SILV.L vs. SMH.L
SILV.L (Global X Silver Miners UCITS ETF USD Acc) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - SILV.L is a Global Equities fund tracking the Global X Silver Miners UCITS ETF USD Acc, while SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past 3 years, SILV.L returned 41.08%/yr vs 54.24%/yr for SMH.L. At a 0.35 correlation, their price movements are largely independent.
Performance
SILV.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, SILV.L achieves a -11.23% return, which is significantly lower than SMH.L's 76.50% return.
SILV.L
- 1D
- -0.13%
- 1M
- -15.41%
- 6M
- -22.68%
- YTD
- -11.23%
- 1Y
- 55.14%
- 3Y*
- 41.08%
- 5Y*
- —
- 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*
- —
SILV.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SILV.L Global X Silver Miners UCITS ETF USD Acc | -11.23% | 172.49% | 11.77% | -0.99% | -4.08% |
SMH.L VanEck Semiconductor UCITS ETF | 76.50% | 49.20% | 24.11% | 75.94% | -15.19% |
Correlation
The correlation between SILV.L and SMH.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since May 9, 2022 | 0.35 |
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Return for Risk
SILV.L vs. SMH.L — Risk / Return Rank
SILV.L
SMH.L
SILV.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners UCITS ETF USD Acc (SILV.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.
| SILV.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -2.18 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.47 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 8.88 | -7.47 |
| Martin ratioReturn relative to average drawdown | 3.13 | 27.77 | -24.64 |
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Drawdowns
SILV.L vs. SMH.L - Drawdown Comparison
The maximum SILV.L drawdown since its inception was -38.97%, smaller than the maximum SMH.L drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for SILV.L and SMH.L.
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Drawdown Indicators
| SILV.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.97% | -45.38% | +6.41% |
Max Drawdown (1Y)Largest decline over 1 year | -38.97% | -13.91% | -25.06% |
Max Drawdown (3Y)Largest decline over 3 years | -38.97% | -36.25% | -2.72% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.38% | — |
Current DrawdownCurrent decline from peak | -37.24% | -11.91% | -25.33% |
Average DrawdownAverage peak-to-trough decline | -14.11% | -11.12% | -2.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.57% | 4.46% | +13.11% |
Volatility
SILV.L vs. SMH.L - Volatility Comparison
Global X Silver Miners UCITS ETF USD Acc (SILV.L) and VanEck Semiconductor UCITS ETF (SMH.L) have volatilities of 16.58% and 16.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SILV.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.58% | 16.26% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 45.59% | 30.80% | +14.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.80% | 36.96% | +18.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.18% | 33.56% | +10.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.18% | 32.93% | +11.25% |
Dividends
SILV.L vs. SMH.L - Dividend Comparison
Neither SILV.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
SILV.L and SMH.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SILV.L is categorized as Global Equities, while SMH.L is Semiconductors. SILV.L tracks Global X Silver Miners UCITS ETF USD Acc, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: Global X and VanEck.
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