DLHIX vs. SMH
DLHIX (Delaware Healthcare Fund) and SMH (VanEck Semiconductor ETF) are both funds - DLHIX is a Health & Biotech Equities fund managed by Delaware Funds, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, DLHIX returned 10.83%/yr vs 34.16%/yr for SMH. Their 0.55 correlation means they have sometimes moved together and sometimes differently. DLHIX charges 0.98%/yr vs 0.35%/yr for SMH.
Performance
DLHIX vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, DLHIX achieves a 6.25% return, which is significantly lower than SMH's 50.09% return. Over the past 10 years, DLHIX has underperformed SMH with an annualized return of 10.83%, while SMH has yielded a comparatively higher 34.16% annualized return.
DLHIX
- 1D
- -0.14%
- 1M
- -1.06%
- 6M
- 5.77%
- YTD
- 6.25%
- 1Y
- 33.18%
- 3Y*
- 14.76%
- 5Y*
- 8.82%
- 10Y*
- 10.83%
- ALL TIME*
- 14.02%
SMH
- 1D
- 0.30%
- 1M
- -8.74%
- 6M
- 33.97%
- YTD
- 50.09%
- 1Y
- 90.95%
- 3Y*
- 50.56%
- 5Y*
- 33.46%
- 10Y*
- 34.16%
- ALL TIME*
- 11.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $8.28B | $7.64B | $7.07B |
DLHIX vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DLHIX Delaware Healthcare Fund | 6.25% | 22.27% | 8.76% | 5.42% | -0.99% | 5.48% | 12.02% | 31.82% | -0.59% | 32.29% |
SMH VanEck Semiconductor ETF | 50.09% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between DLHIX and SMH is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.38 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2007 | 0.55 |
Over the past year, the correlation between DLHIX and SMH has dropped to 0.20 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.
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Return for Risk
DLHIX vs. SMH — Risk / Return Rank
DLHIX
SMH
DLHIX vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Healthcare Fund (DLHIX) 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.
| DLHIX | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.36 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.07 | 3.58 | -0.51 |
| Martin ratioReturn relative to average drawdown | 8.84 | 14.64 | -5.80 |
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Drawdowns
DLHIX vs. SMH - Drawdown Comparison
The maximum DLHIX drawdown since its inception was -34.64%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for DLHIX and SMH.
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Drawdown Indicators
| DLHIX | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.64% | -84.96% | +50.32% |
Max Drawdown (1Y)Largest decline over 1 year | -10.30% | -24.62% | +14.32% |
Max Drawdown (3Y)Largest decline over 3 years | -19.79% | -35.74% | +15.95% |
Max Drawdown (5Y)Largest decline over 5 years | -19.79% | -45.30% | +25.51% |
Max Drawdown (10Y)Largest decline over 10 years | -25.60% | -45.30% | +19.70% |
Current DrawdownCurrent decline from peak | -1.96% | -19.19% | +17.23% |
Average DrawdownAverage peak-to-trough decline | -5.53% | -40.89% | +35.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 6.01% | -2.44% |
Volatility
DLHIX vs. SMH - Volatility Comparison
The current volatility for Delaware Healthcare Fund (DLHIX) is 4.95%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. This indicates that DLHIX 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.
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Volatility by Period
| DLHIX | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.95% | 14.70% | -9.75% |
Volatility (6M)Calculated over the trailing 6-month period | 12.41% | 33.13% | -20.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.93% | 38.57% | -21.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.14% | 36.50% | -20.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.91% | 33.32% | -15.41% |
DLHIX vs. SMH - Expense Ratio Comparison
DLHIX has a 0.98% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
DLHIX vs. SMH - Dividend Comparison
DLHIX's dividend yield for the trailing twelve months is around 10.50%, more than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DLHIX Delaware Healthcare Fund | 10.50% | 11.16% | 14.00% | 6.97% | 9.16% | 5.41% | 6.19% | 7.63% | 2.11% | 3.23% | 8.20% | 7.90% |
SMH VanEck Semiconductor ETF | 0.20% | 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
DLHIX and SMH have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (14.70%) compared to DLHIX (4.95%). In terms of maximum drawdown, DLHIX dropped -34.64% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (2.29 vs 1.87), 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.
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