SMGB.L vs. SMH.L

Last updated Jun 24, 2026

SMGB.L (VanEck Semiconductor UCITS ETF) and SMH.L (VanEck Semiconductor UCITS ETF) are both Semiconductors funds from VanEck tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past 5 years, SMGB.L returned 38.47%/yr vs 38.49%/yr for SMH.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.35% expense ratio.

Performance

SMGB.L vs. SMH.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with SMGB.L having a 92.91% return and SMH.L slightly higher at 92.95%.

SMGB.L

• 1D: -5.32%
• 1M: 13.47%
• YTD: 92.91%
• 6M: 94.29%
• 1Y: 172.39%
• 3Y*: 60.13%
• 5Y*: 38.47%
• 10Y*: —

SMH.L

• 1D: -5.55%
• 1M: 13.44%
• YTD: 92.95%
• 6M: 94.83%
• 1Y: 172.71%
• 3Y*: 60.22%
• 5Y*: 38.49%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SMGB.L VanEck Semiconductor UCITS ETF	92.91%	38.79%	26.32%	66.15%	-27.78%	44.41%	-0.72%
SMH.L VanEck Semiconductor UCITS ETF	92.95%	38.57%	26.28%	67.15%	-27.87%	44.10%	1.48%

Correlation

The correlation between SMGB.L and SMH.L is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020	0.98

The correlation between SMGB.L and SMH.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

SMGB.L vs. SMH.L - Sectors Allocation Comparison

Sectors	SMGB.L	SMH.L
Technology	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SMGB.L vs. SMH.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: 98

SMH.L

SMH.L Risk / Return Rank: 97
SMH.L Sharpe Ratio Rank: 98
SMH.L Sortino Ratio Rank: 96
SMH.L Omega Ratio Rank: 94
SMH.L Calmar Ratio Rank: 98
SMH.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. SMH.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor UCITS ETF (SMGB.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.

	SMGB.L	SMH.L	Difference
Sharpe ratio: Return per unit of total volatility	5.15	5.08	+0.08
Sortino ratio: Return per unit of downside risk	5.18	5.10	+0.08
Omega ratio: Gain probability vs. loss probability	1.67	1.66	+0.01
Calmar ratio: Return relative to maximum drawdown	14.35	14.03	+0.32
Martin ratio: Return relative to average drawdown	47.70	46.83	+0.87

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

The current SMGB.L Sharpe Ratio is 5.15, which is comparable to the SMH.L Sharpe Ratio of 5.08. The chart below compares the historical Sharpe Ratios of SMGB.L and SMH.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.

Drawdowns

SMGB.L vs. SMH.L - Drawdown Comparison

The maximum SMGB.L drawdown since its inception was -36.23%, roughly equal to the maximum SMH.L drawdown of -36.36%. Use the drawdown chart below to compare losses from any high point for SMGB.L and SMH.L.

Drawdown Indicators

	SMGB.L	SMH.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.23%	-36.36%	+0.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.94%	-12.23%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-36.23%	-36.36%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	-36.36%	+0.13%
Current Drawdown Current decline from peak	-5.32%	-5.55%	+0.23%
Average Drawdown Average peak-to-trough decline	-9.79%	-9.77%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	3.67%	-0.07%

Volatility

SMGB.L vs. SMH.L - Volatility Comparison

VanEck Semiconductor UCITS ETF (SMGB.L) and VanEck Semiconductor UCITS ETF (SMH.L) have volatilities of 14.37% and 14.36%, 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.

Volatility by Period

	SMGB.L	SMH.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.37%	14.36%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	26.51%	27.15%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	33.25%	33.81%	-0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.92%	31.76%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.54%	31.36%	-0.82%

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

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

Dividends

SMGB.L vs. SMH.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.99, SMGB.L and SMH.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 SMH.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 SMH.L?

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

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

Both ETFs track MarketVector US Listed Semiconductor 10% Capped Screened Index.