CHIQ vs. SMH

Last updated Jun 25, 2026

CHIQ (Global X MSCI China Consumer Discretionary ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - CHIQ is a China Equities fund tracking the MSCI China Consumer Discretionary 10/50 Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, CHIQ returned 5.83%/yr vs 37.78%/yr for SMH. A 0.51 correlation means they provide meaningful diversification when combined. CHIQ charges 0.65%/yr vs 0.35%/yr for SMH.

Performance

CHIQ vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI China Consumer Discretionary ETF (CHIQ) 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, CHIQ achieves a -24.52% return, which is significantly lower than SMH's 71.86% return. Over the past 10 years, CHIQ has underperformed SMH with an annualized return of 5.83%, while SMH has yielded a comparatively higher 37.78% annualized return.

CHIQ

• 1D: -1.95%
• 1M: -13.48%
• YTD: -24.52%
• 6M: -25.41%
• 1Y: -24.60%
• 3Y*: -1.32%
• 5Y*: -13.15%
• 10Y*: 5.83%

SMH

• 1D: -0.50%
• 1M: 7.39%
• YTD: 71.86%
• 6M: 69.95%
• 1Y: 128.64%
• 3Y*: 62.01%
• 5Y*: 38.15%
• 10Y*: 37.78%

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

CHIQ vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHIQ Global X MSCI China Consumer Discretionary ETF	-24.52%	13.69%	10.74%	-10.70%	-22.01%	-27.07%	92.61%	44.19%	-28.65%	67.74%
SMH VanEck Semiconductor ETF	71.86%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between CHIQ and SMH is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 1, 2009	0.51

The correlation between CHIQ and SMH shifts across timeframes, from 0.35 (3 years) to 0.51 (all time), reflecting how their relationship changes across market environments.

CHIQ vs. SMH - Sectors Allocation Comparison

Sectors	CHIQ	SMH
Consumer Cyclical	95.8%	-
Consumer Defensive	3.2%	-
Real Estate	0.3%	-
Technology	0.3%	100.0%
Industrials	0.2%	-
Basic Materials	-	-
Communication Services	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

CHIQ vs. SMH — Risk / Return Rank

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

CHIQ

CHIQ Risk / Return Rank: 1
CHIQ Sharpe Ratio Rank: 1
CHIQ Sortino Ratio Rank: 1
CHIQ Omega Ratio Rank: 2
CHIQ Calmar Ratio Rank: 3
CHIQ Martin Ratio Rank: 0

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.

CHIQ vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI China Consumer Discretionary ETF (CHIQ) 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.

	CHIQ	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-1.11	3.73	-4.84
Sortino ratio: Return per unit of downside risk	-1.57	3.87	-5.44
Omega ratio: Gain probability vs. loss probability	0.83	1.55	-0.72
Calmar ratio: Return relative to maximum drawdown	-0.72	8.67	-9.39
Martin ratio: Return relative to average drawdown	-1.78	31.31	-33.09

CHIQ vs. SMH - Sharpe Ratio Comparison

The current CHIQ Sharpe Ratio is -1.11, which is lower than the SMH Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of CHIQ 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

CHIQ vs. SMH - Drawdown Comparison

The maximum CHIQ drawdown since its inception was -67.04%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for CHIQ and SMH.

Drawdown Indicators

	CHIQ	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-67.04%	-84.96%	+17.92%
Max Drawdown (1Y) Largest decline over 1 year	-34.18%	-14.93%	-19.25%
Max Drawdown (3Y) Largest decline over 3 years	-34.18%	-35.74%	+1.56%
Max Drawdown (5Y) Largest decline over 5 years	-59.95%	-45.30%	-14.65%
Max Drawdown (10Y) Largest decline over 10 years	-67.04%	-45.30%	-21.74%
Current Drawdown Current decline from peak	-60.40%	-7.47%	-52.93%
Average Drawdown Average peak-to-trough decline	-30.69%	-41.00%	+10.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.85%	4.12%	+9.73%

Volatility

CHIQ vs. SMH - Volatility Comparison

The current volatility for Global X MSCI China Consumer Discretionary ETF (CHIQ) is 6.65%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.07%. This indicates that CHIQ 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

	CHIQ	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	19.07%	-12.42%
Volatility (6M) Calculated over the trailing 6-month period	16.23%	29.12%	-12.89%
Volatility (1Y) Calculated over the trailing 1-year period	22.45%	34.88%	-12.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.75%	35.82%	+1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.43%	32.96%	-0.53%

CHIQ vs. SMH - Expense Ratio Comparison

CHIQ has a 0.65% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

CHIQ vs. SMH - Dividend Comparison

CHIQ's dividend yield for the trailing twelve months is around 1.96%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHIQ Global X MSCI China Consumer Discretionary ETF	1.96%	1.48%	2.65%	2.26%	0.38%	0.00%	0.11%	1.05%	2.71%	0.62%	1.51%	4.86%
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 CHIQ and SMH in my portfolio?

CHIQ and SMH have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHIQ or SMH?

SMH has higher volatility (19.07%) compared to CHIQ (6.65%). In terms of maximum drawdown, CHIQ dropped -67.04% vs SMH's -84.96%.

Which ETF is better, CHIQ or SMH?

On 10-year performance, SMH leads with 37.78% vs 5.83% for CHIQ. On fees, SMH is cheaper at 0.35% per year. On volatility, CHIQ has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHIQ or SMH?

Over the 10-year period, SMH has performed better with a 37.78% return vs 5.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHIQ or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.65% for CHIQ.

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

CHIQ has the higher dividend yield at 1.96%, compared with 0.18% for SMH.

What is the main difference between CHIQ and SMH?

CHIQ is categorized as China Equities, while SMH is Semiconductors. CHIQ tracks MSCI China Consumer Discretionary 10/50 Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Global X and VanEck. Their fees differ too: 0.65% for CHIQ and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.73 vs -1.11), 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.