PRFD.L vs. SMH.L
PRFD.L (Invesco Preferred Shares UCITS ETF) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - PRFD.L is a Global Equities fund tracking the Invesco Preferred Shares UCITS 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, PRFD.L returned -1.65%/yr vs 35.65%/yr for SMH.L. At a 0.43 correlation, their price movements are largely independent. PRFD.L charges 0.50%/yr vs 0.35%/yr for SMH.L.
Performance
PRFD.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, PRFD.L achieves a -0.31% return, which is significantly lower than SMH.L's 76.50% return.
PRFD.L
- 1D
- 0.42%
- 1M
- 0.07%
- 6M
- -1.50%
- YTD
- -0.31%
- 1Y
- 2.73%
- 3Y*
- 4.01%
- 5Y*
- -1.65%
- 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*
- —
PRFD.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PRFD.L Invesco Preferred Shares UCITS ETF | -0.31% | 2.46% | 4.65% | 9.57% | -21.50% | 2.76% | 1.33% |
SMH.L VanEck Semiconductor UCITS ETF | 76.50% | 49.20% | 24.11% | 75.94% | -35.54% | 42.75% | 4.36% |
Correlation
The correlation between PRFD.L and SMH.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020 | 0.43 |
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Return for Risk
PRFD.L vs. SMH.L — Risk / Return Rank
PRFD.L
SMH.L
PRFD.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred Shares UCITS ETF (PRFD.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.
| PRFD.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.06 | ||
| Sortino ratioReturn per unit of downside risk | -3.24 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.47 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 0.42 | 8.88 | -8.46 |
| Martin ratioReturn relative to average drawdown | 1.01 | 27.77 | -26.76 |
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Drawdowns
PRFD.L vs. SMH.L - Drawdown Comparison
The maximum PRFD.L drawdown since its inception was -31.01%, smaller than the maximum SMH.L drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for PRFD.L and SMH.L.
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Drawdown Indicators
| PRFD.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.01% | -45.38% | +14.37% |
Max Drawdown (1Y)Largest decline over 1 year | -7.43% | -13.91% | +6.48% |
Max Drawdown (3Y)Largest decline over 3 years | -12.07% | -36.25% | +24.18% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -45.38% | +19.58% |
Current DrawdownCurrent decline from peak | -8.82% | -11.91% | +3.09% |
Average DrawdownAverage peak-to-trough decline | -7.43% | -11.12% | +3.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 4.46% | -1.37% |
Volatility
PRFD.L vs. SMH.L - Volatility Comparison
The current volatility for Invesco Preferred Shares UCITS ETF (PRFD.L) is 2.17%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 16.26%. This indicates that PRFD.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
| PRFD.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 16.26% | -14.09% |
Volatility (6M)Calculated over the trailing 6-month period | 6.40% | 30.80% | -24.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.00% | 36.96% | -25.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.49% | 33.56% | -22.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.23% | 32.93% | -19.70% |
PRFD.L vs. SMH.L - Expense Ratio Comparison
PRFD.L has a 0.50% expense ratio, which is higher than SMH.L's 0.35% expense ratio.
Dividends
PRFD.L vs. SMH.L - Dividend Comparison
PRFD.L's dividend yield for the trailing twelve months is around 5.53%, while SMH.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PRFD.L Invesco Preferred Shares UCITS ETF | 5.53% | 5.35% | 5.19% | 5.28% | 5.67% | 4.44% | 4.50% | 4.53% | 5.25% | 0.76% |
SMH.L VanEck Semiconductor UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PRFD.L and SMH.L have a correlation of 0.40, 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 PRFD.L.
PRFD.L is categorized as Global Equities, while SMH.L is Semiconductors. PRFD.L tracks Invesco Preferred Shares UCITS 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 PRFD.L and 0.35% for SMH.L.
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