CBON vs. SMH
Compare and contrast key facts about VanEck Vectors ChinaAMC China Bond ETF (CBON) and VanEck Semiconductor ETF (SMH).
CBON and SMH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CBON is a passively managed fund by VanEck that tracks the performance of the ChinaBond China High Quality Bond Index. It was launched on Nov 10, 2014. 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 CBON 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
CBON vs. SMH - Performance Comparison
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CBON vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 2.36% | 5.46% | 1.85% | 2.92% | -7.99% | 5.93% | 12.01% | 2.67% | 1.88% | 6.96% |
SMH VanEck Semiconductor ETF | 6.46% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Returns By Period
In the year-to-date period, CBON achieves a 2.36% return, which is significantly lower than SMH's 6.46% return. Over the past 10 years, CBON has underperformed SMH with an annualized return of 2.45%, while SMH has yielded a comparatively higher 31.28% annualized return.
CBON
- 1D
- 0.30%
- 1M
- -0.14%
- YTD
- 2.36%
- 6M
- 5.04%
- 1Y
- 7.55%
- 3Y*
- 3.53%
- 5Y*
- 2.16%
- 10Y*
- 2.45%
SMH
- 1D
- 5.76%
- 1M
- -5.65%
- YTD
- 6.46%
- 6M
- 17.84%
- 1Y
- 81.87%
- 3Y*
- 43.47%
- 5Y*
- 25.59%
- 10Y*
- 31.28%
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CBON vs. SMH - Expense Ratio Comparison
CBON has a 0.50% expense ratio, which is higher than SMH's 0.35% expense ratio.
Return for Risk
CBON vs. SMH — Risk / Return Rank
CBON
SMH
CBON vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC China Bond ETF (CBON) 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.
| CBON | SMH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.93 | 2.23 | -0.30 |
Sortino ratioReturn per unit of downside risk | 2.79 | 2.85 | -0.05 |
Omega ratioGain probability vs. loss probability | 1.38 | 1.40 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 4.52 | 5.10 | -0.57 |
Martin ratioReturn relative to average drawdown | 19.27 | 18.29 | +0.98 |
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
| CBON | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 2.23 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.74 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.97 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.28 | +0.10 |
Correlation
The correlation between CBON and SMH is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
CBON vs. SMH - Dividend Comparison
CBON's dividend yield for the trailing twelve months is around 1.62%, more than SMH's 0.29% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.62% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
SMH VanEck Semiconductor ETF | 0.29% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Drawdowns
CBON vs. SMH - Drawdown Comparison
The maximum CBON drawdown since its inception was -14.13%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for CBON and SMH.
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Drawdown Indicators
| CBON | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.13% | -84.96% | +70.83% |
Max Drawdown (1Y)Largest decline over 1 year | -1.66% | -15.95% | +14.29% |
Max Drawdown (5Y)Largest decline over 5 years | -14.13% | -45.30% | +31.17% |
Max Drawdown (10Y)Largest decline over 10 years | -14.13% | -45.30% | +31.17% |
Current DrawdownCurrent decline from peak | -0.14% | -10.03% | +9.89% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -41.36% | +37.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 4.44% | -4.05% |
Volatility
CBON vs. SMH - Volatility Comparison
The current volatility for VanEck Vectors ChinaAMC China Bond ETF (CBON) is 1.49%, while VanEck Semiconductor ETF (SMH) has a volatility of 12.11%. This indicates that CBON 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
| CBON | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 12.11% | -10.62% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 23.95% | -21.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 36.84% | -32.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.96% | 34.71% | -29.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.60% | 32.28% | -26.68% |