GATEX vs. SMH
GATEX (Gateway Fund) and SMH (VanEck Semiconductor ETF) are both funds - GATEX is a Options Trading fund managed by Natixis, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, GATEX returned 6.58%/yr vs 34.16%/yr for SMH. Their 0.68 correlation means they have sometimes moved together and sometimes differently. GATEX charges 0.93%/yr vs 0.35%/yr for SMH.
Performance
GATEX vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, GATEX achieves a 3.94% return, which is significantly lower than SMH's 50.09% return. Over the past 10 years, GATEX has underperformed SMH with an annualized return of 6.58%, while SMH has yielded a comparatively higher 34.16% annualized return.
GATEX
- 1D
- 1.09%
- 1M
- -0.56%
- 6M
- 2.79%
- YTD
- 3.94%
- 1Y
- 9.96%
- 3Y*
- 10.38%
- 5Y*
- 6.50%
- 10Y*
- 6.58%
- ALL TIME*
- 5.36%
SMH
- 1D
- 0.30%
- 1M
- -8.74%
- 6M
- 33.97%
- YTD
- 50.09%
- 1Y
- 90.95%
- 3Y*
- 50.56%
- 5Y*
- 33.46%
- 10Y*
- 34.16%
- ALL TIME*
- 11.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
GATEX Gateway Fund | $0.00 | $0.00 | $0.00 |
| $8.28B | $7.64B | $7.07B |
GATEX vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GATEX Gateway Fund | 3.94% | 10.07% | 15.55% | 14.43% | -12.06% | 11.24% | 6.92% | 10.84% | -4.39% | 9.66% |
SMH VanEck Semiconductor ETF | 50.09% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between GATEX and SMH is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000 | 0.68 |
The correlation between GATEX and SMH has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.
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Return for Risk
GATEX vs. SMH — Risk / Return Rank
GATEX
SMH
GATEX vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gateway Fund (GATEX) 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.
| GATEX | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.36 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 3.58 | -1.67 |
| Martin ratioReturn relative to average drawdown | 8.63 | 14.64 | -6.01 |
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Drawdowns
GATEX vs. SMH - Drawdown Comparison
The maximum GATEX drawdown since its inception was -29.74%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for GATEX and SMH.
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Drawdown Indicators
| GATEX | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.74% | -84.96% | +55.22% |
Max Drawdown (1Y)Largest decline over 1 year | -6.01% | -24.62% | +18.61% |
Max Drawdown (3Y)Largest decline over 3 years | -11.52% | -35.74% | +24.22% |
Max Drawdown (5Y)Largest decline over 5 years | -16.39% | -45.30% | +28.91% |
Max Drawdown (10Y)Largest decline over 10 years | -16.39% | -45.30% | +28.91% |
Current DrawdownCurrent decline from peak | -1.38% | -19.19% | +17.81% |
Average DrawdownAverage peak-to-trough decline | -3.89% | -40.89% | +37.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 6.01% | -4.77% |
Volatility
GATEX vs. SMH - Volatility Comparison
The current volatility for Gateway Fund (GATEX) is 2.25%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. This indicates that GATEX 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
| GATEX | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 14.70% | -12.45% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 33.13% | -27.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.79% | 38.57% | -30.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.66% | 36.50% | -26.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.93% | 33.32% | -24.39% |
GATEX vs. SMH - Expense Ratio Comparison
GATEX has a 0.93% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
GATEX vs. SMH - Dividend Comparison
GATEX's dividend yield for the trailing twelve months is around 0.12%, less than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GATEX Gateway Fund | 0.12% | 0.22% | 0.42% | 0.67% | 0.63% | 0.43% | 0.83% | 1.09% | 1.15% | 1.01% | 1.36% | 1.84% |
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
GATEX and SMH have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (14.70%) compared to GATEX (2.25%). In terms of maximum drawdown, GATEX dropped -29.74% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (2.29 vs 1.48), 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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