GPZ vs. SMHX

Last updated Aug 4, 2026

GPZ (VanEck Alternative Asset Manager ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - GPZ is a Financials Equities fund tracking the MarketVector Alternative Asset Managers Index, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, GPZ returned -11.39% vs 65.92% for SMHX. Their 0.40 correlation means their historical movements had little consistent relationship. GPZ charges 0.40%/yr vs 0.35%/yr for SMHX.

Performance

GPZ vs. SMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Alternative Asset Manager ETF (GPZ) and VanEck Fabless Semiconductor ETF (SMHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPZ achieves a -10.76% return, which is significantly lower than SMHX's 45.86% return.

GPZ

• 1D: 3.99%
• 1M: 10.24%
• 6M: -7.66%
• YTD: -10.76%
• 1Y: -11.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.17%

SMHX

• 1D: 1.15%
• 1M: -5.42%
• 6M: 41.22%
• YTD: 45.86%
• 1Y: 65.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 50.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GPZ VanEck Alternative Asset Manager ETF	$3.65M	$3.76M	$4.22M
SMHX VanEck Fabless Semiconductor ETF	$4.62M	$5.78M	$8.43M

GPZ vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025
GPZ VanEck Alternative Asset Manager ETF	-10.76%	9.24%
SMHX VanEck Fabless Semiconductor ETF	45.86%	32.63%

Correlation

The correlation between GPZ and SMHX is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.40

GPZ vs. SMHX - Sectors Allocation Comparison

Sectors	GPZ	SMHX
Financial Services	100.0%	-
Real Estate	2.3%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

GPZ vs. SMHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GPZ

GPZ Risk / Return Rank: 6
GPZ Sharpe Ratio Rank: 6
GPZ Sortino Ratio Rank: 6
GPZ Omega Ratio Rank: 6
GPZ Calmar Ratio Rank: 6
GPZ Martin Ratio Rank: 7

SMHX

SMHX Risk / Return Rank: 68
SMHX Sharpe Ratio Rank: 72
SMHX Sortino Ratio Rank: 63
SMHX Omega Ratio Rank: 63
SMHX Calmar Ratio Rank: 74
SMHX Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GPZ vs. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Alternative Asset Manager ETF (GPZ) 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.

	GPZ	SMHX	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	1.68	-2.08
Sortino ratio: Return per unit of downside risk	-0.39	2.15	-2.54
Omega ratio: Gain probability vs. loss probability	0.95	1.28	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.36	2.66	-3.02
Martin ratio: Return relative to average drawdown	-0.64	8.20	-8.84

GPZ vs. SMHX - Sharpe Ratio Comparison

The current GPZ Sharpe Ratio is -0.41, which is lower than the SMHX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of GPZ and SMHX, 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

GPZ vs. SMHX - Drawdown Comparison

The maximum GPZ drawdown since its inception was -31.72%, smaller than the maximum SMHX drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for GPZ and SMHX.

Drawdown Indicators

	GPZ	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-31.72%	-38.53%	+6.81%
Max Drawdown (1Y) Largest decline over 1 year	-31.72%	-24.93%	-6.79%
Current Drawdown Current decline from peak	-18.02%	-18.26%	+0.24%
Average Drawdown Average peak-to-trough decline	-13.43%	-7.75%	-5.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.76%	8.07%	+9.69%

Volatility

GPZ vs. SMHX - Volatility Comparison

The current volatility for VanEck Alternative Asset Manager ETF (GPZ) is 7.78%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 14.16%. This indicates that GPZ 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.

Volatility by Period

	GPZ	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.78%	14.16%	-6.38%
Volatility (6M) Calculated over the trailing 6-month period	22.75%	33.27%	-10.52%
Volatility (1Y) Calculated over the trailing 1-year period	28.06%	39.62%	-11.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.57%	41.96%	-14.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.57%	41.96%	-14.39%

GPZ vs. SMHX - Expense Ratio Comparison

GPZ has a 0.40% expense ratio, which is higher than SMHX's 0.35% expense ratio.

Dividends

GPZ vs. SMHX - Dividend Comparison

GPZ's dividend yield for the trailing twelve months is around 0.93%, more than SMHX's 0.02% yield.

Position	TTM	2025	2024
GPZ VanEck Alternative Asset Manager ETF	0.93%	0.83%	0.00%
SMHX VanEck Fabless Semiconductor ETF	0.02%	0.02%	0.04%

Frequently Asked Questions

Can I hold both GPZ and SMHX in my portfolio?

GPZ and SMHX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPZ or SMHX?

SMHX has higher volatility (14.16%) compared to GPZ (7.78%). In terms of maximum drawdown, GPZ dropped -31.72% vs SMHX's -38.53%.

Which ETF is better, GPZ or SMHX?

On 1-year performance, SMHX leads with 65.92% vs -11.39% for GPZ. On fees, SMHX is cheaper at 0.35% per year. On volatility, GPZ has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPZ or SMHX?

Over the 1-year period, SMHX has performed better with a 65.92% return vs -11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPZ or SMHX?

SMHX is cheaper with a 0.35% expense ratio, compared with 0.40% for GPZ.

Which ETF pays a higher dividend yield, GPZ or SMHX?

GPZ has the higher dividend yield at 0.93%, compared with 0.02% for SMHX.

What is the main difference between GPZ and SMHX?

GPZ is categorized as Financials Equities, while SMHX is Semiconductors. GPZ tracks MarketVector Alternative Asset Managers Index, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index. Their fees differ too: 0.40% for GPZ and 0.35% for SMHX.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (1.68 vs -0.41), 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.