AXON vs. SMH

Last updated Jun 9, 2026

AXON (Axon Enterprise, Inc.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, AXON returned 35.39%/yr vs 36.92%/yr for SMH. At a 0.36 correlation, their price movements are largely independent.

Performance

AXON vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Axon Enterprise, Inc. (AXON) 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, AXON achieves a -17.06% return, which is significantly lower than SMH's 66.10% return. Both investments have delivered pretty close results over the past 10 years, with AXON having a 35.39% annualized return and SMH not far ahead at 36.92%.

AXON

• 1D: -3.10%
• 1M: 16.73%
• YTD: -17.06%
• 6M: -14.84%
• 1Y: -40.51%
• 3Y*: 34.22%
• 5Y*: 26.05%
• 10Y*: 35.39%

SMH

• 1D: 5.00%
• 1M: 5.58%
• YTD: 66.10%
• 6M: 62.81%
• 1Y: 137.42%
• 3Y*: 60.43%
• 5Y*: 37.89%
• 10Y*: 36.92%

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

AXON vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AXON Axon Enterprise, Inc.	-17.06%	-4.44%	130.06%	55.69%	5.69%	28.13%	67.21%	67.50%	65.09%	9.32%
SMH VanEck Semiconductor ETF	66.10%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between AXON and SMH is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 8, 2001	0.36

The correlation between AXON and SMH shifts across timeframes, from 0.18 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AXON vs. SMH — Risk / Return Rank

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

AXON

AXON Risk / Return Rank: 14
AXON Sharpe Ratio Rank: 11
AXON Sortino Ratio Rank: 13
AXON Omega Ratio Rank: 13
AXON Calmar Ratio Rank: 17
AXON Martin Ratio Rank: 16

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 93
SMH Omega Ratio Rank: 94
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.

AXON vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Axon Enterprise, Inc. (AXON) 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.

	AXON	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	4.27	-5.00
Sortino ratio: Return per unit of downside risk	-0.93	4.33	-5.27
Omega ratio: Gain probability vs. loss probability	0.88	1.62	-0.74
Calmar ratio: Return relative to maximum drawdown	-0.67	9.26	-9.93
Martin ratio: Return relative to average drawdown	-1.17	34.80	-35.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AXON vs. SMH - Sharpe Ratio Comparison

The current AXON Sharpe Ratio is -0.73, which is lower than the SMH Sharpe Ratio of 4.27. The chart below compares the historical Sharpe Ratios of AXON 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

	AXON	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.73	4.27	-5.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	1.08	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	1.13	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.33	+0.18

Drawdowns

AXON vs. SMH - Drawdown Comparison

The maximum AXON drawdown since its inception was -91.78%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for AXON and SMH.

Drawdown Indicators

	AXON	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-91.78%	-84.96%	-6.82%
Max Drawdown (1Y) Largest decline over 1 year	-60.28%	-14.93%	-45.35%
Max Drawdown (3Y) Largest decline over 3 years	-60.28%	-35.74%	-24.54%
Max Drawdown (5Y) Largest decline over 5 years	-60.28%	-45.30%	-14.98%
Max Drawdown (10Y) Largest decline over 10 years	-60.28%	-45.30%	-14.98%
Current Drawdown Current decline from peak	-45.92%	-6.23%	-39.69%
Average Drawdown Average peak-to-trough decline	-43.59%	-41.07%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.81%	3.96%	+30.85%

Volatility

AXON vs. SMH - Volatility Comparison

Axon Enterprise, Inc. (AXON) has a higher volatility of 19.02% compared to VanEck Semiconductor ETF (SMH) at 15.45%. This indicates that AXON'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.

Volatility by Period

	AXON	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.02%	15.45%	+3.57%
Volatility (6M) Calculated over the trailing 6-month period	44.22%	26.71%	+17.51%
Volatility (1Y) Calculated over the trailing 1-year period	55.73%	32.42%	+23.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.97%	35.32%	+12.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.19%	32.75%	+16.44%

Dividends

AXON vs. SMH - Dividend Comparison

AXON has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AXON Axon Enterprise, Inc.	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	0.18%	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 AXON and SMH in my portfolio?

AXON and SMH have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AXON or SMH?

AXON has higher volatility (19.02%) compared to SMH (15.45%). In terms of maximum drawdown, AXON dropped -91.78% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.27 vs -0.73), 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.