SMH.L vs. WNRG.L
SMH.L (VanEck Semiconductor UCITS ETF) and WNRG.L (State Street SPDR MSCI World Energy 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 WNRG.L is a Global Equities fund tracking the MSCI World Energy 35/20 Capped Index. Both are passively managed. Over the past 5 years, SMH.L returned 34.15%/yr vs 20.55%/yr for WNRG.L. At a 0.24 correlation, their price movements are largely independent. SMH.L charges 0.35%/yr vs 0.30%/yr for WNRG.L.
Performance
SMH.L vs. WNRG.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 WNRG.L's 27.75% 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*
- —
WNRG.L
- 1D
- 0.93%
- 1M
- 4.49%
- 6M
- 21.77%
- YTD
- 27.75%
- 1Y
- 37.39%
- 3Y*
- 16.24%
- 5Y*
- 20.55%
- 10Y*
- 8.80%
SMH.L vs. WNRG.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% |
WNRG.L State Street SPDR MSCI World Energy UCITS ETF USD (Acc) | 27.75% | 14.83% | 2.07% | 3.52% | 46.61% | 38.74% | 2.48% |
Correlation
The correlation between SMH.L and WNRG.L is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020 | 0.24 |
The correlation between SMH.L and WNRG.L shifts across timeframes, from -0.06 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMH.L vs. WNRG.L — Risk / Return Rank
SMH.L
WNRG.L
SMH.L vs. WNRG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor UCITS ETF (SMH.L) and State Street SPDR MSCI World Energy UCITS ETF USD (Acc) (WNRG.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 | WNRG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.31 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 6.75 | 2.33 | +4.42 |
| Martin ratioReturn relative to average drawdown | 24.23 | 6.70 | +17.53 |
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Drawdowns
SMH.L vs. WNRG.L - Drawdown Comparison
The maximum SMH.L drawdown since its inception was -45.38%, smaller than the maximum WNRG.L drawdown of -68.72%. Use the drawdown chart below to compare losses from any high point for SMH.L and WNRG.L.
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Drawdown Indicators
| SMH.L | WNRG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -68.72% | +23.34% |
Max Drawdown (1Y)Largest decline over 1 year | -16.68% | -15.98% | -0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -36.25% | -18.94% | -17.31% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | -26.55% | -18.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -63.92% | — |
Current DrawdownCurrent decline from peak | -16.68% | -8.18% | -8.50% |
Average DrawdownAverage peak-to-trough decline | -11.13% | -17.54% | +6.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.66% | 5.57% | -0.91% |
Volatility
SMH.L vs. WNRG.L - Volatility Comparison
VanEck Semiconductor UCITS ETF (SMH.L) has a higher volatility of 16.02% compared to State Street SPDR MSCI World Energy UCITS ETF USD (Acc) (WNRG.L) at 5.93%. This indicates that SMH.L's price experiences larger fluctuations and is considered to be riskier than WNRG.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 | WNRG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.02% | 5.93% | +10.09% |
Volatility (6M)Calculated over the trailing 6-month period | 30.92% | 17.83% | +13.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.05% | 20.62% | +16.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.59% | 24.34% | +9.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.96% | 33.35% | -0.39% |
SMH.L vs. WNRG.L - Expense Ratio Comparison
SMH.L has a 0.35% expense ratio, which is higher than WNRG.L's 0.30% expense ratio.
Dividends
SMH.L vs. WNRG.L - Dividend Comparison
Neither SMH.L nor WNRG.L has paid dividends to shareholders.
Frequently Asked Questions
SMH.L and WNRG.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, WNRG.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
WNRG.L is cheaper with a 0.30% expense ratio, compared with 0.35% for SMH.L.
SMH.L is categorized as Semiconductors, while WNRG.L is Global Equities. SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index, while WNRG.L tracks MSCI World Energy 35/20 Capped Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.35% for SMH.L and 0.30% for WNRG.L.
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