShares MSCI South Africa 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: 0.65% for IRSA.L and 0.35% for SMH.L.
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