USPY.L vs. SMH.L
USPY.L (L&G Cyber Security UCITS ETF) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - USPY.L is a Technology Equities fund tracking the L&G Cyber Security UCITS ETF, 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, USPY.L returned 12.61%/yr vs 35.65%/yr for SMH.L. A 0.59 correlation means they provide meaningful diversification when combined. USPY.L charges 0.69%/yr vs 0.35%/yr for SMH.L.
Performance
USPY.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, USPY.L achieves a 47.19% return, which is significantly lower than SMH.L's 76.50% return.
USPY.L
- 1D
- -0.15%
- 1M
- 11.40%
- 6M
- 50.30%
- YTD
- 47.19%
- 1Y
- 45.45%
- 3Y*
- 29.54%
- 5Y*
- 12.61%
- 10Y*
- 17.27%
SMH.L
- 1D
- -3.48%
- 1M
- -8.87%
- 6M
- 62.90%
- YTD
- 76.50%
- 1Y
- 124.23%
- 3Y*
- 54.24%
- 5Y*
- 35.65%
- 10Y*
- —
USPY.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
USPY.L L&G Cyber Security UCITS ETF | 47.19% | 7.58% | 17.82% | 42.25% | -32.63% | 7.68% | 13.75% |
SMH.L VanEck Semiconductor UCITS ETF | 76.50% | 49.20% | 24.11% | 75.94% | -35.54% | 42.75% | 4.36% |
Correlation
The correlation between USPY.L and SMH.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020 | 0.59 |
Over the past year, the correlation between USPY.L and SMH.L has dropped to 0.37 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
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Return for Risk
USPY.L vs. SMH.L — Risk / Return Rank
USPY.L
SMH.L
USPY.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Cyber Security UCITS ETF (USPY.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.
| USPY.L | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.47 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 8.88 | -6.31 |
| Martin ratioReturn relative to average drawdown | 6.67 | 27.77 | -21.10 |
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Drawdowns
USPY.L vs. SMH.L - Drawdown Comparison
The maximum USPY.L drawdown since its inception was -39.35%, smaller than the maximum SMH.L drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for USPY.L and SMH.L.
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Drawdown Indicators
| USPY.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.35% | -45.38% | +6.03% |
Max Drawdown (1Y)Largest decline over 1 year | -18.08% | -13.91% | -4.17% |
Max Drawdown (3Y)Largest decline over 3 years | -27.03% | -36.25% | +9.22% |
Max Drawdown (5Y)Largest decline over 5 years | -39.35% | -45.38% | +6.03% |
Max Drawdown (10Y)Largest decline over 10 years | -39.35% | — | — |
Current DrawdownCurrent decline from peak | -2.42% | -11.91% | +9.49% |
Average DrawdownAverage peak-to-trough decline | -9.82% | -11.12% | +1.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.98% | 4.46% | +2.52% |
Volatility
USPY.L vs. SMH.L - Volatility Comparison
The current volatility for L&G Cyber Security UCITS ETF (USPY.L) is 11.34%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 16.26%. This indicates that USPY.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
| USPY.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.34% | 16.26% | -4.92% |
Volatility (6M)Calculated over the trailing 6-month period | 25.24% | 30.80% | -5.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.22% | 36.96% | -8.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.09% | 33.56% | -7.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.56% | 32.93% | -9.37% |
USPY.L vs. SMH.L - Expense Ratio Comparison
USPY.L has a 0.69% expense ratio, which is higher than SMH.L's 0.35% expense ratio.
Dividends
USPY.L vs. SMH.L - Dividend Comparison
Neither USPY.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
USPY.L and SMH.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
SMH.L is cheaper with a 0.35% expense ratio, compared with 0.69% for USPY.L.
USPY.L is categorized as Technology Equities, while SMH.L is Semiconductors. USPY.L tracks L&G Cyber Security UCITS ETF, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: L&G and VanEck. Their fees differ too: 0.69% for USPY.L and 0.35% for SMH.L.
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