FRHC vs. SMH

Last updated Jun 30, 2026

FRHC (Freedom Holding Corp.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 5 years, FRHC returned 14.76%/yr vs 37.79%/yr for SMH. At a 0.40 correlation, their price movements are largely independent.

Performance

FRHC vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Freedom Holding Corp. (FRHC) 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, FRHC achieves a 6.57% return, which is significantly lower than SMH's 75.49% return.

FRHC

• 1D: 0.66%
• 1M: -9.21%
• YTD: 6.57%
• 6M: 3.76%
• 1Y: -9.99%
• 3Y*: 17.07%
• 5Y*: 14.76%
• 10Y*: —

SMH

• 1D: 3.33%
• 1M: 5.52%
• YTD: 75.49%
• 6M: 73.52%
• 1Y: 127.69%
• 3Y*: 61.44%
• 5Y*: 37.79%
• 10Y*: 37.70%

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

FRHC vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRHC Freedom Holding Corp.	6.57%	-6.89%	62.15%	38.44%	-16.02%	35.12%	252.89%	76.03%	29.87%	236.51%
SMH VanEck Semiconductor ETF	75.49%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	5.61%

Correlation

The correlation between FRHC and SMH is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 3, 2017	0.40

Over the past year, the correlation between FRHC and SMH has dropped to 0.19 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

Return for Risk

FRHC vs. SMH — Risk / Return Rank

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

FRHC

FRHC Risk / Return Rank: 33
FRHC Sharpe Ratio Rank: 33
FRHC Sortino Ratio Rank: 30
FRHC Omega Ratio Rank: 31
FRHC Calmar Ratio Rank: 36
FRHC Martin Ratio Rank: 37

SMH

SMH Risk / Return Rank: 95
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 92
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.

FRHC vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Freedom Holding Corp. (FRHC) 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.

	FRHC	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	3.65	-3.91
Sortino ratio: Return per unit of downside risk	-0.11	3.80	-3.91
Omega ratio: Gain probability vs. loss probability	0.99	1.54	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.24	8.60	-8.85
Martin ratio: Return relative to average drawdown	-0.42	30.63	-31.05

FRHC vs. SMH - Sharpe Ratio Comparison

The current FRHC Sharpe Ratio is -0.26, which is lower than the SMH Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of FRHC 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

FRHC vs. SMH - Drawdown Comparison

The maximum FRHC drawdown since its inception was -45.93%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FRHC and SMH.

Drawdown Indicators

	FRHC	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-45.93%	-84.96%	+39.03%
Max Drawdown (1Y) Largest decline over 1 year	-41.08%	-14.93%	-26.15%
Max Drawdown (3Y) Largest decline over 3 years	-41.08%	-35.74%	-5.34%
Max Drawdown (5Y) Largest decline over 5 years	-45.93%	-45.30%	-0.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-31.80%	-5.52%	-26.28%
Average Drawdown Average peak-to-trough decline	-11.78%	-40.99%	+29.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.94%	4.18%	+19.76%

Volatility

FRHC vs. SMH - Volatility Comparison

The current volatility for Freedom Holding Corp. (FRHC) is 14.96%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.49%. This indicates that FRHC 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

	FRHC	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.96%	19.49%	-4.53%
Volatility (6M) Calculated over the trailing 6-month period	29.36%	29.69%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	38.87%	35.27%	+3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.14%	35.90%	+2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.72%	32.99%	+14.73%

Dividends

FRHC vs. SMH - Dividend Comparison

FRHC has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRHC Freedom Holding Corp.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 FRHC and SMH in my portfolio?

FRHC and SMH have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRHC or SMH?

SMH has higher volatility (19.49%) compared to FRHC (14.96%). In terms of maximum drawdown, FRHC dropped -45.93% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.65 vs -0.26), 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.