FTXL vs. SMH

Last updated Jun 19, 2026

FTXL (First Trust Nasdaq Semiconductor ETF) and SMH (VanEck Semiconductor ETF) are both Semiconductors funds - FTXL tracks the Nasdaq U.S. Smart Semiconductor Index while SMH tracks the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, FTXL returned 35.80%/yr vs 40.67%/yr for SMH. Their correlation of 0.94 suggests significant overlap in exposure. FTXL charges 0.60%/yr vs 0.35%/yr for SMH.

Performance

FTXL vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Nasdaq Semiconductor ETF (FTXL) 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, FTXL achieves a 123.28% return, which is significantly higher than SMH's 83.23% return.

FTXL

• 1D: 6.79%
• 1M: 25.84%
• YTD: 123.28%
• 6M: 131.16%
• 1Y: 215.97%
• 3Y*: 60.67%
• 5Y*: 35.80%
• 10Y*: —

SMH

• 1D: 5.76%
• 1M: 21.31%
• YTD: 83.23%
• 6M: 90.62%
• 1Y: 152.08%
• 3Y*: 63.38%
• 5Y*: 40.67%
• 10Y*: 38.22%

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

FTXL vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTXL First Trust Nasdaq Semiconductor ETF	123.28%	48.94%	7.59%	54.41%	-33.88%	36.04%	46.08%	61.77%	-14.47%	32.19%
SMH VanEck Semiconductor ETF	83.23%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between FTXL and SMH is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 21, 2016	0.94

The correlation between FTXL and SMH has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

FTXL vs. SMH - Sectors Allocation Comparison

Sectors	FTXL	SMH
Technology	99.7%	100.0%
Industrials	0.3%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FTXL vs. SMH — Risk / Return Rank

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

FTXL

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

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
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.

FTXL vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq Semiconductor ETF (FTXL) 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.

	FTXL	SMH	Difference
Sharpe ratio: Return per unit of total volatility	5.44	4.49	+0.95
Sortino ratio: Return per unit of downside risk	4.92	4.50	+0.43
Omega ratio: Gain probability vs. loss probability	1.69	1.64	+0.05
Calmar ratio: Return relative to maximum drawdown	14.98	10.25	+4.73
Martin ratio: Return relative to average drawdown	52.24	37.49	+14.75

FTXL vs. SMH - Sharpe Ratio Comparison

The current FTXL Sharpe Ratio is 5.44, which is comparable to the SMH Sharpe Ratio of 4.49. The chart below compares the historical Sharpe Ratios of FTXL 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

FTXL vs. SMH - Drawdown Comparison

The maximum FTXL drawdown since its inception was -43.87%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FTXL and SMH.

Drawdown Indicators

	FTXL	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-43.87%	-84.96%	+41.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.51%	-14.93%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-41.57%	-35.74%	-5.83%
Max Drawdown (5Y) Largest decline over 5 years	-43.87%	-45.30%	+1.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.53%	-41.02%	+30.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	4.07%	+0.08%

Volatility

FTXL vs. SMH - Volatility Comparison

First Trust Nasdaq Semiconductor ETF (FTXL) has a higher volatility of 20.88% compared to VanEck Semiconductor ETF (SMH) at 17.53%. This indicates that FTXL's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTXL	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.88%	17.53%	+3.35%
Volatility (6M) Calculated over the trailing 6-month period	33.69%	28.48%	+5.21%
Volatility (1Y) Calculated over the trailing 1-year period	39.97%	34.09%	+5.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.90%	35.67%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.67%	32.94%	+1.73%

FTXL vs. SMH - Expense Ratio Comparison

FTXL has a 0.60% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

FTXL vs. SMH - Dividend Comparison

FTXL's dividend yield for the trailing twelve months is around 0.12%, less than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTXL First Trust Nasdaq Semiconductor ETF	0.12%	0.28%	0.54%	0.60%	0.89%	0.25%	0.48%	0.92%	0.71%	0.47%	0.12%	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 FTXL and SMH in my portfolio?

With a correlation of 0.95, FTXL and SMH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FTXL or SMH?

FTXL has higher volatility (20.88%) compared to SMH (17.53%). In terms of maximum drawdown, FTXL dropped -43.87% vs SMH's -84.96%.

Which ETF is better, FTXL or SMH?

On 5-year performance, SMH leads with 40.67% vs 35.80% for FTXL. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 17.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTXL or SMH?

Over the 5-year period, SMH has performed better with a 40.67% return vs 35.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTXL or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.60% for FTXL.

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

SMH has the higher dividend yield at 0.17%, compared with 0.12% for FTXL.

What is the main difference between FTXL and SMH?

FTXL tracks Nasdaq U.S. Smart Semiconductor Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: First Trust and VanEck. Their fees differ too: 0.60% for FTXL and 0.35% for SMH.

Which has better risk-adjusted returns?

FTXL currently has the higher Sharpe Ratio (5.44 vs 4.49), 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.