SEMI.AS vs. VOO

Last updated Jun 24, 2026

SEMI.AS (iShares MSCI Global Semiconductors UCITS ETF USD Acc) and VOO (Vanguard S&P 500 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 VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, SEMI.AS returned 61.99%/yr vs 20.78%/yr for VOO. A 0.51 correlation means they provide meaningful diversification when combined. SEMI.AS charges 0.35%/yr vs 0.03%/yr for VOO.

Performance

SEMI.AS vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEMI.AS achieves a 102.46% return, which is significantly higher than VOO's 8.19% return.

SEMI.AS

• 1D: -7.11%
• 1M: 12.96%
• YTD: 102.46%
• 6M: 105.22%
• 1Y: 191.43%
• 3Y*: 61.99%
• 5Y*: —
• 10Y*: —

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

SEMI.AS vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SEMI.AS iShares MSCI Global Semiconductors UCITS ETF USD Acc	102.46%	52.80%	15.12%	65.80%	-35.80%	14.91%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	8.91%

Correlation

The correlation between SEMI.AS and VOO is 0.58, 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	0.58
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	0.51

The correlation between SEMI.AS and VOO has been stable across timeframes, ranging from 0.51 to 0.58 - a consistent structural relationship.

Return for Risk

SEMI.AS vs. VOO — 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: 97
SEMI.AS Sharpe Ratio Rank: 98
SEMI.AS Sortino Ratio Rank: 96
SEMI.AS Omega Ratio Rank: 95
SEMI.AS Calmar Ratio Rank: 98
SEMI.AS Martin Ratio Rank: 97

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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. VOO - 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 Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	5.32	1.91	+3.41
Sortino ratio: Return per unit of downside risk	5.20	2.60	+2.60
Omega ratio: Gain probability vs. loss probability	1.68	1.35	+0.33
Calmar ratio: Return relative to maximum drawdown	12.89	2.67	+10.21
Martin ratio: Return relative to average drawdown	45.20	11.96	+33.24

SEMI.AS vs. VOO - Sharpe Ratio Comparison

The current SEMI.AS Sharpe Ratio is 5.32, which is higher than the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of SEMI.AS and VOO, 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. VOO - Drawdown Comparison

The maximum SEMI.AS drawdown since its inception was -45.27%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for SEMI.AS and VOO.

Drawdown Indicators

	SEMI.AS	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-45.27%	-33.99%	-11.28%
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	-8.90%	-5.67%
Max Drawdown (3Y) Largest decline over 3 years	-38.23%	-18.69%	-19.54%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-7.11%	-3.14%	-3.97%
Average Drawdown Average peak-to-trough decline	-13.25%	-3.68%	-9.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	1.99%	+2.19%

Volatility

SEMI.AS vs. VOO - Volatility Comparison

iShares MSCI Global Semiconductors UCITS ETF USD Acc (SEMI.AS) has a higher volatility of 15.24% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that SEMI.AS's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEMI.AS	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.24%	4.83%	+10.41%
Volatility (6M) Calculated over the trailing 6-month period	28.92%	9.82%	+19.10%
Volatility (1Y) Calculated over the trailing 1-year period	35.27%	12.46%	+22.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.06%	16.91%	+15.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.06%	18.02%	+14.04%

SEMI.AS vs. VOO - Expense Ratio Comparison

SEMI.AS has a 0.35% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

SEMI.AS vs. VOO - Dividend Comparison

SEMI.AS has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

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

SEMI.AS and VOO have a correlation of 0.58, 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 VOO?

On fees, VOO is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SEMI.AS or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.35% for SEMI.AS.

What is the main difference between SEMI.AS and VOO?

SEMI.AS is categorized as Semiconductors, while VOO is S&P 500. SEMI.AS tracks MSCI ACWI IMI Semiconductors & Semiconductor Equipment ESG Screened Select Capped Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.35% for SEMI.AS and 0.03% for VOO.