CHPY vs. SMH

Last updated Jun 24, 2026

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 134.57% vs 138.23% for SMH. With a 0.95 correlation, they move nearly in lockstep. CHPY charges 0.99%/yr vs 0.35%/yr for SMH.

Performance

CHPY vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Semiconductor Portfolio Option Income ETF (CHPY) 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, CHPY achieves a 82.68% return, which is significantly higher than SMH's 72.73% return.

CHPY

• 1D: -6.97%
• 1M: 10.89%
• YTD: 82.68%
• 6M: 81.99%
• 1Y: 134.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMH

• 1D: -7.01%
• 1M: 7.93%
• YTD: 72.73%
• 6M: 71.29%
• 1Y: 138.23%
• 3Y*: 62.28%
• 5Y*: 38.18%
• 10Y*: 37.85%

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

CHPY vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025
CHPY YieldMax Semiconductor Portfolio Option Income ETF	82.68%	56.76%
SMH VanEck Semiconductor ETF	72.73%	68.74%

Correlation

The correlation between CHPY and SMH is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.95

The correlation between CHPY and SMH has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

CHPY vs. SMH — Risk / Return Rank

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

CHPY

CHPY Risk / Return Rank: 95
CHPY Sharpe Ratio Rank: 96
CHPY Sortino Ratio Rank: 93
CHPY Omega Ratio Rank: 94
CHPY Calmar Ratio Rank: 97
CHPY Martin Ratio Rank: 97

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.

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 ratio: Return per unit of total volatility	4.16	3.99	+0.17
Sortino ratio: Return per unit of downside risk	4.30	4.05	+0.25
Omega ratio: Gain probability vs. loss probability	1.64	1.58	+0.06
Calmar ratio: Return relative to maximum drawdown	11.13	9.31	+1.81
Martin ratio: Return relative to average drawdown	39.19	33.88	+5.32

CHPY vs. SMH - Sharpe Ratio Comparison

The current CHPY Sharpe Ratio is 4.16, which is comparable to the SMH Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of CHPY 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

CHPY vs. SMH - Drawdown Comparison

The maximum CHPY drawdown since its inception was -12.19%, 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.

Drawdown Indicators

	CHPY	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-12.19%	-84.96%	+72.77%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-14.93%	+2.76%
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 Drawdown Current decline from peak	-6.97%	-7.01%	+0.04%
Average Drawdown Average peak-to-trough decline	-2.14%	-41.01%	+38.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	4.10%	-0.65%

Volatility

CHPY vs. SMH - Volatility Comparison

YieldMax Semiconductor Portfolio Option Income ETF (CHPY) and VanEck Semiconductor ETF (SMH) have volatilities of 19.72% and 19.08%, 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.

Volatility by Period

	CHPY	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.72%	19.08%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	27.95%	29.18%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	32.57%	34.87%	-2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.37%	35.83%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.37%	32.97%	+3.40%

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 29.64%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHPY YieldMax Semiconductor Portfolio Option Income ETF	29.64%	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	0.18%	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 CHPY and SMH in my portfolio?

With a correlation of 0.96, 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.

Which is riskier, CHPY or SMH?

CHPY has higher volatility (19.72%) compared to SMH (19.08%). In terms of maximum drawdown, CHPY dropped -12.19% vs SMH's -84.96%.

Which ETF is better, CHPY or SMH?

On 1-year performance, SMH leads with 138.23% vs 134.57% for CHPY. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 19.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHPY or SMH?

Over the 1-year period, SMH has performed better with a 138.23% return vs 134.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHPY or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.99% for CHPY.

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

CHPY has the higher dividend yield at 29.64%, compared with 0.18% for SMH.

What is the main difference between CHPY and 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.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (4.16 vs 3.99), 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.