LDOS vs. SMH

Last updated Jun 5, 2026

LDOS (Leidos Holdings, Inc.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, LDOS returned 14.90%/yr vs 37.49%/yr for SMH. At a 0.35 correlation, their price movements are largely independent.

Performance

LDOS vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leidos Holdings, Inc. (LDOS) 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, LDOS achieves a -30.78% return, which is significantly lower than SMH's 74.25% return. Over the past 10 years, LDOS has underperformed SMH with an annualized return of 14.90%, while SMH has yielded a comparatively higher 37.49% annualized return.

LDOS

• 1D: 0.18%
• 1M: -9.20%
• YTD: -30.78%
• 6M: -34.95%
• 1Y: -12.91%
• 3Y*: 16.94%
• 5Y*: 4.96%
• 10Y*: 14.90%

SMH

• 1D: -1.63%
• 1M: 20.06%
• YTD: 74.25%
• 6M: 74.08%
• 1Y: 150.04%
• 3Y*: 63.96%
• 5Y*: 38.76%
• 10Y*: 37.49%

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

LDOS vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LDOS Leidos Holdings, Inc.	-30.78%	26.50%	34.52%	4.50%	20.04%	-14.20%	8.95%	88.82%	-16.72%	29.14%
SMH VanEck Semiconductor ETF	74.25%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between LDOS and SMH is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Oct 16, 2006	0.35

Over the past year, the correlation between LDOS and SMH has dropped to 0.04 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

Return for Risk

LDOS vs. SMH — Risk / Return Rank

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

LDOS

LDOS Risk / Return Rank: 24
LDOS Sharpe Ratio Rank: 22
LDOS Sortino Ratio Rank: 22
LDOS Omega Ratio Rank: 21
LDOS Calmar Ratio Rank: 30
LDOS Martin Ratio Rank: 24

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 94
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.

LDOS vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leidos Holdings, Inc. (LDOS) 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.

	LDOS	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.44	4.94	-5.38
Sortino ratio: Return per unit of downside risk	-0.43	5.05	-5.48
Omega ratio: Gain probability vs. loss probability	0.94	1.69	-0.75
Calmar ratio: Return relative to maximum drawdown	-0.34	10.11	-10.45
Martin ratio: Return relative to average drawdown	-0.91	38.76	-39.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LDOS vs. SMH - Sharpe Ratio Comparison

The current LDOS Sharpe Ratio is -0.44, which is lower than the SMH Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of LDOS 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

	LDOS	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	4.94	-5.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	1.11	-0.93
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	1.15	-0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.34	-0.11

Drawdowns

LDOS vs. SMH - Drawdown Comparison

The maximum LDOS drawdown since its inception was -54.72%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for LDOS and SMH.

Drawdown Indicators

	LDOS	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-54.72%	-84.96%	+30.24%
Max Drawdown (1Y) Largest decline over 1 year	-38.05%	-14.93%	-23.12%
Max Drawdown (3Y) Largest decline over 3 years	-38.05%	-35.74%	-2.31%
Max Drawdown (5Y) Largest decline over 5 years	-38.05%	-45.30%	+7.25%
Max Drawdown (10Y) Largest decline over 10 years	-42.29%	-45.30%	+3.01%
Current Drawdown Current decline from peak	-37.28%	-1.63%	-35.65%
Average Drawdown Average peak-to-trough decline	-19.66%	-41.08%	+21.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.15%	3.89%	+10.26%

Volatility

LDOS vs. SMH - Volatility Comparison

The current volatility for Leidos Holdings, Inc. (LDOS) is 7.62%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.58%. This indicates that LDOS 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

	LDOS	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.62%	11.58%	-3.96%
Volatility (6M) Calculated over the trailing 6-month period	25.30%	24.35%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	29.31%	30.57%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.73%	35.01%	-8.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.49%	32.57%	-5.08%

Dividends

LDOS vs. SMH - Dividend Comparison

LDOS's dividend yield for the trailing twelve months is around 1.33%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LDOS Leidos Holdings, Inc.	1.33%	0.90%	1.07%	1.35%	1.37%	1.57%	1.29%	1.35%	2.43%	1.98%	29.17%	3.41%
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

Can I hold both LDOS and SMH in my portfolio?

LDOS and SMH have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LDOS or SMH?

SMH has higher volatility (11.58%) compared to LDOS (7.62%). In terms of maximum drawdown, LDOS dropped -54.72% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.94 vs -0.44), 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.