VHYD.L vs. SMH

Last updated Jun 12, 2026

VHYD.L (Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - VHYD.L is a Global Equities fund tracking the FTSE All-World High Dividend Yield Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, VHYD.L returned 10.04%/yr vs 37.24%/yr for SMH. At a 0.38 correlation, their price movements are largely independent. VHYD.L charges 0.29%/yr vs 0.35%/yr for SMH.

Performance

VHYD.L vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing (VHYD.L) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VHYD.L achieves a 10.10% return, which is significantly lower than SMH's 69.23% return. Over the past 10 years, VHYD.L has underperformed SMH with an annualized return of 10.04%, while SMH has yielded a comparatively higher 37.24% annualized return.

VHYD.L

• 1D: 0.09%
• 1M: 1.29%
• YTD: 10.10%
• 6M: 11.41%
• 1Y: 24.59%
• 3Y*: 18.23%
• 5Y*: 10.28%
• 10Y*: 10.04%

SMH

• 1D: 6.75%
• 1M: 8.59%
• YTD: 69.23%
• 6M: 64.83%
• 1Y: 133.45%
• 3Y*: 59.87%
• 5Y*: 37.95%
• 10Y*: 37.24%

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

VHYD.L vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHYD.L Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing	10.10%	27.03%	9.32%	11.43%	-5.45%	17.84%	-0.31%	20.75%	-11.71%	19.33%
SMH VanEck Semiconductor ETF	69.23%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between VHYD.L and SMH is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since May 21, 2013	0.38

VHYD.L vs. SMH - Sectors Allocation Comparison

Sectors	VHYD.L	SMH
Financial Services	28.6%	-
Industrials	12.3%	-
Healthcare	11.2%	-
Energy	9.4%	-
Consumer Defensive	8.7%	-
Technology	7.7%	100.0%
Consumer Cyclical	7.0%	-
Utilities	5.7%	-
Basic Materials	5.1%	-
Communication Services	3.5%	-
Real Estate	0.9%	-

Return for Risk

VHYD.L vs. SMH — Risk / Return Rank

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

VHYD.L

VHYD.L Risk / Return Rank: 80
VHYD.L Sharpe Ratio Rank: 85
VHYD.L Sortino Ratio Rank: 87
VHYD.L Omega Ratio Rank: 83
VHYD.L Calmar Ratio Rank: 74
VHYD.L Martin Ratio Rank: 73

SMH

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

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing (VHYD.L) 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.

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.

	VHYD.L	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.30	4.05	-1.74
Sortino ratio: Return per unit of downside risk	3.31	4.20	-0.89
Omega ratio: Gain probability vs. loss probability	1.42	1.59	-0.17
Calmar ratio: Return relative to maximum drawdown	3.16	8.99	-5.83
Martin ratio: Return relative to average drawdown	11.39	33.03	-21.64

VHYD.L vs. SMH - Sharpe Ratio Comparison

The current VHYD.L Sharpe Ratio is 2.30, which is lower than the SMH Sharpe Ratio of 4.05. The chart below compares the historical Sharpe Ratios of VHYD.L 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.

Drawdowns

VHYD.L vs. SMH - Drawdown Comparison

The maximum VHYD.L drawdown since its inception was -36.60%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for VHYD.L and SMH.

Drawdown Indicators

	VHYD.L	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-36.60%	-84.96%	+48.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-14.93%	+7.19%
Max Drawdown (3Y) Largest decline over 3 years	-12.48%	-35.74%	+23.26%
Max Drawdown (5Y) Largest decline over 5 years	-20.89%	-45.30%	+24.41%
Max Drawdown (10Y) Largest decline over 10 years	-36.60%	-45.30%	+8.70%
Current Drawdown Current decline from peak	-1.09%	-4.46%	+3.37%
Average Drawdown Average peak-to-trough decline	-5.31%	-41.05%	+35.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	4.06%	-1.91%

Volatility

VHYD.L vs. SMH - Volatility Comparison

The current volatility for Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing (VHYD.L) is 2.58%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.28%. This indicates that VHYD.L 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

	VHYD.L	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	16.28%	-13.70%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	27.71%	-19.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	33.17%	-22.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	35.48%	-21.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	32.82%	-17.44%

VHYD.L vs. SMH - Expense Ratio Comparison

VHYD.L has a 0.29% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

VHYD.L vs. SMH - Dividend Comparison

VHYD.L's dividend yield for the trailing twelve months is around 2.51%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
VHYD.L Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing	2.51%	2.77%	3.15%	3.31%	3.72%	3.14%	2.90%	3.23%	3.77%	2.96%	3.16%	3.32%

Frequently Asked Questions

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

VHYD.L and SMH have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VHYD.L or SMH?

On fees, VHYD.L is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VHYD.L or SMH?

VHYD.L is cheaper with a 0.29% expense ratio, compared with 0.35% for SMH.

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

VHYD.L is categorized as Global Equities, while SMH is Semiconductors. VHYD.L tracks FTSE All-World High Dividend Yield Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.29% for VHYD.L and 0.35% for SMH.