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UC44.L vs. SMH.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UC44.L vs. SMH.L

Last updated Jun 26, 2026

UC44.L (UBS ETF (LU) MSCI World Socially Responsible UCITS ETF (USD) A-dis) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - UC44.L is a Global Equities fund tracking the MSCI ACWI NR USD, 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, UC44.L returned 10.45%/yr vs 38.70%/yr for SMH.L. A 0.74 correlation means they provide meaningful diversification when combined. UC44.L charges 0.22%/yr vs 0.35%/yr for SMH.L.

Performance

UC44.L vs. SMH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) MSCI World Socially Responsible UCITS ETF (USD) A-dis (UC44.L) and VanEck Semiconductor UCITS ETF (SMH.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

UC44.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, UC44.L achieves a 10.92% return, which is significantly lower than SMH.L's 95.82% return.

UC44.L

1D
-0.19%
1M
3.45%
YTD
10.92%
6M
10.81%
1Y
22.80%
3Y*
15.45%
5Y*
10.45%
10Y*
13.05%

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)

UC44.L vs. SMH.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
UC44.L
UBS ETF (LU) MSCI World Socially Responsible UCITS ETF (USD) A-dis		10.92%5.87%18.31%22.09%-15.46%26.34%2.03%
SMH.L
VanEck Semiconductor UCITS ETF		95.82%38.57%26.28%67.15%-27.87%44.10%2.52%

Correlation

The correlation between UC44.L and SMH.L is 0.70, 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

0.70

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Dec 1, 2020

0.74

The correlation between UC44.L and SMH.L has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

UC44.L vs. SMH.L - Sectors Allocation Comparison

Sectors
UC44.L
SMH.L

Technology

35.7%
100.0%

Financial Services

17.0%

-

Consumer Cyclical

11.7%

-

Industrials

11.7%

-

Healthcare

9.1%

-

Consumer Defensive

5.3%

-

Communication Services

3.3%

-

Basic Materials

3.1%

-

Real Estate

2.3%

-

Utilities

0.8%

-

Energy

0.0%

-

Technology

UC44.L
35.7%
SMH.L
100.0%

Financial Services

UC44.L
17.0%
SMH.L

-

Consumer Cyclical

UC44.L
11.7%
SMH.L

-

Industrials

UC44.L
11.7%
SMH.L

-

Healthcare

UC44.L
9.1%
SMH.L

-

Consumer Defensive

UC44.L
5.3%
SMH.L

-

Communication Services

UC44.L
3.3%
SMH.L

-

Basic Materials

UC44.L
3.1%
SMH.L

-

Real Estate

UC44.L
2.3%
SMH.L

-

Utilities

UC44.L
0.8%
SMH.L

-

Energy

UC44.L
0.0%
SMH.L

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

UBS ETF (LU) MSCI World Socially Responsible UCITS ETF (USD) A-dis

VanEck Semiconductor UCITS ETF

Often compared with UC44.L:
UC44.L vs. SRIW.LUC44.L vs. V3AB.LUC44.L vs. VWRP.LUC44.L vs. ^GSPCUC44.L vs. SEMC.LUC44.L vs. UBTL.LUC44.L vs. EUFM.L
Often compared with SMH.L:
SMH.L vs. AINF.LSMH.L vs. VWRL.LSMH.L vs. VHVG.LSMH.L vs. SMGB.LSMH.L vs. SMT.LSMH.L vs. VWRA.LSMH.L vs. WQDV.L

Return for Risk

UC44.L vs. SMH.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UC44.L
UC44.L Risk / Return Rank: 6262
Overall Rank
UC44.L Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
UC44.L Sortino Ratio Rank: 6767
Sortino Ratio Rank
UC44.L Omega Ratio Rank: 6767
Omega Ratio Rank
UC44.L Calmar Ratio Rank: 5454
Calmar Ratio Rank
UC44.L Martin Ratio Rank: 5454
Martin Ratio Rank
SMH.L
SMH.L Risk / Return Rank: 9797
Overall Rank
SMH.L Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SMH.L Sortino Ratio Rank: 9696
Sortino Ratio Rank
SMH.L Omega Ratio Rank: 9494
Omega Ratio Rank
SMH.L Calmar Ratio Rank: 9898
Calmar Ratio Rank
SMH.L Martin Ratio Rank: 9797
Martin Ratio Rank
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.

UC44.L vs. SMH.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) MSCI World Socially Responsible UCITS ETF (USD) A-dis (UC44.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.

UC44.LSMH.LDifference
Sharpe ratioReturn per unit of total volatility
1.90
4.94

-3.04

Sortino ratioReturn per unit of downside risk
2.70
5.03

-2.33

Omega ratioGain probability vs. loss probability

1.35

1.65

-0.30

Calmar ratioReturn relative to maximum drawdown

2.36

13.61

-11.25

Martin ratioReturn relative to average drawdown

8.38

45.15

-36.76

UC44.L vs. SMH.L - Sharpe Ratio Comparison

The current UC44.L Sharpe Ratio is 1.90, which is lower than the SMH.L Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of UC44.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.

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Drawdowns

UC44.L vs. SMH.L - Drawdown Comparison

The maximum UC44.L drawdown since its inception was -52.68%, which is greater than SMH.L's maximum drawdown of -36.36%. Use the drawdown chart below to compare losses from any high point for UC44.L and SMH.L.

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Drawdown Indicators

UC44.LSMH.LDifference

Max Drawdown

Largest peak-to-trough decline

-52.68%

-36.36%

-16.32%

Max Drawdown (1Y)

Largest decline over 1 year

-9.61%

-12.23%

+2.62%

Max Drawdown (3Y)

Largest decline over 3 years

-20.15%

-36.36%

+16.21%

Max Drawdown (5Y)

Largest decline over 5 years

-22.39%

-36.36%

+13.97%

Max Drawdown (10Y)

Largest decline over 10 years

-24.11%

—

—

Current Drawdown

Current decline from peak

-0.89%

-3.80%

+2.91%

Average Drawdown

Average peak-to-trough decline

-8.72%

-9.76%

+1.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

3.69%

-0.98%

Volatility

UC44.L vs. SMH.L - Volatility Comparison

The current volatility for UBS ETF (LU) MSCI World Socially Responsible UCITS ETF (USD) A-dis (UC44.L) is 3.87%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 13.95%. This indicates that UC44.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.

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Volatility by Period

UC44.LSMH.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.87%

13.95%

-10.08%

Volatility (6M)

Calculated over the trailing 6-month period

9.35%

27.08%

-17.73%

Volatility (1Y)

Calculated over the trailing 1-year period

11.93%

33.68%

-21.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.52%

31.75%

-17.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.91%

31.33%

-16.42%

UC44.L vs. SMH.L - Expense Ratio Comparison

UC44.L has a 0.22% expense ratio, which is lower than SMH.L's 0.35% expense ratio.

Dividends

UC44.L vs. SMH.L - Dividend Comparison

UC44.L's dividend yield for the trailing twelve months is around 0.85%, while SMH.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
UC44.L
UBS ETF (LU) MSCI World Socially Responsible UCITS ETF (USD) A-dis		0.85%1.01%1.05%1.13%1.33%1.01%1.23%1.70%1.88%1.91%1.81%1.78%

Frequently Asked Questions

UC44.L and SMH.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, UC44.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UC44.L is cheaper with a 0.22% expense ratio, compared with 0.35% for SMH.L.

UC44.L is categorized as Global Equities, while SMH.L is Semiconductors. UC44.L tracks MSCI ACWI NR USD, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: UBS and VanEck. Their fees differ too: 0.22% for UC44.L and 0.35% for SMH.L.

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