GDX vs. SMHX
GDX (VanEck Gold Miners ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, GDX returned 42.30% vs 64.03% for SMHX. Their 0.24 correlation means their historical movements had little consistent relationship. GDX charges 0.51%/yr vs 0.35%/yr for SMHX.
Performance
GDX vs. SMHX - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -13.61% return, which is significantly lower than SMHX's 44.20% return.
GDX
- 1D
- -3.49%
- 1M
- -5.52%
- 6M
- -21.34%
- YTD
- -13.61%
- 1Y
- 42.30%
- 3Y*
- 36.42%
- 5Y*
- 17.86%
- 10Y*
- 10.07%
- ALL TIME*
- 4.56%
SMHX
- 1D
- 1.69%
- 1M
- -6.50%
- 6M
- 40.29%
- YTD
- 44.20%
- 1Y
- 64.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 49.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.26B | $1.34B | $1.78B | |
| $4.68M | $6.01M | $8.35M |
GDX vs. SMHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GDX VanEck Gold Miners ETF | -13.61% | 154.77% | -12.53% |
SMHX VanEck Fabless Semiconductor ETF | 44.20% | 30.00% | 15.56% |
Correlation
The correlation between GDX and SMHX is 0.36, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.36 |
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024 | 0.24 |
The correlation between GDX and SMHX shifts across timeframes, from 0.24 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GDX vs. SMHX — Risk / Return Rank
GDX
SMHX
GDX vs. SMHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and VanEck Fabless Semiconductor ETF (SMHX). 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.
| GDX | SMHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.26 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 2.46 | -1.31 |
| Martin ratioReturn relative to average drawdown | 2.48 | 7.67 | -5.18 |
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Drawdowns
GDX vs. SMHX - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than SMHX's maximum drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for GDX and SMHX.
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Drawdown Indicators
| GDX | SMHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -38.53% | -41.81% |
Max Drawdown (1Y)Largest decline over 1 year | -38.93% | -24.93% | -14.00% |
Max Drawdown (3Y)Largest decline over 3 years | -38.93% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | — | — |
Current DrawdownCurrent decline from peak | -36.03% | -19.19% | -16.84% |
Average DrawdownAverage peak-to-trough decline | -40.37% | -7.72% | -32.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 7.99% | +9.98% |
Volatility
GDX vs. SMHX - Volatility Comparison
The current volatility for VanEck Gold Miners ETF (GDX) is 12.73%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 14.74%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | SMHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.73% | 14.74% | -2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 39.94% | 33.37% | +6.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.49% | 39.65% | +8.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.23% | 42.00% | -4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 42.00% | -4.66% |
GDX vs. SMHX - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is higher than SMHX's 0.35% expense ratio.
Dividends
GDX vs. SMHX - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.85%, more than SMHX's 0.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.85% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
SMHX VanEck Fabless Semiconductor ETF | 0.02% | 0.02% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDX and SMHX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMHX has higher volatility (14.74%) compared to GDX (12.73%). In terms of maximum drawdown, GDX dropped -80.34% vs SMHX's -38.53%.
On 1-year performance, SMHX leads with 64.03% vs 42.30% for GDX. On fees, SMHX is cheaper at 0.35% per year. On volatility, GDX has been the lower-risk option at 12.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMHX has performed better with a 64.03% return vs 42.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMHX is cheaper with a 0.35% expense ratio, compared with 0.51% for GDX.
GDX has the higher dividend yield at 0.85%, compared with 0.02% for SMHX.
GDX is categorized as Gold, while SMHX is Semiconductors. GDX tracks NYSE MarketVector Global Gold Miners Index, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index. Their fees differ too: 0.51% for GDX and 0.35% for SMHX.
SMHX currently has the higher Sharpe Ratio (1.55 vs 0.92), 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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