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SEMA.L vs. VSS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SEMA.L vs. VSS

Last updated Jun 5, 2026

SEMA.L (iShares MSCI EM UCITS ETF (Acc)) and VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) are both exchange-traded funds - SEMA.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while VSS is a Foreign Small & Mid Cap Equities fund tracking the FTSE Global Small Cap ex US Index. Both are passively managed. Over the past 10 years, SEMA.L returned 10.90%/yr vs 8.92%/yr for VSS. A 0.61 correlation means they provide meaningful diversification when combined. SEMA.L charges 0.18%/yr vs 0.07%/yr for VSS.

Performance

SEMA.L vs. VSS - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI EM UCITS ETF (Acc) (SEMA.L) and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

SEMA.L is traded in GBp, while VSS is traded in USD. To make them comparable, the VSS values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, SEMA.L achieves a 26.04% return, which is significantly higher than VSS's 12.08% return. Over the past 10 years, SEMA.L has outperformed VSS with an annualized return of 10.90%, while VSS has yielded a comparatively lower 8.92% annualized return.

SEMA.L

1D
-1.41%
1M
6.37%
YTD
26.04%
6M
28.18%
1Y
53.95%
3Y*
20.93%
5Y*
8.58%
10Y*
10.90%

VSS

1D
0.96%
1M
1.92%
YTD
12.08%
6M
13.31%
1Y
28.96%
3Y*
14.38%
5Y*
7.10%
10Y*
8.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SEMA.L vs. VSS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SEMA.L
iShares MSCI EM UCITS ETF (Acc)		26.04%25.09%9.38%3.47%-10.74%-1.60%14.69%12.62%-9.25%24.43%
VSS
Vanguard FTSE All-World ex-US Small-Cap ETF		12.08%20.37%4.73%9.75%-12.14%14.12%8.53%16.75%-13.65%19.31%

Correlation

The correlation between SEMA.L and VSS is 0.60, 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

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.61

Correlation (5Y)
Calculated over the trailing 5-year period

0.59

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2009

0.61

The correlation between SEMA.L and VSS has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

SEMA.L vs. VSS - Sectors Allocation Comparison

Sectors
SEMA.L
VSS

Technology

41.3%
13.3%

Financial Services

18.2%
10.8%

Consumer Cyclical

9.0%
9.3%

Industrials

7.0%
18.7%

Communication Services

6.4%
2.3%

Basic Materials

6.0%
12.1%

Energy

3.6%
4.9%

Consumer Defensive

2.8%
3.4%

Healthcare

2.7%
6.2%

Utilities

2.0%
2.5%

Real Estate

1.1%
7.3%

Technology

SEMA.L
41.3%
VSS
13.3%

Financial Services

SEMA.L
18.2%
VSS
10.8%

Consumer Cyclical

SEMA.L
9.0%
VSS
9.3%

Industrials

SEMA.L
7.0%
VSS
18.7%

Communication Services

SEMA.L
6.4%
VSS
2.3%

Basic Materials

SEMA.L
6.0%
VSS
12.1%

Energy

SEMA.L
3.6%
VSS
4.9%

Consumer Defensive

SEMA.L
2.8%
VSS
3.4%

Healthcare

SEMA.L
2.7%
VSS
6.2%

Utilities

SEMA.L
2.0%
VSS
2.5%

Real Estate

SEMA.L
1.1%
VSS
7.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI EM UCITS ETF (Acc)

Vanguard FTSE All-World ex-US Small-Cap ETF

Often compared with SEMA.L:
SEMA.L vs. EMIM.LSEMA.L vs. EIMI.LSEMA.L vs. VFEG.LSEMA.L vs. VWRA.LSEMA.L vs. SWRD.MISEMA.L vs. EQQQ.LSEMA.L vs. EDIV
Often compared with VSS:
VSS vs. AVDVVSS vs. VEUVSS vs. VXUSVSS vs. SCHCVSS vs. SCZVSS vs. VWOVSS vs. VOO

Return for Risk

SEMA.L vs. VSS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SEMA.L
SEMA.L Risk / Return Rank: 8888
Overall Rank
SEMA.L Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
SEMA.L Sortino Ratio Rank: 8989
Sortino Ratio Rank
SEMA.L Omega Ratio Rank: 9191
Omega Ratio Rank
SEMA.L Calmar Ratio Rank: 8787
Calmar Ratio Rank
SEMA.L Martin Ratio Rank: 8585
Martin Ratio Rank
VSS
VSS Risk / Return Rank: 5454
Overall Rank
VSS Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
VSS Sortino Ratio Rank: 5454
Sortino Ratio Rank
VSS Omega Ratio Rank: 5757
Omega Ratio Rank
VSS Calmar Ratio Rank: 4949
Calmar Ratio Rank
VSS Martin Ratio Rank: 5555
Martin Ratio Rank
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.

SEMA.L vs. VSS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM UCITS ETF (Acc) (SEMA.L) and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS). 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.

SEMA.LVSSDifference
Sharpe ratioReturn per unit of total volatility
3.16
2.37

+0.79

Sortino ratioReturn per unit of downside risk
4.05
3.20

+0.85

Omega ratioGain probability vs. loss probability

1.59

1.45

+0.13

Calmar ratioReturn relative to maximum drawdown

4.90

2.77

+2.13

Martin ratioReturn relative to average drawdown

17.45

11.42

+6.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEMA.L vs. VSS - Sharpe Ratio Comparison

The current SEMA.L Sharpe Ratio is 3.16, which is higher than the VSS Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of SEMA.L and VSS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SEMA.LVSSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.16

2.37

+0.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.55

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.59

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.66

-0.27

Drawdowns

SEMA.L vs. VSS - Drawdown Comparison

The maximum SEMA.L drawdown since its inception was -31.75%, roughly equal to the maximum VSS drawdown of -32.13%. Use the drawdown chart below to compare losses from any high point for SEMA.L and VSS.

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Drawdown Indicators

SEMA.LVSSDifference

Max Drawdown

Largest peak-to-trough decline

-31.75%

-32.13%

+0.38%

Max Drawdown (1Y)

Largest decline over 1 year

-10.95%

-10.51%

-0.44%

Max Drawdown (3Y)

Largest decline over 3 years

-15.23%

-13.83%

-1.40%

Max Drawdown (5Y)

Largest decline over 5 years

-23.52%

-19.74%

-3.78%

Max Drawdown (10Y)

Largest decline over 10 years

-27.06%

-32.13%

+5.07%

Current Drawdown

Current decline from peak

-2.37%

-1.19%

-1.18%

Average Drawdown

Average peak-to-trough decline

-10.72%

-6.04%

-4.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.08%

2.54%

+0.54%

Volatility

SEMA.L vs. VSS - Volatility Comparison

iShares MSCI EM UCITS ETF (Acc) (SEMA.L) has a higher volatility of 7.29% compared to Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) at 4.38%. This indicates that SEMA.L's price experiences larger fluctuations and is considered to be riskier than VSS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SEMA.LVSSDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.29%

4.38%

+2.91%

Volatility (6M)

Calculated over the trailing 6-month period

14.56%

10.47%

+4.09%

Volatility (1Y)

Calculated over the trailing 1-year period

17.00%

12.26%

+4.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.21%

13.07%

+3.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.05%

15.16%

+2.89%

SEMA.L vs. VSS - Expense Ratio Comparison

SEMA.L has a 0.18% expense ratio, which is higher than VSS's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SEMA.L vs. VSS - Dividend Comparison

SEMA.L has not paid dividends to shareholders, while VSS's dividend yield for the trailing twelve months is around 3.04%.

PositionTTM20252024202320222021202020192018201720162015
SEMA.L
iShares MSCI EM UCITS ETF (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
VSS
Vanguard FTSE All-World ex-US Small-Cap ETF		3.04%3.39%3.44%3.14%2.30%2.74%1.90%3.25%2.80%2.83%2.93%2.66%

Frequently Asked Questions

SEMA.L and VSS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VSS is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VSS is cheaper with a 0.07% expense ratio, compared with 0.18% for SEMA.L.

SEMA.L is categorized as Emerging Markets Equities, while VSS is Foreign Small & Mid Cap Equities. SEMA.L tracks MSCI EM NR USD, while VSS tracks FTSE Global Small Cap ex US Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.18% for SEMA.L and 0.07% for VSS.

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