FDNI vs. SMH

Last updated Jun 24, 2026

FDNI (First Trust Dow Jones International Internet ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - FDNI is a Large Cap Growth Equities fund tracking the Dow Jones International Internet Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, FDNI returned -11.29%/yr vs 38.18%/yr for SMH. A 0.52 correlation means they provide meaningful diversification when combined. FDNI charges 0.65%/yr vs 0.35%/yr for SMH.

Performance

FDNI vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dow Jones International Internet ETF (FDNI) 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, FDNI achieves a -25.93% return, which is significantly lower than SMH's 72.73% return.

FDNI

• 1D: -2.49%
• 1M: -7.71%
• YTD: -25.93%
• 6M: -26.55%
• 1Y: -23.20%
• 3Y*: 4.77%
• 5Y*: -11.29%
• 10Y*: —

SMH

• 1D: -7.01%
• 1M: 7.93%
• YTD: 72.73%
• 6M: 71.29%
• 1Y: 138.23%
• 3Y*: 62.28%
• 5Y*: 38.18%
• 10Y*: 37.85%

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

FDNI vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FDNI First Trust Dow Jones International Internet ETF	-25.93%	25.64%	22.46%	1.78%	-38.38%	-20.59%	85.27%	38.38%	-8.39%
SMH VanEck Semiconductor ETF	72.73%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-7.83%

Correlation

The correlation between FDNI and SMH is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Nov 7, 2018	0.52

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

FDNI vs. SMH - Sectors Allocation Comparison

Sectors	FDNI	SMH
Consumer Cyclical	42.4%	-
Communication Services	35.6%	-
Technology	17.0%	100.0%
Financial Services	4.5%	-
Real Estate	0.7%	-
Healthcare	0.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

FDNI vs. SMH — Risk / Return Rank

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

FDNI

FDNI Risk / Return Rank: 2
FDNI Sharpe Ratio Rank: 1
FDNI Sortino Ratio Rank: 2
FDNI Omega Ratio Rank: 2
FDNI Calmar Ratio Rank: 4
FDNI Martin Ratio Rank: 3

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 91
SMH Omega Ratio Rank: 92
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.

FDNI vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dow Jones International Internet ETF (FDNI) 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.

	FDNI	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	3.99	-4.95
Sortino ratio: Return per unit of downside risk	-1.30	4.05	-5.35
Omega ratio: Gain probability vs. loss probability	0.85	1.58	-0.73
Calmar ratio: Return relative to maximum drawdown	-0.64	9.31	-9.96
Martin ratio: Return relative to average drawdown	-1.24	33.88	-35.11

FDNI vs. SMH - Sharpe Ratio Comparison

The current FDNI Sharpe Ratio is -0.96, which is lower than the SMH Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of FDNI 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

FDNI vs. SMH - Drawdown Comparison

The maximum FDNI drawdown since its inception was -71.08%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FDNI and SMH.

Drawdown Indicators

	FDNI	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-71.08%	-84.96%	+13.88%
Max Drawdown (1Y) Largest decline over 1 year	-36.22%	-14.93%	-21.29%
Max Drawdown (3Y) Largest decline over 3 years	-36.22%	-35.74%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-65.86%	-45.30%	-20.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-54.18%	-7.01%	-47.17%
Average Drawdown Average peak-to-trough decline	-34.65%	-41.01%	+6.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.78%	4.10%	+14.68%

Volatility

FDNI vs. SMH - Volatility Comparison

The current volatility for First Trust Dow Jones International Internet ETF (FDNI) is 7.77%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.08%. This indicates that FDNI 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

	FDNI	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	19.08%	-11.31%
Volatility (6M) Calculated over the trailing 6-month period	19.38%	29.18%	-9.80%
Volatility (1Y) Calculated over the trailing 1-year period	24.32%	34.87%	-10.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.70%	35.83%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.51%	32.97%	+1.54%

FDNI vs. SMH - Expense Ratio Comparison

FDNI has a 0.65% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

FDNI vs. SMH - Dividend Comparison

FDNI's dividend yield for the trailing twelve months is around 1.51%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDNI First Trust Dow Jones International Internet ETF	1.51%	1.12%	1.07%	0.40%	0.00%	0.00%	0.16%	3.12%	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 FDNI and SMH in my portfolio?

FDNI and SMH have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDNI or SMH?

SMH has higher volatility (19.08%) compared to FDNI (7.77%). In terms of maximum drawdown, FDNI dropped -71.08% vs SMH's -84.96%.

Which ETF is better, FDNI or SMH?

On 5-year performance, SMH leads with 38.18% vs -11.29% for FDNI. On fees, SMH is cheaper at 0.35% per year. On volatility, FDNI has been the lower-risk option at 7.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDNI or SMH?

Over the 5-year period, SMH has performed better with a 38.18% return vs -11.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDNI or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.65% for FDNI.

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

FDNI has the higher dividend yield at 1.51%, compared with 0.18% for SMH.

What is the main difference between FDNI and SMH?

FDNI is categorized as Large Cap Growth Equities, while SMH is Semiconductors. FDNI tracks Dow Jones International Internet Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: First Trust and VanEck. Their fees differ too: 0.65% for FDNI and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.99 vs -0.96), 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.