INCY vs. SMH

Last updated Jun 24, 2026

INCY (Incyte Corporation) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, INCY returned 3.09%/yr vs 37.85%/yr for SMH. At a 0.36 correlation, their price movements are largely independent.

Performance

INCY vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Incyte Corporation (INCY) 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, INCY achieves a 5.70% return, which is significantly lower than SMH's 72.73% return. Over the past 10 years, INCY has underperformed SMH with an annualized return of 3.09%, while SMH has yielded a comparatively higher 37.85% annualized return.

INCY

• 1D: 0.71%
• 1M: 7.45%
• YTD: 5.70%
• 6M: 3.46%
• 1Y: 55.22%
• 3Y*: 18.68%
• 5Y*: 3.92%
• 10Y*: 3.09%

SMH

• 1D: -7.01%
• 1M: 7.93%
• YTD: 72.73%
• 6M: 71.29%
• 1Y: 138.23%
• 3Y*: 62.28%
• 5Y*: 38.18%
• 10Y*: 37.85%

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

INCY vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INCY Incyte Corporation	5.70%	43.00%	10.00%	-21.83%	9.43%	-15.61%	-0.39%	37.32%	-32.86%	-5.55%
SMH VanEck Semiconductor ETF	72.73%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between INCY and SMH is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000	0.36

Over the past year, the correlation between INCY and SMH has dropped to 0.14 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

INCY vs. SMH — Risk / Return Rank

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

INCY

INCY Risk / Return Rank: 83
INCY Sharpe Ratio Rank: 85
INCY Sortino Ratio Rank: 82
INCY Omega Ratio Rank: 81
INCY Calmar Ratio Rank: 84
INCY Martin Ratio Rank: 82

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 91
SMH Omega Ratio Rank: 92
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.

INCY vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Incyte Corporation (INCY) 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.

	INCY	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.66	3.99	-2.33
Sortino ratio: Return per unit of downside risk	2.39	4.05	-1.66
Omega ratio: Gain probability vs. loss probability	1.30	1.58	-0.28
Calmar ratio: Return relative to maximum drawdown	3.03	9.31	-6.29
Martin ratio: Return relative to average drawdown	6.69	33.88	-27.18

INCY vs. SMH - Sharpe Ratio Comparison

The current INCY Sharpe Ratio is 1.66, which is lower than the SMH Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of INCY 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.

Drawdowns

INCY vs. SMH - Drawdown Comparison

The maximum INCY drawdown since its inception was -98.54%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for INCY and SMH.

Drawdown Indicators

	INCY	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-98.54%	-84.96%	-13.58%
Max Drawdown (1Y) Largest decline over 1 year	-18.33%	-14.93%	-3.40%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-35.74%	+1.91%
Max Drawdown (5Y) Largest decline over 5 years	-41.06%	-45.30%	+4.24%
Max Drawdown (10Y) Largest decline over 10 years	-66.47%	-45.30%	-21.17%
Current Drawdown Current decline from peak	-31.61%	-7.01%	-24.60%
Average Drawdown Average peak-to-trough decline	-59.86%	-41.01%	-18.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.28%	4.10%	+4.18%

Volatility

INCY vs. SMH - Volatility Comparison

The current volatility for Incyte Corporation (INCY) is 12.75%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.08%. This indicates that INCY 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

	INCY	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.75%	19.08%	-6.33%
Volatility (6M) Calculated over the trailing 6-month period	24.02%	29.18%	-5.16%
Volatility (1Y) Calculated over the trailing 1-year period	33.58%	34.87%	-1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.59%	35.83%	-6.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.31%	32.97%	+1.34%

Dividends

INCY vs. SMH - Dividend Comparison

INCY 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
INCY Incyte Corporation	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

Can I hold both INCY and SMH in my portfolio?

INCY and SMH have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INCY or SMH?

SMH has higher volatility (19.08%) compared to INCY (12.75%). In terms of maximum drawdown, INCY dropped -98.54% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.99 vs 1.66), 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.