BOUT vs. SMH

Last updated Jun 24, 2026

BOUT (Innovator IBD Breakout Opportunities ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - BOUT is a Mid Cap Growth Equities fund tracking the IBD Breakout Stocks Total Return Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, BOUT returned 8.29%/yr vs 38.18%/yr for SMH. A 0.65 correlation means they provide meaningful diversification when combined. BOUT charges 0.80%/yr vs 0.35%/yr for SMH.

Performance

BOUT vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator IBD Breakout Opportunities ETF (BOUT) 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, BOUT achieves a 31.88% return, which is significantly lower than SMH's 72.73% return.

BOUT

• 1D: -1.91%
• 1M: 3.56%
• YTD: 31.88%
• 6M: 28.55%
• 1Y: 34.68%
• 3Y*: 16.89%
• 5Y*: 8.29%
• 10Y*: —

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)

BOUT vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BOUT Innovator IBD Breakout Opportunities ETF	31.88%	-6.77%	18.82%	13.27%	-22.60%	22.69%	50.56%	20.59%	-30.42%
SMH VanEck Semiconductor ETF	72.73%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-14.72%

Correlation

The correlation between BOUT and SMH is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018	0.65

The correlation between BOUT and SMH has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

BOUT vs. SMH - Sectors Allocation Comparison

Sectors	BOUT	SMH
Technology	33.0%	100.0%
Financial Services	18.3%	-
Basic Materials	12.3%	-
Consumer Cyclical	10.8%	-
Utilities	7.0%	-
Healthcare	6.5%	-
Consumer Defensive	4.8%	-
Energy	4.0%	-
Real Estate	3.9%	-
Communication Services	3.3%	-
Industrials	3.2%	-

Return for Risk

BOUT vs. SMH — Risk / Return Rank

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

BOUT

BOUT Risk / Return Rank: 51
BOUT Sharpe Ratio Rank: 49
BOUT Sortino Ratio Rank: 45
BOUT Omega Ratio Rank: 45
BOUT Calmar Ratio Rank: 64
BOUT Martin Ratio Rank: 54

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.

BOUT vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator IBD Breakout Opportunities ETF (BOUT) 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.

	BOUT	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.59	3.99	-2.40
Sortino ratio: Return per unit of downside risk	2.17	4.05	-1.88
Omega ratio: Gain probability vs. loss probability	1.28	1.58	-0.30
Calmar ratio: Return relative to maximum drawdown	2.96	9.31	-6.35
Martin ratio: Return relative to average drawdown	8.76	33.88	-25.11

BOUT vs. SMH - Sharpe Ratio Comparison

The current BOUT Sharpe Ratio is 1.59, which is lower than the SMH Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of BOUT 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

BOUT vs. SMH - Drawdown Comparison

The maximum BOUT drawdown since its inception was -36.98%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for BOUT and SMH.

Drawdown Indicators

	BOUT	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-36.98%	-84.96%	+47.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-14.93%	+3.17%
Max Drawdown (3Y) Largest decline over 3 years	-25.31%	-35.74%	+10.43%
Max Drawdown (5Y) Largest decline over 5 years	-28.28%	-45.30%	+17.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-1.91%	-7.01%	+5.10%
Average Drawdown Average peak-to-trough decline	-12.29%	-41.01%	+28.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	4.10%	-0.13%

Volatility

BOUT vs. SMH - Volatility Comparison

The current volatility for Innovator IBD Breakout Opportunities ETF (BOUT) is 8.27%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.08%. This indicates that BOUT 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

	BOUT	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.27%	19.08%	-10.81%
Volatility (6M) Calculated over the trailing 6-month period	17.22%	29.18%	-11.96%
Volatility (1Y) Calculated over the trailing 1-year period	21.92%	34.87%	-12.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.71%	35.83%	-16.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.00%	32.97%	-9.97%

BOUT vs. SMH - Expense Ratio Comparison

BOUT has a 0.80% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

BOUT vs. SMH - Dividend Comparison

BOUT's dividend yield for the trailing twelve months is around 0.26%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOUT Innovator IBD Breakout Opportunities ETF	0.26%	0.34%	0.60%	1.32%	1.35%	0.00%	0.00%	0.00%	0.22%	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 BOUT and SMH in my portfolio?

BOUT and SMH have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOUT or SMH?

SMH has higher volatility (19.08%) compared to BOUT (8.27%). In terms of maximum drawdown, BOUT dropped -36.98% vs SMH's -84.96%.

Which ETF is better, BOUT or SMH?

On 5-year performance, SMH leads with 38.18% vs 8.29% for BOUT. On fees, SMH is cheaper at 0.35% per year. On volatility, BOUT has been the lower-risk option at 8.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOUT or SMH?

Over the 5-year period, SMH has performed better with a 38.18% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOUT or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.80% for BOUT.

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

BOUT has the higher dividend yield at 0.26%, compared with 0.18% for SMH.

What is the main difference between BOUT and SMH?

BOUT is categorized as Mid Cap Growth Equities, while SMH is Semiconductors. BOUT tracks IBD Breakout Stocks Total Return Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Innovator and VanEck. Their fees differ too: 0.80% for BOUT and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.99 vs 1.59), 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.