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AMZZ vs. SMH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AMZZ vs. SMH

Last updated Jun 4, 2026

AMZZ (GraniteShares 2x Long AMZN Daily ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - AMZZ is a Leveraged Equities fund actively managed by GraniteShares, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. AMZZ is actively managed, while SMH is passively managed. Over the past year, AMZZ returned 25.28% vs 157.20% for SMH. A 0.50 correlation means they provide meaningful diversification when combined. AMZZ charges 1.15%/yr vs 0.35%/yr for SMH.

Performance

AMZZ vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AMZN Daily ETF (AMZZ) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AMZZ achieves a 9.44% return, which is significantly lower than SMH's 77.13% return.

AMZZ

1D
-5.02%
1M
-16.12%
YTD
9.44%
6M
7.26%
1Y
25.28%
3Y*
—
5Y*
—
10Y*
—

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)

AMZZ vs. SMH - Yearly Performance Comparison

2026 (YTD)20252024
AMZZ
GraniteShares 2x Long AMZN Daily ETF		9.44%-8.94%38.36%
SMH
VanEck Semiconductor ETF		77.13%49.17%11.44%

Correlation

The correlation between AMZZ and SMH is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.43

Correlation (All Time)
Calculated using the full available price history since Mar 19, 2024

0.50

The correlation between AMZZ and SMH has been stable across timeframes, ranging from 0.43 to 0.50 - a consistent structural relationship.

AMZZ vs. SMH - Sectors Allocation Comparison

Sectors
AMZZ
SMH

Consumer Cyclical

66.7%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

100.0%

Utilities

-

-

Consumer Cyclical

AMZZ
66.7%
SMH

-

Basic Materials

AMZZ

-

SMH

-

Communication Services

AMZZ

-

SMH

-

Consumer Defensive

AMZZ

-

SMH

-

Energy

AMZZ

-

SMH

-

Financial Services

AMZZ

-

SMH

-

Healthcare

AMZZ

-

SMH

-

Industrials

AMZZ

-

SMH

-

Real Estate

AMZZ

-

SMH

-

Technology

AMZZ

-

SMH
100.0%

Utilities

AMZZ

-

SMH

-

Compare stocks, funds, or ETFs

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GraniteShares 2x Long AMZN Daily ETF

VanEck Semiconductor ETF

Often compared with AMZZ:
AMZZ vs. AMZUAMZZ vs. AMZNAMZZ vs. AMZYAMZZ vs. NVDAAMZZ vs. TQQQAMZZ vs. NVDXAMZZ vs. GGLL
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

AMZZ vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AMZZ
AMZZ Risk / Return Rank: 1717
Overall Rank
AMZZ Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
AMZZ Sortino Ratio Rank: 1919
Sortino Ratio Rank
AMZZ Omega Ratio Rank: 1919
Omega Ratio Rank
AMZZ Calmar Ratio Rank: 1616
Calmar Ratio Rank
AMZZ Martin Ratio Rank: 1515
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.

AMZZ vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AMZN Daily ETF (AMZZ) 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.

AMZZSMHDifference
Sharpe ratioReturn per unit of total volatility
0.43
5.19

-4.76

Sortino ratioReturn per unit of downside risk
0.99
5.22

-4.22

Omega ratioGain probability vs. loss probability

1.12

1.72

-0.60

Calmar ratioReturn relative to maximum drawdown

0.61

10.59

-9.99

Martin ratioReturn relative to average drawdown

1.37

40.63

-39.26

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

AMZZ vs. SMH - Sharpe Ratio Comparison

The current AMZZ Sharpe Ratio is 0.43, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of AMZZ 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

AMZZSMHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.43

5.19

-4.76

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.13

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.16

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.34

-0.09

Drawdowns

AMZZ vs. SMH - Drawdown Comparison

The maximum AMZZ drawdown since its inception was -55.28%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for AMZZ and SMH.

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Drawdown Indicators

AMZZSMHDifference

Max Drawdown

Largest peak-to-trough decline

-55.28%

-84.96%

+29.68%

Max Drawdown (1Y)

Largest decline over 1 year

-41.97%

-14.93%

-27.04%

Max Drawdown (3Y)

Largest decline over 3 years

—

-35.74%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-45.30%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.30%

—

Current Drawdown

Current decline from peak

-18.02%

0.00%

-18.02%

Average Drawdown

Average peak-to-trough decline

-20.21%

-41.09%

+20.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.49%

3.89%

+14.60%

Volatility

AMZZ vs. SMH - Volatility Comparison

GraniteShares 2x Long AMZN Daily ETF (AMZZ) has a higher volatility of 14.66% compared to VanEck Semiconductor ETF (SMH) at 11.47%. This indicates that AMZZ's price experiences larger fluctuations and is considered to be riskier 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

AMZZSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.66%

11.47%

+3.19%

Volatility (6M)

Calculated over the trailing 6-month period

40.44%

24.29%

+16.15%

Volatility (1Y)

Calculated over the trailing 1-year period

59.66%

30.56%

+29.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

62.82%

35.01%

+27.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.82%

32.57%

+30.25%

AMZZ vs. SMH - Expense Ratio Comparison

AMZZ has a 1.15% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

AMZZ vs. SMH - Dividend Comparison

AMZZ has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.

PositionTTM20252024202320222021202020192018201720162015
AMZZ
GraniteShares 2x Long AMZN Daily 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%
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

AMZZ and SMH have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AMZZ has higher volatility (14.66%) compared to SMH (11.47%). In terms of maximum drawdown, AMZZ dropped -55.28% vs SMH's -84.96%.

On 1-year performance, SMH leads with 157.20% vs 25.28% for AMZZ. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 11.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, SMH has performed better with a 157.20% return vs 25.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMH is cheaper with a 0.35% expense ratio, compared with 1.15% for AMZZ.

SMH has the higher dividend yield at 0.17%, compared with 0.00% for AMZZ.

AMZZ is categorized as Leveraged Equities, while SMH is Semiconductors. They also come from different issuers: GraniteShares and VanEck. Their fees differ too: 1.15% for AMZZ and 0.35% for SMH.

SMH currently has the higher Sharpe Ratio (5.19 vs 0.43), 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.

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