FBNC vs. SMH

Last updated Jul 3, 2026

FBNC (First Bancorp) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, FBNC returned 15.81%/yr vs 36.81%/yr for SMH. At a 0.34 correlation, their price movements are largely independent.

Performance

FBNC vs. SMH - Performance Comparison

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

Returns By Period

In the year-to-date period, FBNC achieves a 26.63% return, which is significantly lower than SMH's 64.47% return. Over the past 10 years, FBNC has underperformed SMH with an annualized return of 15.81%, while SMH has yielded a comparatively higher 36.81% annualized return.

FBNC

• 1D: -2.37%
• 1M: 7.83%
• 6M: 26.63%
• YTD: 26.63%
• 1Y: 38.48%
• 3Y*: 30.98%
• 5Y*: 11.80%
• 10Y*: 15.81%

SMH

• 1D: -4.54%
• 1M: -6.31%
• 6M: 64.47%
• YTD: 64.47%
• 1Y: 111.25%
• 3Y*: 57.52%
• 5Y*: 36.27%
• 10Y*: 36.81%

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

FBNC vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBNC First Bancorp	26.63%	17.79%	21.66%	-11.24%	-4.19%	37.67%	-12.61%	24.00%	-6.49%	31.41%
SMH VanEck Semiconductor ETF	64.47%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between FBNC and SMH is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000	0.34

Over the past year, the correlation between FBNC and SMH has dropped to 0.14 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

Return for Risk

FBNC vs. SMH — Risk / Return Rank

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

FBNC

FBNC Risk / Return Rank: 80
FBNC Sharpe Ratio Rank: 82
FBNC Sortino Ratio Rank: 78
FBNC Omega Ratio Rank: 78
FBNC Calmar Ratio Rank: 81
FBNC Martin Ratio Rank: 81

SMH

SMH Risk / Return Rank: 92
SMH Sharpe Ratio Rank: 95
SMH Sortino Ratio Rank: 87
SMH Omega Ratio Rank: 89
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 95

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.

FBNC vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Bancorp (FBNC) 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.

	FBNC	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.39	3.10	-1.70
Sortino ratio: Return per unit of downside risk	1.97	3.35	-1.37
Omega ratio: Gain probability vs. loss probability	1.26	1.47	-0.21
Calmar ratio: Return relative to maximum drawdown	2.38	7.49	-5.11
Martin ratio: Return relative to average drawdown	5.91	26.14	-20.23

FBNC vs. SMH - Sharpe Ratio Comparison

The current FBNC Sharpe Ratio is 1.39, which is lower than the SMH Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of FBNC 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.

Drawdowns

FBNC vs. SMH - Drawdown Comparison

The maximum FBNC drawdown since its inception was -70.98%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FBNC and SMH.

Drawdown Indicators

	FBNC	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-70.98%	-84.96%	+13.98%
Max Drawdown (1Y) Largest decline over 1 year	-16.25%	-14.93%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-26.02%	-35.74%	+9.72%
Max Drawdown (5Y) Largest decline over 5 years	-44.98%	-45.30%	+0.32%
Max Drawdown (10Y) Largest decline over 10 years	-54.13%	-45.30%	-8.83%
Current Drawdown Current decline from peak	-2.37%	-11.45%	+9.08%
Average Drawdown Average peak-to-trough decline	-20.63%	-40.97%	+20.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.53%	4.27%	+2.26%

Volatility

FBNC vs. SMH - Volatility Comparison

The current volatility for First Bancorp (FBNC) is 7.48%, while VanEck Semiconductor ETF (SMH) has a volatility of 20.74%. This indicates that FBNC 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.

Volatility by Period

	FBNC	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	20.74%	-13.26%
Volatility (6M) Calculated over the trailing 6-month period	19.54%	30.87%	-11.33%
Volatility (1Y) Calculated over the trailing 1-year period	27.85%	36.13%	-8.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.69%	36.08%	-3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.17%	33.07%	+2.10%

Dividends

FBNC vs. SMH - Dividend Comparison

FBNC's dividend yield for the trailing twelve months is around 1.47%, more than SMH's 0.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBNC First Bancorp	1.47%	1.79%	2.00%	2.38%	2.05%	1.75%	2.13%	1.35%	1.22%	0.91%	1.18%	1.71%
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

Can I hold both FBNC and SMH in my portfolio?

FBNC and SMH have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBNC or SMH?

SMH has higher volatility (20.74%) compared to FBNC (7.48%). In terms of maximum drawdown, FBNC dropped -70.98% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.10 vs 1.39), 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.