^DJUSSC vs. SMH

Last updated Jun 4, 2026

^DJUSSC (Dow Jones U.S. Semiconductors Index) is an index, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, ^DJUSSC returned 36.51%/yr vs 37.68%/yr for SMH. With a 0.97 correlation, they move nearly in lockstep.

Performance

^DJUSSC vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dow Jones U.S. Semiconductors Index (^DJUSSC) 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, ^DJUSSC achieves a 51.69% return, which is significantly lower than SMH's 77.13% return. Both investments have delivered pretty close results over the past 10 years, with ^DJUSSC having a 36.51% annualized return and SMH not far ahead at 37.68%.

^DJUSSC

• 1D: -0.53%
• 1M: 21.28%
• YTD: 51.69%
• 6M: 51.48%
• 1Y: 108.64%
• 3Y*: 67.09%
• 5Y*: 43.08%
• 10Y*: 36.51%

SMH

• 1D: 0.90%
• 1M: 25.87%
• YTD: 77.13%
• 6M: 75.61%
• 1Y: 157.20%
• 3Y*: 64.17%
• 5Y*: 39.21%
• 10Y*: 37.68%

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

^DJUSSC vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^DJUSSC Dow Jones U.S. Semiconductors Index	51.69%	43.83%	73.10%	94.85%	-37.53%	49.65%	44.87%	49.35%	-10.46%	35.52%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between ^DJUSSC and SMH is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 6, 2000	0.97

The correlation between ^DJUSSC and SMH has been stable across timeframes, ranging from 0.89 to 0.97 - a consistent structural relationship.

Return for Risk

^DJUSSC vs. SMH — Risk / Return Rank

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

^DJUSSC

^DJUSSC Risk / Return Rank: 96
^DJUSSC Sharpe Ratio Rank: 96
^DJUSSC Sortino Ratio Rank: 94
^DJUSSC Omega Ratio Rank: 94
^DJUSSC Calmar Ratio Rank: 98
^DJUSSC Martin Ratio Rank: 97

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.

^DJUSSC vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dow Jones U.S. Semiconductors Index (^DJUSSC) 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.

	^DJUSSC	SMH	Difference
Sharpe ratio: Return per unit of total volatility	3.53	5.19	-1.66
Sortino ratio: Return per unit of downside risk	3.93	5.22	-1.28
Omega ratio: Gain probability vs. loss probability	1.53	1.72	-0.20
Calmar ratio: Return relative to maximum drawdown	7.29	10.59	-3.30
Martin ratio: Return relative to average drawdown	22.72	40.63	-17.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^DJUSSC vs. SMH - Sharpe Ratio Comparison

The current ^DJUSSC Sharpe Ratio is 3.53, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of ^DJUSSC 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

	^DJUSSC	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.53	5.19	-1.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	1.13	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.05	1.16	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.34	-0.04

Drawdowns

^DJUSSC vs. SMH - Drawdown Comparison

The maximum ^DJUSSC drawdown since its inception was -86.02%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for ^DJUSSC and SMH.

Drawdown Indicators

	^DJUSSC	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-86.02%	-84.96%	-1.06%
Max Drawdown (1Y) Largest decline over 1 year	-14.99%	-14.93%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-35.23%	-35.74%	+0.51%
Max Drawdown (5Y) Largest decline over 5 years	-48.54%	-45.30%	-3.24%
Max Drawdown (10Y) Largest decline over 10 years	-48.54%	-45.30%	-3.24%
Current Drawdown Current decline from peak	-0.53%	0.00%	-0.53%
Average Drawdown Average peak-to-trough decline	-45.02%	-41.09%	-3.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.80%	3.89%	+0.91%

Volatility

^DJUSSC vs. SMH - Volatility Comparison

The current volatility for Dow Jones U.S. Semiconductors Index (^DJUSSC) is 10.38%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that ^DJUSSC 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

	^DJUSSC	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.38%	11.47%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	23.55%	24.29%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	31.05%	30.56%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.70%	35.01%	+3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.97%	32.57%	+2.40%

Frequently Asked Questions

Can I hold both ^DJUSSC and SMH in my portfolio?

^DJUSSC and SMH have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^DJUSSC or SMH?

SMH has higher volatility (11.47%) compared to ^DJUSSC (10.38%). In terms of maximum drawdown, ^DJUSSC dropped -86.02% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 3.53), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.