PHAU.AS vs. SMH
PHAU.AS (WisdomTree Physical Gold UCITS ETC) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - PHAU.AS is a Gold fund tracking the LBMA Gold Price PM, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, PHAU.AS returned 12.91%/yr vs 37.18%/yr for SMH. At a 0.00 correlation, their price movements are largely independent. PHAU.AS charges 0.39%/yr vs 0.35%/yr for SMH.
Performance
PHAU.AS vs. SMH - Performance Comparison
Loading charts...
Different Trading Currencies
PHAU.AS is traded in EUR, while SMH is traded in USD. To make them comparable, the SMH values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, PHAU.AS achieves a 4.61% return, which is significantly lower than SMH's 76.24% return. Over the past 10 years, PHAU.AS has underperformed SMH with an annualized return of 12.91%, while SMH has yielded a comparatively higher 37.18% annualized return.
PHAU.AS
- 1D
- 0.56%
- 1M
- -1.68%
- YTD
- 4.61%
- 6M
- 6.21%
- 1Y
- 29.74%
- 3Y*
- 27.67%
- 5Y*
- 19.40%
- 10Y*
- 12.91%
SMH
- 1D
- -1.76%
- 1M
- 20.86%
- YTD
- 76.24%
- 6M
- 74.55%
- 1Y
- 145.84%
- 3Y*
- 59.60%
- 5Y*
- 40.05%
- 10Y*
- 37.18%
PHAU.AS vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHAU.AS WisdomTree Physical Gold UCITS ETC | 4.61% | 45.53% | 34.03% | 9.32% | 5.55% | 3.63% | 13.51% | 20.41% | 2.85% | -1.37% |
SMH VanEck Semiconductor ETF | 76.24% | 31.47% | 48.28% | 68.18% | -29.41% | 52.76% | 42.71% | 68.17% | -4.78% | 21.46% |
Correlation
The correlation between PHAU.AS and SMH is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 28, 2007 | 0.00 |
The correlation between PHAU.AS and SMH shifts across timeframes, from -0.01 (10 years) to 0.15 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PHAU.AS vs. SMH — Risk / Return Rank
PHAU.AS
SMH
PHAU.AS vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Gold UCITS ETC (PHAU.AS) 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.
| PHAU.AS | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.55 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.67 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 11.88 | -10.13 |
| Martin ratioReturn relative to average drawdown | 4.43 | 41.57 | -37.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PHAU.AS | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 4.83 | -3.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.19 | 1.17 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | 1.15 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.79 | -0.13 |
Drawdowns
PHAU.AS vs. SMH - Drawdown Comparison
The maximum PHAU.AS drawdown since its inception was -37.19%, smaller than the maximum SMH drawdown of -56.36%. Use the drawdown chart below to compare losses from any high point for PHAU.AS and SMH.
Loading charts...
Drawdown Indicators
| PHAU.AS | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.19% | -56.36% | +19.17% |
Max Drawdown (1Y)Largest decline over 1 year | -16.74% | -12.35% | -4.39% |
Max Drawdown (3Y)Largest decline over 3 years | -16.74% | -36.90% | +20.16% |
Max Drawdown (5Y)Largest decline over 5 years | -16.74% | -36.90% | +20.16% |
Max Drawdown (10Y)Largest decline over 10 years | -18.59% | -36.90% | +18.31% |
Current DrawdownCurrent decline from peak | -15.26% | -1.76% | -13.50% |
Average DrawdownAverage peak-to-trough decline | -12.23% | -11.17% | -1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.66% | 3.52% | +3.14% |
Volatility
PHAU.AS vs. SMH - Volatility Comparison
The current volatility for WisdomTree Physical Gold UCITS ETC (PHAU.AS) is 5.17%, while VanEck Semiconductor ETF (SMH) has a volatility of 10.92%. This indicates that PHAU.AS 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.
Loading charts...
Volatility by Period
| PHAU.AS | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 10.92% | -5.75% |
Volatility (6M)Calculated over the trailing 6-month period | 20.12% | 23.49% | -3.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.04% | 30.40% | -7.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.99% | 34.29% | -18.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.29% | 32.45% | -18.16% |
PHAU.AS vs. SMH - Expense Ratio Comparison
PHAU.AS has a 0.39% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
PHAU.AS vs. SMH - Dividend Comparison
PHAU.AS has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHAU.AS WisdomTree Physical Gold UCITS ETC | 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
PHAU.AS and SMH have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMH is cheaper with a 0.35% expense ratio, compared with 0.39% for PHAU.AS.
PHAU.AS is categorized as Gold, while SMH is Semiconductors. PHAU.AS tracks LBMA Gold Price PM, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: WisdomTree and VanEck. Their fees differ too: 0.39% for PHAU.AS and 0.35% for SMH.
Find the right allocation for PHAU.AS and SMH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer