JTEK vs. SMH

Last updated Jun 4, 2026

JTEK (JPMorgan U.S. Tech Leaders ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - JTEK is a Technology Equities fund actively managed by JPMorgan, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. JTEK is actively managed, while SMH is passively managed. Over the past year, JTEK returned 39.97% vs 157.20% for SMH. Their correlation of 0.84 suggests significant overlap in exposure. JTEK charges 0.65%/yr vs 0.35%/yr for SMH.

Performance

JTEK vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Tech Leaders ETF (JTEK) 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, JTEK achieves a 22.19% return, which is significantly lower than SMH's 77.13% return.

JTEK

• 1D: -0.98%
• 1M: 13.34%
• YTD: 22.19%
• 6M: 19.61%
• 1Y: 39.97%
• 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)

JTEK vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JTEK JPMorgan U.S. Tech Leaders ETF	22.19%	19.03%	28.69%	18.14%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	21.15%

Correlation

The correlation between JTEK and SMH is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Oct 6, 2023	0.84

The correlation between JTEK and SMH has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

JTEK vs. SMH - Sectors Allocation Comparison

Sectors	JTEK	SMH
Technology	63.8%	100.0%
Communication Services	17.9%	-
Consumer Cyclical	9.2%	-
Financial Services	4.5%	-
Industrials	2.2%	-
Healthcare	1.5%	-
Real Estate	1.0%	-
Energy	0.8%	-
Basic Materials	-	-
Consumer Defensive	-	-
Utilities	-	-

Return for Risk

JTEK vs. SMH — Risk / Return Rank

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

JTEK

JTEK Risk / Return Rank: 40
JTEK Sharpe Ratio Rank: 47
JTEK Sortino Ratio Rank: 42
JTEK Omega Ratio Rank: 42
JTEK Calmar Ratio Rank: 36
JTEK Martin Ratio Rank: 34

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.

JTEK vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Tech Leaders ETF (JTEK) 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.

	JTEK	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.65	5.19	-3.53
Sortino ratio: Return per unit of downside risk	2.18	5.22	-3.04
Omega ratio: Gain probability vs. loss probability	1.28	1.72	-0.45
Calmar ratio: Return relative to maximum drawdown	1.82	10.59	-8.77
Martin ratio: Return relative to average drawdown	5.31	40.63	-35.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JTEK vs. SMH - Sharpe Ratio Comparison

The current JTEK Sharpe Ratio is 1.65, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of JTEK 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

	JTEK	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	5.19	-3.53
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	1.28	0.34	+0.94

Drawdowns

JTEK vs. SMH - Drawdown Comparison

The maximum JTEK drawdown since its inception was -30.61%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for JTEK and SMH.

Drawdown Indicators

	JTEK	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-30.61%	-84.96%	+54.35%
Max Drawdown (1Y) Largest decline over 1 year	-22.02%	-14.93%	-7.09%
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	-0.98%	0.00%	-0.98%
Average Drawdown Average peak-to-trough decline	-5.58%	-41.09%	+35.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.54%	3.89%	+3.65%

Volatility

JTEK vs. SMH - Volatility Comparison

The current volatility for JPMorgan U.S. Tech Leaders ETF (JTEK) is 7.32%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that JTEK 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

	JTEK	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.32%	11.47%	-4.15%
Volatility (6M) Calculated over the trailing 6-month period	18.74%	24.29%	-5.55%
Volatility (1Y) Calculated over the trailing 1-year period	24.31%	30.56%	-6.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.37%	35.01%	-7.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.37%	32.57%	-5.20%

JTEK vs. SMH - Expense Ratio Comparison

JTEK has a 0.65% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

JTEK vs. SMH - Dividend Comparison

JTEK 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
JTEK JPMorgan U.S. Tech Leaders ETF	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 JTEK and SMH in my portfolio?

JTEK and SMH have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JTEK or SMH?

SMH has higher volatility (11.47%) compared to JTEK (7.32%). In terms of maximum drawdown, JTEK dropped -30.61% vs SMH's -84.96%.

Which ETF is better, JTEK or SMH?

On 1-year performance, SMH leads with 157.20% vs 39.97% for JTEK. On fees, SMH is cheaper at 0.35% per year. On volatility, JTEK has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JTEK or SMH?

Over the 1-year period, SMH has performed better with a 157.20% return vs 39.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JTEK or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.65% for JTEK.

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

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

What is the main difference between JTEK and SMH?

JTEK is categorized as Technology Equities, while SMH is Semiconductors. They also come from different issuers: JPMorgan and VanEck. Their fees differ too: 0.65% for JTEK and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 1.65), 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.