FDIG vs. SMH

Last updated Jun 13, 2026

FDIG (Fidelity Crypto Industry and Digital Payments ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - FDIG is a Blockchain fund tracking the Fidelity Crypto Industry and Digital Payments Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 3 years, FDIG returned 40.49%/yr vs 60.05%/yr for SMH. A 0.56 correlation means they provide meaningful diversification when combined. FDIG charges 0.39%/yr vs 0.35%/yr for SMH.

Performance

FDIG vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Crypto Industry and Digital Payments ETF (FDIG) 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, FDIG achieves a 14.80% return, which is significantly lower than SMH's 72.15% return.

FDIG

• 1D: 1.34%
• 1M: -1.47%
• YTD: 14.80%
• 6M: 4.43%
• 1Y: 38.77%
• 3Y*: 40.49%
• 5Y*: —
• 10Y*: —

SMH

• 1D: 1.72%
• 1M: 8.30%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 136.32%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

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

FDIG vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FDIG Fidelity Crypto Industry and Digital Payments ETF	14.80%	19.92%	18.41%	166.00%	-59.37%
SMH VanEck Semiconductor ETF	72.15%	49.17%	39.10%	73.38%	-16.91%

Correlation

The correlation between FDIG and SMH is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 21, 2022	0.57

The correlation between FDIG and SMH has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

FDIG vs. SMH - Sectors Allocation Comparison

Sectors	FDIG	SMH
Financial Services	56.6%	-
Technology	39.5%	100.0%
Industrials	1.7%	-
Communication Services	0.9%	-
Utilities	0.8%	-
Consumer Cyclical	0.5%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

FDIG vs. SMH — Risk / Return Rank

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

FDIG

FDIG Risk / Return Rank: 23
FDIG Sharpe Ratio Rank: 24
FDIG Sortino Ratio Rank: 27
FDIG Omega Ratio Rank: 25
FDIG Calmar Ratio Rank: 21
FDIG Martin Ratio Rank: 18

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

FDIG vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Crypto Industry and Digital Payments ETF (FDIG) 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.

	FDIG	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.77	4.13	-3.36
Sortino ratio: Return per unit of downside risk	1.32	4.26	-2.94
Omega ratio: Gain probability vs. loss probability	1.15	1.60	-0.45
Calmar ratio: Return relative to maximum drawdown	0.83	9.18	-8.35
Martin ratio: Return relative to average drawdown	1.59	33.74	-32.15

FDIG vs. SMH - Sharpe Ratio Comparison

The current FDIG Sharpe Ratio is 0.77, which is lower than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of FDIG 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

FDIG vs. SMH - Drawdown Comparison

The maximum FDIG drawdown since its inception was -61.35%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FDIG and SMH.

Drawdown Indicators

	FDIG	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-61.35%	-84.96%	+23.61%
Max Drawdown (1Y) Largest decline over 1 year	-46.69%	-14.93%	-31.76%
Max Drawdown (3Y) Largest decline over 3 years	-49.66%	-35.74%	-13.92%
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-23.97%	-2.81%	-21.16%
Average Drawdown Average peak-to-trough decline	-27.52%	-41.04%	+13.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.47%	4.06%	+20.41%

Volatility

FDIG vs. SMH - Volatility Comparison

Fidelity Crypto Industry and Digital Payments ETF (FDIG) and VanEck Semiconductor ETF (SMH) have volatilities of 16.88% and 16.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDIG	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.88%	16.25%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	37.91%	27.73%	+10.18%
Volatility (1Y) Calculated over the trailing 1-year period	50.86%	33.20%	+17.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.03%	35.47%	+25.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.03%	32.82%	+28.21%

FDIG vs. SMH - Expense Ratio Comparison

FDIG has a 0.39% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

FDIG vs. SMH - Dividend Comparison

FDIG's dividend yield for the trailing twelve months is around 1.07%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDIG Fidelity Crypto Industry and Digital Payments ETF	1.07%	1.14%	1.17%	0.18%	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

Can I hold both FDIG and SMH in my portfolio?

FDIG and SMH have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDIG or SMH?

FDIG has higher volatility (16.88%) compared to SMH (16.25%). In terms of maximum drawdown, FDIG dropped -61.35% vs SMH's -84.96%.

Which ETF is better, FDIG or SMH?

On 3-year performance, SMH leads with 60.05% vs 40.49% for FDIG. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 16.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDIG or SMH?

Over the 3-year period, SMH has performed better with a 60.05% return vs 40.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDIG or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.39% for FDIG.

Which ETF pays a higher dividend yield, FDIG or SMH?

FDIG has the higher dividend yield at 1.07%, compared with 0.18% for SMH.

What is the main difference between FDIG and SMH?

FDIG is categorized as Blockchain, while SMH is Semiconductors. FDIG tracks Fidelity Crypto Industry and Digital Payments Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Fidelity and VanEck. Their fees differ too: 0.39% for FDIG and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 vs 0.77), 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.