GSY vs. SMH

Last updated Jun 9, 2026

GSY (Invesco Ultra Short Duration ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - GSY is a Ultrashort Bond fund actively managed by Invesco, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. GSY is actively managed, while SMH is passively managed. Over the past 10 years, GSY returned 2.86%/yr vs 36.92%/yr for SMH. At a 0.00 correlation, their price movements are largely independent. GSY charges 0.22%/yr vs 0.35%/yr for SMH.

Performance

GSY vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Ultra Short Duration ETF (GSY) 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, GSY achieves a 1.61% return, which is significantly lower than SMH's 66.10% return. Over the past 10 years, GSY has underperformed SMH with an annualized return of 2.86%, while SMH has yielded a comparatively higher 36.92% annualized return.

GSY

• 1D: 0.04%
• 1M: 0.28%
• YTD: 1.61%
• 6M: 1.94%
• 1Y: 4.52%
• 3Y*: 5.44%
• 5Y*: 3.65%
• 10Y*: 2.86%

SMH

• 1D: 5.00%
• 1M: 5.58%
• YTD: 66.10%
• 6M: 62.81%
• 1Y: 137.42%
• 3Y*: 60.43%
• 5Y*: 37.89%
• 10Y*: 36.92%

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

GSY vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSY Invesco Ultra Short Duration ETF	1.61%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.86%
SMH VanEck Semiconductor ETF	66.10%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between GSY and SMH is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Feb 12, 2008	0.00

GSY vs. SMH - Sectors Allocation Comparison

Sectors	GSY	SMH
Financial Services	28.5%	-
Technology	4.6%	100.0%
Real Estate	4.3%	-
Consumer Cyclical	4.2%	-
Healthcare	2.9%	-
Energy	2.9%	-
Consumer Defensive	2.5%	-
Industrials	2.4%	-
Communication Services	2.2%	-
Utilities	1.8%	-
Basic Materials	1.5%	-

Return for Risk

GSY vs. SMH — Risk / Return Rank

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

GSY

GSY Risk / Return Rank: 100
GSY Sharpe Ratio Rank: 100
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 93
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

GSY vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) 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.

	GSY	SMH	Difference
Sharpe ratio: Return per unit of total volatility	11.26	4.27	+6.98
Sortino ratio: Return per unit of downside risk	27.35	4.33	+23.02
Omega ratio: Gain probability vs. loss probability	6.54	1.62	+4.92
Calmar ratio: Return relative to maximum drawdown	75.72	9.26	+66.46
Martin ratio: Return relative to average drawdown	373.96	34.80	+339.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSY vs. SMH - Sharpe Ratio Comparison

The current GSY Sharpe Ratio is 11.26, which is higher than the SMH Sharpe Ratio of 4.27. The chart below compares the historical Sharpe Ratios of GSY 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

	GSY	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.26	4.27	+6.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	6.28	1.08	+5.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.35	1.13	+1.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.33	+0.13

Drawdowns

GSY vs. SMH - Drawdown Comparison

The maximum GSY drawdown since its inception was -12.14%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for GSY and SMH.

Drawdown Indicators

	GSY	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-12.14%	-84.96%	+72.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-14.93%	+14.87%
Max Drawdown (3Y) Largest decline over 3 years	-0.18%	-35.74%	+35.56%
Max Drawdown (5Y) Largest decline over 5 years	-1.48%	-45.30%	+43.82%
Max Drawdown (10Y) Largest decline over 10 years	-5.25%	-45.30%	+40.05%
Current Drawdown Current decline from peak	-0.02%	-6.23%	+6.21%
Average Drawdown Average peak-to-trough decline	-2.38%	-41.07%	+38.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	3.96%	-3.95%

Volatility

GSY vs. SMH - Volatility Comparison

The current volatility for Invesco Ultra Short Duration ETF (GSY) is 0.15%, while VanEck Semiconductor ETF (SMH) has a volatility of 15.45%. This indicates that GSY 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.

Volatility by Period

	GSY	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	15.45%	-15.30%
Volatility (6M) Calculated over the trailing 6-month period	0.30%	26.71%	-26.41%
Volatility (1Y) Calculated over the trailing 1-year period	0.40%	32.42%	-32.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	35.32%	-34.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.22%	32.75%	-31.53%

GSY vs. SMH - Expense Ratio Comparison

GSY has a 0.22% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

GSY vs. SMH - Dividend Comparison

GSY's dividend yield for the trailing twelve months is around 4.34%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
SMH VanEck Semiconductor ETF	0.18%	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 GSY and SMH in my portfolio?

GSY 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.

Which is riskier, GSY or SMH?

SMH has higher volatility (15.45%) compared to GSY (0.15%). In terms of maximum drawdown, GSY dropped -12.14% vs SMH's -84.96%.

Which ETF is better, GSY or SMH?

On 10-year performance, SMH leads with 36.92% vs 2.86% for GSY. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSY or SMH?

Over the 10-year period, SMH has performed better with a 36.92% return vs 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSY or SMH?

GSY is cheaper with a 0.22% expense ratio, compared with 0.35% for SMH.

Which ETF pays a higher dividend yield, GSY or SMH?

GSY has the higher dividend yield at 4.34%, compared with 0.18% for SMH.

What is the main difference between GSY and SMH?

GSY is categorized as Ultrashort Bond, while SMH is Semiconductors. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.22% for GSY and 0.35% for SMH.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.26 vs 4.27), 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.