VE.TO vs. SMH

Last updated Jun 4, 2026

VE.TO (Vanguard FTSE Developed Europe All Cap Index ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - VE.TO is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, VE.TO returned 9.78%/yr vs 38.49%/yr for SMH. At a 0.50 correlation, their price movements are largely independent. VE.TO charges 0.22%/yr vs 0.35%/yr for SMH.

Performance

VE.TO vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Developed Europe All Cap Index ETF (VE.TO) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VE.TO is traded in CAD, while SMH is traded in USD. To make them comparable, the SMH values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VE.TO achieves a 6.65% return, which is significantly lower than SMH's 77.07% return. Over the past 10 years, VE.TO has underperformed SMH with an annualized return of 9.78%, while SMH has yielded a comparatively higher 38.49% annualized return.

VE.TO

• 1D: -0.65%
• 1M: 4.95%
• YTD: 6.65%
• 6M: 8.13%
• 1Y: 18.98%
• 3Y*: 17.46%
• 5Y*: 11.07%
• 10Y*: 9.78%

SMH

• 1D: 0.00%
• 1M: 26.72%
• YTD: 77.07%
• 6M: 72.67%
• 1Y: 157.15%
• 3Y*: 65.36%
• 5Y*: 42.82%
• 10Y*: 38.49%

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

VE.TO vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VE.TO Vanguard FTSE Developed Europe All Cap Index ETF	6.65%	29.58%	10.77%	16.67%	-10.07%	15.65%	3.00%	18.14%	-7.96%	18.82%
SMH VanEck Semiconductor ETF	79.39%	42.33%	51.05%	69.56%	-28.80%	40.85%	52.91%	56.37%	-1.34%	29.66%

Correlation

The correlation between VE.TO and SMH is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 10, 2014	0.50

VE.TO vs. SMH - Sectors Allocation Comparison

Sectors	VE.TO	SMH
Financial Services	23.6%	-
Industrials	18.9%	-
Healthcare	12.1%	-
Consumer Defensive	8.5%	-
Technology	8.3%	100.0%
Consumer Cyclical	6.8%	-
Basic Materials	5.5%	-
Energy	5.3%	-
Utilities	4.8%	-
Communication Services	3.5%	-
Real Estate	1.5%	-

Return for Risk

VE.TO vs. SMH — Risk / Return Rank

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

VE.TO

VE.TO Risk / Return Rank: 34
VE.TO Sharpe Ratio Rank: 35
VE.TO Sortino Ratio Rank: 35
VE.TO Omega Ratio Rank: 34
VE.TO Calmar Ratio Rank: 30
VE.TO Martin Ratio Rank: 37

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

VE.TO vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Europe All Cap Index ETF (VE.TO) and VanEck Semiconductor ETF (SMH). 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.

	VE.TO	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.28	5.23	-3.95
Sortino ratio: Return per unit of downside risk	1.88	5.29	-3.41
Omega ratio: Gain probability vs. loss probability	1.23	1.74	-0.50
Calmar ratio: Return relative to maximum drawdown	1.50	11.82	-10.31
Martin ratio: Return relative to average drawdown	5.84	42.73	-36.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VE.TO vs. SMH - Sharpe Ratio Comparison

The current VE.TO Sharpe Ratio is 1.28, which is lower than the SMH Sharpe Ratio of 5.23. The chart below compares the historical Sharpe Ratios of VE.TO and SMH, 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

	VE.TO	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	5.23	-3.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	1.29	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	1.24	-0.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.15	-0.60

Drawdowns

VE.TO vs. SMH - Drawdown Comparison

The maximum VE.TO drawdown since its inception was -31.66%, smaller than the maximum SMH drawdown of -40.60%. Use the drawdown chart below to compare losses from any high point for VE.TO and SMH.

Drawdown Indicators

	VE.TO	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-31.66%	-40.60%	+8.94%
Max Drawdown (1Y) Largest decline over 1 year	-12.68%	-13.38%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-14.67%	-33.18%	+18.51%
Max Drawdown (5Y) Largest decline over 5 years	-27.26%	-40.60%	+13.34%
Max Drawdown (10Y) Largest decline over 10 years	-31.66%	-40.60%	+8.94%
Current Drawdown Current decline from peak	-2.80%	0.00%	-2.80%
Average Drawdown Average peak-to-trough decline	-5.60%	-6.69%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.69%	-0.43%

Volatility

VE.TO vs. SMH - Volatility Comparison

The current volatility for Vanguard FTSE Developed Europe All Cap Index ETF (VE.TO) is 6.11%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.40%. This indicates that VE.TO experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VE.TO	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	11.40%	-5.29%
Volatility (6M) Calculated over the trailing 6-month period	12.48%	23.97%	-11.49%
Volatility (1Y) Calculated over the trailing 1-year period	14.90%	30.30%	-15.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	33.43%	-18.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.20%	31.06%	-14.86%

VE.TO vs. SMH - Expense Ratio Comparison

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

Dividends

VE.TO vs. SMH - Dividend Comparison

VE.TO's dividend yield for the trailing twelve months is around 2.42%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.17%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
VE.TO Vanguard FTSE Developed Europe All Cap Index ETF	2.42%	2.58%	2.97%	2.97%	3.20%	2.97%	2.41%	3.79%	3.57%	2.22%	2.33%	2.47%

Frequently Asked Questions

Can I hold both VE.TO and SMH in my portfolio?

VE.TO and SMH have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VE.TO or SMH?

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

Which ETF is cheaper, VE.TO or SMH?

VE.TO is cheaper with a 0.22% expense ratio, compared with 0.35% for SMH.

What is the main difference between VE.TO and SMH?

VE.TO is categorized as Europe Equities, while SMH is Semiconductors. VE.TO tracks FTSE Developed Europe All Cap Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.22% for VE.TO and 0.35% for SMH.