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 -11.85%/yr vs 38.76%/yr for SMH. At a 0.36 correlation, their price movements are largely independent. 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 -40.50% return, which is significantly lower than SMH's 74.25% return.
ETHE
- 1D
- -1.44%
- 1M
- -25.23%
- YTD
- -40.50%
- 6M
- -43.78%
- 1Y
- -33.45%
- 3Y*
- 21.42%
- 5Y*
- -11.85%
- 10Y*
- —
SMH
- 1D
- -1.63%
- 1M
- 20.06%
- YTD
- 74.25%
- 6M
- 74.08%
- 1Y
- 150.04%
- 3Y*
- 63.96%
- 5Y*
- 38.76%
- 10Y*
- 37.49%
ETHE vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -40.50% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
SMH VanEck Semiconductor ETF | 74.25% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 39.81% |
Correlation
The correlation between ETHE and SMH is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2019 | 0.36 |
The correlation between ETHE and SMH shifts across timeframes, from 0.36 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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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.
| ETHE | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.43 | ||
| Sortino ratioReturn per unit of downside risk | -5.42 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.69 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 10.11 | -10.64 |
| Martin ratioReturn relative to average drawdown | -0.88 | 38.76 | -39.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHE | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.49 | 4.94 | -5.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 1.11 | -1.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.34 | -0.28 |
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 | -63.69% | -14.93% | -48.76% |
Max Drawdown (3Y)Largest decline over 3 years | -66.12% | -35.74% | -30.38% |
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 | -77.50% | -1.63% | -75.87% |
Average DrawdownAverage peak-to-trough decline | -72.23% | -41.08% | -31.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.19% | 3.89% | +34.30% |
Volatility
ETHE vs. SMH - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 9.65%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.58%. 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 | 9.65% | 11.58% | -1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 45.28% | 24.35% | +20.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.22% | 30.57% | +37.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.25% | 35.01% | +47.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.78% | 32.57% | +159.21% |
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 1.37%, more than SMH's 0.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.37% | 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 | 0.18% | 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 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (11.58%) compared to ETHE (9.65%). In terms of maximum drawdown, ETHE dropped -96.26% vs SMH's -84.96%.
On 5-year performance, SMH leads with 38.76% vs -11.85% for ETHE. On fees, SMH is cheaper at 0.35% per year. On volatility, ETHE has been the lower-risk option at 9.65%. 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 38.76% return vs -11.85%. 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 1.37%, compared with 0.18% 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 (4.94 vs -0.49), 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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