BITW vs. SMH

Last updated Jun 13, 2026

BITW (Bitwise 10 Crypto Index Fund) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 5 years, BITW returned -0.81%/yr vs 38.42%/yr for SMH. At a 0.34 correlation, their price movements are largely independent.

Performance

BITW vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index Fund (BITW) 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, BITW achieves a -31.38% return, which is significantly lower than SMH's 72.15% return.

BITW

• 1D: -0.37%
• 1M: -20.68%
• YTD: -31.38%
• 6M: -34.10%
• 1Y: -35.34%
• 3Y*: 61.40%
• 5Y*: -0.81%
• 10Y*: —

SMH

• 1D: 1.72%
• 1M: 11.44%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 141.99%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

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

BITW vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BITW Bitwise 10 Crypto Index Fund	-31.38%	-2.63%	160.69%	331.10%	-85.92%	-36.83%	403.25%
SMH VanEck Semiconductor ETF	72.15%	49.17%	39.10%	73.38%	-33.53%	42.13%	16.76%

Correlation

The correlation between BITW and SMH is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.34

The correlation between BITW and SMH shifts across timeframes, from 0.34 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BITW vs. SMH — Risk / Return Rank

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

BITW

BITW Risk / Return Rank: 14
BITW Sharpe Ratio Rank: 11
BITW Sortino Ratio Rank: 13
BITW Omega Ratio Rank: 15
BITW Calmar Ratio Rank: 18
BITW Martin Ratio Rank: 16

SMH

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

BITW vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index Fund (BITW) 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.

	BITW	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	4.13	-4.89
Sortino ratio: Return per unit of downside risk	-0.96	4.26	-5.23
Omega ratio: Gain probability vs. loss probability	0.89	1.60	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.68	9.18	-9.86
Martin ratio: Return relative to average drawdown	-1.19	33.74	-34.93

BITW vs. SMH - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.76, which is lower than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of BITW 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

BITW vs. SMH - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for BITW and SMH.

Drawdown Indicators

	BITW	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-84.96%	-11.50%
Max Drawdown (1Y) Largest decline over 1 year	-55.51%	-14.93%	-40.58%
Max Drawdown (3Y) Largest decline over 3 years	-55.51%	-35.74%	-19.77%
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	-45.30%	-46.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-70.99%	-2.81%	-68.18%
Average Drawdown Average peak-to-trough decline	-69.55%	-41.04%	-28.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.55%	4.06%	+27.49%

Volatility

BITW vs. SMH - Volatility Comparison

The current volatility for Bitwise 10 Crypto Index Fund (BITW) is 12.56%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that BITW 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

	BITW	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.56%	16.25%	-3.69%
Volatility (6M) Calculated over the trailing 6-month period	37.05%	27.73%	+9.32%
Volatility (1Y) Calculated over the trailing 1-year period	49.59%	33.20%	+16.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.86%	35.47%	+30.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.52%	32.82%	+75.70%

Dividends

BITW vs. SMH - Dividend Comparison

BITW 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
BITW Bitwise 10 Crypto Index Fund	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 BITW and SMH in my portfolio?

BITW and SMH have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITW or SMH?

SMH has higher volatility (16.25%) compared to BITW (12.56%). In terms of maximum drawdown, BITW dropped -96.46% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 vs -0.76), 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.