BWEB vs. SMH
Compare and contrast key facts about Bitwise Web3 ETF (BWEB) and VanEck Semiconductor ETF (SMH).
BWEB and SMH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BWEB is a passively managed fund by Bitwise that tracks the performance of the Bitwise Web3 Equities Index - Benchmark TR Gross. It was launched on Oct 4, 2022. SMH is a passively managed fund by VanEck that tracks the performance of the MVIS US Listed Semiconductor 25 Index. It was launched on Dec 20, 2011. Both BWEB and SMH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BWEB vs. SMH - Performance Comparison
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BWEB vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BWEB Bitwise Web3 ETF | -9.74% | 27.61% | 27.37% | 98.17% | -18.17% |
SMH VanEck Semiconductor ETF | 8.84% | 49.17% | 39.10% | 73.38% | 2.64% |
Returns By Period
In the year-to-date period, BWEB achieves a -9.74% return, which is significantly lower than SMH's 8.84% return.
BWEB
- 1D
- 0.59%
- 1M
- -5.00%
- YTD
- -9.74%
- 6M
- -21.44%
- 1Y
- 29.34%
- 3Y*
- 29.25%
- 5Y*
- —
- 10Y*
- —
SMH
- 1D
- 2.24%
- 1M
- -3.55%
- YTD
- 8.84%
- 6M
- 17.83%
- 1Y
- 85.04%
- 3Y*
- 44.53%
- 5Y*
- 26.15%
- 10Y*
- 31.58%
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BWEB vs. SMH - Expense Ratio Comparison
BWEB has a 0.85% expense ratio, which is higher than SMH's 0.35% expense ratio.
Return for Risk
BWEB vs. SMH — Risk / Return Rank
BWEB
SMH
BWEB vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Web3 ETF (BWEB) 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.
| BWEB | SMH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.78 | 2.32 | -1.53 |
Sortino ratioReturn per unit of downside risk | 1.30 | 2.92 | -1.62 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.41 | -0.25 |
Calmar ratioReturn relative to maximum drawdown | 1.02 | 5.39 | -4.37 |
Martin ratioReturn relative to average drawdown | 2.41 | 19.22 | -16.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BWEB | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.78 | 2.32 | -1.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.76 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.98 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.28 | +0.50 |
Correlation
The correlation between BWEB and SMH is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
BWEB vs. SMH - Dividend Comparison
BWEB has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.28%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWEB Bitwise Web3 ETF | 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 | 0.28% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Drawdowns
BWEB vs. SMH - Drawdown Comparison
The maximum BWEB drawdown since its inception was -33.74%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for BWEB and SMH.
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Drawdown Indicators
| BWEB | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.74% | -84.96% | +51.22% |
Max Drawdown (1Y)Largest decline over 1 year | -31.61% | -15.95% | -15.66% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -27.47% | -8.02% | -19.45% |
Average DrawdownAverage peak-to-trough decline | -9.44% | -41.35% | +31.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.37% | 4.47% | +8.90% |
Volatility
BWEB vs. SMH - Volatility Comparison
Bitwise Web3 ETF (BWEB) and VanEck Semiconductor ETF (SMH) have volatilities of 12.13% and 11.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWEB | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.13% | 11.74% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 27.57% | 24.02% | +3.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.69% | 36.88% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.42% | 34.68% | +1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.42% | 32.29% | +4.13% |