MSAU.L vs. SMH.L
MSAU.L (Invesco MSCI Saudi Arabia ETF) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - MSAU.L is a Global Equities fund tracking the Invesco MSCI Saudi Arabia ETF, 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, MSAU.L returned 2.06%/yr vs 35.65%/yr for SMH.L. At a 0.29 correlation, their price movements are largely independent. MSAU.L charges 0.50%/yr vs 0.35%/yr for SMH.L.
Performance
MSAU.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, MSAU.L achieves a 4.13% return, which is significantly lower than SMH.L's 76.50% return.
MSAU.L
- 1D
- 0.31%
- 1M
- -2.96%
- 6M
- -1.63%
- YTD
- 4.13%
- 1Y
- 3.11%
- 3Y*
- -0.44%
- 5Y*
- 2.06%
- 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*
- —
MSAU.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MSAU.L Invesco MSCI Saudi Arabia ETF | 4.13% | -5.73% | 0.20% | 10.06% | -5.65% | 36.12% | -0.24% |
SMH.L VanEck Semiconductor UCITS ETF | 76.50% | 49.20% | 24.11% | 75.94% | -35.54% | 42.75% | 4.36% |
Correlation
The correlation between MSAU.L and SMH.L is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020 | 0.29 |
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Return for Risk
MSAU.L vs. SMH.L — Risk / Return Rank
MSAU.L
SMH.L
MSAU.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Saudi Arabia ETF (MSAU.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.
| MSAU.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.12 | ||
| Sortino ratioReturn per unit of downside risk | -3.25 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.47 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 0.32 | 8.88 | -8.56 |
| Martin ratioReturn relative to average drawdown | 0.67 | 27.77 | -27.10 |
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Drawdowns
MSAU.L vs. SMH.L - Drawdown Comparison
The maximum MSAU.L drawdown since its inception was -42.92%, smaller than the maximum SMH.L drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for MSAU.L and SMH.L.
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Drawdown Indicators
| MSAU.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.92% | -45.38% | +2.46% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -13.91% | +3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -16.03% | -36.25% | +20.22% |
Max Drawdown (5Y)Largest decline over 5 years | -29.84% | -45.38% | +15.54% |
Current DrawdownCurrent decline from peak | -18.51% | -11.91% | -6.60% |
Average DrawdownAverage peak-to-trough decline | -14.49% | -11.12% | -3.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.15% | 4.46% | +0.69% |
Volatility
MSAU.L vs. SMH.L - Volatility Comparison
The current volatility for Invesco MSCI Saudi Arabia ETF (MSAU.L) is 2.49%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 16.26%. This indicates that MSAU.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
| MSAU.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.49% | 16.26% | -13.77% |
Volatility (6M)Calculated over the trailing 6-month period | 11.24% | 30.80% | -19.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.32% | 36.96% | -21.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.88% | 33.56% | -17.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.76% | 32.93% | -14.17% |
MSAU.L vs. SMH.L - Expense Ratio Comparison
MSAU.L has a 0.50% expense ratio, which is higher than SMH.L's 0.35% expense ratio.
Dividends
MSAU.L vs. SMH.L - Dividend Comparison
Neither MSAU.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
MSAU.L and SMH.L have a correlation of 0.21, 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 MSAU.L.
MSAU.L is categorized as Global Equities, while SMH.L is Semiconductors. MSAU.L tracks Invesco MSCI Saudi Arabia ETF, 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 MSAU.L and 0.35% for SMH.L.
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