ESPO vs. SMHX

Last updated Jul 17, 2026

ESPO (VanEck Video Gaming and eSports ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - ESPO is a Gaming fund tracking the MVIS Global Video Gaming and eSports Index, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, ESPO returned -13.39% vs 75.18% for SMHX. A 0.52 correlation means they provide meaningful diversification when combined. ESPO charges 0.55%/yr vs 0.35%/yr for SMHX.

Performance

ESPO vs. SMHX - Performance Comparison

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

Returns By Period

In the year-to-date period, ESPO achieves a -11.52% return, which is significantly lower than SMHX's 48.21% return.

ESPO

• 1D: -0.34%
• 1M: 3.26%
• 6M: -13.63%
• YTD: -11.52%
• 1Y: -13.39%
• 3Y*: 17.03%
• 5Y*: 7.56%
• 10Y*: —

SMHX

• 1D: -4.39%
• 1M: -9.38%
• 6M: 43.30%
• YTD: 48.21%
• 1Y: 75.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ESPO vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ESPO VanEck Video Gaming and eSports ETF	-11.52%	25.79%	18.53%
SMHX VanEck Fabless Semiconductor ETF	48.21%	30.00%	15.56%

Correlation

The correlation between ESPO and SMHX 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 (All Time) Calculated using the full available price history since Aug 28, 2024	0.52

The correlation between ESPO and SMHX has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.

ESPO vs. SMHX - Sectors Allocation Comparison

Sectors	ESPO	SMHX
Technology	75.3%	100.0%
Consumer Cyclical	14.0%	-
Communication Services	10.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

ESPO vs. SMHX — Risk / Return Rank

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

ESPO

ESPO Risk / Return Rank: 4
ESPO Sharpe Ratio Rank: 3
ESPO Sortino Ratio Rank: 4
ESPO Omega Ratio Rank: 4
ESPO Calmar Ratio Rank: 5
ESPO Martin Ratio Rank: 6

SMHX

SMHX Risk / Return Rank: 74
SMHX Sharpe Ratio Rank: 77
SMHX Sortino Ratio Rank: 65
SMHX Omega Ratio Rank: 65
SMHX Calmar Ratio Rank: 90
SMHX Martin Ratio Rank: 74

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. SMHX - Risk-Adjusted Trends Comparison

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

	ESPO	SMHX	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	1.96	-2.68
Sortino ratio: Return per unit of downside risk	-0.91	2.40	-3.31
Omega ratio: Gain probability vs. loss probability	0.89	1.31	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.46	4.43	-4.89
Martin ratio: Return relative to average drawdown	-0.76	10.82	-11.58

ESPO vs. SMHX - Sharpe Ratio Comparison

The current ESPO Sharpe Ratio is -0.72, which is lower than the SMHX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of ESPO and SMHX, 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

ESPO vs. SMHX - Drawdown Comparison

The maximum ESPO drawdown since its inception was -50.99%, which is greater than SMHX's maximum drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for ESPO and SMHX.

Drawdown Indicators

	ESPO	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-50.99%	-38.53%	-12.46%
Max Drawdown (1Y) Largest decline over 1 year	-29.43%	-17.06%	-12.37%
Max Drawdown (3Y) Largest decline over 3 years	-29.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.33%	—	—
Current Drawdown Current decline from peak	-24.12%	-16.94%	-7.18%
Average Drawdown Average peak-to-trough decline	-15.18%	-7.47%	-7.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.64%	6.97%	+10.67%

Volatility

ESPO vs. SMHX - Volatility Comparison

The current volatility for VanEck Video Gaming and eSports ETF (ESPO) is 4.87%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 15.79%. This indicates that ESPO experiences smaller price fluctuations and is considered to be less risky than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESPO	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	15.79%	-10.92%
Volatility (6M) Calculated over the trailing 6-month period	15.06%	32.14%	-17.08%
Volatility (1Y) Calculated over the trailing 1-year period	18.83%	38.47%	-19.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.09%	41.83%	-16.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.62%	41.83%	-16.21%

ESPO vs. SMHX - Expense Ratio Comparison

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

Dividends

ESPO vs. SMHX - Dividend Comparison

ESPO's dividend yield for the trailing twelve months is around 1.41%, more than SMHX's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ESPO VanEck Video Gaming and eSports ETF	1.41%	1.24%	0.44%	0.96%	0.91%	3.36%	0.12%	0.22%	0.04%
SMHX VanEck Fabless Semiconductor ETF	0.02%	0.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ESPO and SMHX in my portfolio?

ESPO and SMHX 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.

Which is riskier, ESPO or SMHX?

SMHX has higher volatility (15.79%) compared to ESPO (4.87%). In terms of maximum drawdown, ESPO dropped -50.99% vs SMHX's -38.53%.

Which ETF is better, ESPO or SMHX?

On 1-year performance, SMHX leads with 75.18% vs -13.39% for ESPO. On fees, SMHX is cheaper at 0.35% per year. On volatility, ESPO has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESPO or SMHX?

Over the 1-year period, SMHX has performed better with a 75.18% return vs -13.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESPO or SMHX?

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

Which ETF pays a higher dividend yield, ESPO or SMHX?

ESPO has the higher dividend yield at 1.41%, compared with 0.02% for SMHX.

What is the main difference between ESPO and SMHX?

ESPO is categorized as Gaming, while SMHX is Semiconductors. ESPO tracks MVIS Global Video Gaming and eSports Index, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index. Their fees differ too: 0.55% for ESPO and 0.35% for SMHX.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (1.96 vs -0.72), 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.