FPXE vs. SMH

Last updated Jun 24, 2026

FPXE (First Trust IPOX Europe Equity Opportunities ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - FPXE is a Europe Equities fund tracking the IPOX 100 Europe Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, FPXE returned 4.98%/yr vs 38.18%/yr for SMH. A 0.59 correlation means they provide meaningful diversification when combined. FPXE charges 0.70%/yr vs 0.35%/yr for SMH.

Performance

FPXE vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust IPOX Europe Equity Opportunities ETF (FPXE) 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, FPXE achieves a 12.36% return, which is significantly lower than SMH's 72.73% return.

FPXE

• 1D: -2.62%
• 1M: -0.37%
• YTD: 12.36%
• 6M: 11.77%
• 1Y: 17.72%
• 3Y*: 21.43%
• 5Y*: 4.98%
• 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)

FPXE vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FPXE First Trust IPOX Europe Equity Opportunities ETF	12.36%	24.46%	16.31%	14.45%	-35.13%	9.00%	35.00%	34.55%	-14.89%
SMH VanEck Semiconductor ETF	72.73%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-15.00%

Correlation

The correlation between FPXE and SMH is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 5, 2018	0.60

The correlation between FPXE and SMH has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.

FPXE vs. SMH - Sectors Allocation Comparison

Sectors	FPXE	SMH
Industrials	22.4%	-
Healthcare	19.0%	-
Technology	16.9%	100.0%
Consumer Cyclical	13.2%	-
Financial Services	11.3%	-
Basic Materials	8.3%	-
Communication Services	2.3%	-
Utilities	2.3%	-
Energy	1.7%	-
Real Estate	1.6%	-
Consumer Defensive	0.9%	-

Return for Risk

FPXE vs. SMH — Risk / Return Rank

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

FPXE

FPXE Risk / Return Rank: 30
FPXE Sharpe Ratio Rank: 27
FPXE Sortino Ratio Rank: 28
FPXE Omega Ratio Rank: 27
FPXE Calmar Ratio Rank: 33
FPXE Martin Ratio Rank: 35

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.

FPXE vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust IPOX Europe Equity Opportunities ETF (FPXE) 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.

	FPXE	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.92	3.99	-3.07
Sortino ratio: Return per unit of downside risk	1.44	4.05	-2.62
Omega ratio: Gain probability vs. loss probability	1.17	1.58	-0.41
Calmar ratio: Return relative to maximum drawdown	1.57	9.31	-7.74
Martin ratio: Return relative to average drawdown	4.83	33.88	-29.04

FPXE vs. SMH - Sharpe Ratio Comparison

The current FPXE Sharpe Ratio is 0.92, which is lower than the SMH Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of FPXE 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

FPXE vs. SMH - Drawdown Comparison

The maximum FPXE drawdown since its inception was -49.55%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FPXE and SMH.

Drawdown Indicators

	FPXE	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-49.55%	-84.96%	+35.41%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-14.93%	+3.60%
Max Drawdown (3Y) Largest decline over 3 years	-19.28%	-35.74%	+16.46%
Max Drawdown (5Y) Largest decline over 5 years	-49.55%	-45.30%	-4.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-3.00%	-7.01%	+4.01%
Average Drawdown Average peak-to-trough decline	-14.60%	-41.01%	+26.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	4.10%	-0.42%

Volatility

FPXE vs. SMH - Volatility Comparison

The current volatility for First Trust IPOX Europe Equity Opportunities ETF (FPXE) is 7.44%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.08%. This indicates that FPXE 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

	FPXE	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.44%	19.08%	-11.64%
Volatility (6M) Calculated over the trailing 6-month period	17.09%	29.18%	-12.09%
Volatility (1Y) Calculated over the trailing 1-year period	19.42%	34.87%	-15.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.92%	35.83%	-13.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.23%	32.97%	-10.74%

FPXE vs. SMH - Expense Ratio Comparison

FPXE has a 0.70% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

FPXE vs. SMH - Dividend Comparison

FPXE's dividend yield for the trailing twelve months is around 1.02%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPXE First Trust IPOX Europe Equity Opportunities ETF	1.02%	1.15%	2.10%	2.03%	1.81%	0.47%	1.35%	2.06%	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 FPXE and SMH in my portfolio?

FPXE and SMH have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPXE or SMH?

SMH has higher volatility (19.08%) compared to FPXE (7.44%). In terms of maximum drawdown, FPXE dropped -49.55% vs SMH's -84.96%.

Which ETF is better, FPXE or SMH?

On 5-year performance, SMH leads with 38.18% vs 4.98% for FPXE. On fees, SMH is cheaper at 0.35% per year. On volatility, FPXE has been the lower-risk option at 7.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPXE or SMH?

Over the 5-year period, SMH has performed better with a 38.18% return vs 4.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPXE or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.70% for FPXE.

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

FPXE has the higher dividend yield at 1.02%, compared with 0.18% for SMH.

What is the main difference between FPXE and SMH?

FPXE is categorized as Europe Equities, while SMH is Semiconductors. FPXE tracks IPOX 100 Europe Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: First Trust and VanEck. Their fees differ too: 0.70% for FPXE and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.99 vs 0.92), 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.