ETHE vs. SMH
ETHE (Grayscale Ethereum Trust ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, ETHE returned -10.40%/yr vs 34.46%/yr for SMH. Their 0.36 correlation means their historical movements had little consistent relationship. ETHE charges 2.50%/yr vs 0.35%/yr for SMH.
Performance
ETHE vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -37.21% return, which is significantly lower than SMH's 59.86% return.
ETHE
- 1D
- 0.34%
- 1M
- 10.22%
- 6M
- -18.72%
- YTD
- -37.21%
- 1Y
- -49.53%
- 3Y*
- 10.35%
- 5Y*
- -10.40%
- 10Y*
- —
- ALL TIME*
- 12.34%
SMH
- 1D
- 5.55%
- 1M
- -2.80%
- 6M
- 44.77%
- YTD
- 59.86%
- 1Y
- 99.01%
- 3Y*
- 55.82%
- 5Y*
- 34.46%
- 10Y*
- 34.72%
- ALL TIME*
- 11.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.36M | $26.52M | $33.93M | |
| $8.39B | $7.14B | $7.06B |
ETHE vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -37.21% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
SMH VanEck Semiconductor ETF | 59.86% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 36.33% |
Correlation
The correlation between ETHE and SMH is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.44 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019 | 0.36 |
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Return for Risk
ETHE vs. SMH — Risk / Return Rank
ETHE
SMH
ETHE vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.
| ETHE | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.90 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.39 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 4.04 | -4.77 |
| Martin ratioReturn relative to average drawdown | -1.08 | 16.06 | -17.14 |
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Drawdowns
ETHE vs. SMH - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for ETHE and SMH.
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Drawdown Indicators
| ETHE | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -84.96% | -11.30% |
Max Drawdown (1Y)Largest decline over 1 year | -68.17% | -24.62% | -43.55% |
Max Drawdown (3Y)Largest decline over 3 years | -68.17% | -35.74% | -32.43% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | -45.30% | -44.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -76.25% | -13.93% | -62.32% |
Average DrawdownAverage peak-to-trough decline | -72.32% | -40.88% | -31.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.97% | 6.19% | +39.78% |
Volatility
ETHE vs. SMH - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 11.25%, while VanEck Semiconductor ETF (SMH) has a volatility of 15.13%. This indicates that ETHE 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
| ETHE | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 15.13% | -3.88% |
Volatility (6M)Calculated over the trailing 6-month period | 43.39% | 33.33% | +10.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.84% | 38.78% | +28.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.93% | 36.59% | +44.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 189.73% | 33.37% | +156.36% |
ETHE vs. SMH - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
ETHE vs. SMH - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.59%, more than SMH's 0.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.59% | 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 | 0.19% | 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
ETHE and SMH have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (15.13%) compared to ETHE (11.25%). In terms of maximum drawdown, ETHE dropped -96.26% vs SMH's -84.96%.
On 5-year performance, SMH leads with 34.46% vs -10.40% for ETHE. On fees, SMH is cheaper at 0.35% per year. On volatility, ETHE has been the lower-risk option at 11.25%. 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 34.46% return vs -10.40%. 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 2.50% for ETHE.
ETHE has the higher dividend yield at 1.59%, compared with 0.19% for SMH.
ETHE is categorized as Cryptocurrency, while SMH is Semiconductors. ETHE tracks CoinDesk Ether Price Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Grayscale and VanEck. Their fees differ too: 2.50% for ETHE and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (2.57 vs -0.74), 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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