AIVC vs. SMH

Last updated Jun 3, 2026

AIVC (Amplify Bloomberg AI Value Chain ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - AIVC is a Technology Equities fund tracking the Bloomberg AI Value Chain Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, AIVC returned 17.28%/yr vs 37.55%/yr for SMH. A 0.69 correlation means they provide meaningful diversification when combined. AIVC charges 0.59%/yr vs 0.35%/yr for SMH.

Performance

AIVC vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bloomberg AI Value Chain ETF (AIVC) 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, AIVC achieves a 81.87% return, which is significantly higher than SMH's 75.55% return. Over the past 10 years, AIVC has underperformed SMH with an annualized return of 17.28%, while SMH has yielded a comparatively higher 37.55% annualized return.

AIVC

• 1D: 2.19%
• 1M: 34.83%
• YTD: 81.87%
• 6M: 82.02%
• 1Y: 159.88%
• 3Y*: 52.10%
• 5Y*: 21.08%
• 10Y*: 17.28%

SMH

• 1D: 4.01%
• 1M: 24.01%
• YTD: 75.55%
• 6M: 76.44%
• 1Y: 160.66%
• 3Y*: 63.68%
• 5Y*: 39.58%
• 10Y*: 37.55%

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

AIVC vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIVC Amplify Bloomberg AI Value Chain ETF	81.87%	39.94%	18.22%	39.28%	-38.91%	-7.23%	41.45%	27.78%	-18.62%	35.42%
SMH VanEck Semiconductor ETF	75.55%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between AIVC and SMH is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 10, 2016	0.69

The correlation between AIVC and SMH shifts across timeframes, from 0.69 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.

AIVC vs. SMH - Sectors Allocation Comparison

Sectors	AIVC	SMH
Technology	91.2%	100.0%
Communication Services	4.6%	-
Consumer Cyclical	4.2%	-
Financial Services	0.8%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AIVC vs. SMH — Risk / Return Rank

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

AIVC

AIVC Risk / Return Rank: 96
AIVC Sharpe Ratio Rank: 98
AIVC Sortino Ratio Rank: 95
AIVC Omega Ratio Rank: 95
AIVC Calmar Ratio Rank: 97
AIVC Martin Ratio Rank: 96

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: 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.

AIVC vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bloomberg AI Value Chain ETF (AIVC) 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.

	AIVC	SMH	Difference
Sharpe ratio Return per unit of total volatility	5.42	5.29	+0.13
Sortino ratio Return per unit of downside risk	5.40	5.29	+0.11
Omega ratio Gain probability vs. loss probability	1.72	1.73	-0.01
Calmar ratio Return relative to maximum drawdown	11.47	11.02	+0.45
Martin ratio Return relative to average drawdown	38.92	42.34	-3.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIVC vs. SMH - Sharpe Ratio Comparison

The current AIVC Sharpe Ratio is 5.42, which is comparable to the SMH Sharpe Ratio of 5.29. The chart below compares the historical Sharpe Ratios of AIVC 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

	AIVC	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.42	5.29	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	1.14	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	1.16	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.34	+0.31

Drawdowns

AIVC vs. SMH - Drawdown Comparison

The maximum AIVC drawdown since its inception was -56.11%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for AIVC and SMH.

Drawdown Indicators

	AIVC	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-56.11%	-84.96%	+28.85%
Max Drawdown (1Y) Largest decline over 1 year	-14.11%	-14.93%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-32.55%	-35.74%	+3.19%
Max Drawdown (5Y) Largest decline over 5 years	-53.58%	-45.30%	-8.28%
Max Drawdown (10Y) Largest decline over 10 years	-56.11%	-45.30%	-10.81%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.44%	-41.09%	+24.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	3.89%	+0.27%

Volatility

AIVC vs. SMH - Volatility Comparison

The current volatility for Amplify Bloomberg AI Value Chain ETF (AIVC) is 10.73%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.59%. This indicates that AIVC 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

	AIVC	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.73%	11.59%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	23.65%	24.29%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	29.67%	30.57%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.20%	35.02%	-4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.93%	32.58%	-5.65%

AIVC vs. SMH - Expense Ratio Comparison

AIVC has a 0.59% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

AIVC vs. SMH - Dividend Comparison

AIVC's dividend yield for the trailing twelve months is around 0.09%, less than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIVC Amplify Bloomberg AI Value Chain ETF	0.09%	0.17%	0.21%	0.00%	0.00%	0.00%	0.39%	1.16%	0.38%	0.92%	0.64%	0.00%
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%

Frequently Asked Questions

Can I hold both AIVC and SMH in my portfolio?

AIVC and SMH have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIVC or SMH?

SMH has higher volatility (11.59%) compared to AIVC (10.73%). In terms of maximum drawdown, AIVC dropped -56.11% vs SMH's -84.96%.

Which ETF is better, AIVC or SMH?

On 10-year performance, SMH leads with 37.55% vs 17.28% for AIVC. On fees, SMH is cheaper at 0.35% per year. On volatility, AIVC has been the lower-risk option at 10.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIVC or SMH?

Over the 10-year period, SMH has performed better with a 37.55% return vs 17.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIVC or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.59% for AIVC.

Which ETF pays a higher dividend yield, AIVC or SMH?

SMH has the higher dividend yield at 0.17%, compared with 0.09% for AIVC.

What is the main difference between AIVC and SMH?

AIVC is categorized as Technology Equities, while SMH is Semiconductors. AIVC tracks Bloomberg AI Value Chain Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Amplify and VanEck. Their fees differ too: 0.59% for AIVC and 0.35% for SMH.

Which has better risk-adjusted returns?

AIVC currently has the higher Sharpe Ratio (5.42 vs 5.29), 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.