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

MINV.L vs. SMH

Last updated Jun 9, 2026

MINV.L (iShares Edge MSCI World Minimum Volatility UCITS ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - MINV.L is a Global Equities fund tracking the MSCI ACWI NR USD, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, MINV.L returned 7.79%/yr vs 37.17%/yr for SMH. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

MINV.L vs. SMH - Performance Comparison

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

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, MINV.L achieves a 1.32% return, which is significantly lower than SMH's 59.78% return. Over the past 10 years, MINV.L has underperformed SMH with an annualized return of 7.79%, while SMH has yielded a comparatively higher 37.17% annualized return.

MINV.L

1D
-0.14%
1M
2.88%
YTD
1.32%
6M
1.62%
1Y
2.83%
3Y*
7.11%
5Y*
6.20%
10Y*
7.79%

SMH

1D
0.00%
1M
2.76%
YTD
59.78%
6M
54.85%
1Y
129.28%
3Y*
54.77%
5Y*
38.10%
10Y*
37.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MINV.L vs. SMH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MINV.L
iShares Edge MSCI World Minimum Volatility UCITS ETF		1.32%3.37%12.86%1.50%1.23%15.98%-1.05%18.84%3.17%7.00%
SMH
VanEck Semiconductor ETF		59.78%38.54%41.53%64.71%-25.63%43.48%50.97%58.19%-3.66%26.50%

Correlation

The correlation between MINV.L and SMH is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.17

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

-0.03

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

0.08

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

0.23

Correlation (All Time)
Calculated using the full available price history since Dec 3, 2012

0.28

The correlation between MINV.L and SMH shifts across timeframes, from -0.17 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

MINV.L vs. SMH - Sectors Allocation Comparison

Sectors
MINV.L
SMH

Technology

21.6%
100.0%

Financial Services

14.0%

-

Healthcare

13.7%

-

Communication Services

11.9%

-

Consumer Defensive

10.9%

-

Industrials

9.2%

-

Utilities

7.7%

-

Consumer Cyclical

5.3%

-

Energy

4.1%

-

Basic Materials

1.1%

-

Real Estate

0.7%

-

Technology

MINV.L
21.6%
SMH
100.0%

Financial Services

MINV.L
14.0%
SMH

-

Healthcare

MINV.L
13.7%
SMH

-

Communication Services

MINV.L
11.9%
SMH

-

Consumer Defensive

MINV.L
10.9%
SMH

-

Industrials

MINV.L
9.2%
SMH

-

Utilities

MINV.L
7.7%
SMH

-

Consumer Cyclical

MINV.L
5.3%
SMH

-

Energy

MINV.L
4.1%
SMH

-

Basic Materials

MINV.L
1.1%
SMH

-

Real Estate

MINV.L
0.7%
SMH

-

Compare stocks, funds, or ETFs

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iShares Edge MSCI World Minimum Volatility UCITS ETF

VanEck Semiconductor ETF

Often compared with MINV.L:
MINV.L vs. MVEW.LMINV.L vs. CSH2.LMINV.L vs. FULVXMINV.L vs. MVEA.LMINV.L vs. SPYMINV.L vs. VOOMINV.L vs. AOR
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

MINV.L vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MINV.L
MINV.L Risk / Return Rank: 1515
Overall Rank
MINV.L Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
MINV.L Sortino Ratio Rank: 1414
Sortino Ratio Rank
MINV.L Omega Ratio Rank: 1414
Omega Ratio Rank
MINV.L Calmar Ratio Rank: 1515
Calmar Ratio Rank
MINV.L Martin Ratio Rank: 1515
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9393
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI World Minimum Volatility UCITS ETF (MINV.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.

MINV.LSMHDifference
Sharpe ratioReturn per unit of total volatility
0.36
4.22

-3.86

Sortino ratioReturn per unit of downside risk
0.58
4.32

-3.74

Omega ratioGain probability vs. loss probability

1.06

1.62

-0.56

Calmar ratioReturn relative to maximum drawdown

0.45

10.39

-9.95

Martin ratioReturn relative to average drawdown

1.21

35.90

-34.70

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

MINV.L vs. SMH - Sharpe Ratio Comparison

The current MINV.L Sharpe Ratio is 0.36, which is lower than the SMH Sharpe Ratio of 4.22. The chart below compares the historical Sharpe Ratios of MINV.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

MINV.LSMHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.36

4.22

-3.86

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

1.14

-0.77

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

1.17

-0.66

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.82

-0.48

Drawdowns

MINV.L vs. SMH - Drawdown Comparison

The maximum MINV.L drawdown since its inception was -39.64%, smaller than the maximum SMH drawdown of -47.21%. Use the drawdown chart below to compare losses from any high point for MINV.L and SMH.

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Drawdown Indicators

MINV.LSMHDifference

Max Drawdown

Largest peak-to-trough decline

-39.64%

-47.21%

+7.57%

Max Drawdown (1Y)

Largest decline over 1 year

-6.31%

-12.51%

+6.20%

Max Drawdown (3Y)

Largest decline over 3 years

-20.10%

-35.65%

+15.55%

Max Drawdown (5Y)

Largest decline over 5 years

-20.10%

-35.65%

+15.55%

Max Drawdown (10Y)

Largest decline over 10 years

-20.38%

-35.65%

+15.27%

Current Drawdown

Current decline from peak

-3.30%

-10.16%

+6.86%

Average Drawdown

Average peak-to-trough decline

-8.68%

-8.74%

+0.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.34%

3.61%

-1.27%

Volatility

MINV.L vs. SMH - Volatility Comparison

The current volatility for iShares Edge MSCI World Minimum Volatility UCITS ETF (MINV.L) is 2.52%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.00%. This indicates that MINV.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

MINV.LSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.52%

14.00%

-11.48%

Volatility (6M)

Calculated over the trailing 6-month period

5.84%

24.81%

-18.97%

Volatility (1Y)

Calculated over the trailing 1-year period

7.91%

30.89%

-22.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.97%

33.71%

-16.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.40%

32.02%

-16.62%

MINV.L vs. SMH - Expense Ratio Comparison

Both MINV.L and SMH have an expense ratio of 0.35%.

Dividends

MINV.L vs. SMH - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
MINV.L
iShares Edge MSCI World Minimum Volatility 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%
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

MINV.L and SMH have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

MINV.L and SMH have the same expense ratio: 0.35% per year.

MINV.L is categorized as Global Equities, while SMH is Semiconductors. MINV.L tracks MSCI ACWI NR USD, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck.

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