DGRO vs. SMH

Last updated Jun 9, 2026

DGRO (iShares Core Dividend Growth ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, DGRO returned 13.26%/yr vs 36.92%/yr for SMH. A 0.62 correlation means they provide meaningful diversification when combined. DGRO charges 0.08%/yr vs 0.35%/yr for SMH.

Performance

DGRO vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Dividend Growth ETF (DGRO) 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, DGRO achieves a 8.47% return, which is significantly lower than SMH's 66.10% return. Over the past 10 years, DGRO has underperformed SMH with an annualized return of 13.26%, while SMH has yielded a comparatively higher 36.92% annualized return.

DGRO

• 1D: -0.29%
• 1M: 2.67%
• YTD: 8.47%
• 6M: 9.27%
• 1Y: 21.90%
• 3Y*: 16.63%
• 5Y*: 10.64%
• 10Y*: 13.26%

SMH

• 1D: 5.00%
• 1M: 5.58%
• YTD: 66.10%
• 6M: 62.81%
• 1Y: 137.42%
• 3Y*: 60.43%
• 5Y*: 37.89%
• 10Y*: 36.92%

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

DGRO vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGRO iShares Core Dividend Growth ETF	8.47%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%
SMH VanEck Semiconductor ETF	66.10%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between DGRO and SMH is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.62

Over the past year, the correlation between DGRO and SMH has dropped to 0.40 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

DGRO vs. SMH - Sectors Allocation Comparison

Sectors	DGRO	SMH
Financial Services	21.2%	-
Technology	19.4%	100.0%
Healthcare	16.4%	-
Consumer Defensive	11.5%	-
Industrials	10.8%	-
Utilities	6.9%	-
Consumer Cyclical	5.7%	-
Energy	5.6%	-
Basic Materials	2.5%	-
Communication Services	0.1%	-
Real Estate	-	-

Return for Risk

DGRO vs. SMH — Risk / Return Rank

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

DGRO

DGRO Risk / Return Rank: 78
DGRO Sharpe Ratio Rank: 80
DGRO Sortino Ratio Rank: 84
DGRO Omega Ratio Rank: 78
DGRO Calmar Ratio Rank: 74
DGRO Martin Ratio Rank: 76

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 93
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.

DGRO vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Dividend Growth ETF (DGRO) 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.

	DGRO	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.32	4.27	-1.96
Sortino ratio: Return per unit of downside risk	3.37	4.33	-0.96
Omega ratio: Gain probability vs. loss probability	1.42	1.62	-0.20
Calmar ratio: Return relative to maximum drawdown	3.40	9.26	-5.86
Martin ratio: Return relative to average drawdown	13.12	34.80	-21.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGRO vs. SMH - Sharpe Ratio Comparison

The current DGRO Sharpe Ratio is 2.32, which is lower than the SMH Sharpe Ratio of 4.27. The chart below compares the historical Sharpe Ratios of DGRO 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

	DGRO	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	4.27	-1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	1.08	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	1.13	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.33	+0.43

Drawdowns

DGRO vs. SMH - Drawdown Comparison

The maximum DGRO drawdown since its inception was -35.10%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for DGRO and SMH.

Drawdown Indicators

	DGRO	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-35.10%	-84.96%	+49.86%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-14.93%	+8.46%
Max Drawdown (3Y) Largest decline over 3 years	-14.03%	-35.74%	+21.71%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-45.30%	+25.99%
Max Drawdown (10Y) Largest decline over 10 years	-35.10%	-45.30%	+10.20%
Current Drawdown Current decline from peak	-1.07%	-6.23%	+5.16%
Average Drawdown Average peak-to-trough decline	-3.44%	-41.07%	+37.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	3.96%	-2.29%

Volatility

DGRO vs. SMH - Volatility Comparison

The current volatility for iShares Core Dividend Growth ETF (DGRO) is 2.32%, while VanEck Semiconductor ETF (SMH) has a volatility of 15.45%. This indicates that DGRO 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

	DGRO	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	15.45%	-13.13%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	26.71%	-19.76%
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	32.42%	-22.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.82%	35.32%	-21.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	32.75%	-16.12%

DGRO vs. SMH - Expense Ratio Comparison

DGRO has a 0.08% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

DGRO vs. SMH - Dividend Comparison

DGRO's dividend yield for the trailing twelve months is around 1.96%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.96%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
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 DGRO and SMH in my portfolio?

DGRO and SMH have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGRO or SMH?

SMH has higher volatility (15.45%) compared to DGRO (2.32%). In terms of maximum drawdown, DGRO dropped -35.10% vs SMH's -84.96%.

Which ETF is better, DGRO or SMH?

On 10-year performance, SMH leads with 36.92% vs 13.26% for DGRO. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGRO or SMH?

Over the 10-year period, SMH has performed better with a 36.92% return vs 13.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGRO or SMH?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.35% for SMH.

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

DGRO has the higher dividend yield at 1.96%, compared with 0.18% for SMH.

What is the main difference between DGRO and SMH?

DGRO is categorized as Large Cap Growth Equities, while SMH is Semiconductors. DGRO tracks Morningstar US Dividend Growth Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.08% for DGRO and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.27 vs 2.32), 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.