BTC-USD vs. SMH
BTC-USD (Bitcoin) is a cryptocurrency, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, BTC-USD returned 57.32%/yr vs 37.49%/yr for SMH. At a 0.12 correlation, their price movements are largely independent.
Performance
BTC-USD vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, BTC-USD achieves a -27.32% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, BTC-USD has outperformed SMH with an annualized return of 57.32%, while SMH has yielded a comparatively lower 37.49% annualized return.
BTC-USD
- 1D
- 0.05%
- 1M
- -19.79%
- YTD
- -27.32%
- 6M
- -29.56%
- 1Y
- -39.85%
- 3Y*
- 34.86%
- 5Y*
- 10.27%
- 10Y*
- 57.32%
SMH
- 1D
- 1.72%
- 1M
- 8.30%
- YTD
- 72.15%
- 6M
- 75.62%
- 1Y
- 136.32%
- 3Y*
- 60.05%
- 5Y*
- 38.42%
- 10Y*
- 37.49%
BTC-USD vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTC-USD Bitcoin | -27.32% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
SMH VanEck Semiconductor ETF | 72.15% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between BTC-USD and SMH is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2012 | 0.12 |
Over the past year, BTC-USD and SMH have become more correlated (0.34) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
BTC-USD vs. SMH — Risk / Return Rank
BTC-USD
SMH
BTC-USD vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) 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.
| BTC-USD | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.06 | ||
| Sortino ratioReturn per unit of downside risk | -5.57 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.60 | -0.74 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 9.18 | -9.96 |
| Martin ratioReturn relative to average drawdown | -1.36 | 33.74 | -35.10 |
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Drawdowns
BTC-USD vs. SMH - Drawdown Comparison
The maximum BTC-USD drawdown since its inception was -85.30%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for BTC-USD and SMH.
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Drawdown Indicators
| BTC-USD | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.30% | -84.96% | -0.34% |
Max Drawdown (1Y)Largest decline over 1 year | -51.21% | -14.93% | -36.28% |
Max Drawdown (3Y)Largest decline over 3 years | -51.21% | -35.74% | -15.47% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -45.30% | -31.37% |
Max Drawdown (10Y)Largest decline over 10 years | -83.80% | -45.30% | -38.50% |
Current DrawdownCurrent decline from peak | -49.01% | -2.81% | -46.20% |
Average DrawdownAverage peak-to-trough decline | -42.35% | -41.04% | -1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.02% | 4.06% | +30.96% |
Volatility
BTC-USD vs. SMH - Volatility Comparison
The current volatility for Bitcoin (BTC-USD) is 12.11%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that BTC-USD 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.
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Volatility by Period
| BTC-USD | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.11% | 16.25% | -4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 34.59% | 27.73% | +6.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.62% | 33.20% | +2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.71% | 35.47% | +9.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.62% | 32.82% | +23.80% |
Frequently Asked Questions
BTC-USD and SMH have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (16.25%) compared to BTC-USD (12.11%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (4.13 vs -0.93), 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.
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