HYD vs. SMH
HYD (VanEck Vectors High-Yield Municipal Index ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - HYD is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal Custom High Yield Composite Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, HYD returned 2.00%/yr vs 37.68%/yr for SMH. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.
Performance
HYD vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.11% return, which is significantly lower than SMH's 77.13% return. Over the past 10 years, HYD has underperformed SMH with an annualized return of 2.00%, while SMH has yielded a comparatively higher 37.68% annualized return.
HYD
- 1D
- -0.06%
- 1M
- 1.05%
- YTD
- 2.11%
- 6M
- 2.99%
- 1Y
- 8.23%
- 3Y*
- 4.73%
- 5Y*
- -0.10%
- 10Y*
- 2.00%
SMH
- 1D
- 0.90%
- 1M
- 25.87%
- YTD
- 77.13%
- 6M
- 75.61%
- 1Y
- 157.20%
- 3Y*
- 64.17%
- 5Y*
- 39.21%
- 10Y*
- 37.68%
HYD vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.11% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
SMH VanEck Semiconductor ETF | 77.13% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between HYD and SMH is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2009 | 0.04 |
The correlation between HYD and SMH shifts across timeframes, from 0.04 (all time) to 0.17 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYD vs. SMH — Risk / Return Rank
HYD
SMH
HYD vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) 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.
| HYD | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.13 | ||
| Sortino ratioReturn per unit of downside risk | -2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.72 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 10.59 | -8.01 |
| Martin ratioReturn relative to average drawdown | 8.87 | 40.63 | -31.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYD | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | 5.19 | -3.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | 1.13 | -1.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | 1.16 | -1.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.34 | +0.11 |
Drawdowns
HYD vs. SMH - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for HYD and SMH.
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Drawdown Indicators
| HYD | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -84.96% | +49.35% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -14.93% | +11.72% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -35.74% | +28.51% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -45.30% | +24.58% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | -45.30% | +9.69% |
Current DrawdownCurrent decline from peak | -2.05% | 0.00% | -2.05% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -41.09% | +36.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 3.89% | -2.96% |
Volatility
HYD vs. SMH - Volatility Comparison
The current volatility for VanEck Vectors High-Yield Municipal Index ETF (HYD) is 1.14%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that HYD 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
| HYD | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 11.47% | -10.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 24.29% | -21.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 30.56% | -26.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.45% | 35.01% | -28.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.60% | 32.57% | -19.97% |
HYD vs. SMH - Expense Ratio Comparison
Both HYD and SMH have an expense ratio of 0.35%.
Dividends
HYD vs. SMH - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.26%, more than SMH's 0.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.26% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
SMH VanEck Semiconductor ETF | 0.17% | 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
HYD and SMH have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (11.47%) compared to HYD (1.14%). In terms of maximum drawdown, HYD dropped -35.61% vs SMH's -84.96%.
On 10-year performance, SMH leads with 37.68% vs 2.00% for HYD. Both ETFs have the same 0.35% expense ratio. On volatility, HYD has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMH has performed better with a 37.68% return vs 2.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYD and SMH have the same expense ratio: 0.35% per year.
HYD has the higher dividend yield at 4.26%, compared with 0.17% for SMH.
HYD is categorized as Municipal Bonds, while SMH is Semiconductors. HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index, while SMH tracks MVIS US Listed Semiconductor 25 Index.
SMH currently has the higher Sharpe Ratio (5.19 vs 2.06), 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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