GCT vs. SMH

Last updated Jun 3, 2026

GCT (GigaCloud Technology Inc) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 3 years, GCT returned 71.98%/yr vs 63.68%/yr for SMH. At a 0.28 correlation, their price movements are largely independent.

Performance

GCT vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GigaCloud Technology Inc (GCT) 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, GCT achieves a -12.19% return, which is significantly lower than SMH's 75.55% return.

GCT

• 1D: -2.52%
• 1M: -23.53%
• YTD: -12.19%
• 6M: -11.20%
• 1Y: 92.36%
• 3Y*: 71.98%
• 5Y*: —
• 10Y*: —

SMH

• 1D: 4.01%
• 1M: 24.01%
• YTD: 75.55%
• 6M: 76.44%
• 1Y: 160.66%
• 3Y*: 63.68%
• 5Y*: 39.58%
• 10Y*: 37.55%

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

GCT vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GCT GigaCloud Technology Inc	-12.19%	112.10%	1.23%	221.53%	-63.73%
SMH VanEck Semiconductor ETF	75.55%	49.17%	39.10%	73.38%	-15.12%

Correlation

The correlation between GCT and SMH is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Aug 19, 2022	0.28

Return for Risk

GCT vs. SMH — Risk / Return Rank

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

GCT

GCT Risk / Return Rank: 79
GCT Sharpe Ratio Rank: 75
GCT Sortino Ratio Rank: 81
GCT Omega Ratio Rank: 75
GCT Calmar Ratio Rank: 81
GCT Martin Ratio Rank: 83

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
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.

GCT vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GigaCloud Technology Inc (GCT) 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.

	GCT	SMH	Difference
Sharpe ratio Return per unit of total volatility	1.20	5.29	-4.09
Sortino ratio Return per unit of downside risk	2.40	5.29	-2.89
Omega ratio Gain probability vs. loss probability	1.27	1.73	-0.46
Calmar ratio Return relative to maximum drawdown	2.89	11.02	-8.13
Martin ratio Return relative to average drawdown	7.96	42.34	-34.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCT vs. SMH - Sharpe Ratio Comparison

The current GCT Sharpe Ratio is 1.20, which is lower than the SMH Sharpe Ratio of 5.29. The chart below compares the historical Sharpe Ratios of GCT 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.

Sharpe Ratios by Period

	GCT	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	5.29	-4.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.34	-0.18

Drawdowns

GCT vs. SMH - Drawdown Comparison

The maximum GCT drawdown since its inception was -91.11%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for GCT and SMH.

Drawdown Indicators

	GCT	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-91.11%	-84.96%	-6.15%
Max Drawdown (1Y) Largest decline over 1 year	-33.42%	-14.93%	-18.49%
Max Drawdown (3Y) Largest decline over 3 years	-73.16%	-35.74%	-37.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-33.42%	0.00%	-33.42%
Average Drawdown Average peak-to-trough decline	-56.23%	-41.09%	-15.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.12%	3.89%	+8.23%

Volatility

GCT vs. SMH - Volatility Comparison

GigaCloud Technology Inc (GCT) has a higher volatility of 15.09% compared to VanEck Semiconductor ETF (SMH) at 11.59%. This indicates that GCT'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

	GCT	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.09%	11.59%	+3.50%
Volatility (6M) Calculated over the trailing 6-month period	50.09%	24.29%	+25.80%
Volatility (1Y) Calculated over the trailing 1-year period	77.47%	30.57%	+46.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	145.14%	35.02%	+110.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	145.14%	32.58%	+112.56%

Dividends

GCT vs. SMH - Dividend Comparison

GCT 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
GCT GigaCloud Technology Inc	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 GCT and SMH in my portfolio?

GCT and SMH have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCT or SMH?

GCT has higher volatility (15.09%) compared to SMH (11.59%). In terms of maximum drawdown, GCT dropped -91.11% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.29 vs 1.20), 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.