SMH.L vs. FTFX.L
SMH.L (VanEck Semiconductor UCITS ETF) and FTFX.L (First Trust FactorFX UCITS ETF Class A USD (Acc)) are both exchange-traded funds - SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index, while FTFX.L is a Currency fund tracking the Bloomberg G10 Carry Index. Both are passively managed. Over the past 5 years, SMH.L returned 34.15%/yr vs 5.92%/yr for FTFX.L. At a 0.17 correlation, their price movements are largely independent. SMH.L charges 0.35%/yr vs 0.75%/yr for FTFX.L.
Performance
SMH.L vs. FTFX.L - Performance Comparison
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Returns By Period
In the year-to-date period, SMH.L achieves a 66.93% return, which is significantly higher than FTFX.L's 6.72% return.
SMH.L
- 1D
- -3.85%
- 1M
- -12.59%
- 6M
- 47.97%
- YTD
- 66.93%
- 1Y
- 113.20%
- 3Y*
- 52.17%
- 5Y*
- 34.15%
- 10Y*
- —
FTFX.L
- 1D
- 0.26%
- 1M
- 1.81%
- 6M
- 5.89%
- YTD
- 6.72%
- 1Y
- 9.83%
- 3Y*
- 6.78%
- 5Y*
- 5.92%
- 10Y*
- —
SMH.L vs. FTFX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SMH.L VanEck Semiconductor UCITS ETF | 66.93% | 49.20% | 24.11% | 75.94% | -35.54% | 42.75% | 4.36% |
FTFX.L First Trust FactorFX UCITS ETF Class A USD (Acc) | 6.72% | 8.14% | 7.93% | 9.97% | -1.13% | -3.43% | 2.24% |
Correlation
The correlation between SMH.L and FTFX.L is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020 | 0.17 |
The correlation between SMH.L and FTFX.L shifts across timeframes, from -0.05 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMH.L vs. FTFX.L — Risk / Return Rank
SMH.L
FTFX.L
SMH.L vs. FTFX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor UCITS ETF (SMH.L) and First Trust FactorFX UCITS ETF Class A USD (Acc) (FTFX.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 | FTFX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.31 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 6.75 | 3.30 | +3.45 |
| Martin ratioReturn relative to average drawdown | 24.23 | 10.02 | +14.21 |
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Drawdowns
SMH.L vs. FTFX.L - Drawdown Comparison
The maximum SMH.L drawdown since its inception was -45.38%, which is greater than FTFX.L's maximum drawdown of -8.13%. Use the drawdown chart below to compare losses from any high point for SMH.L and FTFX.L.
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Drawdown Indicators
| SMH.L | FTFX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -8.13% | -37.25% |
Max Drawdown (1Y)Largest decline over 1 year | -16.68% | -2.97% | -13.71% |
Max Drawdown (3Y)Largest decline over 3 years | -36.25% | -6.92% | -29.33% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | -6.92% | -38.46% |
Current DrawdownCurrent decline from peak | -16.68% | 0.00% | -16.68% |
Average DrawdownAverage peak-to-trough decline | -11.13% | -2.08% | -9.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.66% | 0.98% | +3.68% |
Volatility
SMH.L vs. FTFX.L - Volatility Comparison
VanEck Semiconductor UCITS ETF (SMH.L) has a higher volatility of 16.02% compared to First Trust FactorFX UCITS ETF Class A USD (Acc) (FTFX.L) at 1.12%. This indicates that SMH.L's price experiences larger fluctuations and is considered to be riskier than FTFX.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 | FTFX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.02% | 1.12% | +14.90% |
Volatility (6M)Calculated over the trailing 6-month period | 30.92% | 4.29% | +26.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.05% | 6.31% | +30.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.59% | 7.32% | +26.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.96% | 6.18% | +26.78% |
SMH.L vs. FTFX.L - Expense Ratio Comparison
SMH.L has a 0.35% expense ratio, which is lower than FTFX.L's 0.75% expense ratio.
Dividends
SMH.L vs. FTFX.L - Dividend Comparison
Neither SMH.L nor FTFX.L has paid dividends to shareholders.
Frequently Asked Questions
SMH.L and FTFX.L have a correlation of -0.05, 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 0.75% for FTFX.L.
SMH.L is categorized as Semiconductors, while FTFX.L is Currency. SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index, while FTFX.L tracks Bloomberg G10 Carry Index. They also come from different issuers: VanEck and First Trust. Their fees differ too: 0.35% for SMH.L and 0.75% for FTFX.L.
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