V3NM.L vs. SMH.L

Last updated Jun 25, 2026

V3NM.L (Vanguard ESG North America All Cap UCITS ETF USD Income) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - V3NM.L is a ESG fund tracking the FTSE North America All Cap Choice 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 3 years, V3NM.L returned 18.89%/yr vs 59.93%/yr for SMH.L. A 0.72 correlation means they provide meaningful diversification when combined.

Performance

V3NM.L vs. SMH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard ESG North America All Cap UCITS ETF USD Income (V3NM.L) and VanEck Semiconductor UCITS ETF (SMH.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

V3NM.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, V3NM.L achieves a 9.13% return, which is significantly lower than SMH.L's 91.91% return.

V3NM.L

• 1D: 0.00%
• 1M: 0.51%
• YTD: 9.13%
• 6M: 9.17%
• 1Y: 26.09%
• 3Y*: 18.89%
• 5Y*: —
• 10Y*: —

SMH.L

• 1D: -0.46%
• 1M: 12.84%
• YTD: 91.91%
• 6M: 92.85%
• 1Y: 162.95%
• 3Y*: 59.93%
• 5Y*: 38.14%
• 10Y*: —

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

V3NM.L vs. SMH.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
V3NM.L Vanguard ESG North America All Cap UCITS ETF USD Income	9.13%	8.72%	26.63%	23.61%	-12.75%
SMH.L VanEck Semiconductor UCITS ETF	91.91%	38.57%	26.28%	67.15%	-14.20%

Correlation

The correlation between V3NM.L and SMH.L is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 18, 2022	0.72

The correlation between V3NM.L and SMH.L has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.

Return for Risk

V3NM.L vs. SMH.L — Risk / Return Rank

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

V3NM.L

V3NM.L Risk / Return Rank: 69
V3NM.L Sharpe Ratio Rank: 77
V3NM.L Sortino Ratio Rank: 74
V3NM.L Omega Ratio Rank: 77
V3NM.L Calmar Ratio Rank: 60
V3NM.L Martin Ratio Rank: 59

SMH.L

SMH.L Risk / Return Rank: 96
SMH.L Sharpe Ratio Rank: 98
SMH.L Sortino Ratio Rank: 95
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.

V3NM.L vs. SMH.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG North America All Cap UCITS ETF USD Income (V3NM.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.

	V3NM.L	SMH.L	Difference
Sharpe ratio: Return per unit of total volatility	2.10	4.81	-2.71
Sortino ratio: Return per unit of downside risk	2.88	4.94	-2.06
Omega ratio: Gain probability vs. loss probability	1.39	1.64	-0.25
Calmar ratio: Return relative to maximum drawdown	2.57	13.24	-10.67
Martin ratio: Return relative to average drawdown	9.04	44.01	-34.97

V3NM.L vs. SMH.L - Sharpe Ratio Comparison

The current V3NM.L Sharpe Ratio is 2.10, which is lower than the SMH.L Sharpe Ratio of 4.81. The chart below compares the historical Sharpe Ratios of V3NM.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

V3NM.L vs. SMH.L - Drawdown Comparison

The maximum V3NM.L drawdown since its inception was -22.46%, smaller than the maximum SMH.L drawdown of -36.36%. Use the drawdown chart below to compare losses from any high point for V3NM.L and SMH.L.

Drawdown Indicators

	V3NM.L	SMH.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.46%	-36.36%	+13.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-12.23%	+2.03%
Max Drawdown (3Y) Largest decline over 3 years	-22.46%	-36.36%	+13.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.36%	—
Current Drawdown Current decline from peak	-1.61%	-5.72%	+4.11%
Average Drawdown Average peak-to-trough decline	-4.16%	-9.77%	+5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	3.69%	-0.80%

Volatility

V3NM.L vs. SMH.L - Volatility Comparison

The current volatility for Vanguard ESG North America All Cap UCITS ETF USD Income (V3NM.L) is 3.99%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 13.92%. This indicates that V3NM.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

	V3NM.L	SMH.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	13.92%	-9.93%
Volatility (6M) Calculated over the trailing 6-month period	9.09%	27.05%	-17.96%
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	33.76%	-21.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.89%	31.74%	-16.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.89%	31.33%	-16.44%

Dividends

V3NM.L vs. SMH.L - Dividend Comparison

V3NM.L's dividend yield for the trailing twelve months is around 0.75%, while SMH.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
SMH.L VanEck Semiconductor UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%
V3NM.L Vanguard ESG North America All Cap UCITS ETF USD Income	0.75%	0.80%	0.85%	1.06%	0.41%

Frequently Asked Questions

Can I hold both V3NM.L and SMH.L in my portfolio?

V3NM.L and SMH.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between V3NM.L and SMH.L?

V3NM.L is categorized as ESG, while SMH.L is Semiconductors. V3NM.L tracks FTSE North America All Cap Choice Index, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: Vanguard and VanEck.