KALV vs. SMH

Last updated Jul 14, 2026

KALV (KalVista Pharmaceuticals, Inc.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. At a 0.23 correlation, their price movements are largely independent.

Performance

KALV vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KalVista Pharmaceuticals, Inc. (KALV) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KALV

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMH

• 1D: -4.16%
• 1M: -5.54%
• 6M: 49.91%
• YTD: 62.61%
• 1Y: 104.33%
• 3Y*: 55.82%
• 5Y*: 36.02%
• 10Y*: 35.93%

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

KALV vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KALV KalVista Pharmaceuticals, Inc.	67.18%	90.67%	-30.86%	81.21%	-48.90%	-30.33%	6.63%	-9.82%	102.56%	37.91%
SMH VanEck Semiconductor ETF	62.61%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between KALV and SMH is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Apr 9, 2015	0.23

Return for Risk

KALV vs. SMH — Risk / Return Rank

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

KALV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SMH

SMH Risk / Return Rank: 92
SMH Sharpe Ratio Rank: 94
SMH Sortino Ratio Rank: 87
SMH Omega Ratio Rank: 88
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 95

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.

KALV vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KalVista Pharmaceuticals, Inc. (KALV) 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.

	KALV	SMH	Difference
Sharpe ratio: Return per unit of total volatility	—	2.86	—
Sortino ratio: Return per unit of downside risk	—	3.14	—
Omega ratio: Gain probability vs. loss probability	—	1.43	—
Calmar ratio: Return relative to maximum drawdown	—	7.03	—
Martin ratio: Return relative to average drawdown	—	22.83	—

Drawdowns

Drawdown Indicators

	KALV	SMH	Difference
Max Drawdown Largest peak-to-trough decline	—	-84.96%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-14.93%	—
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	—	-12.45%	—
Average Drawdown Average peak-to-trough decline	—	-40.94%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.59%	—

Volatility

Volatility by Period

	KALV	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.45%	—
Volatility (6M) Calculated over the trailing 6-month period	—	31.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	36.76%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	36.19%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	33.14%	—

Dividends

KALV vs. SMH - Dividend Comparison

KALV has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.19%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KALV KalVista Pharmaceuticals, Inc.	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	0.19%	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 KALV and SMH in my portfolio?

KALV and SMH have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.