BBP vs. SMH

Last updated Jun 24, 2026

BBP (Virtus LifeSci Biotech Products ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - BBP is a Health & Biotech Equities fund tracking the LifeSci Biotechnology Products Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, BBP returned 13.69%/yr vs 37.85%/yr for SMH. At a 0.45 correlation, their price movements are largely independent. BBP charges 0.79%/yr vs 0.35%/yr for SMH.

Performance

BBP vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus LifeSci Biotech Products ETF (BBP) 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, BBP achieves a 16.04% return, which is significantly lower than SMH's 72.73% return. Over the past 10 years, BBP has underperformed SMH with an annualized return of 13.69%, while SMH has yielded a comparatively higher 37.85% annualized return.

BBP

• 1D: 1.20%
• 1M: 7.69%
• YTD: 16.04%
• 6M: 14.38%
• 1Y: 59.95%
• 3Y*: 20.40%
• 5Y*: 11.34%
• 10Y*: 13.69%

SMH

• 1D: -7.01%
• 1M: 7.93%
• YTD: 72.73%
• 6M: 71.29%
• 1Y: 138.23%
• 3Y*: 62.28%
• 5Y*: 38.18%
• 10Y*: 37.85%

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

BBP vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BBP Virtus LifeSci Biotech Products ETF	16.04%	33.15%	3.32%	17.88%	0.85%	-8.17%	22.24%	24.73%	-13.95%	24.07%
SMH VanEck Semiconductor ETF	72.73%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between BBP and SMH is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Dec 17, 2014	0.45

The correlation between BBP and SMH shifts across timeframes, from 0.32 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

BBP vs. SMH - Sectors Allocation Comparison

Sectors	BBP	SMH
Healthcare	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

BBP vs. SMH — Risk / Return Rank

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

BBP

BBP Risk / Return Rank: 85
BBP Sharpe Ratio Rank: 84
BBP Sortino Ratio Rank: 82
BBP Omega Ratio Rank: 73
BBP Calmar Ratio Rank: 94
BBP Martin Ratio Rank: 91

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 91
SMH Omega Ratio Rank: 92
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.

BBP vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus LifeSci Biotech Products ETF (BBP) 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.

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.

	BBP	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.52	3.99	-1.47
Sortino ratio: Return per unit of downside risk	3.42	4.05	-0.63
Omega ratio: Gain probability vs. loss probability	1.40	1.58	-0.18
Calmar ratio: Return relative to maximum drawdown	6.49	9.31	-2.82
Martin ratio: Return relative to average drawdown	20.18	33.88	-13.70

BBP vs. SMH - Sharpe Ratio Comparison

The current BBP Sharpe Ratio is 2.52, which is lower than the SMH Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of BBP 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.

Drawdowns

BBP vs. SMH - Drawdown Comparison

The maximum BBP drawdown since its inception was -44.32%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for BBP and SMH.

Drawdown Indicators

	BBP	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-44.32%	-84.96%	+40.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.28%	-14.93%	+5.65%
Max Drawdown (3Y) Largest decline over 3 years	-26.09%	-35.74%	+9.65%
Max Drawdown (5Y) Largest decline over 5 years	-37.89%	-45.30%	+7.41%
Max Drawdown (10Y) Largest decline over 10 years	-44.32%	-45.30%	+0.98%
Current Drawdown Current decline from peak	0.00%	-7.01%	+7.01%
Average Drawdown Average peak-to-trough decline	-11.98%	-41.01%	+29.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	4.10%	-1.12%

Volatility

BBP vs. SMH - Volatility Comparison

The current volatility for Virtus LifeSci Biotech Products ETF (BBP) is 6.46%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.08%. This indicates that BBP 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

	BBP	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	19.08%	-12.62%
Volatility (6M) Calculated over the trailing 6-month period	18.88%	29.18%	-10.30%
Volatility (1Y) Calculated over the trailing 1-year period	23.96%	34.87%	-10.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.37%	35.83%	-9.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.39%	32.97%	-5.58%

BBP vs. SMH - Expense Ratio Comparison

BBP has a 0.79% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

BBP vs. SMH - Dividend Comparison

BBP 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
BBP Virtus LifeSci Biotech Products ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.18%	0.00%	1.29%
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 BBP and SMH in my portfolio?

BBP and SMH have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBP or SMH?

SMH has higher volatility (19.08%) compared to BBP (6.46%). In terms of maximum drawdown, BBP dropped -44.32% vs SMH's -84.96%.

Which ETF is better, BBP or SMH?

On 10-year performance, SMH leads with 37.85% vs 13.69% for BBP. On fees, SMH is cheaper at 0.35% per year. On volatility, BBP has been the lower-risk option at 6.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBP or SMH?

Over the 10-year period, SMH has performed better with a 37.85% return vs 13.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBP or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.79% for BBP.

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

SMH has the higher dividend yield at 0.18%, compared with 0.00% for BBP.

What is the main difference between BBP and SMH?

BBP is categorized as Health & Biotech Equities, while SMH is Semiconductors. BBP tracks LifeSci Biotechnology Products Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Virtus Investment Partners and VanEck. Their fees differ too: 0.79% for BBP and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.99 vs 2.52), 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.