MKUW.L vs. SMH.L
MKUW.L (Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - MKUW.L is a Technology Equities fund tracking the Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc, 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, MKUW.L returned 7.35%/yr vs 35.65%/yr for SMH.L. At a 0.20 correlation, their price movements are largely independent. MKUW.L charges 0.50%/yr vs 0.35%/yr for SMH.L.
Performance
MKUW.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, MKUW.L achieves a 0.89% return, which is significantly lower than SMH.L's 76.50% return.
MKUW.L
- 1D
- 1.09%
- 1M
- -1.83%
- 6M
- 1.55%
- YTD
- 0.89%
- 1Y
- 4.11%
- 3Y*
- 8.26%
- 5Y*
- 7.35%
- 10Y*
- —
SMH.L
- 1D
- -3.48%
- 1M
- -8.87%
- 6M
- 62.90%
- YTD
- 76.50%
- 1Y
- 124.23%
- 3Y*
- 54.24%
- 5Y*
- 35.65%
- 10Y*
- —
MKUW.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MKUW.L Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc | 0.89% | 25.35% | 9.15% | -8.87% | 5.99% | 28.57% | 2.29% |
SMH.L VanEck Semiconductor UCITS ETF | 76.50% | 49.20% | 24.11% | 75.94% | -35.54% | 42.75% | 4.36% |
Correlation
The correlation between MKUW.L and SMH.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020 | 0.20 |
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Return for Risk
MKUW.L vs. SMH.L — Risk / Return Rank
MKUW.L
SMH.L
MKUW.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc (MKUW.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.
| MKUW.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.47 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 8.88 | -8.18 |
| Martin ratioReturn relative to average drawdown | 1.63 | 27.77 | -26.14 |
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Drawdowns
MKUW.L vs. SMH.L - Drawdown Comparison
The maximum MKUW.L drawdown since its inception was -37.76%, smaller than the maximum SMH.L drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for MKUW.L and SMH.L.
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Drawdown Indicators
| MKUW.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.76% | -45.38% | +7.62% |
Max Drawdown (1Y)Largest decline over 1 year | -7.47% | -13.91% | +6.44% |
Max Drawdown (3Y)Largest decline over 3 years | -14.16% | -36.25% | +22.09% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -45.38% | +20.25% |
Current DrawdownCurrent decline from peak | -2.89% | -11.91% | +9.02% |
Average DrawdownAverage peak-to-trough decline | -9.42% | -11.12% | +1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 4.46% | -1.22% |
Volatility
MKUW.L vs. SMH.L - Volatility Comparison
The current volatility for Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc (MKUW.L) is 2.12%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 16.26%. This indicates that MKUW.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
| MKUW.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 16.26% | -14.14% |
Volatility (6M)Calculated over the trailing 6-month period | 8.09% | 30.80% | -22.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.37% | 36.96% | -26.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.77% | 33.56% | -20.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.50% | 32.93% | -16.43% |
MKUW.L vs. SMH.L - Expense Ratio Comparison
MKUW.L has a 0.50% expense ratio, which is higher than SMH.L's 0.35% expense ratio.
Dividends
MKUW.L vs. SMH.L - Dividend Comparison
Neither MKUW.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
MKUW.L and SMH.L 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.
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 MKUW.L.
MKUW.L is categorized as Technology Equities, while SMH.L is Semiconductors. MKUW.L tracks Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.50% for MKUW.L and 0.35% for SMH.L.
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