BCSF vs. SMH

Last updated Jun 4, 2026

BCSF (Bain Capital Specialty Finance, Inc.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 5 years, BCSF returned 6.86%/yr vs 39.21%/yr for SMH. At a 0.26 correlation, their price movements are largely independent.

Performance

BCSF vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bain Capital Specialty Finance, Inc. (BCSF) 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, BCSF achieves a -4.96% return, which is significantly lower than SMH's 77.13% return.

BCSF

• 1D: -4.34%
• 1M: -9.75%
• YTD: -4.96%
• 6M: -4.05%
• 1Y: -6.23%
• 3Y*: 13.06%
• 5Y*: 6.86%
• 10Y*: —

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)

BCSF vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BCSF Bain Capital Specialty Finance, Inc.	-4.96%	-9.60%	29.52%	41.95%	-13.31%	36.98%	-28.91%	28.19%	-4.60%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-7.25%

Correlation

The correlation between BCSF 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	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018	0.26

The correlation between BCSF and SMH shifts across timeframes, from 0.18 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BCSF vs. SMH — Risk / Return Rank

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

BCSF

BCSF Risk / Return Rank: 26
BCSF Sharpe Ratio Rank: 28
BCSF Sortino Ratio Rank: 24
BCSF Omega Ratio Rank: 24
BCSF Calmar Ratio Rank: 27
BCSF Martin Ratio Rank: 25

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.

BCSF vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bain Capital Specialty Finance, Inc. (BCSF) 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.

	BCSF	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	5.19	-5.48
Sortino ratio: Return per unit of downside risk	-0.27	5.22	-5.49
Omega ratio: Gain probability vs. loss probability	0.97	1.72	-0.75
Calmar ratio: Return relative to maximum drawdown	-0.39	10.59	-10.98
Martin ratio: Return relative to average drawdown	-0.81	40.63	-41.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BCSF vs. SMH - Sharpe Ratio Comparison

The current BCSF Sharpe Ratio is -0.29, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of BCSF 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

	BCSF	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.29	5.19	-5.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	1.13	-0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.34	-0.12

Drawdowns

BCSF vs. SMH - Drawdown Comparison

The maximum BCSF drawdown since its inception was -62.42%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for BCSF and SMH.

Drawdown Indicators

	BCSF	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-62.42%	-84.96%	+22.54%
Max Drawdown (1Y) Largest decline over 1 year	-16.17%	-14.93%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-26.38%	-35.74%	+9.36%
Max Drawdown (5Y) Largest decline over 5 years	-26.38%	-45.30%	+18.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-21.07%	0.00%	-21.07%
Average Drawdown Average peak-to-trough decline	-12.27%	-41.09%	+28.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.75%	3.89%	+3.86%

Volatility

BCSF vs. SMH - Volatility Comparison

The current volatility for Bain Capital Specialty Finance, Inc. (BCSF) is 5.97%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that BCSF 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

	BCSF	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.97%	11.47%	-5.50%
Volatility (6M) Calculated over the trailing 6-month period	17.29%	24.29%	-7.00%
Volatility (1Y) Calculated over the trailing 1-year period	21.42%	30.56%	-9.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.26%	35.01%	-14.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.02%	32.57%	-1.55%

Dividends

BCSF vs. SMH - Dividend Comparison

BCSF's dividend yield for the trailing twelve months is around 15.04%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCSF Bain Capital Specialty Finance, Inc.	15.04%	14.02%	10.27%	10.62%	11.60%	8.94%	11.73%	8.30%	2.44%	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 BCSF and SMH in my portfolio?

BCSF 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, BCSF or SMH?

SMH has higher volatility (11.47%) compared to BCSF (5.97%). In terms of maximum drawdown, BCSF dropped -62.42% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs -0.29), 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.