SMGB.L vs. HNSC.L

Last updated Jun 5, 2026

SMGB.L (VanEck Semiconductor UCITS ETF) and HNSC.L (HSBC Nasdaq Global Semiconductor UCITS ETF USD) are both Semiconductors funds - SMGB.L tracks the MSCI World/Information Tech NR USD while HNSC.L tracks the Nasdaq Global Semiconductor. Both are passively managed. Over the past 3 years, SMGB.L returned 57.16%/yr vs 58.61%/yr for HNSC.L. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

SMGB.L vs. HNSC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Semiconductor UCITS ETF (SMGB.L) and HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMGB.L is traded in GBP, while HNSC.L is traded in USD. To make them comparable, the HNSC.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, SMGB.L achieves a 85.49% return, which is significantly lower than HNSC.L's 93.05% return.

SMGB.L

• 1D: -2.49%
• 1M: 23.49%
• YTD: 85.49%
• 6M: 84.69%
• 1Y: 173.74%
• 3Y*: 57.16%
• 5Y*: 38.39%
• 10Y*: —

HNSC.L

• 1D: -3.06%
• 1M: 21.29%
• YTD: 93.05%
• 6M: 93.20%
• 1Y: 194.39%
• 3Y*: 58.61%
• 5Y*: —
• 10Y*: —

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

SMGB.L vs. HNSC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SMGB.L VanEck Semiconductor UCITS ETF	85.49%	38.79%	26.31%	66.17%	-18.34%
HNSC.L HSBC Nasdaq Global Semiconductor UCITS ETF USD	93.05%	44.73%	19.77%	46.55%	-10.81%

Correlation

The correlation between SMGB.L and HNSC.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 8, 2022	0.74

Over the past year, SMGB.L and HNSC.L have become more correlated (0.96) than their long-term average of 0.74, meaning their price movements have been converging.

Return for Risk

SMGB.L vs. HNSC.L — Risk / Return Rank

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

SMGB.L

SMGB.L Risk / Return Rank: 97
SMGB.L Sharpe Ratio Rank: 98
SMGB.L Sortino Ratio Rank: 96
SMGB.L Omega Ratio Rank: 95
SMGB.L Calmar Ratio Rank: 98
SMGB.L Martin Ratio Rank: 97

HNSC.L

HNSC.L Risk / Return Rank: 97
HNSC.L Sharpe Ratio Rank: 98
HNSC.L Sortino Ratio Rank: 96
HNSC.L Omega Ratio Rank: 95
HNSC.L Calmar Ratio Rank: 98
HNSC.L Martin Ratio Rank: 97

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.

SMGB.L vs. HNSC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor UCITS ETF (SMGB.L) and HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.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.

	SMGB.L	HNSC.L	Difference
Sharpe ratio: Return per unit of total volatility	5.58	5.96	-0.38
Sortino ratio: Return per unit of downside risk	5.70	5.89	-0.20
Omega ratio: Gain probability vs. loss probability	1.74	1.76	-0.02
Calmar ratio: Return relative to maximum drawdown	14.46	14.51	-0.05
Martin ratio: Return relative to average drawdown	50.72	49.74	+0.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMGB.L vs. HNSC.L - Sharpe Ratio Comparison

The current SMGB.L Sharpe Ratio is 5.58, which is comparable to the HNSC.L Sharpe Ratio of 5.96. The chart below compares the historical Sharpe Ratios of SMGB.L and HNSC.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMGB.L	HNSC.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.58	5.96	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	1.72	-0.48

Drawdowns

SMGB.L vs. HNSC.L - Drawdown Comparison

The maximum SMGB.L drawdown since its inception was -36.24%, roughly equal to the maximum HNSC.L drawdown of -36.91%. Use the drawdown chart below to compare losses from any high point for SMGB.L and HNSC.L.

Drawdown Indicators

	SMGB.L	HNSC.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.24%	-36.91%	+0.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.94%	-13.31%	+1.37%
Max Drawdown (3Y) Largest decline over 3 years	-36.24%	-36.91%	+0.67%
Max Drawdown (5Y) Largest decline over 5 years	-36.24%	—	—
Current Drawdown Current decline from peak	-2.49%	-3.06%	+0.57%
Average Drawdown Average peak-to-trough decline	-9.75%	-8.68%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	3.89%	-0.48%

Volatility

SMGB.L vs. HNSC.L - Volatility Comparison

The current volatility for VanEck Semiconductor UCITS ETF (SMGB.L) is 12.41%, while HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L) has a volatility of 13.83%. This indicates that SMGB.L experiences smaller price fluctuations and is considered to be less risky than HNSC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMGB.L	HNSC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.41%	13.83%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	23.93%	25.27%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	30.96%	32.41%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.45%	35.50%	-5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.19%	35.50%	-5.31%

SMGB.L vs. HNSC.L - Expense Ratio Comparison

Both SMGB.L and HNSC.L have an expense ratio of 0.35%.

Dividends

SMGB.L vs. HNSC.L - Dividend Comparison

Neither SMGB.L nor HNSC.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
HNSC.L HSBC Nasdaq Global Semiconductor UCITS ETF USD	0.00%	0.00%	0.00%	0.00%	0.00%
SMGB.L VanEck Semiconductor UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.44%

Frequently Asked Questions

Can I hold both SMGB.L and HNSC.L in my portfolio?

With a correlation of 0.96, SMGB.L and HNSC.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SMGB.L or HNSC.L?

Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMGB.L or HNSC.L?

SMGB.L and HNSC.L have the same expense ratio: 0.35% per year.

What is the main difference between SMGB.L and HNSC.L?

SMGB.L tracks MSCI World/Information Tech NR USD, while HNSC.L tracks Nasdaq Global Semiconductor. They also come from different issuers: VanEck and HSBC.