DRAM vs. SMH

Last updated Aug 1, 2026

DRAM (Roundhill Memory ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - DRAM is a Technology Equities fund actively managed by Roundhill, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. DRAM is actively managed, while SMH is passively managed. Their correlation of 0.83 means they have usually moved in the same direction. DRAM charges 0.65%/yr vs 0.35%/yr for SMH.

Performance

DRAM vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Memory ETF (DRAM) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DRAM

• 1D: -3.76%
• 1M: -16.92%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DRAM Roundhill Memory ETF	$4.23B	$4.59B	$3.52B
SMH VanEck Semiconductor ETF	$8.28B	$7.64B	$7.07B

DRAM vs. SMH - Yearly Performance Comparison

	2026 (YTD)
DRAM Roundhill Memory ETF	86.56%
SMH VanEck Semiconductor ETF	37.90%

Correlation

The correlation between DRAM and SMH is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 2, 2026	0.83

DRAM vs. SMH - Sectors Allocation Comparison

Sectors	DRAM	SMH
Technology	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-
Financial Services	-2.3%	-

Return for Risk

DRAM vs. SMH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DRAM

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

SMH

SMH Risk / Return Rank: 87
SMH Sharpe Ratio Rank: 91
SMH Sortino Ratio Rank: 83
SMH Omega Ratio Rank: 84
SMH Calmar Ratio Rank: 88
SMH Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DRAM vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Memory ETF (DRAM) 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.

	DRAM	SMH	Difference
Sharpe ratio: Return per unit of total volatility	—	2.29	—
Sortino ratio: Return per unit of downside risk	—	2.70	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	3.58	—
Martin ratio: Return relative to average drawdown	—	14.64	—

Drawdowns

DRAM vs. SMH - Drawdown Comparison

The maximum DRAM drawdown since its inception was -44.44%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for DRAM and SMH.

Drawdown Indicators

	DRAM	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-44.44%	-84.96%	+40.52%
Max Drawdown (1Y) Largest decline over 1 year	—	-24.62%	—
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	-37.60%	-19.19%	-18.41%
Average Drawdown Average peak-to-trough decline	-10.50%	-40.89%	+30.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.01%	—

Volatility

Volatility by Period

	DRAM	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	100.96%	38.57%	+62.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	100.96%	36.50%	+64.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.96%	33.32%	+67.64%

DRAM vs. SMH - Expense Ratio Comparison

DRAM has a 0.65% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

DRAM vs. SMH - Dividend Comparison

DRAM has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.20%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRAM Roundhill Memory ETF	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	0.20%	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

Can I hold both DRAM and SMH in my portfolio?

DRAM and SMH have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DRAM 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, DRAM or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.65% for DRAM.

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

SMH has the higher dividend yield at 0.20%, compared with 0.00% for DRAM.

What is the main difference between DRAM and SMH?

DRAM is categorized as Technology Equities, while SMH is Semiconductors. They also come from different issuers: Roundhill and VanEck. Their fees differ too: 0.65% for DRAM and 0.35% for SMH.