SMH vs. IUQA.L

Last updated Jun 21, 2026

SMH (VanEck Semiconductor ETF) and IUQA.L (iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while IUQA.L is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, SMH returned 40.67%/yr vs 12.05%/yr for IUQA.L. At a 0.45 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.20%/yr for IUQA.L.

Performance

SMH vs. IUQA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating (IUQA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMH achieves a 83.23% return, which is significantly higher than IUQA.L's 8.28% 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%

IUQA.L

• 1D: -0.05%
• 1M: 2.13%
• YTD: 8.28%
• 6M: 8.86%
• 1Y: 23.59%
• 3Y*: 18.66%
• 5Y*: 12.05%
• 10Y*: —

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

SMH vs. IUQA.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%
IUQA.L iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating	8.28%	12.46%	22.48%	30.95%	-20.74%	27.56%	16.09%	33.33%	-6.91%	50.23%

Correlation

The correlation between SMH and IUQA.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Oct 13, 2016	0.45

SMH vs. IUQA.L - Sectors Allocation Comparison

Sectors	SMH	IUQA.L
Technology	100.0%	38.8%
Basic Materials	-	1.9%
Communication Services	-	11.8%
Consumer Cyclical	-	9.3%
Consumer Defensive	-	4.4%
Energy	-	3.2%
Financial Services	-	10.8%
Healthcare	-	8.7%
Industrials	-	7.2%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

SMH vs. IUQA.L — Risk / Return Rank

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

SMH

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

IUQA.L

IUQA.L Risk / Return Rank: 69
IUQA.L Sharpe Ratio Rank: 68
IUQA.L Sortino Ratio Rank: 77
IUQA.L Omega Ratio Rank: 67
IUQA.L Calmar Ratio Rank: 64
IUQA.L Martin Ratio Rank: 73

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 vs. IUQA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating (IUQA.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	IUQA.L	Difference
Sharpe ratio: Return per unit of total volatility	4.49	2.10	+2.39
Sortino ratio: Return per unit of downside risk	4.50	3.25	+1.25
Omega ratio: Gain probability vs. loss probability	1.64	1.38	+0.26
Calmar ratio: Return relative to maximum drawdown	10.25	3.02	+7.22
Martin ratio: Return relative to average drawdown	37.49	13.05	+24.44

SMH vs. IUQA.L - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.49, which is higher than the IUQA.L Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of SMH and IUQA.L, 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 vs. IUQA.L - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than IUQA.L's maximum drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for SMH and IUQA.L.

Drawdown Indicators

	SMH	IUQA.L	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-33.96%	-51.00%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-7.96%	-6.97%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-18.03%	-17.71%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-27.77%	-17.53%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	—	—
Current Drawdown Current decline from peak	0.00%	-1.57%	+1.57%
Average Drawdown Average peak-to-trough decline	-41.02%	-5.52%	-35.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	1.85%	+2.22%

Volatility

SMH vs. IUQA.L - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 17.53% compared to iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating (IUQA.L) at 3.47%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than IUQA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	IUQA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.53%	3.47%	+14.06%
Volatility (6M) Calculated over the trailing 6-month period	28.48%	8.70%	+19.78%
Volatility (1Y) Calculated over the trailing 1-year period	34.09%	11.55%	+22.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.67%	16.33%	+19.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.94%	30.85%	+2.09%

SMH vs. IUQA.L - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is higher than IUQA.L's 0.20% expense ratio.

Dividends

SMH vs. IUQA.L - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.17%, while IUQA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IUQA.L iShares Edge MSCI USA Quality Factor UCITS ETF USD Accumulating	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

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

SMH and IUQA.L have a correlation of 0.49, 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 or IUQA.L?

On fees, IUQA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMH or IUQA.L?

IUQA.L is cheaper with a 0.20% expense ratio, compared with 0.35% for SMH.

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

SMH is categorized as Semiconductors, while IUQA.L is Large Cap Blend Equities. SMH tracks MVIS US Listed Semiconductor 25 Index, while IUQA.L tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for SMH and 0.20% for IUQA.L.