TAN vs. SMGB.L

Last updated Jun 3, 2026

TAN (Invesco Solar ETF) and SMGB.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - TAN is a Alternative Energy Equities fund tracking the MAC Global Solar Energy Index, while SMGB.L is a Semiconductors fund tracking the MSCI World/Information Tech NR USD. Both are passively managed. Over the past 5 years, TAN returned -0.77%/yr vs 37.53%/yr for SMGB.L. At a 0.37 correlation, their price movements are largely independent. TAN charges 0.69%/yr vs 0.35%/yr for SMGB.L.

Performance

TAN vs. SMGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Solar ETF (TAN) and VanEck Semiconductor UCITS ETF (SMGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TAN is traded in USD, while SMGB.L is traded in GBP. To make them comparable, the SMGB.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, TAN achieves a 47.13% return, which is significantly lower than SMGB.L's 86.21% return.

TAN

• 1D: 1.60%
• 1M: 21.93%
• YTD: 47.13%
• 6M: 51.73%
• 1Y: 127.12%
• 3Y*: 0.29%
• 5Y*: -0.77%
• 10Y*: 13.81%

SMGB.L

• 1D: 2.90%
• 1M: 28.29%
• YTD: 86.21%
• 6M: 90.52%
• 1Y: 184.20%
• 3Y*: 61.18%
• 5Y*: 37.53%
• 10Y*: —

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

TAN vs. SMGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TAN Invesco Solar ETF	47.13%	48.31%	-37.61%	-26.79%	-5.24%	-25.10%	27.00%
SMGB.L VanEck Semiconductor UCITS ETF	86.21%	49.26%	24.20%	74.93%	-35.24%	43.10%	3.92%

Correlation

The correlation between TAN and SMGB.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.37

TAN vs. SMGB.L - Sectors Allocation Comparison

Sectors	TAN	SMGB.L
Energy	57.3%	-
Utilities	22.1%	-
Technology	9.7%	100.0%
Financial Services	3.6%	-
Industrials	3.3%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

TAN vs. SMGB.L — Risk / Return Rank

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

TAN

TAN Risk / Return Rank: 89
TAN Sharpe Ratio Rank: 93
TAN Sortino Ratio Rank: 87
TAN Omega Ratio Rank: 80
TAN Calmar Ratio Rank: 96
TAN Martin Ratio Rank: 91

SMGB.L

SMGB.L Risk / Return Rank: 97
SMGB.L Sharpe Ratio Rank: 98
SMGB.L Sortino Ratio Rank: 97
SMGB.L Omega Ratio Rank: 96
SMGB.L Calmar Ratio Rank: 98
SMGB.L 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.

TAN vs. SMGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Solar ETF (TAN) and VanEck Semiconductor UCITS ETF (SMGB.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.

	TAN	SMGB.L	Difference
Sharpe ratio Return per unit of total volatility	3.44	5.73	-2.29
Sortino ratio Return per unit of downside risk	3.94	5.85	-1.91
Omega ratio Gain probability vs. loss probability	1.48	1.74	-0.26
Calmar ratio Return relative to maximum drawdown	9.06	12.44	-3.38
Martin ratio Return relative to average drawdown	22.01	46.42	-24.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAN vs. SMGB.L - Sharpe Ratio Comparison

The current TAN Sharpe Ratio is 3.44, which is lower than the SMGB.L Sharpe Ratio of 5.73. The chart below compares the historical Sharpe Ratios of TAN and SMGB.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.

Sharpe Ratios by Period

	TAN	SMGB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.44	5.73	-2.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	1.17	-1.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	1.19	-1.31

Drawdowns

TAN vs. SMGB.L - Drawdown Comparison

The maximum TAN drawdown since its inception was -95.29%, which is greater than SMGB.L's maximum drawdown of -45.71%. Use the drawdown chart below to compare losses from any high point for TAN and SMGB.L.

Drawdown Indicators

	TAN	SMGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-95.29%	-45.71%	-49.58%
Max Drawdown (1Y) Largest decline over 1 year	-13.62%	-14.18%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-64.40%	-36.86%	-27.54%
Max Drawdown (5Y) Largest decline over 5 years	-73.95%	-45.71%	-28.24%
Max Drawdown (10Y) Largest decline over 10 years	-78.53%	—	—
Current Drawdown Current decline from peak	-66.81%	0.00%	-66.81%
Average Drawdown Average peak-to-trough decline	-78.51%	-11.24%	-67.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.61%	3.80%	+1.81%

Volatility

TAN vs. SMGB.L - Volatility Comparison

The current volatility for Invesco Solar ETF (TAN) is 11.81%, while VanEck Semiconductor UCITS ETF (SMGB.L) has a volatility of 12.70%. This indicates that TAN experiences smaller price fluctuations and is considered to be less risky than SMGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAN	SMGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.81%	12.70%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	25.30%	24.93%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	37.21%	31.94%	+5.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.74%	32.11%	+7.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.98%	31.84%	+6.14%

TAN vs. SMGB.L - Expense Ratio Comparison

TAN has a 0.69% expense ratio, which is higher than SMGB.L's 0.35% expense ratio.

Dividends

TAN vs. SMGB.L - Dividend Comparison

Neither TAN nor SMGB.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMGB.L VanEck Semiconductor UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TAN Invesco Solar ETF	0.00%	0.00%	0.50%	0.09%	0.00%	0.00%	0.09%	0.30%	0.69%	1.77%	5.04%	1.60%

Frequently Asked Questions

Can I hold both TAN and SMGB.L in my portfolio?

TAN and SMGB.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAN or SMGB.L?

On fees, SMGB.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TAN or SMGB.L?

SMGB.L is cheaper with a 0.35% expense ratio, compared with 0.69% for TAN.

What is the main difference between TAN and SMGB.L?

TAN is categorized as Alternative Energy Equities, while SMGB.L is Semiconductors. TAN tracks MAC Global Solar Energy Index, while SMGB.L tracks MSCI World/Information Tech NR USD. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.69% for TAN and 0.35% for SMGB.L.