DMLP vs. SMH

Last updated Jun 4, 2026

DMLP (Dorchester Minerals, L.P.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, DMLP returned 19.06%/yr vs 37.68%/yr for SMH. At a 0.19 correlation, their price movements are largely independent.

Performance

DMLP vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dorchester Minerals, L.P. (DMLP) 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, DMLP achieves a 32.00% return, which is significantly lower than SMH's 77.13% return. Over the past 10 years, DMLP has underperformed SMH with an annualized return of 19.06%, while SMH has yielded a comparatively higher 37.68% annualized return.

DMLP

• 1D: 0.32%
• 1M: 3.38%
• YTD: 32.00%
• 6M: 33.07%
• 1Y: 11.32%
• 3Y*: 8.76%
• 5Y*: 25.76%
• 10Y*: 19.06%

SMH

• 1D: 0.90%
• 1M: 25.87%
• YTD: 77.13%
• 6M: 75.61%
• 1Y: 157.20%
• 3Y*: 64.17%
• 5Y*: 39.21%
• 10Y*: 37.68%

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

DMLP vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DMLP Dorchester Minerals, L.P.	32.00%	-25.92%	16.59%	18.99%	71.68%	98.93%	-37.39%	48.52%	6.12%	-6.93%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between DMLP and SMH is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Feb 4, 2003	0.19

The correlation between DMLP and SMH shifts across timeframes, from -0.08 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DMLP vs. SMH — Risk / Return Rank

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

DMLP

DMLP Risk / Return Rank: 52
DMLP Sharpe Ratio Rank: 58
DMLP Sortino Ratio Rank: 49
DMLP Omega Ratio Rank: 48
DMLP Calmar Ratio Rank: 53
DMLP Martin Ratio Rank: 54

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
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.

DMLP vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dorchester Minerals, L.P. (DMLP) 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.

	DMLP	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.50	5.19	-4.69
Sortino ratio: Return per unit of downside risk	0.85	5.22	-4.36
Omega ratio: Gain probability vs. loss probability	1.10	1.72	-0.62
Calmar ratio: Return relative to maximum drawdown	0.54	10.59	-10.05
Martin ratio: Return relative to average drawdown	1.25	40.63	-39.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMLP vs. SMH - Sharpe Ratio Comparison

The current DMLP Sharpe Ratio is 0.50, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of DMLP 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

	DMLP	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	5.19	-4.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	1.13	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	1.16	-0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.34	+0.04

Drawdowns

DMLP vs. SMH - Drawdown Comparison

The maximum DMLP drawdown since its inception was -72.35%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for DMLP and SMH.

Drawdown Indicators

	DMLP	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-72.35%	-84.96%	+12.61%
Max Drawdown (1Y) Largest decline over 1 year	-21.00%	-14.93%	-6.07%
Max Drawdown (3Y) Largest decline over 3 years	-32.31%	-35.74%	+3.43%
Max Drawdown (5Y) Largest decline over 5 years	-32.31%	-45.30%	+12.99%
Max Drawdown (10Y) Largest decline over 10 years	-56.80%	-45.30%	-11.50%
Current Drawdown Current decline from peak	-6.03%	0.00%	-6.03%
Average Drawdown Average peak-to-trough decline	-19.83%	-41.09%	+21.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.09%	3.89%	+5.20%

Volatility

DMLP vs. SMH - Volatility Comparison

The current volatility for Dorchester Minerals, L.P. (DMLP) is 9.07%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that DMLP 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

	DMLP	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	11.47%	-2.40%
Volatility (6M) Calculated over the trailing 6-month period	17.36%	24.29%	-6.93%
Volatility (1Y) Calculated over the trailing 1-year period	22.91%	30.56%	-7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.03%	35.01%	-4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.79%	32.57%	-0.78%

Dividends

DMLP vs. SMH - Dividend Comparison

DMLP's dividend yield for the trailing twelve months is around 9.03%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMLP Dorchester Minerals, L.P.	9.03%	12.41%	10.46%	10.67%	11.68%	7.75%	12.75%	10.32%	11.87%	7.60%	4.88%	11.67%
SMH VanEck Semiconductor ETF	0.17%	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 DMLP and SMH in my portfolio?

DMLP and SMH have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMLP or SMH?

SMH has higher volatility (11.47%) compared to DMLP (9.07%). In terms of maximum drawdown, DMLP dropped -72.35% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 0.50), 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.