ISPY vs. SMH

Last updated Jun 4, 2026

ISPY (ProShares S&P 500 High Income ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past year, ISPY returned 25.33% vs 157.20% for SMH. A 0.76 correlation means they provide meaningful diversification when combined. ISPY charges 0.55%/yr vs 0.35%/yr for SMH.

Performance

ISPY vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) 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, ISPY achieves a 9.60% return, which is significantly lower than SMH's 77.13% return.

ISPY

• 1D: -0.71%
• 1M: 5.60%
• YTD: 9.60%
• 6M: 9.77%
• 1Y: 25.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

ISPY vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	9.60%	13.15%	21.31%	1.65%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	3.42%

Correlation

The correlation between ISPY and SMH is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.76

The correlation between ISPY and SMH has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

ISPY vs. SMH - Sectors Allocation Comparison

Sectors	ISPY	SMH
Technology	32.3%	100.0%
Financial Services	19.8%	-
Communication Services	9.0%	-
Consumer Cyclical	8.4%	-
Healthcare	7.2%	-
Industrials	6.4%	-
Consumer Defensive	4.0%	-
Energy	2.9%	-
Utilities	2.2%	-
Real Estate	1.6%	-
Basic Materials	1.5%	-

Return for Risk

ISPY vs. SMH — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 64
ISPY Sharpe Ratio Rank: 66
ISPY Sortino Ratio Rank: 61
ISPY Omega Ratio Rank: 63
ISPY Calmar Ratio Rank: 60
ISPY Martin Ratio Rank: 68

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
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.

ISPY vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) 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.

	ISPY	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.22	5.19	-2.97
Sortino ratio: Return per unit of downside risk	2.94	5.22	-2.28
Omega ratio: Gain probability vs. loss probability	1.39	1.72	-0.33
Calmar ratio: Return relative to maximum drawdown	3.02	10.59	-7.57
Martin ratio: Return relative to average drawdown	12.90	40.63	-27.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISPY vs. SMH - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 2.22, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of ISPY 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.

Sharpe Ratios by Period

	ISPY	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	5.19	-2.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.41	0.34	+1.07

Drawdowns

ISPY vs. SMH - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for ISPY and SMH.

Drawdown Indicators

	ISPY	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-84.96%	+68.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-14.93%	+6.50%
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 Drawdown Current decline from peak	-0.71%	0.00%	-0.71%
Average Drawdown Average peak-to-trough decline	-2.08%	-41.09%	+39.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.89%	-1.92%

Volatility

ISPY vs. SMH - Volatility Comparison

The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 3.72%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that ISPY 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

	ISPY	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	11.47%	-7.75%
Volatility (6M) Calculated over the trailing 6-month period	8.62%	24.29%	-15.67%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	30.56%	-19.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	35.01%	-21.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.56%	32.57%	-19.01%

ISPY vs. SMH - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

ISPY vs. SMH - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.41%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISPY ProShares S&P 500 High Income ETF	4.41%	8.56%	9.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both ISPY and SMH in my portfolio?

ISPY and SMH have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISPY or SMH?

SMH has higher volatility (11.47%) compared to ISPY (3.72%). In terms of maximum drawdown, ISPY dropped -16.88% vs SMH's -84.96%.

Which ETF is better, ISPY or SMH?

On 1-year performance, SMH leads with 157.20% vs 25.33% for ISPY. On fees, SMH is cheaper at 0.35% per year. On volatility, ISPY has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or SMH?

Over the 1-year period, SMH has performed better with a 157.20% return vs 25.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.55% for ISPY.

Which ETF pays a higher dividend yield, ISPY or SMH?

ISPY has the higher dividend yield at 4.41%, compared with 0.17% for SMH.

What is the main difference between ISPY and SMH?

ISPY is categorized as Derivative Income, while SMH is Semiconductors. ISPY tracks S&P 500 Daily Covered Call Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.55% for ISPY and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 2.22), 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.