MCTS.L vs. SMGB.L

Last updated Jun 5, 2026

MCTS.L (Invesco MSCI China Technology All Shares Stock Connect UCITS ETF Acc) and SMGB.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - MCTS.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD, while SMGB.L is a Semiconductors fund tracking the MSCI World/Information Tech NR USD. Both are passively managed. Over the past 3 years, MCTS.L returned 10.05%/yr vs 57.16%/yr for SMGB.L. At a 0.32 correlation, their price movements are largely independent. MCTS.L charges 0.49%/yr vs 0.35%/yr for SMGB.L.

Performance

MCTS.L vs. SMGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI China Technology All Shares Stock Connect UCITS ETF Acc (MCTS.L) and VanEck Semiconductor UCITS ETF (SMGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MCTS.L is traded in GBp, while SMGB.L is traded in GBP. To make them comparable, the SMGB.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, MCTS.L achieves a 2.74% return, which is significantly lower than SMGB.L's 85.49% return.

MCTS.L

• 1D: -0.56%
• 1M: 3.20%
• YTD: 2.74%
• 6M: 1.09%
• 1Y: 19.04%
• 3Y*: 10.05%
• 5Y*: —
• 10Y*: —

SMGB.L

• 1D: -2.49%
• 1M: 23.49%
• YTD: 85.49%
• 6M: 84.69%
• 1Y: 173.74%
• 3Y*: 57.16%
• 5Y*: 38.39%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MCTS.L vs. SMGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MCTS.L Invesco MSCI China Technology All Shares Stock Connect UCITS ETF Acc	2.74%	23.52%	22.51%	-23.51%	-22.15%	-14.72%
SMGB.L VanEck Semiconductor UCITS ETF	85.49%	38.79%	26.31%	66.17%	-27.49%	27.87%

Correlation

The correlation between MCTS.L and SMGB.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jun 16, 2021	0.32

The correlation between MCTS.L and SMGB.L shifts across timeframes, from 0.28 (3 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.

MCTS.L vs. SMGB.L - Sectors Allocation Comparison

Sectors	MCTS.L	SMGB.L
Technology	30.3%	100.0%
Consumer Cyclical	24.0%	-
Communication Services	15.7%	-
Industrials	14.3%	-
Basic Materials	6.6%	-
Utilities	4.3%	-
Healthcare	2.4%	-
Financial Services	1.6%	-
Real Estate	0.8%	-
Consumer Defensive	0.2%	-
Energy	-	-

Return for Risk

MCTS.L vs. SMGB.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MCTS.L

MCTS.L Risk / Return Rank: 18
MCTS.L Sharpe Ratio Rank: 15
MCTS.L Sortino Ratio Rank: 20
MCTS.L Omega Ratio Rank: 28
MCTS.L Calmar Ratio Rank: 16
MCTS.L Martin Ratio Rank: 13

SMGB.L

SMGB.L Risk / Return Rank: 97
SMGB.L Sharpe Ratio Rank: 98
SMGB.L Sortino Ratio Rank: 96
SMGB.L Omega Ratio Rank: 95
SMGB.L Calmar Ratio Rank: 98
SMGB.L Martin Ratio Rank: 97

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.

MCTS.L vs. SMGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI China Technology All Shares Stock Connect UCITS ETF Acc (MCTS.L) and VanEck Semiconductor UCITS ETF (SMGB.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.

	MCTS.L	SMGB.L	Difference
Sharpe ratio: Return per unit of total volatility	0.41	5.58	-5.17
Sortino ratio: Return per unit of downside risk	1.01	5.70	-4.69
Omega ratio: Gain probability vs. loss probability	1.19	1.74	-0.55
Calmar ratio: Return relative to maximum drawdown	0.54	14.46	-13.93
Martin ratio: Return relative to average drawdown	0.82	50.72	-49.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCTS.L vs. SMGB.L - Sharpe Ratio Comparison

The current MCTS.L Sharpe Ratio is 0.41, which is lower than the SMGB.L Sharpe Ratio of 5.58. The chart below compares the historical Sharpe Ratios of MCTS.L and SMGB.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.

Sharpe Ratios by Period

	MCTS.L	SMGB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	5.58	-5.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	1.25	-1.35

Drawdowns

MCTS.L vs. SMGB.L - Drawdown Comparison

The maximum MCTS.L drawdown since its inception was -59.88%, which is greater than SMGB.L's maximum drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for MCTS.L and SMGB.L.

Drawdown Indicators

	MCTS.L	SMGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-59.88%	-36.24%	-23.64%
Max Drawdown (1Y) Largest decline over 1 year	-35.37%	-11.94%	-23.43%
Max Drawdown (3Y) Largest decline over 3 years	-35.37%	-36.24%	+0.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.24%	—
Current Drawdown Current decline from peak	-27.96%	-2.49%	-25.47%
Average Drawdown Average peak-to-trough decline	-36.22%	-9.75%	-26.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.12%	3.41%	+19.71%

Volatility

MCTS.L vs. SMGB.L - Volatility Comparison

The current volatility for Invesco MSCI China Technology All Shares Stock Connect UCITS ETF Acc (MCTS.L) is 8.34%, while VanEck Semiconductor UCITS ETF (SMGB.L) has a volatility of 12.41%. This indicates that MCTS.L experiences smaller price fluctuations and is considered to be less risky than SMGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCTS.L	SMGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.34%	12.41%	-4.07%
Volatility (6M) Calculated over the trailing 6-month period	14.92%	23.93%	-9.01%
Volatility (1Y) Calculated over the trailing 1-year period	46.61%	30.96%	+15.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.13%	30.45%	+13.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.13%	30.19%	+13.94%

MCTS.L vs. SMGB.L - Expense Ratio Comparison

MCTS.L has a 0.49% expense ratio, which is higher than SMGB.L's 0.35% expense ratio.

Dividends

MCTS.L vs. SMGB.L - Dividend Comparison

Neither MCTS.L nor SMGB.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
MCTS.L Invesco MSCI China Technology All Shares Stock Connect UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%
SMGB.L VanEck Semiconductor UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.44%

Frequently Asked Questions

Can I hold both MCTS.L and SMGB.L in my portfolio?

MCTS.L and SMGB.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MCTS.L or SMGB.L?

On fees, SMGB.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MCTS.L or SMGB.L?

SMGB.L is cheaper with a 0.35% expense ratio, compared with 0.49% for MCTS.L.

What is the main difference between MCTS.L and SMGB.L?

MCTS.L is categorized as Technology Equities, while SMGB.L is Semiconductors. Both ETFs track MSCI World/Information Tech NR USD. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.49% for MCTS.L and 0.35% for SMGB.L.