SEMI.AS vs. EMNE.DE

Last updated Jul 21, 2026

SEMI.AS (iShares MSCI Global Semiconductors UCITS ETF USD Acc) and EMNE.DE (iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist)) are both exchange-traded funds - SEMI.AS is a Semiconductors fund tracking the MSCI ACWI IMI Semiconductors & Semiconductor Equipment ESG Screened Select Capped Index, while EMNE.DE is a Europe Equities fund tracking the MSCI EMU ESG Enhanced Focus CTB Index. Both are passively managed. Over the past 3 years, SEMI.AS returned 52.51%/yr vs 15.83%/yr for EMNE.DE. A 0.64 correlation means they provide meaningful diversification when combined. SEMI.AS charges 0.35%/yr vs 0.12%/yr for EMNE.DE.

Performance

SEMI.AS vs. EMNE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Semiconductors UCITS ETF USD Acc (SEMI.AS) and iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist) (EMNE.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SEMI.AS is traded in USD, while EMNE.DE is traded in EUR. To make them comparable, the EMNE.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SEMI.AS achieves a 77.21% return, which is significantly higher than EMNE.DE's 6.79% return.

SEMI.AS

• 1D: 2.15%
• 1M: -16.85%
• 6M: 57.97%
• YTD: 77.21%
• 1Y: 133.42%
• 3Y*: 52.51%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 31.00%

EMNE.DE

• 1D: 0.01%
• 1M: -2.58%
• 6M: 6.05%
• YTD: 6.79%
• 1Y: 16.65%
• 3Y*: 15.83%
• 5Y*: 9.70%
• 10Y*: —
• ALL TIME*: 11.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SEMI.AS vs. EMNE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SEMI.AS iShares MSCI Global Semiconductors UCITS ETF USD Acc	77.21%	52.80%	15.12%	65.80%	-35.80%	14.91%
EMNE.DE iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist)	6.79%	37.93%	3.58%	22.55%	-17.18%	-0.95%

Correlation

The correlation between SEMI.AS and EMNE.DE is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.64

The correlation between SEMI.AS and EMNE.DE has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

Return for Risk

SEMI.AS vs. EMNE.DE — Risk / Return Rank

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

SEMI.AS

SEMI.AS Risk / Return Rank: 95
SEMI.AS Sharpe Ratio Rank: 97
SEMI.AS Sortino Ratio Rank: 93
SEMI.AS Omega Ratio Rank: 92
SEMI.AS Calmar Ratio Rank: 96
SEMI.AS Martin Ratio Rank: 96

EMNE.DE

EMNE.DE Risk / Return Rank: 49
EMNE.DE Sharpe Ratio Rank: 49
EMNE.DE Sortino Ratio Rank: 50
EMNE.DE Omega Ratio Rank: 51
EMNE.DE Calmar Ratio Rank: 45
EMNE.DE Martin Ratio Rank: 51

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.

SEMI.AS vs. EMNE.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Semiconductors UCITS ETF USD Acc (SEMI.AS) and iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist) (EMNE.DE). 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.

	SEMI.AS	EMNE.DE	Difference
Sharpe ratio: Return per unit of total volatility	3.41	0.99	+2.42
Sortino ratio: Return per unit of downside risk	3.68	1.51	+2.17
Omega ratio: Gain probability vs. loss probability	1.48	1.18	+0.29
Calmar ratio: Return relative to maximum drawdown	6.43	1.28	+5.14
Martin ratio: Return relative to average drawdown	24.70	4.56	+20.15

SEMI.AS vs. EMNE.DE - Sharpe Ratio Comparison

The current SEMI.AS Sharpe Ratio is 3.41, which is higher than the EMNE.DE Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of SEMI.AS and EMNE.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SEMI.AS vs. EMNE.DE - Drawdown Comparison

The maximum SEMI.AS drawdown since its inception was -45.27%, which is greater than EMNE.DE's maximum drawdown of -36.45%. Use the drawdown chart below to compare losses from any high point for SEMI.AS and EMNE.DE.

Drawdown Indicators

	SEMI.AS	EMNE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-45.27%	-36.45%	-8.82%
Max Drawdown (1Y) Largest decline over 1 year	-20.40%	-12.93%	-7.47%
Max Drawdown (3Y) Largest decline over 3 years	-38.23%	-14.50%	-23.73%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.45%	—
Current Drawdown Current decline from peak	-18.69%	-2.94%	-15.75%
Average Drawdown Average peak-to-trough decline	-13.22%	-6.93%	-6.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.31%	3.65%	+1.66%

Volatility

SEMI.AS vs. EMNE.DE - Volatility Comparison

iShares MSCI Global Semiconductors UCITS ETF USD Acc (SEMI.AS) has a higher volatility of 18.20% compared to iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist) (EMNE.DE) at 4.40%. This indicates that SEMI.AS's price experiences larger fluctuations and is considered to be riskier than EMNE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEMI.AS	EMNE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.20%	4.40%	+13.80%
Volatility (6M) Calculated over the trailing 6-month period	32.75%	14.48%	+18.27%
Volatility (1Y) Calculated over the trailing 1-year period	38.54%	16.84%	+21.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.65%	19.65%	+13.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.65%	22.46%	+10.19%

SEMI.AS vs. EMNE.DE - Expense Ratio Comparison

SEMI.AS has a 0.35% expense ratio, which is higher than EMNE.DE's 0.12% expense ratio.

Dividends

SEMI.AS vs. EMNE.DE - Dividend Comparison

SEMI.AS has not paid dividends to shareholders, while EMNE.DE's dividend yield for the trailing twelve months is around 2.39%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EMNE.DE iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist)	2.39%	2.61%	2.95%	3.17%	3.34%	2.40%	1.85%	2.67%
SEMI.AS iShares MSCI Global Semiconductors UCITS ETF USD Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SEMI.AS and EMNE.DE in my portfolio?

SEMI.AS and EMNE.DE have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SEMI.AS or EMNE.DE?

On fees, EMNE.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SEMI.AS or EMNE.DE?

EMNE.DE is cheaper with a 0.12% expense ratio, compared with 0.35% for SEMI.AS.

What is the main difference between SEMI.AS and EMNE.DE?

SEMI.AS is categorized as Semiconductors, while EMNE.DE is Europe Equities. SEMI.AS tracks MSCI ACWI IMI Semiconductors & Semiconductor Equipment ESG Screened Select Capped Index, while EMNE.DE tracks MSCI EMU ESG Enhanced Focus CTB Index. Their fees differ too: 0.35% for SEMI.AS and 0.12% for EMNE.DE.