SMH.L vs. ITEC.L
SMH.L (VanEck Semiconductor UCITS ETF) and ITEC.L (SPDR® MSCI Europe Technology UCITS ETF) are both exchange-traded funds - SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index, while ITEC.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD. Both are passively managed. Over the past 5 years, SMH.L returned 39.19%/yr vs 13.76%/yr for ITEC.L. Their correlation of 0.80 suggests significant overlap in exposure. SMH.L charges 0.35%/yr vs 0.18%/yr for ITEC.L.
Performance
SMH.L vs. ITEC.L - Performance Comparison
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Different Trading Currencies
SMH.L is traded in USD, while ITEC.L is traded in EUR. To make them comparable, the ITEC.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 ITEC.L's 45.36% 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*
- —
ITEC.L
- 1D
- -0.70%
- 1M
- 8.68%
- YTD
- 45.36%
- 6M
- 47.19%
- 1Y
- 63.30%
- 3Y*
- 26.23%
- 5Y*
- 13.76%
- 10Y*
- 16.49%
SMH.L vs. ITEC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SMH.L VanEck Semiconductor UCITS ETF | 98.88% | 49.20% | 24.11% | 75.94% | -35.54% | 42.75% | 4.36% |
ITEC.L SPDR® MSCI Europe Technology UCITS ETF | 45.36% | 24.42% | 1.83% | 39.25% | -32.50% | 26.70% | 8.28% |
Correlation
The correlation between SMH.L and ITEC.L is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020 | 0.80 |
The correlation between SMH.L and ITEC.L has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.
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Return for Risk
SMH.L vs. ITEC.L — Risk / Return Rank
SMH.L
ITEC.L
SMH.L vs. ITEC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor UCITS ETF (SMH.L) and SPDR® MSCI Europe Technology UCITS ETF (ITEC.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 | ITEC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.01 | ||
| Sortino ratioReturn per unit of downside risk | +2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.38 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 13.12 | 4.27 | +8.84 |
| Martin ratioReturn relative to average drawdown | 46.30 | 11.63 | +34.67 |
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Drawdowns
SMH.L vs. ITEC.L - Drawdown Comparison
The maximum SMH.L drawdown since its inception was -45.38%, smaller than the maximum ITEC.L drawdown of -48.17%. Use the drawdown chart below to compare losses from any high point for SMH.L and ITEC.L.
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Drawdown Indicators
| SMH.L | ITEC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -48.17% | +2.79% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -14.92% | +1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -36.25% | -26.67% | -9.58% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | -48.17% | +2.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.17% | — |
Current DrawdownCurrent decline from peak | 0.00% | -2.77% | +2.77% |
Average DrawdownAverage peak-to-trough decline | -11.18% | -10.12% | -1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.95% | 5.50% | -1.55% |
Volatility
SMH.L vs. ITEC.L - Volatility Comparison
VanEck Semiconductor UCITS ETF (SMH.L) has a higher volatility of 13.18% compared to SPDR® MSCI Europe Technology UCITS ETF (ITEC.L) at 9.26%. This indicates that SMH.L's price experiences larger fluctuations and is considered to be riskier than ITEC.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 | ITEC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.18% | 9.26% | +3.92% |
Volatility (6M)Calculated over the trailing 6-month period | 27.46% | 22.19% | +5.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.96% | 26.86% | +7.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.88% | 28.08% | +4.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.48% | 25.83% | +6.65% |
SMH.L vs. ITEC.L - Expense Ratio Comparison
SMH.L has a 0.35% expense ratio, which is higher than ITEC.L's 0.18% expense ratio.
Dividends
SMH.L vs. ITEC.L - Dividend Comparison
Neither SMH.L nor ITEC.L has paid dividends to shareholders.
Frequently Asked Questions
SMH.L and ITEC.L have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ITEC.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ITEC.L is cheaper with a 0.18% expense ratio, compared with 0.35% for SMH.L.
SMH.L is categorized as Semiconductors, while ITEC.L is Technology Equities. SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index, while ITEC.L tracks MSCI World/Information Tech NR USD. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.35% for SMH.L and 0.18% for ITEC.L.
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