MAKX vs. SMH
Compare and contrast key facts about ProShares S&P Kensho Smart Factories ETF (MAKX) and VanEck Semiconductor ETF (SMH).
MAKX and SMH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MAKX is a passively managed fund by ProShares that tracks the performance of the S&P Kensho Smart Factories Index. It was launched on Sep 29, 2021. SMH is a passively managed fund by VanEck that tracks the performance of the MVIS US Listed Semiconductor 25 Index. It was launched on Dec 20, 2011. Both MAKX and SMH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
MAKX vs. SMH - Performance Comparison
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MAKX vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MAKX ProShares S&P Kensho Smart Factories ETF | 3.72% | 21.63% | 8.27% | 26.03% | -26.41% | 3.91% |
SMH VanEck Semiconductor ETF | 6.46% | 49.17% | 39.10% | 73.38% | -33.53% | 21.14% |
Returns By Period
In the year-to-date period, MAKX achieves a 3.72% return, which is significantly lower than SMH's 6.46% return.
MAKX
- 1D
- 4.38%
- 1M
- -7.27%
- YTD
- 3.72%
- 6M
- 1.36%
- 1Y
- 44.89%
- 3Y*
- 13.22%
- 5Y*
- —
- 10Y*
- —
SMH
- 1D
- 5.76%
- 1M
- -5.65%
- YTD
- 6.46%
- 6M
- 17.84%
- 1Y
- 81.87%
- 3Y*
- 43.47%
- 5Y*
- 25.59%
- 10Y*
- 31.28%
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MAKX vs. SMH - Expense Ratio Comparison
MAKX has a 0.58% expense ratio, which is higher than SMH's 0.35% expense ratio.
Return for Risk
MAKX vs. SMH — Risk / Return Rank
MAKX
SMH
MAKX vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) 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.
| MAKX | SMH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.40 | 2.23 | -0.84 |
Sortino ratioReturn per unit of downside risk | 2.00 | 2.85 | -0.85 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.40 | -0.15 |
Calmar ratioReturn relative to maximum drawdown | 2.71 | 5.10 | -2.39 |
Martin ratioReturn relative to average drawdown | 7.61 | 18.29 | -10.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MAKX | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 2.23 | -0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.74 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.97 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.28 | -0.05 |
Correlation
The correlation between MAKX and SMH is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
MAKX vs. SMH - Dividend Comparison
MAKX's dividend yield for the trailing twelve months is around 0.14%, less than SMH's 0.29% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MAKX ProShares S&P Kensho Smart Factories ETF | 0.14% | 0.15% | 0.24% | 0.52% | 0.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMH VanEck Semiconductor ETF | 0.29% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Drawdowns
MAKX vs. SMH - Drawdown Comparison
The maximum MAKX drawdown since its inception was -40.27%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for MAKX and SMH.
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Drawdown Indicators
| MAKX | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.27% | -84.96% | +44.69% |
Max Drawdown (1Y)Largest decline over 1 year | -16.05% | -15.95% | -0.10% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -9.78% | -10.03% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -17.18% | -41.36% | +24.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.71% | 4.44% | +1.27% |
Volatility
MAKX vs. SMH - Volatility Comparison
The current volatility for ProShares S&P Kensho Smart Factories ETF (MAKX) is 10.24%, while VanEck Semiconductor ETF (SMH) has a volatility of 12.11%. This indicates that MAKX 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
| MAKX | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.24% | 12.11% | -1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 21.72% | 23.95% | -2.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.34% | 36.84% | -4.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.03% | 34.71% | -6.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.03% | 32.28% | -4.25% |