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

IWRD.L vs. SMH.L

Last updated Jul 22, 2026
Documentation

IWRD.L (iShares MSCI World UCITS) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - IWRD.L is a Global Equities fund tracking the MSCI ACWI NR USD, 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, IWRD.L returned 11.68%/yr vs 35.98%/yr for SMH.L. A 0.72 correlation means they provide meaningful diversification when combined. IWRD.L charges 0.50%/yr vs 0.35%/yr for SMH.L.

Performance

IWRD.L vs. SMH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI World UCITS (IWRD.L) and VanEck Semiconductor UCITS ETF (SMH.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IWRD.L is traded in GBp, while SMH.L is traded in USD. To make them comparable, the SMH.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IWRD.L achieves a 9.97% return, which is significantly lower than SMH.L's 78.54% return.

IWRD.L

1D
0.65%
1M
-0.91%
6M
9.57%
YTD
9.97%
1Y
20.53%
3Y*
16.49%
5Y*
11.68%
10Y*
12.32%
ALL TIME*
10.27%

SMH.L

1D
4.13%
1M
-11.82%
6M
59.05%
YTD
78.54%
1Y
127.56%
3Y*
54.23%
5Y*
35.98%
10Y*
—
ALL TIME*
35.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWRD.L vs. SMH.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
IWRD.L
iShares MSCI World UCITS		9.97%12.34%20.62%17.33%-8.62%23.21%1.87%
SMH.L
VanEck Semiconductor UCITS ETF		78.54%38.57%26.28%67.15%-27.87%44.10%2.52%

Correlation

The correlation between IWRD.L and SMH.L is 0.67, 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

0.67

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

0.72

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

0.73

Correlation (All Time)
Calculated using the full available price history since Dec 1, 2020

0.72

The correlation between IWRD.L and SMH.L has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

IWRD.L vs. SMH.L - Sectors Allocation Comparison

Sectors
IWRD.L
SMH.L

Technology

30.3%
100.0%

Financial Services

16.3%

-

Industrials

11.1%

-

Healthcare

8.9%

-

Consumer Cyclical

8.8%

-

Communication Services

8.5%

-

Consumer Defensive

4.9%

-

Energy

3.8%

-

Basic Materials

3.1%

-

Utilities

2.5%

-

Real Estate

1.7%

-

Technology

IWRD.L
30.3%
SMH.L
100.0%

Financial Services

IWRD.L
16.3%
SMH.L

-

Industrials

IWRD.L
11.1%
SMH.L

-

Healthcare

IWRD.L
8.9%
SMH.L

-

Consumer Cyclical

IWRD.L
8.8%
SMH.L

-

Communication Services

IWRD.L
8.5%
SMH.L

-

Consumer Defensive

IWRD.L
4.9%
SMH.L

-

Energy

IWRD.L
3.8%
SMH.L

-

Basic Materials

IWRD.L
3.1%
SMH.L

-

Utilities

IWRD.L
2.5%
SMH.L

-

Real Estate

IWRD.L
1.7%
SMH.L

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI World UCITS

VanEck Semiconductor UCITS ETF

Often compared with IWRD.L:
IWRD.L vs. VWRL.LIWRD.L vs. SWRD.ASIWRD.L vs. URTHIWRD.L vs. HMWO.LIWRD.L vs. ACNIWRD.L vs. VTIWRD.L vs. DEM.L
Often compared with SMH.L:
SMH.L vs. SMGB.LSMH.L vs. HNSC.LSMH.L vs. SMHSMH.L vs. VWRL.LSMH.L vs. AINF.LSMH.L vs. SMT.LSMH.L vs. VHVG.L

Return for Risk

IWRD.L vs. SMH.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWRD.L
IWRD.L Risk / Return Rank: 8181
Overall Rank
IWRD.L Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
IWRD.L Sortino Ratio Rank: 7979
Sortino Ratio Rank
IWRD.L Omega Ratio Rank: 8181
Omega Ratio Rank
IWRD.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
IWRD.L Martin Ratio Rank: 8383
Martin Ratio Rank
SMH.L
SMH.L Risk / Return Rank: 9595
Overall Rank
SMH.L Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
SMH.L Sortino Ratio Rank: 9393
Sortino Ratio Rank
SMH.L Omega Ratio Rank: 9292
Omega Ratio Rank
SMH.L Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH.L Martin Ratio Rank: 9696
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World UCITS (IWRD.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.

IWRD.LSMH.LDifference
Sharpe ratioReturn per unit of total volatility
1.93
3.46

-1.53

Sortino ratioReturn per unit of downside risk
2.70
3.78

-1.08

Omega ratioGain probability vs. loss probability

1.36

1.49

-0.13

Calmar ratioReturn relative to maximum drawdown

3.11

7.09

-3.98

Martin ratioReturn relative to average drawdown

11.95

27.24

-15.29

IWRD.L vs. SMH.L - Sharpe Ratio Comparison

The current IWRD.L Sharpe Ratio is 1.93, which is lower than the SMH.L Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of IWRD.L and SMH.L, 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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Drawdowns

IWRD.L vs. SMH.L - Drawdown Comparison

The maximum IWRD.L drawdown since its inception was -66.71%, which is greater than SMH.L's maximum drawdown of -36.36%. Use the drawdown chart below to compare losses from any high point for IWRD.L and SMH.L.

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Drawdown Indicators

IWRD.LSMH.LDifference

Max Drawdown

Largest peak-to-trough decline

-66.71%

-36.36%

-30.35%

Max Drawdown (1Y)

Largest decline over 1 year

-6.57%

-17.88%

+11.31%

Max Drawdown (3Y)

Largest decline over 3 years

-18.93%

-36.36%

+17.43%

Max Drawdown (5Y)

Largest decline over 5 years

-18.93%

-36.36%

+17.43%

Max Drawdown (10Y)

Largest decline over 10 years

-25.30%

—

—

Current Drawdown

Current decline from peak

-0.91%

-12.29%

+11.38%

Average Drawdown

Average peak-to-trough decline

-17.25%

-9.76%

-7.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.71%

4.66%

-2.95%

Volatility

IWRD.L vs. SMH.L - Volatility Comparison

The current volatility for iShares MSCI World UCITS (IWRD.L) is 2.78%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 16.83%. This indicates that IWRD.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

IWRD.LSMH.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.78%

16.83%

-14.05%

Volatility (6M)

Calculated over the trailing 6-month period

7.69%

30.37%

-22.68%

Volatility (1Y)

Calculated over the trailing 1-year period

10.57%

36.65%

-26.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.30%

32.45%

-19.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.44%

31.82%

-17.38%

IWRD.L vs. SMH.L - Expense Ratio Comparison

IWRD.L has a 0.50% expense ratio, which is higher than SMH.L's 0.35% expense ratio.

Dividends

IWRD.L vs. SMH.L - Dividend Comparison

IWRD.L's dividend yield for the trailing twelve months is around 0.88%, while SMH.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IWRD.L
iShares MSCI World UCITS		0.88%0.93%1.06%1.31%1.44%1.03%1.21%1.66%1.81%1.64%1.61%1.78%
SMH.L
VanEck Semiconductor UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IWRD.L and SMH.L have a correlation of 0.67, 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 0.50% for IWRD.L.

IWRD.L is categorized as Global Equities, while SMH.L is Semiconductors. IWRD.L tracks MSCI ACWI NR USD, 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: 0.50% for IWRD.L and 0.35% for SMH.L.

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