GVMCX vs. SMHX

Last updated Apr 2, 2026

Compare and contrast key facts about Government Street Mid Cap Fund (GVMCX) and VanEck Fabless Semiconductor ETF (SMHX).

GVMCX is managed by Leavell. It was launched on Nov 17, 2003. SMHX is a passively managed fund by VanEck that tracks the performance of the MarketVector™ US Listed Fabless Semiconductor Index. It was launched on Aug 27, 2024.

Performance

GVMCX vs. SMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Government Street Mid Cap Fund (GVMCX) and VanEck Fabless Semiconductor ETF (SMHX). The values are adjusted to include any dividend payments, if applicable.

GVMCX vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GVMCX Government Street Mid Cap Fund	0.86%	14.52%	2.43%
SMHX VanEck Fabless Semiconductor ETF	-0.32%	30.00%	17.76%

Returns By Period

In the year-to-date period, GVMCX achieves a 0.86% return, which is significantly higher than SMHX's -0.32% return.

GVMCX

• 1D: 2.94%
• 1M: -6.02%
• YTD: 0.86%
• 6M: 1.03%
• 1Y: 17.01%
• 3Y*: 15.19%
• 5Y*: 10.45%
• 10Y*: 12.64%

SMHX

• 1D: 1.86%
• 1M: -2.70%
• YTD: -0.32%
• 6M: -1.36%
• 1Y: 60.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GVMCX vs. SMHX - Expense Ratio Comparison

GVMCX has a 1.03% expense ratio, which is higher than SMHX's 0.35% expense ratio.

GVMCX

Government Street Mid Cap Fund

SMHX

VanEck Fabless Semiconductor ETF

Return for Risk

GVMCX vs. SMHX — Risk / Return Rank

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

GVMCX

GVMCX Risk / Return Rank: 51
GVMCX Sharpe Ratio Rank: 44
GVMCX Sortino Ratio Rank: 45
GVMCX Omega Ratio Rank: 44
GVMCX Calmar Ratio Rank: 58
GVMCX Martin Ratio Rank: 64

SMHX

SMHX Risk / Return Rank: 83
SMHX Sharpe Ratio Rank: 80
SMHX Sortino Ratio Rank: 82
SMHX Omega Ratio Rank: 77
SMHX Calmar Ratio Rank: 93
SMHX Martin Ratio Rank: 82

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.

GVMCX vs. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Government Street Mid Cap Fund (GVMCX) 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.

	GVMCX	SMHX	Difference
Sharpe ratio Return per unit of total volatility	0.97	1.55	-0.58
Sortino ratio Return per unit of downside risk	1.45	2.19	-0.74
Omega ratio Gain probability vs. loss probability	1.21	1.30	-0.09
Calmar ratio Return relative to maximum drawdown	1.53	3.56	-2.03
Martin ratio Return relative to average drawdown	6.69	9.59	-2.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVMCX vs. SMHX - Sharpe Ratio Comparison

The current GVMCX Sharpe Ratio is 0.97, which is lower than the SMHX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of GVMCX and SMHX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GVMCX	SMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	1.55	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.77	-0.19

Correlation

The correlation between GVMCX and SMHX is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GVMCX vs. SMHX - Dividend Comparison

GVMCX's dividend yield for the trailing twelve months is around 3.77%, more than SMHX's 0.02% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GVMCX Government Street Mid Cap Fund	3.77%	3.80%	5.42%	1.91%	4.43%	3.36%	3.35%	4.68%	2.00%	4.84%	4.54%	5.77%
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%

Drawdowns

GVMCX vs. SMHX - Drawdown Comparison

The maximum GVMCX drawdown since its inception was -47.77%, which is greater than SMHX's maximum drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for GVMCX and SMHX.

Drawdown Indicators

	GVMCX	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-47.77%	-38.53%	-9.24%
Max Drawdown (1Y) Largest decline over 1 year	-11.61%	-17.51%	+5.90%
Max Drawdown (5Y) Largest decline over 5 years	-21.92%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.67%	—	—
Current Drawdown Current decline from peak	-6.03%	-10.19%	+4.16%
Average Drawdown Average peak-to-trough decline	-5.72%	-7.94%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	6.50%	-3.85%

Volatility

GVMCX vs. SMHX - Volatility Comparison

The current volatility for Government Street Mid Cap Fund (GVMCX) is 5.81%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 11.28%. This indicates that GVMCX 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

	GVMCX	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	11.28%	-5.47%
Volatility (6M) Calculated over the trailing 6-month period	11.04%	24.45%	-13.41%
Volatility (1Y) Calculated over the trailing 1-year period	18.04%	39.40%	-21.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.56%	39.80%	-23.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.34%	39.80%	-22.46%