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IUQA.L vs. SMH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IUQA.L vs. SMH

Last updated Jun 5, 2026

IUQA.L (iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - IUQA.L is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, IUQA.L returned 11.91%/yr vs 36.10%/yr for SMH. At a 0.46 correlation, their price movements are largely independent. IUQA.L charges 0.20%/yr vs 0.35%/yr for SMH.

Performance

IUQA.L vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating (IUQA.L) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IUQA.L achieves a 8.81% return, which is significantly lower than SMH's 58.19% return.

IUQA.L

1D
0.80%
1M
3.63%
YTD
8.81%
6M
9.17%
1Y
21.44%
3Y*
19.71%
5Y*
11.91%
10Y*
—

SMH

1D
-9.22%
1M
3.63%
YTD
58.19%
6M
56.81%
1Y
127.40%
3Y*
58.39%
5Y*
36.10%
10Y*
36.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IUQA.L vs. SMH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IUQA.L
iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating		8.81%12.50%22.46%30.92%-20.74%27.56%16.09%33.32%-6.99%22.18%
SMH
VanEck Semiconductor ETF		58.19%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-9.05%38.48%

Correlation

The correlation between IUQA.L and SMH is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.49

Correlation (5Y)
Calculated over the trailing 5-year period

0.50

Correlation (All Time)
Calculated using the full available price history since Oct 18, 2016

0.46

The correlation between IUQA.L and SMH has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

IUQA.L vs. SMH - Sectors Allocation Comparison

Sectors
IUQA.L
SMH

Technology

36.5%
100.0%

Financial Services

11.5%

-

Communication Services

11.1%

-

Consumer Cyclical

9.4%

-

Healthcare

9.0%

-

Industrials

8.2%

-

Consumer Defensive

4.9%

-

Energy

4.0%

-

Utilities

1.9%

-

Real Estate

1.8%

-

Basic Materials

1.7%

-

Technology

IUQA.L
36.5%
SMH
100.0%

Financial Services

IUQA.L
11.5%
SMH

-

Communication Services

IUQA.L
11.1%
SMH

-

Consumer Cyclical

IUQA.L
9.4%
SMH

-

Healthcare

IUQA.L
9.0%
SMH

-

Industrials

IUQA.L
8.2%
SMH

-

Consumer Defensive

IUQA.L
4.9%
SMH

-

Energy

IUQA.L
4.0%
SMH

-

Utilities

IUQA.L
1.9%
SMH

-

Real Estate

IUQA.L
1.8%
SMH

-

Basic Materials

IUQA.L
1.7%
SMH

-

Compare stocks, funds, or ETFs

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iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating

VanEck Semiconductor ETF

Often compared with IUQA.L:
IUQA.L vs. CSPX.LIUQA.L vs. FUSA.LIUQA.L vs. VOOIUQA.L vs. GARPIUQA.L vs. SWDA.LIUQA.L vs. FEXD.LIUQA.L vs. IEMB.L
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

IUQA.L vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IUQA.L
IUQA.L Risk / Return Rank: 6161
Overall Rank
IUQA.L Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
IUQA.L Sortino Ratio Rank: 6666
Sortino Ratio Rank
IUQA.L Omega Ratio Rank: 5959
Omega Ratio Rank
IUQA.L Calmar Ratio Rank: 5555
Calmar Ratio Rank
IUQA.L Martin Ratio Rank: 6565
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 9494
Overall Rank
SMH Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9090
Sortino Ratio Rank
SMH Omega Ratio Rank: 9292
Omega Ratio Rank
SMH Calmar Ratio Rank: 9696
Calmar Ratio Rank
SMH Martin Ratio Rank: 9595
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IUQA.L vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating (IUQA.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.

IUQA.LSMHDifference
Sharpe ratioReturn per unit of total volatility
1.93
4.00

-2.07

Sortino ratioReturn per unit of downside risk
2.98
4.12

-1.14

Omega ratioGain probability vs. loss probability

1.35

1.59

-0.24

Calmar ratioReturn relative to maximum drawdown

2.72

8.58

-5.86

Martin ratioReturn relative to average drawdown

11.68

32.42

-20.74

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUQA.L vs. SMH - Sharpe Ratio Comparison

The current IUQA.L Sharpe Ratio is 1.93, which is lower than the SMH Sharpe Ratio of 4.00. The chart below compares the historical Sharpe Ratios of IUQA.L and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IUQA.LSMHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.93

4.00

-2.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

1.03

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.11

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.86

0.32

+0.54

Drawdowns

IUQA.L vs. SMH - Drawdown Comparison

The maximum IUQA.L drawdown since its inception was -33.96%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for IUQA.L and SMH.

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Drawdown Indicators

IUQA.LSMHDifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-84.96%

+51.00%

Max Drawdown (1Y)

Largest decline over 1 year

-7.99%

-14.93%

+6.94%

Max Drawdown (3Y)

Largest decline over 3 years

-18.04%

-35.74%

+17.70%

Max Drawdown (5Y)

Largest decline over 5 years

-27.77%

-45.30%

+17.53%

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.30%

—

Current Drawdown

Current decline from peak

0.00%

-10.69%

+10.69%

Average Drawdown

Average peak-to-trough decline

-4.87%

-41.08%

+36.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.86%

3.94%

-2.08%

Volatility

IUQA.L vs. SMH - Volatility Comparison

The current volatility for iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating (IUQA.L) is 2.78%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.88%. This indicates that IUQA.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

IUQA.LSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.78%

14.88%

-12.10%

Volatility (6M)

Calculated over the trailing 6-month period

8.27%

26.35%

-18.08%

Volatility (1Y)

Calculated over the trailing 1-year period

11.27%

32.03%

-20.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.29%

35.24%

-18.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.71%

32.70%

-15.99%

IUQA.L vs. SMH - Expense Ratio Comparison

IUQA.L has a 0.20% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

IUQA.L vs. SMH - Dividend Comparison

IUQA.L has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.19%.

PositionTTM20252024202320222021202020192018201720162015
IUQA.L
iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating		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		0.19%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

IUQA.L and SMH have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IUQA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IUQA.L is cheaper with a 0.20% expense ratio, compared with 0.35% for SMH.

IUQA.L is categorized as Large Cap Blend Equities, while SMH is Semiconductors. IUQA.L tracks MSCI USA Sector Neutral Quality Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.20% for IUQA.L and 0.35% for SMH.

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