WHEA.AS vs. SMH
WHEA.AS (SPDR MSCI World Health Care UCITS ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - WHEA.AS is a Health & Biotech Equities fund tracking the MSCI World/Health Care NR USD, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, WHEA.AS returned 7.34%/yr vs 37.39%/yr for SMH. At a 0.32 correlation, their price movements are largely independent. WHEA.AS charges 0.30%/yr vs 0.35%/yr for SMH.
Performance
WHEA.AS vs. SMH - Performance Comparison
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Different Trading Currencies
WHEA.AS 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, WHEA.AS achieves a -4.62% return, which is significantly lower than SMH's 79.25% return. Over the past 10 years, WHEA.AS has underperformed SMH with an annualized return of 7.34%, while SMH has yielded a comparatively higher 37.39% annualized return.
WHEA.AS
- 1D
- 0.75%
- 1M
- 1.30%
- YTD
- -4.62%
- 6M
- -4.77%
- 1Y
- 7.11%
- 3Y*
- 1.83%
- 5Y*
- 4.85%
- 10Y*
- 7.34%
SMH
- 1D
- 1.12%
- 1M
- 26.77%
- YTD
- 79.25%
- 6M
- 76.58%
- 1Y
- 152.08%
- 3Y*
- 59.82%
- 5Y*
- 40.52%
- 10Y*
- 37.39%
WHEA.AS vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WHEA.AS SPDR MSCI World Health Care UCITS ETF | -4.62% | 2.03% | 7.60% | 0.67% | -0.70% | 30.65% | 3.27% | 25.71% | 6.68% | 5.47% |
SMH VanEck Semiconductor ETF | 79.25% | 31.47% | 48.28% | 68.18% | -29.41% | 52.76% | 42.71% | 68.17% | -4.78% | 21.46% |
Correlation
The correlation between WHEA.AS and SMH is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2009 | 0.32 |
Over the past year, the correlation between WHEA.AS and SMH has dropped to 0.11 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.
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Return for Risk
WHEA.AS vs. SMH — Risk / Return Rank
WHEA.AS
SMH
WHEA.AS vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Health Care UCITS ETF (WHEA.AS) 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.
| WHEA.AS | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.52 | ||
| Sortino ratioReturn per unit of downside risk | -4.21 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.70 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 12.39 | -11.71 |
| Martin ratioReturn relative to average drawdown | 1.67 | 43.37 | -41.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| WHEA.AS | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 5.04 | -4.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 1.19 | -0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 1.16 | -0.66 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | 0.79 | -0.12 |
Drawdowns
WHEA.AS vs. SMH - Drawdown Comparison
The maximum WHEA.AS drawdown since its inception was -25.77%, smaller than the maximum SMH drawdown of -56.36%. Use the drawdown chart below to compare losses from any high point for WHEA.AS and SMH.
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Drawdown Indicators
| WHEA.AS | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.77% | -56.36% | +30.59% |
Max Drawdown (1Y)Largest decline over 1 year | -10.31% | -12.35% | +2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -21.20% | -36.90% | +15.70% |
Max Drawdown (5Y)Largest decline over 5 years | -21.20% | -36.90% | +15.70% |
Max Drawdown (10Y)Largest decline over 10 years | -25.77% | -36.90% | +11.13% |
Current DrawdownCurrent decline from peak | -11.05% | 0.00% | -11.05% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -11.17% | +5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.23% | 3.52% | +0.71% |
Volatility
WHEA.AS vs. SMH - Volatility Comparison
The current volatility for SPDR MSCI World Health Care UCITS ETF (WHEA.AS) is 4.21%, while VanEck Semiconductor ETF (SMH) has a volatility of 10.79%. This indicates that WHEA.AS 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
| WHEA.AS | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 10.79% | -6.58% |
Volatility (6M)Calculated over the trailing 6-month period | 9.33% | 23.43% | -14.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.47% | 30.44% | -16.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.34% | 34.29% | -20.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.50% | 32.45% | -17.95% |
WHEA.AS vs. SMH - Expense Ratio Comparison
WHEA.AS has a 0.30% expense ratio, which is lower than SMH's 0.35% expense ratio.
Dividends
WHEA.AS vs. SMH - Dividend Comparison
WHEA.AS has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.
| 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% |
WHEA.AS SPDR MSCI World Health Care 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
WHEA.AS and SMH have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, WHEA.AS is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
WHEA.AS is cheaper with a 0.30% expense ratio, compared with 0.35% for SMH.
WHEA.AS is categorized as Health & Biotech Equities, while SMH is Semiconductors. WHEA.AS tracks MSCI World/Health Care NR USD, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.30% for WHEA.AS and 0.35% for SMH.
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