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

IWVL.L vs. SMH

Last updated Jun 14, 2026

IWVL.L (iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - IWVL.L is a Global Equities fund tracking the MSCI World Enhanced Value Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, IWVL.L returned 13.36%/yr vs 37.49%/yr for SMH. At a 0.44 correlation, their price movements are largely independent. IWVL.L charges 0.25%/yr vs 0.35%/yr for SMH.

Performance

IWVL.L vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) (IWVL.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, IWVL.L achieves a 32.97% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, IWVL.L has underperformed SMH with an annualized return of 13.36%, while SMH has yielded a comparatively higher 37.49% annualized return.

IWVL.L

1D
3.36%
1M
6.98%
YTD
32.97%
6M
35.11%
1Y
63.09%
3Y*
28.41%
5Y*
16.13%
10Y*
13.36%

SMH

1D
1.72%
1M
11.44%
YTD
72.15%
6M
75.62%
1Y
141.99%
3Y*
60.05%
5Y*
38.42%
10Y*
37.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWVL.L vs. SMH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWVL.L
iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)		32.97%40.42%5.13%19.53%-9.79%20.11%-3.67%18.13%-14.03%22.60%
SMH
VanEck Semiconductor ETF		72.15%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-9.05%38.48%

Correlation

The correlation between IWVL.L and SMH is 0.57, 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

0.57

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

0.41

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

0.44

Correlation (10Y)
Calculated over the trailing 10-year period

0.42

Correlation (All Time)
Calculated using the full available price history since Oct 6, 2014

0.44

The correlation between IWVL.L and SMH shifts across timeframes, from 0.41 (3 years) to 0.57 (1 year), reflecting how their relationship changes across market environments.

IWVL.L vs. SMH - Sectors Allocation Comparison

Sectors
IWVL.L
SMH

Technology

33.9%
100.0%

Financial Services

14.8%

-

Industrials

11.3%

-

Healthcare

8.8%

-

Consumer Cyclical

7.9%

-

Communication Services

7.6%

-

Consumer Defensive

4.5%

-

Energy

3.8%

-

Basic Materials

3.0%

-

Utilities

2.5%

-

Real Estate

1.8%

-

Technology

IWVL.L
33.9%
SMH
100.0%

Financial Services

IWVL.L
14.8%
SMH

-

Industrials

IWVL.L
11.3%
SMH

-

Healthcare

IWVL.L
8.8%
SMH

-

Consumer Cyclical

IWVL.L
7.9%
SMH

-

Communication Services

IWVL.L
7.6%
SMH

-

Consumer Defensive

IWVL.L
4.5%
SMH

-

Energy

IWVL.L
3.8%
SMH

-

Basic Materials

IWVL.L
3.0%
SMH

-

Utilities

IWVL.L
2.5%
SMH

-

Real Estate

IWVL.L
1.8%
SMH

-

Compare stocks, funds, or ETFs

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iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)

VanEck Semiconductor ETF

Often compared with IWVL.L:
IWVL.L vs. VWRA.LIWVL.L vs. IWDA.ASIWVL.L vs. IWQU.LIWVL.L vs. DFIVIWVL.L vs. VOOIWVL.L vs. URTHIWVL.L vs. VT
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

IWVL.L vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWVL.L
IWVL.L Risk / Return Rank: 9696
Overall Rank
IWVL.L Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
IWVL.L Sortino Ratio Rank: 9696
Sortino Ratio Rank
IWVL.L Omega Ratio Rank: 9595
Omega Ratio Rank
IWVL.L Calmar Ratio Rank: 9595
Calmar Ratio Rank
IWVL.L Martin Ratio Rank: 9595
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9494
Sortino Ratio Rank
SMH Omega Ratio Rank: 9494
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH 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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) (IWVL.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.

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.

IWVL.LSMHDifference
Sharpe ratioReturn per unit of total volatility
3.83
4.13

-0.30

Sortino ratioReturn per unit of downside risk
5.32
4.26

+1.06

Omega ratioGain probability vs. loss probability

1.68

1.60

+0.08

Calmar ratioReturn relative to maximum drawdown

7.10

9.18

-2.09

Martin ratioReturn relative to average drawdown

25.90

33.74

-7.84

IWVL.L vs. SMH - Sharpe Ratio Comparison

The current IWVL.L Sharpe Ratio is 3.83, which is comparable to the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of IWVL.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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Drawdowns

IWVL.L vs. SMH - Drawdown Comparison

The maximum IWVL.L drawdown since its inception was -39.30%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for IWVL.L and SMH.

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Drawdown Indicators

IWVL.LSMHDifference

Max Drawdown

Largest peak-to-trough decline

-39.30%

-84.96%

+45.66%

Max Drawdown (1Y)

Largest decline over 1 year

-8.74%

-14.93%

+6.19%

Max Drawdown (3Y)

Largest decline over 3 years

-14.46%

-35.74%

+21.28%

Max Drawdown (5Y)

Largest decline over 5 years

-26.55%

-45.30%

+18.75%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

-45.30%

+6.00%

Current Drawdown

Current decline from peak

-1.88%

-2.81%

+0.93%

Average Drawdown

Average peak-to-trough decline

-7.48%

-41.04%

+33.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.40%

4.06%

-1.66%

Volatility

IWVL.L vs. SMH - Volatility Comparison

The current volatility for iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) (IWVL.L) is 6.99%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that IWVL.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

IWVL.LSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.99%

16.25%

-9.26%

Volatility (6M)

Calculated over the trailing 6-month period

13.69%

27.73%

-14.04%

Volatility (1Y)

Calculated over the trailing 1-year period

16.20%

33.20%

-17.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.15%

35.47%

-19.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.05%

32.82%

-15.77%

IWVL.L vs. SMH - Expense Ratio Comparison

IWVL.L has a 0.25% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

IWVL.L vs. SMH - Dividend Comparison

IWVL.L has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.

PositionTTM20252024202320222021202020192018201720162015
IWVL.L
iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)		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		0.18%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

IWVL.L and SMH have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IWVL.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IWVL.L is cheaper with a 0.25% expense ratio, compared with 0.35% for SMH.

IWVL.L is categorized as Global Equities, while SMH is Semiconductors. IWVL.L tracks MSCI World Enhanced Value Index, 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 IWVL.L and 0.35% for SMH.

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