SEMI.AS vs. ISPY.L
SEMI.AS (iShares MSCI Global Semiconductors UCITS ETF USD Acc) and ISPY.L (L&G Cyber Security UCITS ETF) 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 ISPY.L is a Cybersecurity fund tracking the ISE Cyber Security UCITS Index. Both are passively managed. Over the past 3 years, SEMI.AS returned 52.51%/yr vs 28.85%/yr for ISPY.L. A 0.57 correlation means they provide meaningful diversification when combined. SEMI.AS charges 0.35%/yr vs 0.69%/yr for ISPY.L.
Performance
SEMI.AS vs. ISPY.L - Performance Comparison
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Different Trading Currencies
SEMI.AS is traded in USD, while ISPY.L is traded in GBp. To make them comparable, the ISPY.L 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 ISPY.L's 44.63% 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%
ISPY.L
- 1D
- 0.72%
- 1M
- 13.49%
- 6M
- 50.10%
- YTD
- 44.63%
- 1Y
- 41.78%
- 3Y*
- 28.85%
- 5Y*
- 11.99%
- 10Y*
- 16.97%
- ALL TIME*
- 10.65%
SEMI.AS vs. ISPY.L - 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% |
ISPY.L L&G Cyber Security UCITS ETF | 44.63% | 7.85% | 17.69% | 41.44% | -32.64% | -0.54% |
Correlation
The correlation between SEMI.AS and ISPY.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021 | 0.57 |
Over the past year, the correlation between SEMI.AS and ISPY.L has dropped to 0.34 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.
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Return for Risk
SEMI.AS vs. ISPY.L — Risk / Return Rank
SEMI.AS
ISPY.L
SEMI.AS vs. ISPY.L - 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 L&G Cyber Security UCITS ETF (ISPY.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.
| SEMI.AS | ISPY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.27 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 6.43 | 2.27 | +4.15 |
| Martin ratioReturn relative to average drawdown | 24.70 | 5.90 | +18.81 |
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Drawdowns
SEMI.AS vs. ISPY.L - Drawdown Comparison
The maximum SEMI.AS drawdown since its inception was -45.27%, smaller than the maximum ISPY.L drawdown of -52.67%. Use the drawdown chart below to compare losses from any high point for SEMI.AS and ISPY.L.
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Drawdown Indicators
| SEMI.AS | ISPY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.27% | -52.67% | +7.40% |
Max Drawdown (1Y)Largest decline over 1 year | -20.40% | -18.30% | -2.10% |
Max Drawdown (3Y)Largest decline over 3 years | -38.23% | -27.67% | -10.56% |
Max Drawdown (5Y)Largest decline over 5 years | — | -39.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.42% | — |
Current DrawdownCurrent decline from peak | -18.69% | -4.06% | -14.63% |
Average DrawdownAverage peak-to-trough decline | -13.22% | -15.99% | +2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.31% | 7.06% | -1.75% |
Volatility
SEMI.AS vs. ISPY.L - Volatility Comparison
iShares MSCI Global Semiconductors UCITS ETF USD Acc (SEMI.AS) has a higher volatility of 18.20% compared to L&G Cyber Security UCITS ETF (ISPY.L) at 10.75%. This indicates that SEMI.AS's price experiences larger fluctuations and is considered to be riskier than ISPY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEMI.AS | ISPY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.20% | 10.75% | +7.45% |
Volatility (6M)Calculated over the trailing 6-month period | 32.75% | 24.92% | +7.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.54% | 28.02% | +10.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.65% | 28.71% | +3.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.65% | 25.06% | +7.59% |
SEMI.AS vs. ISPY.L - Expense Ratio Comparison
SEMI.AS has a 0.35% expense ratio, which is lower than ISPY.L's 0.69% expense ratio.
Dividends
SEMI.AS vs. ISPY.L - Dividend Comparison
Neither SEMI.AS nor ISPY.L has paid dividends to shareholders.
Frequently Asked Questions
SEMI.AS and ISPY.L have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SEMI.AS is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SEMI.AS is cheaper with a 0.35% expense ratio, compared with 0.69% for ISPY.L.
SEMI.AS is categorized as Semiconductors, while ISPY.L is Cybersecurity. SEMI.AS tracks MSCI ACWI IMI Semiconductors & Semiconductor Equipment ESG Screened Select Capped Index, while ISPY.L tracks ISE Cyber Security UCITS Index. They also come from different issuers: iShares and L&G. Their fees differ too: 0.35% for SEMI.AS and 0.69% for ISPY.L.
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