FRA vs. SMH
FRA (BlackRock Floating Rate Income Strategies Fund Inc) and SMH (VanEck Semiconductor ETF) are both funds - FRA is a Bank Loan fund managed by BlackRock, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, FRA returned 6.34%/yr vs 33.99%/yr for SMH. Their 0.26 correlation means their historical movements had little consistent relationship. FRA charges 2.17%/yr vs 0.35%/yr for SMH.
Performance
FRA vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, FRA achieves a -0.58% return, which is significantly lower than SMH's 51.46% return. Over the past 10 years, FRA has underperformed SMH with an annualized return of 6.34%, while SMH has yielded a comparatively higher 33.99% annualized return.
FRA
- 1D
- 0.18%
- 1M
- 0.41%
- 6M
- -0.75%
- YTD
- -0.58%
- 1Y
- -6.80%
- 3Y*
- 7.37%
- 5Y*
- 6.05%
- 10Y*
- 6.34%
- ALL TIME*
- 5.13%
SMH
- 1D
- 0.91%
- 1M
- -7.91%
- 6M
- 33.70%
- YTD
- 51.46%
- 1Y
- 92.69%
- 3Y*
- 53.04%
- 5Y*
- 32.99%
- 10Y*
- 33.99%
- ALL TIME*
- 11.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.48M | $1.59M | $1.48M | |
| $8.29B | $7.23B | $7.12B |
FRA vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRA BlackRock Floating Rate Income Strategies Fund Inc | -0.58% | -3.75% | 21.56% | 25.46% | -10.59% | 17.81% | -2.38% | 20.82% | -8.27% | 0.76% |
SMH VanEck Semiconductor ETF | 51.46% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between FRA and SMH is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.31 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.28 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2003 | 0.26 |
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Return for Risk
FRA vs. SMH — Risk / Return Rank
FRA
SMH
FRA vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Strategies Fund Inc (FRA) 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.
| FRA | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.10 | ||
| Sortino ratioReturn per unit of downside risk | -3.72 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.37 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 3.79 | -4.23 |
| Martin ratioReturn relative to average drawdown | -0.81 | 15.18 | -15.99 |
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Drawdowns
FRA vs. SMH - Drawdown Comparison
The maximum FRA drawdown since its inception was -51.43%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FRA and SMH.
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Drawdown Indicators
| FRA | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.43% | -84.96% | +33.53% |
Max Drawdown (1Y)Largest decline over 1 year | -15.47% | -24.62% | +9.15% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -35.74% | +16.97% |
Max Drawdown (5Y)Largest decline over 5 years | -18.77% | -45.30% | +26.53% |
Max Drawdown (10Y)Largest decline over 10 years | -42.80% | -45.30% | +2.50% |
Current DrawdownCurrent decline from peak | -9.05% | -18.46% | +9.41% |
Average DrawdownAverage peak-to-trough decline | -7.23% | -40.89% | +33.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.46% | 6.13% | +2.33% |
Volatility
FRA vs. SMH - Volatility Comparison
The current volatility for BlackRock Floating Rate Income Strategies Fund Inc (FRA) is 1.89%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.15%. This indicates that FRA 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.
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Volatility by Period
| FRA | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 14.15% | -12.26% |
Volatility (6M)Calculated over the trailing 6-month period | 7.98% | 32.94% | -24.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.07% | 38.50% | -28.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 36.51% | -23.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.52% | 33.33% | -17.81% |
FRA vs. SMH - Expense Ratio Comparison
FRA has a 2.17% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
FRA vs. SMH - Dividend Comparison
FRA's dividend yield for the trailing twelve months is around 13.71%, more than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRA BlackRock Floating Rate Income Strategies Fund Inc | 13.71% | 12.62% | 10.81% | 10.44% | 6.88% | 5.96% | 7.61% | 6.44% | 6.90% | 5.31% | 5.65% | 6.17% |
SMH VanEck Semiconductor ETF | 0.20% | 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
FRA and SMH have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (14.15%) compared to FRA (1.89%). In terms of maximum drawdown, FRA dropped -51.43% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (2.43 vs -0.68), 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.
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