IBIT vs. SMH
IBIT (iShares Bitcoin Trust ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past year, IBIT returned -40.63% vs 136.32% for SMH. At a 0.36 correlation, their price movements are largely independent. IBIT charges 0.25%/yr vs 0.35%/yr for SMH.
Performance
IBIT vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -27.41% return, which is significantly lower than SMH's 72.15% return.
IBIT
- 1D
- -0.03%
- 1M
- -20.12%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMH
- 1D
- 1.72%
- 1M
- 8.30%
- YTD
- 72.15%
- 6M
- 75.62%
- 1Y
- 136.32%
- 3Y*
- 60.05%
- 5Y*
- 38.42%
- 10Y*
- 37.49%
IBIT vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
SMH VanEck Semiconductor ETF | 72.15% | 49.17% | 40.95% |
Correlation
The correlation between IBIT and SMH is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.36 |
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Return for Risk
IBIT vs. SMH — Risk / Return Rank
IBIT
SMH
IBIT vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.06 | ||
| Sortino ratioReturn per unit of downside risk | -5.56 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.60 | -0.75 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 9.18 | -9.97 |
| Martin ratioReturn relative to average drawdown | -1.37 | 33.74 | -35.11 |
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Drawdowns
IBIT vs. SMH - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for IBIT and SMH.
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Drawdown Indicators
| IBIT | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -84.96% | +32.85% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -14.93% | -37.18% |
Max Drawdown (3Y)Largest decline over 3 years | — | -35.74% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -49.45% | -2.81% | -46.64% |
Average DrawdownAverage peak-to-trough decline | -16.53% | -41.04% | +24.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.64% | 4.06% | +25.58% |
Volatility
IBIT vs. SMH - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 12.07%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that IBIT 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
| IBIT | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.07% | 16.25% | -4.18% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 27.73% | +6.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 33.20% | +10.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 35.47% | +14.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.26% | 32.82% | +17.44% |
IBIT vs. SMH - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than SMH's 0.35% expense ratio.
Dividends
IBIT vs. SMH - Dividend Comparison
IBIT has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
IBIT and SMH have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (16.25%) compared to IBIT (12.07%). In terms of maximum drawdown, IBIT dropped -52.11% vs SMH's -84.96%.
On 1-year performance, SMH leads with 136.32% vs -40.63% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 12.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMH has performed better with a 136.32% return vs -40.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.35% for SMH.
SMH has the higher dividend yield at 0.18%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while SMH is Semiconductors. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.25% for IBIT and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (4.13 vs -0.92), 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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