FSK vs. SMH
FSK (FS KKR Capital Corp.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, FSK returned 2.35%/yr vs 33.99%/yr for SMH. Their 0.29 correlation means their historical movements had little consistent relationship.
Performance
FSK vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, FSK achieves a -18.26% return, which is significantly lower than SMH's 51.46% return. Over the past 10 years, FSK has underperformed SMH with an annualized return of 2.35%, while SMH has yielded a comparatively higher 33.99% annualized return.
FSK
- 1D
- 4.92%
- 1M
- 6.33%
- 6M
- -10.59%
- YTD
- -18.26%
- 1Y
- -35.54%
- 3Y*
- -4.50%
- 5Y*
- 1.90%
- 10Y*
- 2.35%
- ALL TIME*
- 3.31%
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) |
|---|---|---|---|
| $25.81M | $25.87M | $32.11M | |
| $8.29B | $7.23B | $7.12B |
FSK vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSK FS KKR Capital Corp. | -18.26% | -20.38% | 25.71% | 33.04% | -4.71% | 41.59% | -10.27% | 33.89% | -20.23% | -21.23% |
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 FSK and SMH is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.29 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2014 | 0.29 |
Over the past year, the correlation between FSK and SMH has dropped to 0.07 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.
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Return for Risk
FSK vs. SMH — Risk / Return Rank
FSK
SMH
FSK vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FS KKR Capital Corp. (FSK) 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.
| FSK | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.55 | ||
| Sortino ratioReturn per unit of downside risk | -4.34 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.37 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 3.79 | -4.57 |
| Martin ratioReturn relative to average drawdown | -1.18 | 15.18 | -16.37 |
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Drawdowns
FSK vs. SMH - Drawdown Comparison
The maximum FSK drawdown since its inception was -67.20%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FSK and SMH.
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Drawdown Indicators
| FSK | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.20% | -84.96% | +17.76% |
Max Drawdown (1Y)Largest decline over 1 year | -45.59% | -24.62% | -20.97% |
Max Drawdown (3Y)Largest decline over 3 years | -51.03% | -35.74% | -15.29% |
Max Drawdown (5Y)Largest decline over 5 years | -51.03% | -45.30% | -5.73% |
Max Drawdown (10Y)Largest decline over 10 years | -67.20% | -45.30% | -21.90% |
Current DrawdownCurrent decline from peak | -41.25% | -18.46% | -22.79% |
Average DrawdownAverage peak-to-trough decline | -13.87% | -40.89% | +27.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.94% | 6.13% | +24.81% |
Volatility
FSK vs. SMH - Volatility Comparison
The current volatility for FS KKR Capital Corp. (FSK) is 8.03%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.15%. This indicates that FSK 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
| FSK | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 14.15% | -6.12% |
Volatility (6M)Calculated over the trailing 6-month period | 27.65% | 32.94% | -5.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.83% | 38.50% | -6.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.37% | 36.51% | -12.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.04% | 33.33% | -5.29% |
Dividends
FSK vs. SMH - Dividend Comparison
FSK's dividend yield for the trailing twelve months is around 20.74%, more than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSK FS KKR Capital Corp. | 20.74% | 18.91% | 13.35% | 14.77% | 15.20% | 11.80% | 15.46% | 12.40% | 16.41% | 11.68% | 8.65% | 9.91% |
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
FSK and SMH have a correlation of 0.07, 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 FSK (8.03%). In terms of maximum drawdown, FSK dropped -67.20% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (2.43 vs -1.12), 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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