GLAD vs. SMH
GLAD (Gladstone Capital Corporation) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, GLAD returned 10.97%/yr vs 33.99%/yr for SMH. Their 0.33 correlation means their historical movements had little consistent relationship.
Performance
GLAD vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, GLAD achieves a -2.63% return, which is significantly lower than SMH's 51.46% return. Over the past 10 years, GLAD has underperformed SMH with an annualized return of 10.97%, while SMH has yielded a comparatively higher 33.99% annualized return.
GLAD
- 1D
- 1.87%
- 1M
- -1.88%
- 6M
- -1.51%
- YTD
- -2.63%
- 1Y
- -23.20%
- 3Y*
- 4.58%
- 5Y*
- 5.27%
- 10Y*
- 10.97%
- ALL TIME*
- 6.71%
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) |
|---|---|---|---|
| $3.25M | $3.18M | $3.28M | |
| $8.29B | $7.23B | $7.12B |
GLAD vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLAD Gladstone Capital Corporation | -2.63% | -21.14% | 46.99% | 22.71% | -10.43% | 40.50% | -0.69% | 48.58% | -13.07% | 7.05% |
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 GLAD and SMH is 0.06, 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. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.27 |
Correlation (All Time) Calculated using the full available price history since Aug 2, 2002 | 0.33 |
Over the past year, the correlation between GLAD and SMH has dropped to 0.06 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.
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Return for Risk
GLAD vs. SMH — Risk / Return Rank
GLAD
SMH
GLAD vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gladstone Capital Corporation (GLAD) 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.
| GLAD | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.31 | ||
| Sortino ratioReturn per unit of downside risk | -3.95 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.37 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 3.79 | -4.44 |
| Martin ratioReturn relative to average drawdown | -0.99 | 15.18 | -16.17 |
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Drawdowns
GLAD vs. SMH - Drawdown Comparison
The maximum GLAD drawdown since its inception was -74.87%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for GLAD and SMH.
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Drawdown Indicators
| GLAD | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.87% | -84.96% | +10.09% |
Max Drawdown (1Y)Largest decline over 1 year | -35.67% | -24.62% | -11.05% |
Max Drawdown (3Y)Largest decline over 3 years | -39.59% | -35.74% | -3.85% |
Max Drawdown (5Y)Largest decline over 5 years | -39.59% | -45.30% | +5.71% |
Max Drawdown (10Y)Largest decline over 10 years | -58.37% | -45.30% | -13.07% |
Current DrawdownCurrent decline from peak | -28.30% | -18.46% | -9.84% |
Average DrawdownAverage peak-to-trough decline | -18.76% | -40.89% | +22.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.54% | 6.13% | +17.41% |
Volatility
GLAD vs. SMH - Volatility Comparison
The current volatility for Gladstone Capital Corporation (GLAD) is 5.74%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.15%. This indicates that GLAD 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
| GLAD | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.74% | 14.15% | -8.41% |
Volatility (6M)Calculated over the trailing 6-month period | 19.20% | 32.94% | -13.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.25% | 38.50% | -12.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.71% | 36.51% | -12.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.06% | 33.33% | -3.27% |
Dividends
GLAD vs. SMH - Dividend Comparison
GLAD's dividend yield for the trailing twelve months is around 10.15%, more than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLAD Gladstone Capital Corporation | 10.15% | 9.85% | 8.37% | 9.16% | 8.42% | 6.73% | 8.97% | 8.46% | 11.51% | 9.12% | 8.95% | 11.49% |
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
GLAD and SMH have a correlation of 0.06, 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 GLAD (5.74%). In terms of maximum drawdown, GLAD dropped -74.87% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (2.43 vs -0.89), 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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