CNSWF vs. SMH

Last updated Jul 17, 2026

CNSWF (Constellation Software Inc) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, CNSWF returned 18.28%/yr vs 35.15%/yr for SMH. At a 0.26 correlation, their price movements are largely independent.

Performance

CNSWF vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Constellation Software Inc (CNSWF) 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, CNSWF achieves a -16.19% return, which is significantly lower than SMH's 57.98% return. Over the past 10 years, CNSWF has underperformed SMH with an annualized return of 18.28%, while SMH has yielded a comparatively higher 35.15% annualized return.

CNSWF

• 1D: 5.62%
• 1M: -1.59%
• 6M: -4.20%
• YTD: -16.19%
• 1Y: -44.56%
• 3Y*: -1.06%
• 5Y*: 6.05%
• 10Y*: 18.28%

SMH

• 1D: -3.70%
• 1M: -7.64%
• 6M: 43.52%
• YTD: 57.98%
• 1Y: 97.28%
• 3Y*: 53.38%
• 5Y*: 36.57%
• 10Y*: 35.15%

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

CNSWF vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNSWF Constellation Software Inc	-16.19%	-22.46%	24.90%	59.77%	-15.99%	43.09%	34.48%	53.34%	6.04%	33.51%
SMH VanEck Semiconductor ETF	57.98%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between CNSWF and SMH is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Apr 30, 2007	0.26

The correlation between CNSWF and SMH shifts across timeframes, from -0.14 (1 year) to 0.35 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

CNSWF vs. SMH — Risk / Return Rank

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

CNSWF

CNSWF Risk / Return Rank: 10
CNSWF Sharpe Ratio Rank: 4
CNSWF Sortino Ratio Rank: 6
CNSWF Omega Ratio Rank: 8
CNSWF Calmar Ratio Rank: 12
CNSWF Martin Ratio Rank: 17

SMH

SMH Risk / Return Rank: 90
SMH Sharpe Ratio Rank: 93
SMH Sortino Ratio Rank: 83
SMH Omega Ratio Rank: 85
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 94

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.

CNSWF vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Constellation Software Inc (CNSWF) 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.

	CNSWF	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	2.65	-3.68
Sortino ratio: Return per unit of downside risk	-1.54	2.97	-4.51
Omega ratio: Gain probability vs. loss probability	0.83	1.41	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.82	6.54	-7.36
Martin ratio: Return relative to average drawdown	-1.16	20.41	-21.56

CNSWF vs. SMH - Sharpe Ratio Comparison

The current CNSWF Sharpe Ratio is -1.03, which is lower than the SMH Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of CNSWF 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

CNSWF vs. SMH - Drawdown Comparison

The maximum CNSWF drawdown since its inception was -55.25%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for CNSWF and SMH.

Drawdown Indicators

	CNSWF	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-55.25%	-84.96%	+29.71%
Max Drawdown (1Y) Largest decline over 1 year	-54.70%	-14.95%	-39.75%
Max Drawdown (3Y) Largest decline over 3 years	-55.25%	-35.74%	-19.51%
Max Drawdown (5Y) Largest decline over 5 years	-55.25%	-45.30%	-9.95%
Max Drawdown (10Y) Largest decline over 10 years	-55.25%	-45.30%	-9.95%
Current Drawdown Current decline from peak	-45.75%	-14.95%	-30.80%
Average Drawdown Average peak-to-trough decline	-7.09%	-40.93%	+33.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.57%	4.78%	+33.79%

Volatility

CNSWF vs. SMH - Volatility Comparison

The current volatility for Constellation Software Inc (CNSWF) is 13.75%, while VanEck Semiconductor ETF (SMH) has a volatility of 17.01%. This indicates that CNSWF 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

	CNSWF	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.75%	17.01%	-3.26%
Volatility (6M) Calculated over the trailing 6-month period	36.08%	31.61%	+4.47%
Volatility (1Y) Calculated over the trailing 1-year period	43.30%	36.97%	+6.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.62%	36.21%	-5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.21%	33.16%	-3.95%

Dividends

CNSWF vs. SMH - Dividend Comparison

CNSWF's dividend yield for the trailing twelve months is around 0.15%, less than SMH's 0.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNSWF Constellation Software Inc	0.15%	0.17%	0.13%	0.16%	0.26%	0.22%	0.41%	0.41%	0.63%	0.83%	1.76%	0.96%
SMH VanEck Semiconductor ETF	0.19%	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 CNSWF and SMH in my portfolio?

CNSWF and SMH have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNSWF or SMH?

SMH has higher volatility (17.01%) compared to CNSWF (13.75%). In terms of maximum drawdown, CNSWF dropped -55.25% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (2.65 vs -1.03), 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.