AXTI vs. SMH

Last updated Jun 4, 2026

AXTI (AXT, 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, AXTI returned 40.50%/yr vs 37.68%/yr for SMH. At a 0.40 correlation, their price movements are largely independent.

Performance

AXTI vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AXT, Inc. (AXTI) 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, AXTI achieves a 552.60% return, which is significantly higher than SMH's 77.13% return. Over the past 10 years, AXTI has outperformed SMH with an annualized return of 40.50%, while SMH has yielded a comparatively lower 37.68% annualized return.

AXTI

• 1D: -3.74%
• 1M: 0.66%
• YTD: 552.60%
• 6M: 829.44%
• 1Y: 6,085.51%
• 3Y*: 212.99%
• 5Y*: 58.76%
• 10Y*: 40.50%

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)

AXTI vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AXTI AXT, Inc.	552.60%	653.46%	-9.58%	-45.21%	-50.28%	-7.94%	120.00%	-0.00%	-50.00%	81.25%
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 AXTI and SMH is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jun 6, 2000	0.40

The correlation between AXTI and SMH shifts across timeframes, from 0.33 (1 year) to 0.50 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

AXTI vs. SMH — Risk / Return Rank

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

AXTI

AXTI Risk / Return Rank: 99
AXTI Sharpe Ratio Rank: 100
AXTI Sortino Ratio Rank: 99
AXTI Omega Ratio Rank: 98
AXTI Calmar Ratio Rank: 100
AXTI Martin Ratio Rank: 100

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.

AXTI vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXT, Inc. (AXTI) 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.

	AXTI	SMH	Difference
Sharpe ratio Return per unit of total volatility	45.71	5.19	+40.52
Sortino ratio Return per unit of downside risk	6.96	5.22	+1.74
Omega ratio Gain probability vs. loss probability	1.87	1.72	+0.14
Calmar ratio Return relative to maximum drawdown	160.12	10.59	+149.52
Martin ratio Return relative to average drawdown	490.82	40.63	+450.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AXTI vs. SMH - Sharpe Ratio Comparison

The current AXTI Sharpe Ratio is 45.71, which is higher than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of AXTI 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

	AXTI	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	45.71	5.19	+40.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	1.13	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	1.16	-0.67
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.34	-0.23

Drawdowns

AXTI vs. SMH - Drawdown Comparison

The maximum AXTI drawdown since its inception was -98.57%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for AXTI and SMH.

Drawdown Indicators

	AXTI	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-98.57%	-84.96%	-13.61%
Max Drawdown (1Y) Largest decline over 1 year	-38.65%	-14.93%	-23.72%
Max Drawdown (3Y) Largest decline over 3 years	-78.52%	-35.74%	-42.78%
Max Drawdown (5Y) Largest decline over 5 years	-90.57%	-45.30%	-45.27%
Max Drawdown (10Y) Largest decline over 10 years	-92.45%	-45.30%	-47.15%
Current Drawdown Current decline from peak	-24.23%	0.00%	-24.23%
Average Drawdown Average peak-to-trough decline	-82.33%	-41.09%	-41.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.58%	3.89%	+8.69%

Volatility

AXTI vs. SMH - Volatility Comparison

AXT, Inc. (AXTI) has a higher volatility of 37.30% compared to VanEck Semiconductor ETF (SMH) at 11.47%. This indicates that AXTI'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

	AXTI	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.30%	11.47%	+25.83%
Volatility (6M) Calculated over the trailing 6-month period	112.04%	24.29%	+87.75%
Volatility (1Y) Calculated over the trailing 1-year period	135.60%	30.56%	+105.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.88%	35.01%	+60.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.31%	32.57%	+49.74%

Dividends

AXTI vs. SMH - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AXTI AXT, 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	0.17%	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 AXTI and SMH in my portfolio?

AXTI and SMH have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AXTI or SMH?

AXTI has higher volatility (37.30%) compared to SMH (11.47%). In terms of maximum drawdown, AXTI dropped -98.57% vs SMH's -84.96%.

Which has better risk-adjusted returns?

AXTI currently has the higher Sharpe Ratio (45.71 vs 5.19), 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.