CNXT vs. SMHX

Last updated Jun 5, 2026

CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - CNXT is a China Equities fund tracking the SME-ChiNext 100 Index, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, CNXT returned 114.61% vs 131.85% for SMHX. At a 0.28 correlation, their price movements are largely independent. CNXT charges 0.65%/yr vs 0.35%/yr for SMHX.

Performance

CNXT vs. SMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) and VanEck Fabless Semiconductor ETF (SMHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNXT achieves a 32.68% return, which is significantly lower than SMHX's 74.81% return.

CNXT

• 1D: -0.62%
• 1M: 9.11%
• YTD: 32.68%
• 6M: 39.36%
• 1Y: 114.61%
• 3Y*: 26.75%
• 5Y*: 3.96%
• 10Y*: 6.57%

SMHX

• 1D: -2.03%
• 1M: 27.33%
• YTD: 74.81%
• 6M: 68.22%
• 1Y: 131.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CNXT vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	32.68%	59.31%	38.24%
SMHX VanEck Fabless Semiconductor ETF	74.81%	30.00%	17.76%

Correlation

The correlation between CNXT and SMHX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.28

The correlation between CNXT and SMHX shifts across timeframes, from 0.28 (all time) to 0.45 (1 year), reflecting how their relationship changes across market environments.

CNXT vs. SMHX - Sectors Allocation Comparison

Sectors	CNXT	SMHX
Technology	43.8%	100.0%
Industrials	33.2%	-
Healthcare	7.0%	-
Financial Services	5.6%	-
Basic Materials	4.1%	-
Consumer Defensive	2.6%	-
Communication Services	2.5%	-
Consumer Cyclical	1.2%	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

CNXT vs. SMHX — Risk / Return Rank

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

CNXT

CNXT Risk / Return Rank: 93
CNXT Sharpe Ratio Rank: 95
CNXT Sortino Ratio Rank: 92
CNXT Omega Ratio Rank: 89
CNXT Calmar Ratio Rank: 96
CNXT Martin Ratio Rank: 95

SMHX

SMHX Risk / Return Rank: 92
SMHX Sharpe Ratio Rank: 96
SMHX Sortino Ratio Rank: 91
SMHX Omega Ratio Rank: 89
SMHX Calmar Ratio Rank: 95
SMHX Martin Ratio Rank: 91

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.

CNXT vs. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) and VanEck Fabless Semiconductor ETF (SMHX). 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.

	CNXT	SMHX	Difference
Sharpe ratio: Return per unit of total volatility	3.75	4.06	-0.30
Sortino ratio: Return per unit of downside risk	4.40	4.32	+0.08
Omega ratio: Gain probability vs. loss probability	1.55	1.56	-0.01
Calmar ratio: Return relative to maximum drawdown	9.44	7.78	+1.66
Martin ratio: Return relative to average drawdown	28.91	21.87	+7.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNXT vs. SMHX - Sharpe Ratio Comparison

The current CNXT Sharpe Ratio is 3.75, which is comparable to the SMHX Sharpe Ratio of 4.06. The chart below compares the historical Sharpe Ratios of CNXT and SMHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNXT	SMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.75	4.06	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	1.89	-1.66

Drawdowns

CNXT vs. SMHX - Drawdown Comparison

The maximum CNXT drawdown since its inception was -68.98%, which is greater than SMHX's maximum drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for CNXT and SMHX.

Drawdown Indicators

	CNXT	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-68.98%	-38.53%	-30.45%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-17.06%	+4.85%
Max Drawdown (3Y) Largest decline over 3 years	-48.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.30%	—	—
Current Drawdown Current decline from peak	-2.76%	-2.03%	-0.73%
Average Drawdown Average peak-to-trough decline	-42.93%	-7.32%	-35.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	6.05%	-2.07%

Volatility

CNXT vs. SMHX - Volatility Comparison

The current volatility for VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) is 10.30%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 12.19%. This indicates that CNXT experiences smaller price fluctuations and is considered to be less risky than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNXT	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	12.19%	-1.89%
Volatility (6M) Calculated over the trailing 6-month period	19.99%	25.18%	-5.19%
Volatility (1Y) Calculated over the trailing 1-year period	30.73%	32.71%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.26%	39.96%	-4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.64%	39.96%	-8.32%

CNXT vs. SMHX - Expense Ratio Comparison

CNXT has a 0.65% expense ratio, which is higher than SMHX's 0.35% expense ratio.

Dividends

CNXT vs. SMHX - Dividend Comparison

CNXT's dividend yield for the trailing twelve months is around 0.14%, more than SMHX's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	0.14%	0.18%	0.15%	0.00%	0.00%	9.22%	0.01%	0.45%	0.00%	0.19%
SMHX VanEck Fabless Semiconductor ETF	0.01%	0.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CNXT and SMHX in my portfolio?

CNXT and SMHX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNXT or SMHX?

SMHX has higher volatility (12.19%) compared to CNXT (10.30%). In terms of maximum drawdown, CNXT dropped -68.98% vs SMHX's -38.53%.

Which ETF is better, CNXT or SMHX?

On 1-year performance, SMHX leads with 131.85% vs 114.61% for CNXT. On fees, SMHX is cheaper at 0.35% per year. On volatility, CNXT has been the lower-risk option at 10.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNXT or SMHX?

Over the 1-year period, SMHX has performed better with a 131.85% return vs 114.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNXT or SMHX?

SMHX is cheaper with a 0.35% expense ratio, compared with 0.65% for CNXT.

Which ETF pays a higher dividend yield, CNXT or SMHX?

CNXT has the higher dividend yield at 0.14%, compared with 0.01% for SMHX.

What is the main difference between CNXT and SMHX?

CNXT is categorized as China Equities, while SMHX is Semiconductors. CNXT tracks SME-ChiNext 100 Index, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index. Their fees differ too: 0.65% for CNXT and 0.35% for SMHX.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (4.06 vs 3.75), 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.