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ESPO vs. SMH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ESPO vs. SMH

Last updated Jun 4, 2026

ESPO (VanEck Vectors Video Gaming and eSports ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - ESPO is a Large Cap Growth Equities fund tracking the MVIS Global Video Gaming and eSports Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, ESPO returned 6.23%/yr vs 39.21%/yr for SMH. A 0.70 correlation means they provide meaningful diversification when combined. ESPO charges 0.55%/yr vs 0.35%/yr for SMH.

Performance

ESPO vs. SMH - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, ESPO achieves a -13.31% return, which is significantly lower than SMH's 77.13% return.

ESPO

1D
-2.20%
1M
-1.23%
YTD
-13.31%
6M
-16.99%
1Y
-11.55%
3Y*
19.46%
5Y*
6.23%
10Y*
—

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)

ESPO vs. SMH - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ESPO
VanEck Vectors Video Gaming and eSports ETF		-13.31%25.79%47.61%33.64%-34.71%-2.13%83.93%42.36%-12.57%
SMH
VanEck Semiconductor ETF		77.13%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-10.19%

Correlation

The correlation between ESPO and SMH is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.59

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

Correlation (All Time)
Calculated using the full available price history since Oct 18, 2018

0.70

Over the past year, the correlation between ESPO and SMH has dropped to 0.48 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

ESPO vs. SMH - Sectors Allocation Comparison

Sectors
ESPO
SMH

Communication Services

78.1%

-

Consumer Cyclical

13.8%

-

Technology

8.2%
100.0%

Basic Materials

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Utilities

-

-

Communication Services

ESPO
78.1%
SMH

-

Consumer Cyclical

ESPO
13.8%
SMH

-

Technology

ESPO
8.2%
SMH
100.0%

Basic Materials

ESPO

-

SMH

-

Consumer Defensive

ESPO

-

SMH

-

Energy

ESPO

-

SMH

-

Financial Services

ESPO

-

SMH

-

Healthcare

ESPO

-

SMH

-

Industrials

ESPO

-

SMH

-

Real Estate

ESPO

-

SMH

-

Utilities

ESPO

-

SMH

-

Compare stocks, funds, or ETFs

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VanEck Vectors Video Gaming and eSports ETF

VanEck Semiconductor ETF

Often compared with ESPO:
ESPO vs. HEROESPO vs. ESGB.LESPO vs. GAMRESPO vs. NERDESPO vs. VGTESPO vs. MDLZESPO vs. SNSR
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

ESPO vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ESPO
ESPO Risk / Return Rank: 44
Overall Rank
ESPO Sharpe Ratio Rank: 44
Sharpe Ratio Rank
ESPO Sortino Ratio Rank: 44
Sortino Ratio Rank
ESPO Omega Ratio Rank: 44
Omega Ratio Rank
ESPO Calmar Ratio Rank: 55
Calmar Ratio Rank
ESPO Martin Ratio Rank: 55
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9595
Sortino Ratio Rank
SMH Omega Ratio Rank: 9595
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9696
Martin Ratio Rank
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.

ESPO vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Video Gaming and eSports ETF (ESPO) 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.

ESPOSMHDifference
Sharpe ratioReturn per unit of total volatility
-0.62
5.19

-5.80

Sortino ratioReturn per unit of downside risk
-0.75
5.22

-5.97

Omega ratioGain probability vs. loss probability

0.91

1.72

-0.81

Calmar ratioReturn relative to maximum drawdown

-0.42

10.59

-11.01

Martin ratioReturn relative to average drawdown

-0.76

40.63

-41.38

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESPO vs. SMH - Sharpe Ratio Comparison

The current ESPO Sharpe Ratio is -0.62, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of ESPO 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.

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Sharpe Ratios by Period

ESPOSMHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.62

5.19

-5.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

1.13

-0.88

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.16

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.63

0.34

+0.29

Drawdowns

ESPO vs. SMH - Drawdown Comparison

The maximum ESPO drawdown since its inception was -50.99%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for ESPO and SMH.

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Drawdown Indicators

ESPOSMHDifference

Max Drawdown

Largest peak-to-trough decline

-50.99%

-84.96%

+33.97%

Max Drawdown (1Y)

Largest decline over 1 year

-27.81%

-14.93%

-12.88%

Max Drawdown (3Y)

Largest decline over 3 years

-27.81%

-35.74%

+7.93%

Max Drawdown (5Y)

Largest decline over 5 years

-48.33%

-45.30%

-3.03%

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.30%

—

Current Drawdown

Current decline from peak

-25.66%

0.00%

-25.66%

Average Drawdown

Average peak-to-trough decline

-15.03%

-41.09%

+26.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

15.30%

3.89%

+11.41%

Volatility

ESPO vs. SMH - Volatility Comparison

The current volatility for VanEck Vectors Video Gaming and eSports ETF (ESPO) is 5.00%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that ESPO 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

ESPOSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.00%

11.47%

-6.47%

Volatility (6M)

Calculated over the trailing 6-month period

14.58%

24.29%

-9.71%

Volatility (1Y)

Calculated over the trailing 1-year period

18.85%

30.56%

-11.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.12%

35.01%

-9.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.75%

32.57%

-6.82%

ESPO vs. SMH - Expense Ratio Comparison

ESPO has a 0.55% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

ESPO vs. SMH - Dividend Comparison

ESPO's dividend yield for the trailing twelve months is around 1.44%, more than SMH's 0.17% yield.

PositionTTM20252024202320222021202020192018201720162015
ESPO
VanEck Vectors Video Gaming and eSports ETF		1.44%1.24%0.44%0.96%0.91%3.36%0.12%0.22%0.04%0.00%0.00%0.00%
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

ESPO and SMH have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMH has higher volatility (11.47%) compared to ESPO (5.00%). In terms of maximum drawdown, ESPO dropped -50.99% vs SMH's -84.96%.

On 5-year performance, SMH leads with 39.21% vs 6.23% for ESPO. On fees, SMH is cheaper at 0.35% per year. On volatility, ESPO has been the lower-risk option at 5.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SMH has performed better with a 39.21% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMH is cheaper with a 0.35% expense ratio, compared with 0.55% for ESPO.

ESPO has the higher dividend yield at 1.44%, compared with 0.17% for SMH.

ESPO is categorized as Large Cap Growth Equities, while SMH is Semiconductors. ESPO tracks MVIS Global Video Gaming and eSports Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. Their fees differ too: 0.55% for ESPO and 0.35% for SMH.

SMH currently has the higher Sharpe Ratio (5.19 vs -0.62), 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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