COHU vs. SMH

Last updated Jun 5, 2026

COHU (Cohu, 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, COHU returned 17.10%/yr vs 37.49%/yr for SMH. A 0.62 correlation means they provide meaningful diversification when combined.

Performance

COHU vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohu, Inc. (COHU) 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, COHU achieves a 140.14% return, which is significantly higher than SMH's 74.25% return. Over the past 10 years, COHU has underperformed SMH with an annualized return of 17.10%, while SMH has yielded a comparatively higher 37.49% annualized return.

COHU

• 1D: -0.43%
• 1M: 15.34%
• YTD: 140.14%
• 6M: 122.36%
• 1Y: 204.19%
• 3Y*: 14.89%
• 5Y*: 8.54%
• 10Y*: 17.10%

SMH

• 1D: -1.63%
• 1M: 20.06%
• YTD: 74.25%
• 6M: 74.08%
• 1Y: 150.04%
• 3Y*: 63.96%
• 5Y*: 38.76%
• 10Y*: 37.49%

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

COHU vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COHU Cohu, Inc.	140.14%	-12.85%	-24.55%	10.42%	-15.86%	-0.24%	67.55%	44.29%	-25.96%	59.95%
SMH VanEck Semiconductor ETF	74.25%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between COHU and SMH is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 6, 2000	0.62

The correlation between COHU and SMH has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.

Return for Risk

COHU vs. SMH — Risk / Return Rank

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

COHU

COHU Risk / Return Rank: 96
COHU Sharpe Ratio Rank: 97
COHU Sortino Ratio Rank: 95
COHU Omega Ratio Rank: 92
COHU Calmar Ratio Rank: 97
COHU Martin Ratio Rank: 97

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 94
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.

COHU vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohu, Inc. (COHU) 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.

	COHU	SMH	Difference
Sharpe ratio: Return per unit of total volatility	4.10	4.94	-0.84
Sortino ratio: Return per unit of downside risk	4.03	5.05	-1.02
Omega ratio: Gain probability vs. loss probability	1.49	1.69	-0.21
Calmar ratio: Return relative to maximum drawdown	10.15	10.11	+0.04
Martin ratio: Return relative to average drawdown	28.62	38.76	-10.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COHU vs. SMH - Sharpe Ratio Comparison

The current COHU Sharpe Ratio is 4.10, which is comparable to the SMH Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of COHU 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.

Sharpe Ratios by Period

	COHU	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.10	4.94	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	1.11	-0.93
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	1.15	-0.81
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.34	-0.09

Drawdowns

COHU vs. SMH - Drawdown Comparison

The maximum COHU drawdown since its inception was -86.67%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for COHU and SMH.

Drawdown Indicators

	COHU	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-86.67%	-84.96%	-1.71%
Max Drawdown (1Y) Largest decline over 1 year	-20.24%	-14.93%	-5.31%
Max Drawdown (3Y) Largest decline over 3 years	-69.46%	-35.74%	-33.72%
Max Drawdown (5Y) Largest decline over 5 years	-69.46%	-45.30%	-24.16%
Max Drawdown (10Y) Largest decline over 10 years	-73.63%	-45.30%	-28.33%
Current Drawdown Current decline from peak	-2.97%	-1.63%	-1.34%
Average Drawdown Average peak-to-trough decline	-48.07%	-41.08%	-6.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.17%	3.89%	+3.28%

Volatility

COHU vs. SMH - Volatility Comparison

Cohu, Inc. (COHU) has a higher volatility of 19.34% compared to VanEck Semiconductor ETF (SMH) at 11.58%. This indicates that COHU'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.

Volatility by Period

	COHU	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.34%	11.58%	+7.76%
Volatility (6M) Calculated over the trailing 6-month period	36.36%	24.35%	+12.01%
Volatility (1Y) Calculated over the trailing 1-year period	50.20%	30.57%	+19.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.94%	35.01%	+10.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.08%	32.57%	+17.51%

Dividends

COHU vs. SMH - Dividend Comparison

COHU has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COHU Cohu, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.16%	1.05%	1.49%	1.09%	1.73%	1.99%
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 COHU and SMH in my portfolio?

COHU and SMH have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COHU or SMH?

COHU has higher volatility (19.34%) compared to SMH (11.58%). In terms of maximum drawdown, COHU dropped -86.67% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.94 vs 4.10), 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.