SMH.L vs. SMH

Last updated Jun 25, 2026

SMH.L (VanEck Semiconductor UCITS ETF) and SMH (VanEck Semiconductor ETF) are both Semiconductors funds from VanEck - SMH.L tracks the MarketVector US Listed Semiconductor 10% Capped Screened Index while SMH tracks the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, SMH.L returned 36.71%/yr vs 38.15%/yr for SMH. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

SMH.L vs. SMH - Performance Comparison

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

Returns By Period

In the year-to-date period, SMH.L achieves a 87.70% return, which is significantly higher than SMH's 71.86% return.

SMH.L

• 1D: -0.65%
• 1M: 10.70%
• YTD: 87.70%
• 6M: 88.16%
• 1Y: 154.67%
• 3Y*: 61.84%
• 5Y*: 36.71%
• 10Y*: —

SMH

• 1D: -0.50%
• 1M: 7.39%
• YTD: 71.86%
• 6M: 69.95%
• 1Y: 128.64%
• 3Y*: 62.01%
• 5Y*: 38.15%
• 10Y*: 37.78%

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

SMH.L vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SMH.L VanEck Semiconductor UCITS ETF	87.70%	49.20%	24.11%	75.94%	-35.54%	42.75%	4.36%
SMH VanEck Semiconductor ETF	71.86%	49.17%	39.10%	73.38%	-33.53%	42.13%	5.43%

Correlation

The correlation between SMH.L and SMH is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020	0.69

The correlation between SMH.L and SMH shifts across timeframes, from 0.69 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.

SMH.L vs. SMH - Sectors Allocation Comparison

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

Return for Risk

SMH.L vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMH.L

SMH.L Risk / Return Rank: 96
SMH.L Sharpe Ratio Rank: 98
SMH.L Sortino Ratio Rank: 95
SMH.L Omega Ratio Rank: 94
SMH.L Calmar Ratio Rank: 98
SMH.L Martin Ratio Rank: 97

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 91
SMH Omega Ratio Rank: 92
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

SMH.L vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor UCITS ETF (SMH.L) and VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	4.49	3.73	+0.76
Sortino ratio: Return per unit of downside risk	4.71	3.87	+0.84
Omega ratio: Gain probability vs. loss probability	1.60	1.55	+0.05
Calmar ratio: Return relative to maximum drawdown	11.05	8.67	+2.39
Martin ratio: Return relative to average drawdown	38.66	31.31	+7.35

SMH.L vs. SMH - Sharpe Ratio Comparison

The current SMH.L Sharpe Ratio is 4.49, which is comparable to the SMH Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of SMH.L and SMH, 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

SMH.L vs. SMH - Drawdown Comparison

The maximum SMH.L drawdown since its inception was -45.38%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SMH.L and SMH.

Drawdown Indicators

	SMH.L	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-84.96%	+39.58%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-14.93%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	-36.25%	-35.74%	-0.51%
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	-45.30%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-6.27%	-7.47%	+1.20%
Average Drawdown Average peak-to-trough decline	-11.16%	-41.00%	+29.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	4.12%	-0.14%

Volatility

SMH.L vs. SMH - Volatility Comparison

The current volatility for VanEck Semiconductor UCITS ETF (SMH.L) is 14.03%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.07%. This indicates that SMH.L experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH.L	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.03%	19.07%	-5.04%
Volatility (6M) Calculated over the trailing 6-month period	27.87%	29.12%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	34.42%	34.88%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.98%	35.82%	-2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.54%	32.96%	-0.42%

SMH.L vs. SMH - Expense Ratio Comparison

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

Dividends

SMH.L vs. SMH - Dividend Comparison

SMH.L has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
SMH.L VanEck Semiconductor UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

SMH.L and SMH have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMH.L or SMH?

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, SMH.L or SMH?

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

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

SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index, while SMH tracks MVIS US Listed Semiconductor 25 Index.