JANP vs. SMH

Last updated Jun 23, 2026

JANP (PGIM US Large-Cap Buffer 12 ETF - January) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - JANP is a Options Trading fund actively managed by PGIM, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. JANP is actively managed, while SMH is passively managed. Over the past year, JANP returned 17.60% vs 157.81% for SMH. A 0.73 correlation means they provide meaningful diversification when combined. JANP charges 0.50%/yr vs 0.35%/yr for SMH.

Performance

JANP vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - January (JANP) 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, JANP achieves a 5.97% return, which is significantly lower than SMH's 85.74% return.

JANP

• 1D: -0.24%
• 1M: 0.98%
• YTD: 5.97%
• 6M: 6.17%
• 1Y: 17.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

JANP vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANP PGIM US Large-Cap Buffer 12 ETF - January	5.97%	13.33%	15.74%
SMH VanEck Semiconductor ETF	85.74%	49.17%	39.10%

Correlation

The correlation between JANP and SMH is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	0.73

The correlation between JANP and SMH has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

Return for Risk

JANP vs. SMH — Risk / Return Rank

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

JANP

JANP Risk / Return Rank: 82
JANP Sharpe Ratio Rank: 83
JANP Sortino Ratio Rank: 85
JANP Omega Ratio Rank: 88
JANP Calmar Ratio Rank: 69
JANP Martin Ratio Rank: 85

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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.

JANP vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - January (JANP) 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.

	JANP	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.56	4.66	-2.10
Sortino ratio: Return per unit of downside risk	3.65	4.60	-0.95
Omega ratio: Gain probability vs. loss probability	1.52	1.66	-0.13
Calmar ratio: Return relative to maximum drawdown	3.32	10.63	-7.31
Martin ratio: Return relative to average drawdown	17.11	38.91	-21.80

JANP vs. SMH - Sharpe Ratio Comparison

The current JANP Sharpe Ratio is 2.56, which is lower than the SMH Sharpe Ratio of 4.66. The chart below compares the historical Sharpe Ratios of JANP 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

JANP vs. SMH - Drawdown Comparison

The maximum JANP drawdown since its inception was -12.18%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for JANP and SMH.

Drawdown Indicators

	JANP	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-12.18%	-84.96%	+72.78%
Max Drawdown (1Y) Largest decline over 1 year	-5.32%	-14.93%	+9.61%
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	-0.31%	0.00%	-0.31%
Average Drawdown Average peak-to-trough decline	-0.89%	-41.01%	+40.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	4.07%	-3.04%

Volatility

JANP vs. SMH - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 12 ETF - January (JANP) is 2.24%, while VanEck Semiconductor ETF (SMH) has a volatility of 17.29%. This indicates that JANP 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

	JANP	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	17.29%	-15.05%
Volatility (6M) Calculated over the trailing 6-month period	5.84%	28.18%	-22.34%
Volatility (1Y) Calculated over the trailing 1-year period	6.92%	34.14%	-27.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.06%	35.68%	-26.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.06%	32.95%	-23.89%

JANP vs. SMH - Expense Ratio Comparison

JANP has a 0.50% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

JANP vs. SMH - Dividend Comparison

JANP has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JANP PGIM US Large-Cap Buffer 12 ETF - January	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	0.17%	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 JANP and SMH in my portfolio?

JANP and SMH have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANP or SMH?

SMH has higher volatility (17.29%) compared to JANP (2.24%). In terms of maximum drawdown, JANP dropped -12.18% vs SMH's -84.96%.

Which ETF is better, JANP or SMH?

On 1-year performance, SMH leads with 157.81% vs 17.60% for JANP. On fees, SMH is cheaper at 0.35% per year. On volatility, JANP has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANP or SMH?

Over the 1-year period, SMH has performed better with a 157.81% return vs 17.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANP or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.50% for JANP.

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

SMH has the higher dividend yield at 0.17%, compared with 0.00% for JANP.

What is the main difference between JANP and SMH?

JANP is categorized as Options Trading, while SMH is Semiconductors. They also come from different issuers: PGIM and VanEck. Their fees differ too: 0.50% for JANP and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.66 vs 2.56), 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.