SMH vs. SPYI.DE
SMH (VanEck Semiconductor ETF) and SPYI.DE (SPDR MSCI ACWI IMI UCITS ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while SPYI.DE is a Global Equities fund tracking the MSCI All Country World Investable Market (ACWI IMI). Both are passively managed. Over the past 10 years, SMH returned 37.49%/yr vs 12.63%/yr for SPYI.DE. At a 0.49 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.17%/yr for SPYI.DE.
Performance
SMH vs. SPYI.DE - Performance Comparison
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Different Trading Currencies
SMH is traded in USD, while SPYI.DE is traded in EUR. To make them comparable, the SPYI.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMH achieves a 72.15% return, which is significantly higher than SPYI.DE's 10.79% return. Over the past 10 years, SMH has outperformed SPYI.DE with an annualized return of 37.49%, while SPYI.DE has yielded a comparatively lower 12.63% annualized return.
SMH
- 1D
- 1.72%
- 1M
- 11.44%
- YTD
- 72.15%
- 6M
- 75.62%
- 1Y
- 141.99%
- 3Y*
- 60.05%
- 5Y*
- 38.42%
- 10Y*
- 37.49%
SPYI.DE
- 1D
- 1.80%
- 1M
- 1.86%
- YTD
- 10.79%
- 6M
- 12.55%
- 1Y
- 27.93%
- 3Y*
- 19.46%
- 5Y*
- 10.61%
- 10Y*
- 12.63%
SMH vs. SPYI.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 72.15% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
SPYI.DE SPDR MSCI ACWI IMI UCITS ETF | 10.79% | 23.13% | 15.95% | 21.25% | -17.73% | 17.69% | 15.67% | 27.07% | -11.11% | 23.56% |
Correlation
The correlation between SMH and SPYI.DE is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since May 16, 2011 | 0.49 |
The correlation between SMH and SPYI.DE shifts across timeframes, from 0.49 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMH vs. SPYI.DE — Risk / Return Rank
SMH
SPYI.DE
SMH vs. SPYI.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE). 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 | SPYI.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.38 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 9.18 | 3.05 | +6.13 |
| Martin ratioReturn relative to average drawdown | 33.74 | 12.45 | +21.29 |
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Drawdowns
SMH vs. SPYI.DE - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, which is greater than SPYI.DE's maximum drawdown of -44.93%. Use the drawdown chart below to compare losses from any high point for SMH and SPYI.DE.
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Drawdown Indicators
| SMH | SPYI.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -44.93% | -40.03% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -8.81% | -6.12% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | -17.94% | -17.80% |
Max Drawdown (5Y)Largest decline over 5 years | -45.30% | -26.20% | -19.10% |
Max Drawdown (10Y)Largest decline over 10 years | -45.30% | -34.96% | -10.34% |
Current DrawdownCurrent decline from peak | -2.81% | -1.78% | -1.03% |
Average DrawdownAverage peak-to-trough decline | -41.04% | -10.41% | -30.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 2.17% | +1.89% |
Volatility
SMH vs. SPYI.DE - Volatility Comparison
VanEck Semiconductor ETF (SMH) has a higher volatility of 16.25% compared to SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) at 4.01%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than SPYI.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMH | SPYI.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.25% | 4.01% | +12.24% |
Volatility (6M)Calculated over the trailing 6-month period | 27.73% | 9.70% | +18.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.20% | 12.55% | +20.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.47% | 15.47% | +20.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.82% | 16.75% | +16.07% |
SMH vs. SPYI.DE - Expense Ratio Comparison
SMH has a 0.35% expense ratio, which is higher than SPYI.DE's 0.17% expense ratio.
Dividends
SMH vs. SPYI.DE - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.18%, while SPYI.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 0.18% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
SPYI.DE SPDR MSCI ACWI IMI 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% |
Frequently Asked Questions
SMH and SPYI.DE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYI.DE is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYI.DE is cheaper with a 0.17% expense ratio, compared with 0.35% for SMH.
SMH is categorized as Semiconductors, while SPYI.DE is Global Equities. SMH tracks MVIS US Listed Semiconductor 25 Index, while SPYI.DE tracks MSCI All Country World Investable Market (ACWI IMI). They also come from different issuers: VanEck and State Street. Their fees differ too: 0.35% for SMH and 0.17% for SPYI.DE.
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