SWRD.L vs. SMH

Last updated Jun 12, 2026

SWRD.L (State Street SPDR MSCI World UCITS ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SWRD.L is a Global Equities fund tracking the MSCI World Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, SWRD.L returned 11.11%/yr vs 37.95%/yr for SMH. At a 0.49 correlation, their price movements are largely independent. SWRD.L charges 0.12%/yr vs 0.35%/yr for SMH.

Performance

SWRD.L vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR MSCI World UCITS ETF (SWRD.L) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWRD.L achieves a 6.18% return, which is significantly lower than SMH's 69.23% return.

SWRD.L

• 1D: -0.31%
• 1M: -0.47%
• YTD: 6.18%
• 6M: 6.78%
• 1Y: 20.66%
• 3Y*: 19.27%
• 5Y*: 11.11%
• 10Y*: —

SMH

• 1D: 6.75%
• 1M: 8.59%
• YTD: 69.23%
• 6M: 64.83%
• 1Y: 133.45%
• 3Y*: 59.87%
• 5Y*: 37.95%
• 10Y*: 37.24%

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

SWRD.L vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SWRD.L State Street SPDR MSCI World UCITS ETF	6.18%	21.08%	19.29%	24.40%	-17.81%	22.11%	15.89%	14.62%
SMH VanEck Semiconductor ETF	69.23%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	36.53%

Correlation

The correlation between SWRD.L and SMH is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Feb 26, 2019	0.49

The correlation between SWRD.L and SMH has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.

SWRD.L vs. SMH - Sectors Allocation Comparison

Sectors	SWRD.L	SMH
Technology	28.3%	100.0%
Financial Services	15.7%	-
Industrials	11.4%	-
Consumer Cyclical	9.3%	-
Communication Services	9.2%	-
Healthcare	8.8%	-
Consumer Defensive	5.2%	-
Energy	4.2%	-
Basic Materials	3.3%	-
Utilities	2.7%	-
Real Estate	1.9%	-

Return for Risk

SWRD.L vs. SMH — Risk / Return Rank

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

SWRD.L

SWRD.L Risk / Return Rank: 64
SWRD.L Sharpe Ratio Rank: 63
SWRD.L Sortino Ratio Rank: 69
SWRD.L Omega Ratio Rank: 61
SWRD.L Calmar Ratio Rank: 60
SWRD.L Martin Ratio Rank: 67

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

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.

SWRD.L vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI World UCITS ETF (SWRD.L) and VanEck Semiconductor ETF (SMH). 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.

	SWRD.L	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.72	4.05	-2.33
Sortino ratio: Return per unit of downside risk	2.59	4.20	-1.62
Omega ratio: Gain probability vs. loss probability	1.31	1.59	-0.28
Calmar ratio: Return relative to maximum drawdown	2.48	8.99	-6.51
Martin ratio: Return relative to average drawdown	10.25	33.03	-22.78

SWRD.L vs. SMH - Sharpe Ratio Comparison

The current SWRD.L Sharpe Ratio is 1.72, which is lower than the SMH Sharpe Ratio of 4.05. The chart below compares the historical Sharpe Ratios of SWRD.L and SMH, 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

SWRD.L vs. SMH - Drawdown Comparison

The maximum SWRD.L drawdown since its inception was -34.10%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SWRD.L and SMH.

Drawdown Indicators

	SWRD.L	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-34.10%	-84.96%	+50.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-14.93%	+6.62%
Max Drawdown (3Y) Largest decline over 3 years	-16.89%	-35.74%	+18.85%
Max Drawdown (5Y) Largest decline over 5 years	-25.54%	-45.30%	+19.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-3.84%	-4.46%	+0.62%
Average Drawdown Average peak-to-trough decline	-5.00%	-41.05%	+36.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	4.06%	-2.05%

Volatility

SWRD.L vs. SMH - Volatility Comparison

The current volatility for State Street SPDR MSCI World UCITS ETF (SWRD.L) is 3.46%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.28%. This indicates that SWRD.L experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWRD.L	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	16.28%	-12.82%
Volatility (6M) Calculated over the trailing 6-month period	9.25%	27.71%	-18.46%
Volatility (1Y) Calculated over the trailing 1-year period	11.97%	33.17%	-21.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.54%	35.48%	-19.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.23%	32.82%	-15.59%

SWRD.L vs. SMH - Expense Ratio Comparison

SWRD.L has a 0.12% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

SWRD.L vs. SMH - Dividend Comparison

SWRD.L has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.

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%
SWRD.L State Street SPDR MSCI World 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

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

SWRD.L and SMH have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SWRD.L or SMH?

On fees, SWRD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SWRD.L or SMH?

SWRD.L is cheaper with a 0.12% expense ratio, compared with 0.35% for SMH.

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

SWRD.L is categorized as Global Equities, while SMH is Semiconductors. SWRD.L tracks MSCI World Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.12% for SWRD.L and 0.35% for SMH.