CHPY vs. SMH
CHPY (YieldMax Semiconductor Portfolio Option Income ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - CHPY is a Derivative Income fund actively managed by YieldMax, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. CHPY is actively managed, while SMH is passively managed. Over the past year, CHPY returned 93.51% vs 90.95% for SMH. Their 0.96 correlation means they have historically moved very closely together. CHPY charges 0.99%/yr vs 0.35%/yr for SMH.
Performance
CHPY vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, CHPY achieves a 55.50% return, which is significantly higher than SMH's 50.09% return.
CHPY
- 1D
- 0.27%
- 1M
- -11.10%
- 6M
- 39.35%
- YTD
- 55.50%
- 1Y
- 93.51%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 95.90%
SMH
- 1D
- 0.30%
- 1M
- -8.74%
- 6M
- 33.97%
- YTD
- 50.09%
- 1Y
- 90.95%
- 3Y*
- 50.56%
- 5Y*
- 33.46%
- 10Y*
- 34.16%
- ALL TIME*
- 11.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $53.10M | $56.24M | $62.00M | |
| $8.28B | $7.64B | $7.07B |
CHPY vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CHPY YieldMax Semiconductor Portfolio Option Income ETF | 55.50% | 56.76% |
SMH VanEck Semiconductor ETF | 50.09% | 68.74% |
Correlation
The correlation between CHPY and SMH is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025 | 0.96 |
The correlation between CHPY and SMH has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
CHPY vs. SMH — Risk / Return Rank
CHPY
SMH
CHPY vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Semiconductor Portfolio Option Income ETF (CHPY) 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.
| CHPY | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.36 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 3.58 | -0.25 |
| Martin ratioReturn relative to average drawdown | 15.63 | 14.64 | +0.99 |
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Drawdowns
CHPY vs. SMH - Drawdown Comparison
The maximum CHPY drawdown since its inception was -27.64%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for CHPY and SMH.
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Drawdown Indicators
| CHPY | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.64% | -84.96% | +57.32% |
Max Drawdown (1Y)Largest decline over 1 year | -27.64% | -24.62% | -3.02% |
Max Drawdown (3Y)Largest decline over 3 years | — | -35.74% | — |
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 | -20.81% | -19.19% | -1.62% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -40.89% | +37.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.88% | 6.01% | -0.13% |
Volatility
CHPY vs. SMH - Volatility Comparison
YieldMax Semiconductor Portfolio Option Income ETF (CHPY) has a higher volatility of 17.69% compared to VanEck Semiconductor ETF (SMH) at 14.70%. This indicates that CHPY's price experiences larger fluctuations and is considered to be riskier 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
| CHPY | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.69% | 14.70% | +2.99% |
Volatility (6M)Calculated over the trailing 6-month period | 34.00% | 33.13% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.28% | 38.57% | -0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.15% | 36.50% | +2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.15% | 33.32% | +5.83% |
CHPY vs. SMH - Expense Ratio Comparison
CHPY has a 0.99% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
CHPY vs. SMH - Dividend Comparison
CHPY's dividend yield for the trailing twelve months is around 38.69%, more than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CHPY YieldMax Semiconductor Portfolio Option Income ETF | 38.69% | 28.19% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMH VanEck Semiconductor ETF | 0.20% | 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
With a correlation of 0.97, CHPY and SMH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
CHPY has higher volatility (17.69%) compared to SMH (14.70%). In terms of maximum drawdown, CHPY dropped -27.64% vs SMH's -84.96%.
On 1-year performance, CHPY leads with 93.51% vs 90.95% for SMH. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 14.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CHPY has performed better with a 93.51% return vs 90.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.99% for CHPY.
CHPY has the higher dividend yield at 38.69%, compared with 0.20% for SMH.
CHPY is categorized as Derivative Income, while SMH is Semiconductors. They also come from different issuers: YieldMax and VanEck. Their fees differ too: 0.99% for CHPY and 0.35% for SMH.
CHPY currently has the higher Sharpe Ratio (2.41 vs 2.29), 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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