SMHX vs. VWRA.L

Last updated Jun 13, 2026

SMHX (VanEck Fabless Semiconductor ETF) and VWRA.L (Vanguard FTSE All-World UCITS ETF USD Accumulating) are both exchange-traded funds - SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index, while VWRA.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past year, SMHX returned 113.40% vs 25.71% for VWRA.L. A 0.51 correlation means they provide meaningful diversification when combined. SMHX charges 0.35%/yr vs 0.22%/yr for VWRA.L.

Performance

SMHX vs. VWRA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Fabless Semiconductor ETF (SMHX) and Vanguard FTSE All-World UCITS ETF USD Accumulating (VWRA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMHX achieves a 64.76% return, which is significantly higher than VWRA.L's 10.21% return.

SMHX

• 1D: 1.76%
• 1M: 10.26%
• YTD: 64.76%
• 6M: 64.72%
• 1Y: 113.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VWRA.L

• 1D: 2.32%
• 1M: 0.88%
• YTD: 10.21%
• 6M: 11.90%
• 1Y: 25.71%
• 3Y*: 19.80%
• 5Y*: 10.91%
• 10Y*: —

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

SMHX vs. VWRA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMHX VanEck Fabless Semiconductor ETF	64.76%	30.00%	15.56%
VWRA.L Vanguard FTSE All-World UCITS ETF USD Accumulating	10.21%	22.45%	2.31%

Correlation

The correlation between SMHX and VWRA.L is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.51

The correlation between SMHX and VWRA.L has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.

SMHX vs. VWRA.L - Sectors Allocation Comparison

Sectors	SMHX	VWRA.L
Technology	100.0%	31.1%
Basic Materials	-	3.3%
Communication Services	-	9.1%
Consumer Cyclical	-	9.1%
Consumer Defensive	-	4.8%
Energy	-	4.3%
Financial Services	-	16.0%
Healthcare	-	8.2%
Industrials	-	9.8%
Real Estate	-	1.4%
Utilities	-	2.7%

Return for Risk

SMHX vs. VWRA.L — Risk / Return Rank

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

SMHX

SMHX Risk / Return Rank: 91
SMHX Sharpe Ratio Rank: 95
SMHX Sortino Ratio Rank: 88
SMHX Omega Ratio Rank: 87
SMHX Calmar Ratio Rank: 95
SMHX Martin Ratio Rank: 90

VWRA.L

VWRA.L Risk / Return Rank: 73
VWRA.L Sharpe Ratio Rank: 72
VWRA.L Sortino Ratio Rank: 78
VWRA.L Omega Ratio Rank: 73
VWRA.L Calmar Ratio Rank: 67
VWRA.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.

SMHX vs. VWRA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Fabless Semiconductor ETF (SMHX) and Vanguard FTSE All-World UCITS ETF USD Accumulating (VWRA.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.

	SMHX	VWRA.L	Difference
Sharpe ratio: Return per unit of total volatility	3.21	2.01	+1.20
Sortino ratio: Return per unit of downside risk	3.47	3.00	+0.47
Omega ratio: Gain probability vs. loss probability	1.47	1.37	+0.10
Calmar ratio: Return relative to maximum drawdown	6.69	2.91	+3.77
Martin ratio: Return relative to average drawdown	18.13	11.88	+6.25

SMHX vs. VWRA.L - Sharpe Ratio Comparison

The current SMHX Sharpe Ratio is 3.21, which is higher than the VWRA.L Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of SMHX and VWRA.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

SMHX vs. VWRA.L - Drawdown Comparison

The maximum SMHX drawdown since its inception was -38.53%, which is greater than VWRA.L's maximum drawdown of -33.62%. Use the drawdown chart below to compare losses from any high point for SMHX and VWRA.L.

Drawdown Indicators

	SMHX	VWRA.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.53%	-33.62%	-4.91%
Max Drawdown (1Y) Largest decline over 1 year	-17.06%	-8.78%	-8.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.26%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.06%	—
Current Drawdown Current decline from peak	-7.66%	-1.98%	-5.68%
Average Drawdown Average peak-to-trough decline	-7.37%	-5.36%	-2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.28%	2.16%	+4.12%

Volatility

SMHX vs. VWRA.L - Volatility Comparison

VanEck Fabless Semiconductor ETF (SMHX) has a higher volatility of 18.32% compared to Vanguard FTSE All-World UCITS ETF USD Accumulating (VWRA.L) at 4.38%. This indicates that SMHX's price experiences larger fluctuations and is considered to be riskier than VWRA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMHX	VWRA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.32%	4.38%	+13.94%
Volatility (6M) Calculated over the trailing 6-month period	29.00%	10.27%	+18.73%
Volatility (1Y) Calculated over the trailing 1-year period	35.54%	12.74%	+22.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.05%	15.39%	+25.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.05%	17.25%	+23.80%

SMHX vs. VWRA.L - Expense Ratio Comparison

SMHX has a 0.35% expense ratio, which is higher than VWRA.L's 0.22% expense ratio.

Dividends

SMHX vs. VWRA.L - Dividend Comparison

SMHX's dividend yield for the trailing twelve months is around 0.01%, while VWRA.L has not paid dividends to shareholders.

Position	TTM	2025	2024
SMHX VanEck Fabless Semiconductor ETF	0.01%	0.02%	0.04%
VWRA.L Vanguard FTSE All-World UCITS ETF USD Accumulating	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMHX and VWRA.L in my portfolio?

SMHX and VWRA.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMHX or VWRA.L?

On fees, VWRA.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMHX or VWRA.L?

VWRA.L is cheaper with a 0.22% expense ratio, compared with 0.35% for SMHX.

What is the main difference between SMHX and VWRA.L?

SMHX is categorized as Semiconductors, while VWRA.L is Global Equities. SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index, while VWRA.L tracks FTSE All-World Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.35% for SMHX and 0.22% for VWRA.L.