SMH.L vs. DFNS.L
SMH.L (VanEck Semiconductor UCITS ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index, while DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, SMH.L returned 59.29%/yr vs 39.50%/yr for DFNS.L. At a 0.40 correlation, their price movements are largely independent. SMH.L charges 0.35%/yr vs 0.55%/yr for DFNS.L.
Performance
SMH.L vs. DFNS.L - Performance Comparison
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Returns By Period
In the year-to-date period, SMH.L achieves a 88.70% return, which is significantly higher than DFNS.L's 0.61% return.
SMH.L
- 1D
- -2.57%
- 1M
- 15.71%
- YTD
- 88.70%
- 6M
- 96.06%
- 1Y
- 163.01%
- 3Y*
- 59.29%
- 5Y*
- 36.90%
- 10Y*
- —
DFNS.L
- 1D
- 0.00%
- 1M
- 1.23%
- YTD
- 0.61%
- 6M
- 4.10%
- 1Y
- 10.34%
- 3Y*
- 39.50%
- 5Y*
- —
- 10Y*
- —
SMH.L vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SMH.L VanEck Semiconductor UCITS ETF | 88.70% | 49.20% | 24.11% | 35.21% |
DFNS.L VanEck Defense UCITS ETF | 0.61% | 68.21% | 43.74% | 25.97% |
Correlation
The correlation between SMH.L and DFNS.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.40 |
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Return for Risk
SMH.L vs. DFNS.L — Risk / Return Rank
SMH.L
DFNS.L
SMH.L vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor UCITS ETF (SMH.L) and VanEck Defense UCITS ETF (DFNS.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 | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.38 | ||
| Sortino ratioReturn per unit of downside risk | +4.24 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.09 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 11.65 | 0.53 | +11.12 |
| Martin ratioReturn relative to average drawdown | 41.09 | 1.27 | +39.82 |
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Drawdowns
SMH.L vs. DFNS.L - Drawdown Comparison
The maximum SMH.L drawdown since its inception was -45.38%, which is greater than DFNS.L's maximum drawdown of -19.66%. Use the drawdown chart below to compare losses from any high point for SMH.L and DFNS.L.
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Drawdown Indicators
| SMH.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -19.66% | -25.72% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -19.66% | +5.75% |
Max Drawdown (3Y)Largest decline over 3 years | -36.25% | -19.66% | -16.59% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | — | — |
Current DrawdownCurrent decline from peak | -2.57% | -17.72% | +15.15% |
Average DrawdownAverage peak-to-trough decline | -11.20% | -3.52% | -7.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.95% | 8.15% | -4.20% |
Volatility
SMH.L vs. DFNS.L - Volatility Comparison
VanEck Semiconductor UCITS ETF (SMH.L) has a higher volatility of 14.42% compared to VanEck Defense UCITS ETF (DFNS.L) at 7.94%. This indicates that SMH.L's price experiences larger fluctuations and is considered to be riskier than DFNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMH.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.42% | 7.94% | +6.48% |
Volatility (6M)Calculated over the trailing 6-month period | 27.56% | 19.59% | +7.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.84% | 25.04% | +8.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.88% | 21.57% | +11.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.48% | 21.57% | +10.91% |
SMH.L vs. DFNS.L - Expense Ratio Comparison
SMH.L has a 0.35% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.
Dividends
SMH.L vs. DFNS.L - Dividend Comparison
Neither SMH.L nor DFNS.L has paid dividends to shareholders.
Frequently Asked Questions
SMH.L and DFNS.L have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMH.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMH.L is cheaper with a 0.35% expense ratio, compared with 0.55% for DFNS.L.
SMH.L is categorized as Semiconductors, while DFNS.L is Aerospace & Defense. SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index, while DFNS.L tracks MarketVector™ Global Defense Industry Index. Their fees differ too: 0.35% for SMH.L and 0.55% for DFNS.L.
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