DDNQ vs. SMH

Last updated Jul 12, 2026

DDNQ (Innovator Growth-100 Dual Directional 5 Buffer ETF - Quarterly) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - DDNQ is a Defined Outcome fund actively managed by Innovator, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. DDNQ is actively managed, while SMH is passively managed. A 0.62 correlation means they provide meaningful diversification when combined. DDNQ charges 0.79%/yr vs 0.35%/yr for SMH.

Performance

DDNQ vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Dual Directional 5 Buffer ETF - Quarterly (DDNQ) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DDNQ

• 1D: 0.32%
• 1M: -0.12%
• 6M: 3.98%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMH

• 1D: 0.54%
• 1M: -1.44%
• 6M: 56.99%
• YTD: 69.67%
• 1Y: 113.20%
• 3Y*: 59.96%
• 5Y*: 37.42%
• 10Y*: 36.59%

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

DDNQ vs. SMH - Yearly Performance Comparison

	2026 (YTD)
DDNQ Innovator Growth-100 Dual Directional 5 Buffer ETF - Quarterly	4.14%
SMH VanEck Semiconductor ETF	69.67%

Correlation

The correlation between DDNQ and SMH is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 2, 2026	0.62

Return for Risk

DDNQ vs. SMH — Risk / Return Rank

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

DDNQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 95
SMH Sortino Ratio Rank: 90
SMH Omega Ratio Rank: 91
SMH Calmar Ratio Rank: 96
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.

DDNQ vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Dual Directional 5 Buffer ETF - Quarterly (DDNQ) 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.

	DDNQ	SMH	Difference
Sharpe ratio: Return per unit of total volatility	—	3.13	—
Sortino ratio: Return per unit of downside risk	—	3.35	—
Omega ratio: Gain probability vs. loss probability	—	1.47	—
Calmar ratio: Return relative to maximum drawdown	—	7.62	—
Martin ratio: Return relative to average drawdown	—	25.13	—

Drawdowns

DDNQ vs. SMH - Drawdown Comparison

The maximum DDNQ drawdown since its inception was -5.65%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for DDNQ and SMH.

Drawdown Indicators

	DDNQ	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-5.65%	-84.96%	+79.31%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.93%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-35.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-0.41%	-8.65%	+8.24%
Average Drawdown Average peak-to-trough decline	-0.68%	-40.95%	+40.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.52%	—

Volatility

Volatility by Period

	DDNQ	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	31.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.72%	36.41%	-26.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.72%	36.12%	-26.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.72%	33.10%	-23.38%

DDNQ vs. SMH - Expense Ratio Comparison

DDNQ has a 0.79% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

DDNQ vs. SMH - Dividend Comparison

DDNQ 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
DDNQ Innovator Growth-100 Dual Directional 5 Buffer ETF - Quarterly	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 DDNQ and SMH in my portfolio?

DDNQ and SMH have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDNQ or SMH?

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DDNQ or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.79% for DDNQ.

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

SMH has the higher dividend yield at 0.18%, compared with 0.00% for DDNQ.

What is the main difference between DDNQ and SMH?

DDNQ is categorized as Defined Outcome, while SMH is Semiconductors. They also come from different issuers: Innovator and VanEck. Their fees differ too: 0.79% for DDNQ and 0.35% for SMH.