SMH vs. MVOL.L

Last updated Jun 21, 2026

SMH (VanEck Semiconductor ETF) and MVOL.L (iShares Edge MSCI World Minimum Volatility UCITS) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while MVOL.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, SMH returned 38.22%/yr vs 6.83%/yr for MVOL.L. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

SMH vs. MVOL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and iShares Edge MSCI World Minimum Volatility UCITS (MVOL.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 MVOL.L's -1.02% return. Over the past 10 years, SMH has outperformed MVOL.L with an annualized return of 38.22%, while MVOL.L has yielded a comparatively lower 6.83% 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%

MVOL.L

• 1D: -0.01%
• 1M: -2.61%
• YTD: -1.02%
• 6M: -0.53%
• 1Y: 1.24%
• 3Y*: 8.39%
• 5Y*: 5.04%
• 10Y*: 6.83%

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

SMH vs. MVOL.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%
MVOL.L iShares Edge MSCI World Minimum Volatility UCITS	-1.02%	11.02%	11.08%	7.28%	-9.62%	14.65%	2.56%	22.56%	-2.40%	17.39%

Correlation

The correlation between SMH and MVOL.L is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Nov 30, 2012	0.27

The correlation between SMH and MVOL.L shifts across timeframes, from -0.10 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

SMH vs. MVOL.L - Sectors Allocation Comparison

Sectors	SMH	MVOL.L
Technology	100.0%	24.0%
Basic Materials	-	0.9%
Communication Services	-	11.4%
Consumer Cyclical	-	5.2%
Consumer Defensive	-	10.3%
Energy	-	4.0%
Financial Services	-	13.1%
Healthcare	-	13.8%
Industrials	-	8.9%
Real Estate	-	1.1%
Utilities	-	7.4%

Return for Risk

SMH vs. MVOL.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

MVOL.L

MVOL.L Risk / Return Rank: 11
MVOL.L Sharpe Ratio Rank: 12
MVOL.L Sortino Ratio Rank: 11
MVOL.L Omega Ratio Rank: 10
MVOL.L Calmar Ratio Rank: 12
MVOL.L Martin Ratio Rank: 12

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. MVOL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and iShares Edge MSCI World Minimum Volatility UCITS (MVOL.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	MVOL.L	Difference
Sharpe ratio: Return per unit of total volatility	4.49	0.24	+4.24
Sortino ratio: Return per unit of downside risk	4.50	0.39	+4.11
Omega ratio: Gain probability vs. loss probability	1.64	1.05	+0.59
Calmar ratio: Return relative to maximum drawdown	10.25	0.33	+9.91
Martin ratio: Return relative to average drawdown	37.49	0.77	+36.72

SMH vs. MVOL.L - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.49, which is higher than the MVOL.L Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of SMH and MVOL.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. MVOL.L - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than MVOL.L's maximum drawdown of -28.82%. Use the drawdown chart below to compare losses from any high point for SMH and MVOL.L.

Drawdown Indicators

	SMH	MVOL.L	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-28.82%	-56.14%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-5.78%	-9.15%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-8.15%	-27.59%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-18.52%	-26.78%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-28.82%	-16.48%
Current Drawdown Current decline from peak	0.00%	-5.47%	+5.47%
Average Drawdown Average peak-to-trough decline	-41.02%	-3.30%	-37.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	2.51%	+1.56%

Volatility

SMH vs. MVOL.L - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 17.53% compared to iShares Edge MSCI World Minimum Volatility UCITS (MVOL.L) at 2.13%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than MVOL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	MVOL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.53%	2.13%	+15.40%
Volatility (6M) Calculated over the trailing 6-month period	28.48%	5.74%	+22.74%
Volatility (1Y) Calculated over the trailing 1-year period	34.09%	7.91%	+26.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.67%	10.65%	+25.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.94%	11.65%	+21.29%

SMH vs. MVOL.L - Expense Ratio Comparison

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

Dividends

SMH vs. MVOL.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MVOL.L iShares Edge MSCI World Minimum Volatility UCITS	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 MVOL.L in my portfolio?

SMH and MVOL.L have a correlation of -0.10, 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 MVOL.L?

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 or MVOL.L?

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

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

SMH is categorized as Semiconductors, while MVOL.L is Global Equities. SMH tracks MVIS US Listed Semiconductor 25 Index, while MVOL.L tracks MSCI ACWI NR USD. They also come from different issuers: VanEck and iShares.