TDGB.L vs. SMH.L

Last updated Jun 26, 2026

TDGB.L (VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - TDGB.L is a Global Equities fund tracking the Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index, while SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past 5 years, TDGB.L returned 17.76%/yr vs 38.70%/yr for SMH.L. At a 0.30 correlation, their price movements are largely independent. TDGB.L charges 0.38%/yr vs 0.35%/yr for SMH.L.

Performance

TDGB.L vs. SMH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L) and VanEck Semiconductor UCITS ETF (SMH.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, TDGB.L achieves a 9.19% return, which is significantly lower than SMH.L's 95.82% return.

TDGB.L

• 1D: 0.25%
• 1M: -0.85%
• YTD: 9.19%
• 6M: 9.90%
• 1Y: 29.91%
• 3Y*: 20.98%
• 5Y*: 17.76%
• 10Y*: 10.68%

SMH.L

• 1D: 1.96%
• 1M: 11.22%
• YTD: 95.82%
• 6M: 96.78%
• 1Y: 167.51%
• 3Y*: 60.11%
• 5Y*: 38.70%
• 10Y*: —

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

TDGB.L vs. SMH.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TDGB.L VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF	9.19%	30.90%	10.66%	9.04%	22.49%	19.59%	0.77%
SMH.L VanEck Semiconductor UCITS ETF	95.82%	38.57%	26.28%	67.15%	-27.87%	44.10%	2.52%

Correlation

The correlation between TDGB.L and SMH.L is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020	0.30

Over the past year, the correlation between TDGB.L and SMH.L has dropped to 0.03 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

TDGB.L vs. SMH.L - Sectors Allocation Comparison

Sectors	TDGB.L	SMH.L
Financial Services	31.9%	-
Energy	19.7%	-
Healthcare	14.4%	-
Consumer Defensive	10.0%	-
Communication Services	8.7%	-
Utilities	6.2%	-
Industrials	4.0%	-
Consumer Cyclical	3.8%	-
Basic Materials	1.2%	-
Technology	0.3%	100.0%
Real Estate	0.0%	-

Return for Risk

TDGB.L vs. SMH.L — Risk / Return Rank

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

TDGB.L

TDGB.L Risk / Return Rank: 94
TDGB.L Sharpe Ratio Rank: 95
TDGB.L Sortino Ratio Rank: 95
TDGB.L Omega Ratio Rank: 94
TDGB.L Calmar Ratio Rank: 94
TDGB.L Martin Ratio Rank: 93

SMH.L

SMH.L Risk / Return Rank: 97
SMH.L Sharpe Ratio Rank: 98
SMH.L Sortino Ratio Rank: 96
SMH.L Omega Ratio Rank: 94
SMH.L Calmar Ratio Rank: 98
SMH.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.

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

This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L) and VanEck Semiconductor UCITS ETF (SMH.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.

	TDGB.L	SMH.L	Difference
Sharpe ratio: Return per unit of total volatility	3.21	4.94	-1.73
Sortino ratio: Return per unit of downside risk	4.47	5.03	-0.55
Omega ratio: Gain probability vs. loss probability	1.60	1.65	-0.05
Calmar ratio: Return relative to maximum drawdown	6.39	13.61	-7.23
Martin ratio: Return relative to average drawdown	21.09	45.15	-24.05

TDGB.L vs. SMH.L - Sharpe Ratio Comparison

The current TDGB.L Sharpe Ratio is 3.21, which is lower than the SMH.L Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of TDGB.L and SMH.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

TDGB.L vs. SMH.L - Drawdown Comparison

The maximum TDGB.L drawdown since its inception was -32.94%, smaller than the maximum SMH.L drawdown of -36.36%. Use the drawdown chart below to compare losses from any high point for TDGB.L and SMH.L.

Drawdown Indicators

	TDGB.L	SMH.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.94%	-36.36%	+3.42%
Max Drawdown (1Y) Largest decline over 1 year	-4.66%	-12.23%	+7.57%
Max Drawdown (3Y) Largest decline over 3 years	-12.42%	-36.36%	+23.94%
Max Drawdown (5Y) Largest decline over 5 years	-12.42%	-36.36%	+23.94%
Max Drawdown (10Y) Largest decline over 10 years	-32.94%	—	—
Current Drawdown Current decline from peak	-1.22%	-3.80%	+2.58%
Average Drawdown Average peak-to-trough decline	-4.91%	-9.76%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	3.69%	-2.28%

Volatility

TDGB.L vs. SMH.L - Volatility Comparison

The current volatility for VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L) is 2.13%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 13.95%. This indicates that TDGB.L experiences smaller price fluctuations and is considered to be less risky than SMH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDGB.L	SMH.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.13%	13.95%	-11.82%
Volatility (6M) Calculated over the trailing 6-month period	7.03%	27.08%	-20.05%
Volatility (1Y) Calculated over the trailing 1-year period	9.29%	33.68%	-24.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.43%	31.75%	-20.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.69%	31.33%	-17.64%

TDGB.L vs. SMH.L - Expense Ratio Comparison

TDGB.L has a 0.38% expense ratio, which is higher than SMH.L's 0.35% expense ratio.

Dividends

TDGB.L vs. SMH.L - Dividend Comparison

TDGB.L's dividend yield for the trailing twelve months is around 3.19%, while SMH.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMH.L VanEck Semiconductor UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TDGB.L VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF	3.19%	3.50%	4.26%	4.93%	4.40%	4.06%	4.16%	4.52%	4.38%	3.48%

Frequently Asked Questions

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

TDGB.L and SMH.L have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TDGB.L or SMH.L?

On fees, SMH.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, TDGB.L or SMH.L?

SMH.L is cheaper with a 0.35% expense ratio, compared with 0.38% for TDGB.L.

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

TDGB.L is categorized as Global Equities, while SMH.L is Semiconductors. TDGB.L tracks Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. Their fees differ too: 0.38% for TDGB.L and 0.35% for SMH.L.