PCT.L vs. SMGB.L

Last updated Jun 5, 2026

PCT.L (Polar Capital Technology Trust) is a stock, while SMGB.L (VanEck Semiconductor UCITS ETF) is Semiconductors fund tracking the MSCI World/Information Tech NR USD. Over the past 5 years, PCT.L returned 26.15%/yr vs 38.39%/yr for SMGB.L. A 0.77 correlation means they provide meaningful diversification when combined.

Performance

PCT.L vs. SMGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Polar Capital Technology Trust (PCT.L) and VanEck Semiconductor UCITS ETF (SMGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PCT.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, PCT.L achieves a 53.02% return, which is significantly lower than SMGB.L's 85.49% return.

PCT.L

• 1D: -2.54%
• 1M: 13.24%
• YTD: 53.02%
• 6M: 53.18%
• 1Y: 110.37%
• 3Y*: 45.92%
• 5Y*: 26.15%
• 10Y*: 28.03%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PCT.L Polar Capital Technology Trust	53.02%	33.14%	34.30%	50.52%	-36.80%	18.35%	3.36%
SMGB.L VanEck Semiconductor UCITS ETF	85.49%	38.79%	26.31%	66.17%	-27.49%	44.41%	2.28%

Correlation

The correlation between PCT.L and SMGB.L is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.77

The correlation between PCT.L and SMGB.L has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

Return for Risk

PCT.L vs. SMGB.L — Risk / Return Rank

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

PCT.L

PCT.L Risk / Return Rank: 98
PCT.L Sharpe Ratio Rank: 98
PCT.L Sortino Ratio Rank: 98
PCT.L Omega Ratio Rank: 97
PCT.L Calmar Ratio Rank: 98
PCT.L Martin Ratio Rank: 98

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.

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

This table presents a comparison of risk-adjusted performance metrics for Polar Capital Technology Trust (PCT.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.

	PCT.L	SMGB.L	Difference
Sharpe ratio: Return per unit of total volatility	4.73	5.58	-0.85
Sortino ratio: Return per unit of downside risk	5.42	5.70	-0.27
Omega ratio: Gain probability vs. loss probability	1.73	1.74	0.00
Calmar ratio: Return relative to maximum drawdown	11.00	14.46	-3.46
Martin ratio: Return relative to average drawdown	35.77	50.72	-14.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current PCT.L Sharpe Ratio is 4.73, which is comparable to the SMGB.L Sharpe Ratio of 5.58. The chart below compares the historical Sharpe Ratios of PCT.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

	PCT.L	SMGB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.73	5.58	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	1.26	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.25	-0.73

Drawdowns

PCT.L vs. SMGB.L - Drawdown Comparison

The maximum PCT.L drawdown since its inception was -84.10%, 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 PCT.L and SMGB.L.

Drawdown Indicators

	PCT.L	SMGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-84.10%	-36.24%	-47.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-11.94%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	-33.20%	-36.24%	+3.04%
Max Drawdown (5Y) Largest decline over 5 years	-37.89%	-36.24%	-1.65%
Max Drawdown (10Y) Largest decline over 10 years	-37.89%	—	—
Current Drawdown Current decline from peak	-3.20%	-2.49%	-0.71%
Average Drawdown Average peak-to-trough decline	-30.18%	-9.75%	-20.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.41%	-0.34%

Volatility

PCT.L vs. SMGB.L - Volatility Comparison

The current volatility for Polar Capital Technology Trust (PCT.L) is 8.53%, while VanEck Semiconductor UCITS ETF (SMGB.L) has a volatility of 12.41%. This indicates that PCT.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

	PCT.L	SMGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.53%	12.41%	-3.88%
Volatility (6M) Calculated over the trailing 6-month period	17.46%	23.93%	-6.47%
Volatility (1Y) Calculated over the trailing 1-year period	23.22%	30.96%	-7.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.15%	30.45%	-5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.64%	30.19%	-5.55%

Dividends

PCT.L vs. SMGB.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022
PCT.L Polar Capital Technology Trust	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 PCT.L and SMGB.L in my portfolio?

PCT.L and SMGB.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.