FEZ vs. SMH

Last updated Jun 16, 2026

FEZ (State Street SPDR EURO STOXX 50 ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, FEZ returned 11.13%/yr vs 38.18%/yr for SMH. A 0.60 correlation means they provide meaningful diversification when combined. FEZ charges 0.29%/yr vs 0.35%/yr for SMH.

Performance

FEZ vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR EURO STOXX 50 ETF (FEZ) 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, FEZ achieves a 8.27% return, which is significantly lower than SMH's 79.69% return. Over the past 10 years, FEZ has underperformed SMH with an annualized return of 11.13%, while SMH has yielded a comparatively higher 38.18% annualized return.

FEZ

• 1D: 0.91%
• 1M: 7.17%
• YTD: 8.27%
• 6M: 8.57%
• 1Y: 21.04%
• 3Y*: 17.52%
• 5Y*: 10.55%
• 10Y*: 11.13%

SMH

• 1D: 4.38%
• 1M: 16.31%
• YTD: 79.69%
• 6M: 83.94%
• 1Y: 152.58%
• 3Y*: 62.32%
• 5Y*: 39.72%
• 10Y*: 38.18%

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

FEZ vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEZ State Street SPDR EURO STOXX 50 ETF	8.27%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%
SMH VanEck Semiconductor ETF	79.69%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between FEZ and SMH is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 21, 2002	0.60

The correlation between FEZ and SMH has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.

FEZ vs. SMH - Sectors Allocation Comparison

Sectors	FEZ	SMH
Financial Services	24.9%	-
Industrials	21.7%	-
Technology	18.0%	100.0%
Consumer Cyclical	9.8%	-
Consumer Defensive	5.4%	-
Healthcare	5.1%	-
Energy	4.8%	-
Utilities	4.5%	-
Basic Materials	3.4%	-
Communication Services	2.4%	-
Real Estate	-	-

Return for Risk

FEZ vs. SMH — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 35
FEZ Sharpe Ratio Rank: 35
FEZ Sortino Ratio Rank: 35
FEZ Omega Ratio Rank: 33
FEZ Calmar Ratio Rank: 34
FEZ Martin Ratio Rank: 37

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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.

FEZ vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR EURO STOXX 50 ETF (FEZ) 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.

	FEZ	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.15	4.61	-3.45
Sortino ratio: Return per unit of downside risk	1.71	4.60	-2.89
Omega ratio: Gain probability vs. loss probability	1.21	1.65	-0.45
Calmar ratio: Return relative to maximum drawdown	1.55	10.28	-8.73
Martin ratio: Return relative to average drawdown	5.28	37.77	-32.49

FEZ vs. SMH - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 1.15, which is lower than the SMH Sharpe Ratio of 4.61. The chart below compares the historical Sharpe Ratios of FEZ 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

FEZ vs. SMH - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FEZ and SMH.

Drawdown Indicators

	FEZ	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-84.96%	+20.75%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-14.93%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-35.74%	+19.89%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-45.30%	+10.25%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-45.30%	+5.61%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.05%	-41.04%	+23.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	4.06%	-0.06%

Volatility

FEZ vs. SMH - Volatility Comparison

The current volatility for State Street SPDR EURO STOXX 50 ETF (FEZ) is 6.60%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.71%. This indicates that FEZ 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

	FEZ	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	16.71%	-10.11%
Volatility (6M) Calculated over the trailing 6-month period	15.47%	27.97%	-12.50%
Volatility (1Y) Calculated over the trailing 1-year period	18.39%	33.39%	-15.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	35.53%	-14.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.11%	32.86%	-11.75%

FEZ vs. SMH - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

FEZ vs. SMH - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.50%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	2.50%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
SMH VanEck Semiconductor ETF	0.17%	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 FEZ and SMH in my portfolio?

FEZ and SMH have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEZ or SMH?

SMH has higher volatility (16.71%) compared to FEZ (6.60%). In terms of maximum drawdown, FEZ dropped -64.21% vs SMH's -84.96%.

Which ETF is better, FEZ or SMH?

On 10-year performance, SMH leads with 38.18% vs 11.13% for FEZ. On fees, FEZ is cheaper at 0.29% per year. On volatility, FEZ has been the lower-risk option at 6.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEZ or SMH?

Over the 10-year period, SMH has performed better with a 38.18% return vs 11.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEZ or SMH?

FEZ is cheaper with a 0.29% expense ratio, compared with 0.35% for SMH.

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

FEZ has the higher dividend yield at 2.50%, compared with 0.17% for SMH.

What is the main difference between FEZ and SMH?

FEZ is categorized as Europe Equities, while SMH is Semiconductors. FEZ tracks EURO STOXX 50 Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.29% for FEZ and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.61 vs 1.15), 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.