BBEM vs. SMH

Last updated Jun 5, 2026

BBEM (JPMorgan Betabuilders Emerging Markets Equity ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - BBEM is a Emerging Markets Diversified fund tracking the Morningstar Emerging Markets Target Market Exposure Index - Benchmark TR Net, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 3 years, BBEM returned 22.47%/yr vs 63.96%/yr for SMH. A 0.64 correlation means they provide meaningful diversification when combined. BBEM charges 0.15%/yr vs 0.35%/yr for SMH.

Performance

BBEM vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Betabuilders Emerging Markets Equity ETF (BBEM) 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, BBEM achieves a 25.45% return, which is significantly lower than SMH's 74.25% return.

BBEM

• 1D: -1.24%
• 1M: 5.92%
• YTD: 25.45%
• 6M: 27.96%
• 1Y: 49.80%
• 3Y*: 22.47%
• 5Y*: —
• 10Y*: —

SMH

• 1D: -1.63%
• 1M: 20.06%
• YTD: 74.25%
• 6M: 74.08%
• 1Y: 150.04%
• 3Y*: 63.96%
• 5Y*: 38.76%
• 10Y*: 37.49%

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

BBEM vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BBEM JPMorgan Betabuilders Emerging Markets Equity ETF	25.45%	32.43%	5.61%	6.01%
SMH VanEck Semiconductor ETF	74.25%	49.17%	39.10%	42.98%

Correlation

The correlation between BBEM and SMH is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 12, 2023	0.64

The correlation between BBEM and SMH shifts across timeframes, from 0.64 (all time) to 0.75 (1 year), reflecting how their relationship changes across market environments.

BBEM vs. SMH - Sectors Allocation Comparison

Sectors	BBEM	SMH
Technology	36.5%	100.0%
Financial Services	19.0%	-
Consumer Cyclical	10.0%	-
Industrials	8.1%	-
Communication Services	6.7%	-
Basic Materials	6.2%	-
Energy	4.2%	-
Consumer Defensive	3.0%	-
Healthcare	2.8%	-
Utilities	2.5%	-
Real Estate	1.0%	-

Return for Risk

BBEM vs. SMH — Risk / Return Rank

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

BBEM

BBEM Risk / Return Rank: 79
BBEM Sharpe Ratio Rank: 80
BBEM Sortino Ratio Rank: 78
BBEM Omega Ratio Rank: 80
BBEM Calmar Ratio Rank: 76
BBEM Martin Ratio Rank: 79

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 95
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.

BBEM vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Betabuilders Emerging Markets Equity ETF (BBEM) 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.

	BBEM	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.56	4.94	-2.38
Sortino ratio: Return per unit of downside risk	3.42	5.05	-1.63
Omega ratio: Gain probability vs. loss probability	1.47	1.69	-0.22
Calmar ratio: Return relative to maximum drawdown	3.81	10.11	-6.30
Martin ratio: Return relative to average drawdown	15.02	38.76	-23.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBEM vs. SMH - Sharpe Ratio Comparison

The current BBEM Sharpe Ratio is 2.56, which is lower than the SMH Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of BBEM 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

	BBEM	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	4.94	-2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.11	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.34	+0.95

Drawdowns

BBEM vs. SMH - Drawdown Comparison

The maximum BBEM drawdown since its inception was -17.42%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for BBEM and SMH.

Drawdown Indicators

	BBEM	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-17.42%	-84.96%	+67.54%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-14.93%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-17.42%	-35.74%	+18.32%
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	-2.53%	-1.63%	-0.90%
Average Drawdown Average peak-to-trough decline	-3.70%	-41.08%	+37.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	3.89%	-0.57%

Volatility

BBEM vs. SMH - Volatility Comparison

The current volatility for JPMorgan Betabuilders Emerging Markets Equity ETF (BBEM) is 8.57%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.58%. This indicates that BBEM 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

	BBEM	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.57%	11.58%	-3.01%
Volatility (6M) Calculated over the trailing 6-month period	17.26%	24.35%	-7.09%
Volatility (1Y) Calculated over the trailing 1-year period	19.54%	30.57%	-11.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.50%	35.01%	-17.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.50%	32.57%	-15.07%

BBEM vs. SMH - Expense Ratio Comparison

BBEM has a 0.15% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

BBEM vs. SMH - Dividend Comparison

BBEM's dividend yield for the trailing twelve months is around 4.65%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBEM JPMorgan Betabuilders Emerging Markets Equity ETF	4.65%	5.86%	2.73%	1.94%	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 BBEM and SMH in my portfolio?

BBEM and SMH 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, BBEM or SMH?

SMH has higher volatility (11.58%) compared to BBEM (8.57%). In terms of maximum drawdown, BBEM dropped -17.42% vs SMH's -84.96%.

Which ETF is better, BBEM or SMH?

On 3-year performance, SMH leads with 63.96% vs 22.47% for BBEM. On fees, BBEM is cheaper at 0.15% per year. On volatility, BBEM has been the lower-risk option at 8.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBEM or SMH?

Over the 3-year period, SMH has performed better with a 63.96% return vs 22.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBEM or SMH?

BBEM is cheaper with a 0.15% expense ratio, compared with 0.35% for SMH.

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

BBEM has the higher dividend yield at 4.65%, compared with 0.18% for SMH.

What is the main difference between BBEM and SMH?

BBEM is categorized as Emerging Markets Diversified, while SMH is Semiconductors. BBEM tracks Morningstar Emerging Markets Target Market Exposure Index - Benchmark TR Net, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: JPMorgan and VanEck. Their fees differ too: 0.15% for BBEM and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.94 vs 2.56), 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.