ISHG vs. SMH
ISHG (iShares 1-3 Year International Treasury Bond ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, ISHG returned -0.27%/yr vs 38.85%/yr for SMH. At a 0.14 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.
Performance
ISHG vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, ISHG achieves a -1.37% return, which is significantly lower than SMH's 85.74% return. Over the past 10 years, ISHG has underperformed SMH with an annualized return of -0.27%, while SMH has yielded a comparatively higher 38.85% annualized return.
ISHG
- 1D
- -0.24%
- 1M
- -1.45%
- YTD
- -1.37%
- 6M
- -1.13%
- 1Y
- 0.54%
- 3Y*
- 3.63%
- 5Y*
- -1.07%
- 10Y*
- -0.27%
SMH
- 1D
- 1.37%
- 1M
- 16.07%
- YTD
- 85.74%
- 6M
- 85.96%
- 1Y
- 157.81%
- 3Y*
- 66.26%
- 5Y*
- 40.65%
- 10Y*
- 38.85%
ISHG vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | -1.37% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
SMH VanEck Semiconductor ETF | 85.74% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between ISHG and SMH is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.14 |
The correlation between ISHG and SMH shifts across timeframes, from 0.14 (10 years) to 0.25 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ISHG vs. SMH — Risk / Return Rank
ISHG
SMH
ISHG vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year International Treasury Bond ETF (ISHG) 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.
| ISHG | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.58 | ||
| Sortino ratioReturn per unit of downside risk | -4.43 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.66 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 10.63 | -10.53 |
| Martin ratioReturn relative to average drawdown | 0.26 | 38.91 | -38.65 |
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Drawdowns
ISHG vs. SMH - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for ISHG and SMH.
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Drawdown Indicators
| ISHG | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -84.96% | +47.72% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -14.93% | +9.91% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -35.74% | +27.53% |
Max Drawdown (5Y)Largest decline over 5 years | -22.45% | -45.30% | +22.85% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -45.30% | +19.74% |
Current DrawdownCurrent decline from peak | -23.29% | 0.00% | -23.29% |
Average DrawdownAverage peak-to-trough decline | -18.44% | -41.01% | +22.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 4.07% | -1.96% |
Volatility
ISHG vs. SMH - Volatility Comparison
The current volatility for iShares 1-3 Year International Treasury Bond ETF (ISHG) is 1.76%, while VanEck Semiconductor ETF (SMH) has a volatility of 17.29%. This indicates that ISHG 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
| ISHG | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 17.29% | -15.53% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 28.18% | -23.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.56% | 34.14% | -27.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 35.68% | -28.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 32.95% | -26.02% |
ISHG vs. SMH - Expense Ratio Comparison
Both ISHG and SMH have an expense ratio of 0.35%.
Dividends
ISHG vs. SMH - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.47%, more than SMH's 0.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.47% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
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
ISHG and SMH have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (17.29%) compared to ISHG (1.76%). In terms of maximum drawdown, ISHG dropped -37.24% vs SMH's -84.96%.
On 10-year performance, SMH leads with 38.85% vs -0.27% for ISHG. Both ETFs have the same 0.35% expense ratio. On volatility, ISHG has been the lower-risk option at 1.76%. 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 38.85% return vs -0.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISHG and SMH have the same expense ratio: 0.35% per year.
ISHG has the higher dividend yield at 1.47%, compared with 0.17% for SMH.
ISHG is categorized as International Government Bonds, while SMH is Semiconductors. ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck.
SMH currently has the higher Sharpe Ratio (4.66 vs 0.08), 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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