INIVX vs. SMH
Compare and contrast key facts about VanEck International Investors Gold Fund (INIVX) and VanEck Semiconductor ETF (SMH).
INIVX is managed by VanEck. It was launched on Feb 9, 1956. SMH is a passively managed fund by VanEck that tracks the performance of the MVIS US Listed Semiconductor 25 Index. It was launched on Dec 20, 2011.
Performance
INIVX vs. SMH - Performance Comparison
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INIVX vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INIVX VanEck International Investors Gold Fund | 9.59% | 165.88% | 14.37% | 9.67% | -13.77% | -14.23% | 40.91% | 38.15% | -16.01% | 13.06% |
SMH VanEck Semiconductor ETF | 8.84% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Returns By Period
In the year-to-date period, INIVX achieves a 9.59% return, which is significantly higher than SMH's 8.84% return. Over the past 10 years, INIVX has underperformed SMH with an annualized return of 18.77%, while SMH has yielded a comparatively higher 31.58% annualized return.
INIVX
- 1D
- 7.01%
- 1M
- -19.57%
- YTD
- 9.59%
- 6M
- 29.50%
- 1Y
- 116.46%
- 3Y*
- 49.06%
- 5Y*
- 25.68%
- 10Y*
- 18.77%
SMH
- 1D
- 2.24%
- 1M
- -3.55%
- YTD
- 8.84%
- 6M
- 17.83%
- 1Y
- 85.04%
- 3Y*
- 44.53%
- 5Y*
- 26.15%
- 10Y*
- 31.58%
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INIVX vs. SMH - Expense Ratio Comparison
INIVX has a 1.42% expense ratio, which is higher than SMH's 0.35% expense ratio.
Return for Risk
INIVX vs. SMH — Risk / Return Rank
INIVX
SMH
INIVX vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck International Investors Gold Fund (INIVX) 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.
| INIVX | SMH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.56 | 2.32 | +0.24 |
Sortino ratioReturn per unit of downside risk | 2.71 | 2.92 | -0.22 |
Omega ratioGain probability vs. loss probability | 1.42 | 1.41 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 3.97 | 5.39 | -1.42 |
Martin ratioReturn relative to average drawdown | 14.93 | 19.22 | -4.29 |
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
| INIVX | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.56 | 2.32 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | 0.76 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.98 | -0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.28 | -0.02 |
Correlation
The correlation between INIVX and SMH is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
INIVX vs. SMH - Dividend Comparison
INIVX's dividend yield for the trailing twelve months is around 5.49%, more than SMH's 0.28% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INIVX VanEck International Investors Gold Fund | 5.49% | 6.01% | 7.45% | 0.10% | 0.00% | 6.40% | 11.70% | 3.66% | 2.87% | 3.76% | 6.40% | 0.00% |
SMH VanEck Semiconductor ETF | 0.28% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Drawdowns
INIVX vs. SMH - Drawdown Comparison
The maximum INIVX drawdown since its inception was -78.96%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for INIVX and SMH.
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Drawdown Indicators
| INIVX | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.96% | -84.96% | +6.00% |
Max Drawdown (1Y)Largest decline over 1 year | -29.60% | -15.95% | -13.65% |
Max Drawdown (5Y)Largest decline over 5 years | -45.06% | -45.30% | +0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -51.20% | -45.30% | -5.90% |
Current DrawdownCurrent decline from peak | -19.57% | -8.02% | -11.55% |
Average DrawdownAverage peak-to-trough decline | -37.84% | -41.35% | +3.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 4.47% | +3.40% |
Volatility
INIVX vs. SMH - Volatility Comparison
VanEck International Investors Gold Fund (INIVX) has a higher volatility of 17.13% compared to VanEck Semiconductor ETF (SMH) at 11.74%. This indicates that INIVX's price experiences larger fluctuations and is considered to be riskier 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
| INIVX | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.13% | 11.74% | +5.39% |
Volatility (6M)Calculated over the trailing 6-month period | 38.44% | 24.02% | +14.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.71% | 36.88% | +8.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.66% | 34.68% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.19% | 32.29% | +1.90% |