DHI vs. SMH

Last updated Jul 17, 2026

DHI (D.R. Horton, 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, DHI returned 17.66%/yr vs 35.15%/yr for SMH. At a 0.39 correlation, their price movements are largely independent.

Performance

DHI vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in D.R. Horton, Inc. (DHI) 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, DHI achieves a 7.84% return, which is significantly lower than SMH's 57.98% return. Over the past 10 years, DHI has underperformed SMH with an annualized return of 17.66%, while SMH has yielded a comparatively higher 35.15% annualized return.

DHI

• 1D: 1.89%
• 1M: -1.22%
• 6M: -3.52%
• YTD: 7.84%
• 1Y: 18.79%
• 3Y*: 7.52%
• 5Y*: 13.50%
• 10Y*: 17.66%

SMH

• 1D: -3.70%
• 1M: -7.64%
• 6M: 43.52%
• YTD: 57.98%
• 1Y: 97.28%
• 3Y*: 53.38%
• 5Y*: 36.57%
• 10Y*: 35.15%

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

DHI vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHI D.R. Horton, Inc.	7.84%	4.24%	-7.24%	72.07%	-16.83%	58.73%	32.23%	54.29%	-31.26%	89.06%
SMH VanEck Semiconductor ETF	57.98%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between DHI and SMH is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000	0.39

Over the past year, the correlation between DHI and SMH has dropped to 0.13 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

DHI vs. SMH — Risk / Return Rank

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

DHI

DHI Risk / Return Rank: 60
DHI Sharpe Ratio Rank: 62
DHI Sortino Ratio Rank: 61
DHI Omega Ratio Rank: 57
DHI Calmar Ratio Rank: 61
DHI Martin Ratio Rank: 58

SMH

SMH Risk / Return Rank: 90
SMH Sharpe Ratio Rank: 93
SMH Sortino Ratio Rank: 83
SMH Omega Ratio Rank: 85
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 94

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.

DHI vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for D.R. Horton, Inc. (DHI) 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.

	DHI	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.48	2.65	-2.16
Sortino ratio: Return per unit of downside risk	1.09	2.97	-1.87
Omega ratio: Gain probability vs. loss probability	1.12	1.41	-0.28
Calmar ratio: Return relative to maximum drawdown	0.68	6.54	-5.86
Martin ratio: Return relative to average drawdown	1.16	20.41	-19.25

DHI vs. SMH - Sharpe Ratio Comparison

The current DHI Sharpe Ratio is 0.48, which is lower than the SMH Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of DHI 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

DHI vs. SMH - Drawdown Comparison

The maximum DHI drawdown since its inception was -88.84%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for DHI and SMH.

Drawdown Indicators

	DHI	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-88.84%	-84.96%	-3.88%
Max Drawdown (1Y) Largest decline over 1 year	-27.56%	-14.95%	-12.61%
Max Drawdown (3Y) Largest decline over 3 years	-41.28%	-35.74%	-5.54%
Max Drawdown (5Y) Largest decline over 5 years	-44.45%	-45.30%	+0.85%
Max Drawdown (10Y) Largest decline over 10 years	-53.62%	-45.30%	-8.32%
Current Drawdown Current decline from peak	-20.05%	-14.95%	-5.10%
Average Drawdown Average peak-to-trough decline	-27.88%	-40.93%	+13.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.25%	4.78%	+11.47%

Volatility

DHI vs. SMH - Volatility Comparison

The current volatility for D.R. Horton, Inc. (DHI) is 10.92%, while VanEck Semiconductor ETF (SMH) has a volatility of 17.01%. This indicates that DHI 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

	DHI	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.92%	17.01%	-6.09%
Volatility (6M) Calculated over the trailing 6-month period	24.81%	31.61%	-6.80%
Volatility (1Y) Calculated over the trailing 1-year period	39.02%	36.97%	+2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.63%	36.21%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.88%	33.16%	+2.72%

Dividends

DHI vs. SMH - Dividend Comparison

DHI's dividend yield for the trailing twelve months is around 1.13%, more than SMH's 0.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHI D.R. Horton, Inc.	1.13%	1.15%	0.93%	0.69%	1.04%	0.76%	1.05%	1.18%	1.51%	0.83%	1.24%	0.84%
SMH VanEck Semiconductor ETF	0.19%	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 DHI and SMH in my portfolio?

DHI and SMH have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHI or SMH?

SMH has higher volatility (17.01%) compared to DHI (10.92%). In terms of maximum drawdown, DHI dropped -88.84% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (2.65 vs 0.48), 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.