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XEU.TO vs. SMH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEU.TO vs. SMH

Last updated Jun 4, 2026

XEU.TO (iShares MSCI Europe IMI Index ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - XEU.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, XEU.TO returned 9.77%/yr vs 38.49%/yr for SMH. At a 0.44 correlation, their price movements are largely independent. XEU.TO charges 0.28%/yr vs 0.35%/yr for SMH.

Performance

XEU.TO vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Europe IMI Index ETF (XEU.TO) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XEU.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, XEU.TO achieves a 6.82% return, which is significantly lower than SMH's 77.07% return. Over the past 10 years, XEU.TO has underperformed SMH with an annualized return of 9.77%, while SMH has yielded a comparatively higher 38.49% annualized return.

XEU.TO

1D
-0.82%
1M
5.05%
YTD
6.82%
6M
8.23%
1Y
18.70%
3Y*
17.08%
5Y*
10.84%
10Y*
9.77%

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)

XEU.TO vs. SMH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEU.TO
iShares MSCI Europe IMI Index ETF		6.82%29.40%9.36%17.36%-10.48%16.36%3.16%18.30%-8.11%18.48%
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 XEU.TO and SMH is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

Correlation (3Y)
Calculated over the trailing 3-year period

0.43

Correlation (5Y)
Calculated over the trailing 5-year period

0.47

Correlation (10Y)
Calculated over the trailing 10-year period

0.48

Correlation (All Time)
Calculated using the full available price history since Apr 24, 2014

0.44

XEU.TO vs. SMH - Sectors Allocation Comparison

Sectors
XEU.TO
SMH

Financial Services

22.5%

-

Industrials

15.6%

-

Healthcare

10.5%

-

Technology

8.4%
100.0%

Consumer Defensive

8.0%

-

Consumer Cyclical

6.5%

-

Basic Materials

5.3%

-

Energy

4.0%

-

Utilities

3.5%

-

Communication Services

3.3%

-

Real Estate

1.4%

-

Financial Services

XEU.TO
22.5%
SMH

-

Industrials

XEU.TO
15.6%
SMH

-

Healthcare

XEU.TO
10.5%
SMH

-

Technology

XEU.TO
8.4%
SMH
100.0%

Consumer Defensive

XEU.TO
8.0%
SMH

-

Consumer Cyclical

XEU.TO
6.5%
SMH

-

Basic Materials

XEU.TO
5.3%
SMH

-

Energy

XEU.TO
4.0%
SMH

-

Utilities

XEU.TO
3.5%
SMH

-

Communication Services

XEU.TO
3.3%
SMH

-

Real Estate

XEU.TO
1.4%
SMH

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Europe IMI Index ETF

VanEck Semiconductor ETF

Often compared with XEU.TO:
XEU.TO vs. XEH.TOXEU.TO vs. XEF.TOXEU.TO vs. VE.TOXEU.TO vs. VEAXEU.TO vs. HXS.TOXEU.TO vs. XUS.TOXEU.TO vs. XDIV.TO
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

XEU.TO vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEU.TO
XEU.TO Risk / Return Rank: 3535
Overall Rank
XEU.TO Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
XEU.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
XEU.TO Omega Ratio Rank: 3636
Omega Ratio Rank
XEU.TO Calmar Ratio Rank: 3232
Calmar Ratio Rank
XEU.TO Martin Ratio Rank: 3838
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9595
Sortino Ratio Rank
SMH Omega Ratio Rank: 9595
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9696
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe IMI Index ETF (XEU.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.

XEU.TOSMHDifference
Sharpe ratioReturn per unit of total volatility
1.32
5.23

-3.91

Sortino ratioReturn per unit of downside risk
1.90
5.29

-3.39

Omega ratioGain probability vs. loss probability

1.24

1.74

-0.50

Calmar ratioReturn relative to maximum drawdown

1.57

11.82

-10.25

Martin ratioReturn relative to average drawdown

6.06

42.73

-36.68

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEU.TO vs. SMH - Sharpe Ratio Comparison

The current XEU.TO Sharpe Ratio is 1.32, which is lower than the SMH Sharpe Ratio of 5.23. The chart below compares the historical Sharpe Ratios of XEU.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.

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Sharpe Ratios by Period

XEU.TOSMHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.32

5.23

-3.91

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

-0.63

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

1.15

-0.61

Drawdowns

XEU.TO vs. SMH - Drawdown Comparison

The maximum XEU.TO drawdown since its inception was -32.02%, smaller than the maximum SMH drawdown of -40.60%. Use the drawdown chart below to compare losses from any high point for XEU.TO and SMH.

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Drawdown Indicators

XEU.TOSMHDifference

Max Drawdown

Largest peak-to-trough decline

-32.02%

-40.60%

+8.58%

Max Drawdown (1Y)

Largest decline over 1 year

-11.94%

-13.38%

+1.44%

Max Drawdown (3Y)

Largest decline over 3 years

-14.62%

-33.18%

+18.56%

Max Drawdown (5Y)

Largest decline over 5 years

-26.96%

-40.60%

+13.64%

Max Drawdown (10Y)

Largest decline over 10 years

-32.02%

-40.60%

+8.58%

Current Drawdown

Current decline from peak

-1.74%

0.00%

-1.74%

Average Drawdown

Average peak-to-trough decline

-5.38%

-6.69%

+1.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

3.69%

-0.60%

Volatility

XEU.TO vs. SMH - Volatility Comparison

The current volatility for iShares MSCI Europe IMI Index ETF (XEU.TO) is 5.16%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.40%. This indicates that XEU.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.

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Volatility by Period

XEU.TOSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.16%

11.40%

-6.24%

Volatility (6M)

Calculated over the trailing 6-month period

11.85%

23.97%

-12.12%

Volatility (1Y)

Calculated over the trailing 1-year period

14.22%

30.30%

-16.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.72%

33.43%

-18.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.09%

31.06%

-14.97%

XEU.TO vs. SMH - Expense Ratio Comparison

XEU.TO has a 0.28% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

XEU.TO vs. SMH - Dividend Comparison

XEU.TO's dividend yield for the trailing twelve months is around 2.31%, more than SMH's 0.17% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XEU.TO
iShares MSCI Europe IMI Index ETF		2.31%2.47%2.68%2.96%3.03%2.42%1.98%3.56%3.28%2.27%2.91%2.33%

Frequently Asked Questions

XEU.TO and SMH have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEU.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEU.TO is cheaper with a 0.28% expense ratio, compared with 0.35% for SMH.

XEU.TO is categorized as Europe Equities, while SMH is Semiconductors. XEU.TO tracks Morningstar Eur GR CAD, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.28% for XEU.TO and 0.35% for SMH.

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