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IYH vs. SMH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IYH vs. SMH

Last updated Jun 13, 2026

IYH (iShares U.S. Healthcare ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - IYH is a Health & Biotech Equities fund tracking the Dow Jones U.S. Health Care Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, IYH returned 9.52%/yr vs 37.49%/yr for SMH. At a 0.46 correlation, their price movements are largely independent. IYH charges 0.43%/yr vs 0.35%/yr for SMH.

Performance

IYH vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Healthcare ETF (IYH) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IYH achieves a -0.65% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, IYH has underperformed SMH with an annualized return of 9.52%, while SMH has yielded a comparatively higher 37.49% annualized return.

IYH

1D
-0.20%
1M
4.45%
YTD
-0.65%
6M
0.07%
1Y
14.13%
3Y*
6.45%
5Y*
4.89%
10Y*
9.52%

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

IYH vs. SMH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IYH
iShares U.S. Healthcare ETF		-0.65%13.16%2.99%2.14%-4.46%23.41%15.56%20.80%5.80%22.27%
SMH
VanEck Semiconductor ETF		72.15%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-9.05%38.48%

Correlation

The correlation between IYH 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

0.22

Correlation (5Y)
Calculated over the trailing 5-year period

0.35

Correlation (10Y)
Calculated over the trailing 10-year period

0.43

Correlation (All Time)
Calculated using the full available price history since Jun 16, 2000

0.46

Over the past year, the correlation between IYH and SMH has dropped to 0.14 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

IYH vs. SMH - Sectors Allocation Comparison

Sectors
IYH
SMH

Healthcare

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

100.0%

Utilities

-

-

Healthcare

IYH
100.0%
SMH

-

Basic Materials

IYH

-

SMH

-

Communication Services

IYH

-

SMH

-

Consumer Cyclical

IYH

-

SMH

-

Consumer Defensive

IYH

-

SMH

-

Energy

IYH

-

SMH

-

Financial Services

IYH

-

SMH

-

Industrials

IYH

-

SMH

-

Real Estate

IYH

-

SMH

-

Technology

IYH

-

SMH
100.0%

Utilities

IYH

-

SMH

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Healthcare ETF

VanEck Semiconductor ETF

Often compared with IYH:
IYH vs. VHTIYH vs. XLVIYH vs. SPYIYH vs. IYEIYH vs. IFRAIYH vs. BMEDIYH vs. IBB
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

IYH vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IYH
IYH Risk / Return Rank: 2929
Overall Rank
IYH Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
IYH Sortino Ratio Rank: 3131
Sortino Ratio Rank
IYH Omega Ratio Rank: 2828
Omega Ratio Rank
IYH Calmar Ratio Rank: 3131
Calmar Ratio Rank
IYH Martin Ratio Rank: 2727
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9494
Sortino Ratio Rank
SMH Omega Ratio Rank: 9494
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9696
Martin Ratio Rank
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.

IYH vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Healthcare ETF (IYH) 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.

IYHSMHDifference
Sharpe ratioReturn per unit of total volatility
0.94
4.13

-3.19

Sortino ratioReturn per unit of downside risk
1.52
4.26

-2.75

Omega ratioGain probability vs. loss probability

1.17

1.60

-0.43

Calmar ratioReturn relative to maximum drawdown

1.33

9.18

-7.85

Martin ratioReturn relative to average drawdown

3.18

33.74

-30.56

IYH vs. SMH - Sharpe Ratio Comparison

The current IYH Sharpe Ratio is 0.94, which is lower than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of IYH 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.

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Drawdowns

IYH vs. SMH - Drawdown Comparison

The maximum IYH drawdown since its inception was -43.12%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for IYH and SMH.

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Drawdown Indicators

IYHSMHDifference

Max Drawdown

Largest peak-to-trough decline

-43.12%

-84.96%

+41.84%

Max Drawdown (1Y)

Largest decline over 1 year

-10.64%

-14.93%

+4.29%

Max Drawdown (3Y)

Largest decline over 3 years

-17.91%

-35.74%

+17.83%

Max Drawdown (5Y)

Largest decline over 5 years

-17.91%

-45.30%

+27.39%

Max Drawdown (10Y)

Largest decline over 10 years

-28.40%

-45.30%

+16.90%

Current Drawdown

Current decline from peak

-3.94%

-2.81%

-1.13%

Average Drawdown

Average peak-to-trough decline

-8.96%

-41.04%

+32.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.46%

4.06%

+0.40%

Volatility

IYH vs. SMH - Volatility Comparison

The current volatility for iShares U.S. Healthcare ETF (IYH) is 4.94%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that IYH 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

IYHSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.94%

16.25%

-11.31%

Volatility (6M)

Calculated over the trailing 6-month period

10.64%

27.73%

-17.09%

Volatility (1Y)

Calculated over the trailing 1-year period

15.10%

33.20%

-18.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.96%

35.47%

-20.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.74%

32.82%

-16.08%

IYH vs. SMH - Expense Ratio Comparison

IYH has a 0.43% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

IYH vs. SMH - Dividend Comparison

IYH's dividend yield for the trailing twelve months is around 1.25%, more than SMH's 0.18% yield.

PositionTTM20252024202320222021202020192018201720162015
IYH
iShares U.S. Healthcare ETF		1.25%1.19%1.25%1.18%1.10%0.94%1.16%1.14%1.95%1.10%1.29%2.02%
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

IYH 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.

SMH has higher volatility (16.25%) compared to IYH (4.94%). In terms of maximum drawdown, IYH dropped -43.12% vs SMH's -84.96%.

On 10-year performance, SMH leads with 37.49% vs 9.52% for IYH. On fees, SMH is cheaper at 0.35% per year. On volatility, IYH has been the lower-risk option at 4.94%. 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 37.49% return vs 9.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMH is cheaper with a 0.35% expense ratio, compared with 0.43% for IYH.

IYH has the higher dividend yield at 1.25%, compared with 0.18% for SMH.

IYH is categorized as Health & Biotech Equities, while SMH is Semiconductors. IYH tracks Dow Jones U.S. Health Care Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.43% for IYH and 0.35% for SMH.

SMH currently has the higher Sharpe Ratio (4.13 vs 0.94), 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.

Portfolio Optimizer

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