DAPP vs. SMHX

Last updated Aug 6, 2026

DAPP (VanEck Digital Transformation ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - DAPP is a Blockchain fund tracking the MVIS Global Digital Assets Equity Index, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, DAPP returned 9.37% vs 68.35% for SMHX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. DAPP charges 0.52%/yr vs 0.35%/yr for SMHX.

Performance

DAPP vs. SMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Digital Transformation ETF (DAPP) 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, DAPP achieves a 8.71% return, which is significantly lower than SMHX's 51.09% return.

DAPP

• 1D: -2.55%
• 1M: -7.32%
• 6M: 13.81%
• YTD: 8.71%
• 1Y: 9.37%
• 3Y*: 36.02%
• 5Y*: -5.99%
• 10Y*: —
• ALL TIME*: -10.85%

SMHX

• 1D: -2.08%
• 1M: -4.66%
• 6M: 53.35%
• YTD: 51.09%
• 1Y: 68.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 52.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DAPP VanEck Digital Transformation ETF	$5.29M	$5.87M	$14.12M
SMHX VanEck Fabless Semiconductor ETF	$5.05M	$5.75M	$8.39M

DAPP vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DAPP VanEck Digital Transformation ETF	8.71%	15.03%	31.78%
SMHX VanEck Fabless Semiconductor ETF	51.09%	30.00%	15.56%

Correlation

The correlation between DAPP and SMHX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.60

The correlation between DAPP and SMHX has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.

DAPP vs. SMHX - Sectors Allocation Comparison

Sectors	DAPP	SMHX
Financial Services	61.8%	-
Technology	35.4%	100.0%
Consumer Cyclical	2.8%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DAPP vs. SMHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DAPP

DAPP Risk / Return Rank: 15
DAPP Sharpe Ratio Rank: 13
DAPP Sortino Ratio Rank: 17
DAPP Omega Ratio Rank: 17
DAPP Calmar Ratio Rank: 13
DAPP Martin Ratio Rank: 13

SMHX

SMHX Risk / Return Rank: 61
SMHX Sharpe Ratio Rank: 64
SMHX Sortino Ratio Rank: 56
SMHX Omega Ratio Rank: 55
SMHX Calmar Ratio Rank: 69
SMHX Martin Ratio Rank: 61

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DAPP vs. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Digital Transformation ETF (DAPP) 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.

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.

	DAPP	SMHX	Difference
Sharpe ratio: Return per unit of total volatility	0.15	1.72	-1.58
Sortino ratio: Return per unit of downside risk	0.67	2.21	-1.53
Omega ratio: Gain probability vs. loss probability	1.08	1.28	-0.21
Calmar ratio: Return relative to maximum drawdown	0.20	2.76	-2.56
Martin ratio: Return relative to average drawdown	0.35	8.39	-8.04

DAPP vs. SMHX - Sharpe Ratio Comparison

The current DAPP Sharpe Ratio is 0.15, which is lower than the SMHX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of DAPP 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.

Drawdowns

DAPP vs. SMHX - Drawdown Comparison

The maximum DAPP drawdown since its inception was -92.61%, which is greater than SMHX's maximum drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for DAPP and SMHX.

Drawdown Indicators

	DAPP	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-92.61%	-38.53%	-54.08%
Max Drawdown (1Y) Largest decline over 1 year	-48.21%	-24.93%	-23.28%
Max Drawdown (3Y) Largest decline over 3 years	-58.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.90%	—	—
Current Drawdown Current decline from peak	-45.64%	-15.33%	-30.31%
Average Drawdown Average peak-to-trough decline	-60.75%	-7.77%	-52.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.89%	8.17%	+18.72%

Volatility

DAPP vs. SMHX - Volatility Comparison

VanEck Digital Transformation ETF (DAPP) has a higher volatility of 20.81% compared to VanEck Fabless Semiconductor ETF (SMHX) at 14.71%. This indicates that DAPP's price experiences larger fluctuations and is considered to be riskier than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAPP	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.81%	14.71%	+6.10%
Volatility (6M) Calculated over the trailing 6-month period	47.77%	33.60%	+14.17%
Volatility (1Y) Calculated over the trailing 1-year period	64.27%	39.89%	+24.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.09%	42.10%	+30.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.67%	42.10%	+30.57%

DAPP vs. SMHX - Expense Ratio Comparison

DAPP has a 0.52% expense ratio, which is higher than SMHX's 0.35% expense ratio.

Dividends

DAPP vs. SMHX - Dividend Comparison

DAPP has not paid dividends to shareholders, while SMHX's dividend yield for the trailing twelve months is around 0.02%.

Position	TTM	2025	2024	2023	2022	2021
DAPP VanEck Digital Transformation ETF	0.00%	0.00%	4.04%	0.00%	0.00%	10.13%
SMHX VanEck Fabless Semiconductor ETF	0.02%	0.02%	0.04%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DAPP and SMHX in my portfolio?

DAPP and SMHX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAPP or SMHX?

DAPP has higher volatility (20.81%) compared to SMHX (14.71%). In terms of maximum drawdown, DAPP dropped -92.61% vs SMHX's -38.53%.

Which ETF is better, DAPP or SMHX?

On 1-year performance, SMHX leads with 68.35% vs 9.37% for DAPP. On fees, SMHX is cheaper at 0.35% per year. On volatility, SMHX has been the lower-risk option at 14.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAPP or SMHX?

Over the 1-year period, SMHX has performed better with a 68.35% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAPP or SMHX?

SMHX is cheaper with a 0.35% expense ratio, compared with 0.52% for DAPP.

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

SMHX has the higher dividend yield at 0.02%, compared with 0.00% for DAPP.

What is the main difference between DAPP and SMHX?

DAPP is categorized as Blockchain, while SMHX is Semiconductors. DAPP tracks MVIS Global Digital Assets Equity Index, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index. Their fees differ too: 0.52% for DAPP and 0.35% for SMHX.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (1.72 vs 0.15), 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.