SMH.L vs. AINF.L
SMH.L (VanEck Semiconductor UCITS ETF) and AINF.L (iShares AI Infrastructure UCITS ETF USD (Acc)) are both exchange-traded funds - SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index, while AINF.L is a Technology Equities fund tracking the STOXX Global AI Infrastructure Net Index. Both are passively managed. Over the past year, SMH.L returned 181.35% vs 112.41% for AINF.L. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.
Performance
SMH.L vs. AINF.L - Performance Comparison
Loading charts...
Different Trading Currencies
SMH.L is traded in USD, while AINF.L is traded in GBP. To make them comparable, the AINF.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMH.L achieves a 98.88% return, which is significantly higher than AINF.L's 59.11% return.
SMH.L
- 1D
- 0.54%
- 1M
- 22.10%
- YTD
- 98.88%
- 6M
- 103.25%
- 1Y
- 181.35%
- 3Y*
- 62.90%
- 5Y*
- 39.19%
- 10Y*
- —
AINF.L
- 1D
- 0.00%
- 1M
- 14.47%
- YTD
- 59.11%
- 6M
- 63.76%
- 1Y
- 112.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMH.L vs. AINF.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMH.L VanEck Semiconductor UCITS ETF | 98.88% | 49.20% | 0.41% |
AINF.L iShares AI Infrastructure UCITS ETF USD (Acc) | 59.11% | 44.91% | -1.45% |
Correlation
The correlation between SMH.L and AINF.L is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2024 | 0.90 |
The correlation between SMH.L and AINF.L has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SMH.L vs. AINF.L — Risk / Return Rank
SMH.L
AINF.L
SMH.L vs. AINF.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor UCITS ETF (SMH.L) and iShares AI Infrastructure UCITS ETF USD (Acc) (AINF.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.
| SMH.L | AINF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.13 | ||
| Sortino ratioReturn per unit of downside risk | +2.32 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.60 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 13.12 | 3.67 | +9.44 |
| Martin ratioReturn relative to average drawdown | 46.30 | 7.09 | +39.20 |
Loading charts...
Drawdowns
SMH.L vs. AINF.L - Drawdown Comparison
The maximum SMH.L drawdown since its inception was -45.38%, which is greater than AINF.L's maximum drawdown of -30.61%. Use the drawdown chart below to compare losses from any high point for SMH.L and AINF.L.
Loading charts...
Drawdown Indicators
| SMH.L | AINF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -30.61% | -14.77% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -30.61% | +16.70% |
Max Drawdown (3Y)Largest decline over 3 years | -36.25% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.70% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -11.18% | -10.21% | -0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.95% | 15.85% | -11.90% |
Volatility
SMH.L vs. AINF.L - Volatility Comparison
VanEck Semiconductor UCITS ETF (SMH.L) has a higher volatility of 13.18% compared to iShares AI Infrastructure UCITS ETF USD (Acc) (AINF.L) at 10.85%. This indicates that SMH.L's price experiences larger fluctuations and is considered to be riskier than AINF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SMH.L | AINF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.18% | 10.85% | +2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 27.46% | 20.56% | +6.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.96% | 49.89% | -15.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.88% | 44.53% | -11.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.48% | 44.53% | -12.05% |
SMH.L vs. AINF.L - Expense Ratio Comparison
Both SMH.L and AINF.L have an expense ratio of 0.35%.
Dividends
SMH.L vs. AINF.L - Dividend Comparison
Neither SMH.L nor AINF.L has paid dividends to shareholders.
Frequently Asked Questions
SMH.L and AINF.L have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SMH.L and AINF.L have the same expense ratio: 0.35% per year.
SMH.L is categorized as Semiconductors, while AINF.L is Technology Equities. SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index, while AINF.L tracks STOXX Global AI Infrastructure Net Index. They also come from different issuers: VanEck and iShares.
Find the right allocation for SMH.L and AINF.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer