VWCE.DE vs. SMH
VWCE.DE (Vanguard FTSE All-World UCITS ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - VWCE.DE is a Global Equities fund tracking the FTSE All-World Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, VWCE.DE returned 11.89%/yr vs 39.69%/yr for SMH. A 0.50 correlation means they provide meaningful diversification when combined. VWCE.DE charges 0.19%/yr vs 0.35%/yr for SMH.
Performance
VWCE.DE vs. SMH - Performance Comparison
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Different Trading Currencies
VWCE.DE is traded in EUR, while SMH is traded in USD. To make them comparable, the SMH values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, VWCE.DE achieves a 11.72% return, which is significantly lower than SMH's 74.80% return.
VWCE.DE
- 1D
- 1.82%
- 1M
- 0.89%
- YTD
- 11.72%
- 6M
- 13.39%
- 1Y
- 26.35%
- 3Y*
- 17.02%
- 5Y*
- 11.89%
- 10Y*
- —
SMH
- 1D
- 1.81%
- 1M
- 8.15%
- YTD
- 74.80%
- 6M
- 78.21%
- 1Y
- 141.63%
- 3Y*
- 56.38%
- 5Y*
- 39.69%
- 10Y*
- 37.05%
VWCE.DE vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VWCE.DE Vanguard FTSE All-World UCITS ETF | 11.72% | 9.16% | 24.41% | 18.18% | -13.47% | 28.62% | 5.36% | 7.08% |
SMH VanEck Semiconductor ETF | 74.80% | 31.47% | 48.28% | 68.18% | -29.41% | 52.76% | 42.71% | 15.69% |
Correlation
The correlation between VWCE.DE and SMH is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2019 | 0.50 |
The correlation between VWCE.DE and SMH shifts across timeframes, from 0.50 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VWCE.DE vs. SMH — Risk / Return Rank
VWCE.DE
SMH
VWCE.DE vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF (VWCE.DE) 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.
| VWCE.DE | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.60 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | 11.14 | -7.22 |
| Martin ratioReturn relative to average drawdown | 16.07 | 37.26 | -21.18 |
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Drawdowns
VWCE.DE vs. SMH - Drawdown Comparison
The maximum VWCE.DE drawdown since its inception was -33.43%, smaller than the maximum SMH drawdown of -55.88%. Use the drawdown chart below to compare losses from any high point for VWCE.DE and SMH.
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Drawdown Indicators
| VWCE.DE | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.43% | -55.88% | +22.45% |
Max Drawdown (1Y)Largest decline over 1 year | -6.55% | -12.35% | +5.80% |
Max Drawdown (3Y)Largest decline over 3 years | -21.07% | -36.90% | +15.83% |
Max Drawdown (5Y)Largest decline over 5 years | -21.07% | -36.90% | +15.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.90% | — |
Current DrawdownCurrent decline from peak | -1.47% | -2.56% | +1.09% |
Average DrawdownAverage peak-to-trough decline | -4.68% | -11.03% | +6.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 3.69% | -2.09% |
Volatility
VWCE.DE vs. SMH - Volatility Comparison
The current volatility for Vanguard FTSE All-World UCITS ETF (VWCE.DE) is 3.40%, while VanEck Semiconductor ETF (SMH) has a volatility of 15.46%. This indicates that VWCE.DE 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.
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Volatility by Period
| VWCE.DE | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.40% | 15.46% | -12.06% |
Volatility (6M)Calculated over the trailing 6-month period | 8.51% | 26.61% | -18.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.63% | 32.74% | -21.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.79% | 34.71% | -20.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.16% | 32.68% | -16.52% |
VWCE.DE vs. SMH - Expense Ratio Comparison
VWCE.DE has a 0.19% expense ratio, which is lower than SMH's 0.35% expense ratio.
Dividends
VWCE.DE vs. SMH - Dividend Comparison
VWCE.DE has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.
| 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% |
VWCE.DE Vanguard FTSE All-World 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% |
Frequently Asked Questions
VWCE.DE and SMH have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VWCE.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VWCE.DE is cheaper with a 0.19% expense ratio, compared with 0.35% for SMH.
VWCE.DE is categorized as Global Equities, while SMH is Semiconductors. VWCE.DE tracks FTSE All-World Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.19% for VWCE.DE and 0.35% for SMH.
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