DBP vs. SMH

Last updated Jun 13, 2026

DBP (Invesco DB Precious Metals Fund) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, DBP returned 11.21%/yr vs 37.49%/yr for SMH. At a 0.08 correlation, their price movements are largely independent. DBP charges 0.78%/yr vs 0.35%/yr for SMH.

Performance

DBP vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Precious Metals Fund (DBP) 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, DBP achieves a -3.82% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, DBP has underperformed SMH with an annualized return of 11.21%, while SMH has yielded a comparatively higher 37.49% annualized return.

DBP

• 1D: 0.09%
• 1M: -11.93%
• YTD: -3.82%
• 6M: -0.66%
• 1Y: 30.66%
• 3Y*: 29.99%
• 5Y*: 16.18%
• 10Y*: 11.21%

SMH

• 1D: 1.72%
• 1M: 7.20%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 141.99%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

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

DBP vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBP Invesco DB Precious Metals Fund	-3.82%	73.43%	26.71%	8.68%	-1.51%	-7.10%	26.79%	15.89%	-4.31%	10.58%
SMH VanEck Semiconductor ETF	72.15%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between DBP and SMH is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007	0.08

The correlation between DBP and SMH shifts across timeframes, from 0.08 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

DBP vs. SMH - Sectors Allocation Comparison

Sectors	DBP	SMH
Financial Services	99.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

DBP vs. SMH — Risk / Return Rank

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

DBP

DBP Risk / Return Rank: 28
DBP Sharpe Ratio Rank: 30
DBP Sortino Ratio Rank: 26
DBP Omega Ratio Rank: 34
DBP Calmar Ratio Rank: 25
DBP Martin Ratio Rank: 24

SMH

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

DBP vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) 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.

	DBP	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.96	4.13	-3.17
Sortino ratio: Return per unit of downside risk	1.31	4.26	-2.95
Omega ratio: Gain probability vs. loss probability	1.20	1.60	-0.40
Calmar ratio: Return relative to maximum drawdown	1.07	9.18	-8.11
Martin ratio: Return relative to average drawdown	2.77	33.74	-30.97

DBP vs. SMH - Sharpe Ratio Comparison

The current DBP Sharpe Ratio is 0.96, which is lower than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of DBP 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

DBP vs. SMH - Drawdown Comparison

The maximum DBP drawdown since its inception was -53.89%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for DBP and SMH.

Drawdown Indicators

	DBP	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-53.89%	-84.96%	+31.07%
Max Drawdown (1Y) Largest decline over 1 year	-30.03%	-14.93%	-15.10%
Max Drawdown (3Y) Largest decline over 3 years	-30.03%	-35.74%	+5.71%
Max Drawdown (5Y) Largest decline over 5 years	-30.03%	-45.30%	+15.27%
Max Drawdown (10Y) Largest decline over 10 years	-30.03%	-45.30%	+15.27%
Current Drawdown Current decline from peak	-27.52%	-2.81%	-24.71%
Average Drawdown Average peak-to-trough decline	-25.42%	-41.04%	+15.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.56%	4.06%	+7.50%

Volatility

DBP vs. SMH - Volatility Comparison

The current volatility for Invesco DB Precious Metals Fund (DBP) is 9.06%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that DBP 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

	DBP	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.06%	16.25%	-7.19%
Volatility (6M) Calculated over the trailing 6-month period	30.70%	27.73%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	33.35%	33.20%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.14%	35.47%	-14.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	32.82%	-13.98%

DBP vs. SMH - Expense Ratio Comparison

DBP has a 0.78% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

DBP vs. SMH - Dividend Comparison

DBP's dividend yield for the trailing twelve months is around 2.53%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBP Invesco DB Precious Metals Fund	2.53%	2.44%	4.21%	4.47%	0.45%	0.00%	0.00%	1.26%	1.24%	0.12%	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 DBP and SMH in my portfolio?

DBP and SMH have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBP or SMH?

SMH has higher volatility (16.25%) compared to DBP (9.06%). In terms of maximum drawdown, DBP dropped -53.89% vs SMH's -84.96%.

Which ETF is better, DBP or SMH?

On 10-year performance, SMH leads with 37.49% vs 11.21% for DBP. On fees, SMH is cheaper at 0.35% per year. On volatility, DBP has been the lower-risk option at 9.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBP or SMH?

Over the 10-year period, SMH has performed better with a 37.49% return vs 11.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBP or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.78% for DBP.

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

DBP has the higher dividend yield at 2.53%, compared with 0.18% for SMH.

What is the main difference between DBP and SMH?

DBP is categorized as Precious Metals, while SMH is Semiconductors. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.78% for DBP and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 vs 0.96), 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.