N4US.L vs. SMH.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg)) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - N4US.L is a Global Equities fund tracking the Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg), 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, N4US.L returned 22.54%/yr vs 35.65%/yr for SMH.L. A 0.53 correlation means they provide meaningful diversification when combined. N4US.L charges 0.19%/yr vs 0.35%/yr for SMH.L.
Performance
N4US.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, N4US.L achieves a 22.05% return, which is significantly lower than SMH.L's 76.50% return.
N4US.L
- 1D
- -0.97%
- 1M
- 1.76%
- 6M
- 14.49%
- YTD
- 22.05%
- 1Y
- 50.55%
- 3Y*
- 29.24%
- 5Y*
- 22.54%
- 10Y*
- 16.63%
SMH.L
- 1D
- -3.48%
- 1M
- -8.87%
- 6M
- 62.90%
- YTD
- 76.50%
- 1Y
- 124.23%
- 3Y*
- 54.24%
- 5Y*
- 35.65%
- 10Y*
- —
N4US.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
N4US.L Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) | 22.05% | 30.25% | 23.77% | 35.97% | -1.05% | 11.18% | 3.15% |
SMH.L VanEck Semiconductor UCITS ETF | 76.50% | 49.20% | 24.11% | 75.94% | -35.54% | 42.75% | 4.36% |
Correlation
The correlation between N4US.L and SMH.L is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020 | 0.53 |
The correlation between N4US.L and SMH.L has been stable across timeframes, ranging from 0.49 to 0.56 - a consistent structural relationship.
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Return for Risk
N4US.L vs. SMH.L — Risk / Return Rank
N4US.L
SMH.L
N4US.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) (N4US.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.
| N4US.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.47 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 5.38 | 8.88 | -3.50 |
| Martin ratioReturn relative to average drawdown | 18.45 | 27.77 | -9.32 |
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Drawdowns
N4US.L vs. SMH.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, smaller than the maximum SMH.L drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for N4US.L and SMH.L.
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Drawdown Indicators
| N4US.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -45.38% | +14.44% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -13.91% | +4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -36.25% | +14.87% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -45.38% | +24.00% |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | — | — |
Current DrawdownCurrent decline from peak | -1.87% | -11.91% | +10.04% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -11.12% | +4.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 4.46% | -1.73% |
Volatility
N4US.L vs. SMH.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) (N4US.L) is 6.06%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 16.26%. This indicates that N4US.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
| N4US.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.06% | 16.26% | -10.20% |
Volatility (6M)Calculated over the trailing 6-month period | 15.47% | 30.80% | -15.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.47% | 36.96% | -17.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.48% | 33.56% | -15.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 32.93% | -14.56% |
N4US.L vs. SMH.L - Expense Ratio Comparison
N4US.L has a 0.19% expense ratio, which is lower than SMH.L's 0.35% expense ratio.
Dividends
N4US.L vs. SMH.L - Dividend Comparison
Neither N4US.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
N4US.L and SMH.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, N4US.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
N4US.L is cheaper with a 0.19% expense ratio, compared with 0.35% for SMH.L.
N4US.L is categorized as Global Equities, while SMH.L is Semiconductors. N4US.L tracks Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg), 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: 0.19% for N4US.L and 0.35% for SMH.L.
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