SMH vs. IEMB.L
SMH (VanEck Semiconductor ETF) and IEMB.L (iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist)) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while IEMB.L is a Emerging Markets Bonds fund managed by iShares. Over the past 10 years, SMH returned 38.22%/yr vs 3.34%/yr for IEMB.L. At a 0.22 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.45%/yr for IEMB.L.
Performance
SMH vs. IEMB.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SMH achieves a 83.23% return, which is significantly higher than IEMB.L's 2.13% return. Over the past 10 years, SMH has outperformed IEMB.L with an annualized return of 38.22%, while IEMB.L has yielded a comparatively lower 3.34% 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%
IEMB.L
- 1D
- -0.06%
- 1M
- 2.10%
- YTD
- 2.13%
- 6M
- 2.52%
- 1Y
- 11.42%
- 3Y*
- 9.58%
- 5Y*
- 1.92%
- 10Y*
- 3.34%
SMH vs. IEMB.L - 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% |
IEMB.L iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) | 2.13% | 13.71% | 5.70% | 10.54% | -18.35% | -2.28% | 5.57% | 16.06% | -5.53% | 9.73% |
Correlation
The correlation between SMH and IEMB.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2008 | 0.22 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SMH vs. IEMB.L — Risk / Return Rank
SMH
IEMB.L
SMH vs. IEMB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) (IEMB.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 | IEMB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.50 | ||
| Sortino ratioReturn per unit of downside risk | +1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.40 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 10.25 | 2.73 | +7.52 |
| Martin ratioReturn relative to average drawdown | 37.49 | 11.30 | +26.19 |
Loading charts...
Drawdowns
SMH vs. IEMB.L - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, which is greater than IEMB.L's maximum drawdown of -31.65%. Use the drawdown chart below to compare losses from any high point for SMH and IEMB.L.
Loading charts...
Drawdown Indicators
| SMH | IEMB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -31.65% | -53.31% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -4.32% | -10.61% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | -7.54% | -28.20% |
Max Drawdown (5Y)Largest decline over 5 years | -45.30% | -28.62% | -16.68% |
Max Drawdown (10Y)Largest decline over 10 years | -45.30% | -28.62% | -16.68% |
Current DrawdownCurrent decline from peak | 0.00% | -0.25% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -41.02% | -4.98% | -36.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 1.04% | +3.03% |
Volatility
SMH vs. IEMB.L - Volatility Comparison
VanEck Semiconductor ETF (SMH) has a higher volatility of 17.53% compared to iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) (IEMB.L) at 1.69%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than IEMB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SMH | IEMB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.53% | 1.69% | +15.84% |
Volatility (6M)Calculated over the trailing 6-month period | 28.48% | 4.97% | +23.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.09% | 5.94% | +28.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.67% | 8.88% | +26.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.94% | 9.25% | +23.69% |
SMH vs. IEMB.L - Expense Ratio Comparison
SMH has a 0.35% expense ratio, which is lower than IEMB.L's 0.45% expense ratio.
Dividends
SMH vs. IEMB.L - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.17%, less than IEMB.L's 5.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMB.L iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) | 5.74% | 5.85% | 5.80% | 5.65% | 5.55% | 3.95% | 3.86% | 4.73% | 4.82% | 4.79% | 5.57% | 4.78% |
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 IEMB.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMH is cheaper with a 0.35% expense ratio, compared with 0.45% for IEMB.L.
SMH is categorized as Semiconductors, while IEMB.L is Emerging Markets Bonds. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for SMH and 0.45% for IEMB.L.
Find the right allocation for SMH and IEMB.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer