AVS vs. SMHX

Last updated Jul 17, 2026

AVS (Direxion Daily AVGO Bear 1X Shares) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - AVS is a Inverse Equities fund actively managed by Direxion, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. AVS is actively managed, while SMHX is passively managed. Over the past year, AVS returned -36.46% vs 75.18% for SMHX. At a correlation of -0.77, they often move in opposite directions. AVS charges 0.98%/yr vs 0.35%/yr for SMHX.

Performance

AVS vs. SMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AVGO Bear 1X Shares (AVS) and VanEck Fabless Semiconductor ETF (SMHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVS achieves a -15.77% return, which is significantly lower than SMHX's 48.21% return.

AVS

• 1D: 4.92%
• 1M: -1.10%
• 6M: -16.26%
• YTD: -15.77%
• 1Y: -36.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMHX

• 1D: -4.39%
• 1M: -9.38%
• 6M: 43.30%
• YTD: 48.21%
• 1Y: 75.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVS vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVS Direxion Daily AVGO Bear 1X Shares	-15.77%	-45.96%	-27.15%
SMHX VanEck Fabless Semiconductor ETF	48.21%	30.00%	9.18%

Correlation

The correlation between AVS and SMHX is -0.75, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.75
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.77

The correlation between AVS and SMHX has been stable across timeframes, ranging from -0.77 to -0.75 - a consistent structural relationship.

Return for Risk

AVS vs. SMHX — Risk / Return Rank

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

AVS

AVS Risk / Return Rank: 3
AVS Sharpe Ratio Rank: 3
AVS Sortino Ratio Rank: 4
AVS Omega Ratio Rank: 3
AVS Calmar Ratio Rank: 3
AVS Martin Ratio Rank: 2

SMHX

SMHX Risk / Return Rank: 74
SMHX Sharpe Ratio Rank: 77
SMHX Sortino Ratio Rank: 65
SMHX Omega Ratio Rank: 65
SMHX Calmar Ratio Rank: 90
SMHX Martin Ratio Rank: 74

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.

AVS vs. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bear 1X Shares (AVS) and VanEck Fabless Semiconductor ETF (SMHX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AVS	SMHX	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	1.96	-2.74
Sortino ratio: Return per unit of downside risk	-0.98	2.40	-3.38
Omega ratio: Gain probability vs. loss probability	0.88	1.31	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.75	4.43	-5.18
Martin ratio: Return relative to average drawdown	-1.33	10.82	-12.15

AVS vs. SMHX - Sharpe Ratio Comparison

The current AVS Sharpe Ratio is -0.77, which is lower than the SMHX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of AVS and SMHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVS vs. SMHX - Drawdown Comparison

The maximum AVS drawdown since its inception was -76.77%, which is greater than SMHX's maximum drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for AVS and SMHX.

Drawdown Indicators

	AVS	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-76.77%	-38.53%	-38.24%
Max Drawdown (1Y) Largest decline over 1 year	-48.74%	-17.06%	-31.68%
Current Drawdown Current decline from peak	-71.42%	-16.94%	-54.48%
Average Drawdown Average peak-to-trough decline	-50.27%	-7.47%	-42.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.38%	6.97%	+20.41%

Volatility

AVS vs. SMHX - Volatility Comparison

The current volatility for Direxion Daily AVGO Bear 1X Shares (AVS) is 14.84%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 15.79%. This indicates that AVS experiences smaller price fluctuations and is considered to be less risky than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVS	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.84%	15.79%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	34.29%	32.14%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	47.36%	38.47%	+8.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.78%	41.83%	+11.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.78%	41.83%	+11.95%

AVS vs. SMHX - Expense Ratio Comparison

AVS has a 0.98% expense ratio, which is higher than SMHX's 0.35% expense ratio.

Dividends

AVS vs. SMHX - Dividend Comparison

AVS's dividend yield for the trailing twelve months is around 3.44%, more than SMHX's 0.02% yield.

Position	TTM	2025	2024
AVS Direxion Daily AVGO Bear 1X Shares	3.44%	4.22%	1.63%
SMHX VanEck Fabless Semiconductor ETF	0.02%	0.02%	0.04%

Frequently Asked Questions

Can I hold both AVS and SMHX in my portfolio?

AVS and SMHX have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVS or SMHX?

SMHX has higher volatility (15.79%) compared to AVS (14.84%). In terms of maximum drawdown, AVS dropped -76.77% vs SMHX's -38.53%.

Which ETF is better, AVS or SMHX?

On 1-year performance, SMHX leads with 75.18% vs -36.46% for AVS. On fees, SMHX is cheaper at 0.35% per year. On volatility, AVS has been the lower-risk option at 14.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVS or SMHX?

Over the 1-year period, SMHX has performed better with a 75.18% return vs -36.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVS or SMHX?

SMHX is cheaper with a 0.35% expense ratio, compared with 0.98% for AVS.

Which ETF pays a higher dividend yield, AVS or SMHX?

AVS has the higher dividend yield at 3.44%, compared with 0.02% for SMHX.

What is the main difference between AVS and SMHX?

AVS is categorized as Inverse Equities, while SMHX is Semiconductors. They also come from different issuers: Direxion and VanEck. Their fees differ too: 0.98% for AVS and 0.35% for SMHX.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (1.96 vs -0.77), 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.