SMH vs. CSPX.AS
SMH (VanEck Semiconductor ETF) and CSPX.AS (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while CSPX.AS is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SMH returned 38.22%/yr vs 15.24%/yr for CSPX.AS. At a 0.46 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.07%/yr for CSPX.AS.
Performance
SMH vs. CSPX.AS - Performance Comparison
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Different Trading Currencies
SMH is traded in USD, while CSPX.AS is traded in EUR. To make them comparable, the CSPX.AS values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMH achieves a 83.23% return, which is significantly higher than CSPX.AS's 9.32% return. Over the past 10 years, SMH has outperformed CSPX.AS with an annualized return of 38.22%, while CSPX.AS has yielded a comparatively lower 15.24% annualized return.
SMH
- 1D
- 5.76%
- 1M
- 14.50%
- YTD
- 83.23%
- 6M
- 85.82%
- 1Y
- 154.33%
- 3Y*
- 63.38%
- 5Y*
- 40.67%
- 10Y*
- 38.22%
CSPX.AS
- 1D
- 0.38%
- 1M
- 0.12%
- YTD
- 9.32%
- 6M
- 10.37%
- 1Y
- 26.63%
- 3Y*
- 20.91%
- 5Y*
- 13.72%
- 10Y*
- 15.24%
SMH vs. CSPX.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 83.23% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
CSPX.AS iShares Core S&P 500 UCITS ETF | 9.32% | 17.97% | 25.59% | 26.14% | -19.39% | 30.70% | 17.25% | 30.40% | -5.01% | 22.28% |
Correlation
The correlation between SMH and CSPX.AS is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since May 19, 2010 | 0.46 |
The correlation between SMH and CSPX.AS shifts across timeframes, from 0.46 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMH vs. CSPX.AS — Risk / Return Rank
SMH
CSPX.AS
SMH vs. CSPX.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and iShares Core S&P 500 UCITS ETF (CSPX.AS). 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 | CSPX.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.41 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 10.25 | 3.17 | +7.08 |
| Martin ratioReturn relative to average drawdown | 37.49 | 13.10 | +24.39 |
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Drawdowns
SMH vs. CSPX.AS - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, which is greater than CSPX.AS's maximum drawdown of -34.12%. Use the drawdown chart below to compare losses from any high point for SMH and CSPX.AS.
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Drawdown Indicators
| SMH | CSPX.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -34.12% | -50.84% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -8.56% | -6.37% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | -19.52% | -16.22% |
Max Drawdown (5Y)Largest decline over 5 years | -45.30% | -24.42% | -20.88% |
Max Drawdown (10Y)Largest decline over 10 years | -45.30% | -34.12% | -11.18% |
Current DrawdownCurrent decline from peak | 0.00% | -1.39% | +1.39% |
Average DrawdownAverage peak-to-trough decline | -41.02% | -3.70% | -37.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 2.08% | +1.99% |
Volatility
SMH vs. CSPX.AS - Volatility Comparison
VanEck Semiconductor ETF (SMH) has a higher volatility of 17.53% compared to iShares Core S&P 500 UCITS ETF (CSPX.AS) at 3.65%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than CSPX.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMH | CSPX.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.53% | 3.65% | +13.88% |
Volatility (6M)Calculated over the trailing 6-month period | 28.48% | 8.50% | +19.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.09% | 11.70% | +22.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.67% | 15.89% | +19.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.94% | 16.31% | +16.63% |
SMH vs. CSPX.AS - Expense Ratio Comparison
SMH has a 0.35% expense ratio, which is higher than CSPX.AS's 0.07% expense ratio.
Dividends
SMH vs. CSPX.AS - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.17%, while CSPX.AS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSPX.AS iShares Core S&P 500 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% |
SMH VanEck Semiconductor ETF | 0.17% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
SMH and CSPX.AS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSPX.AS is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSPX.AS is cheaper with a 0.07% expense ratio, compared with 0.35% for SMH.
SMH is categorized as Semiconductors, while CSPX.AS is S&P 500. SMH tracks MVIS US Listed Semiconductor 25 Index, while CSPX.AS tracks S&P 500 Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for SMH and 0.07% for CSPX.AS.
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