MEMX vs. SMH

Last updated Jun 23, 2026

MEMX (Matthews Emerging Markets Ex China Active ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - MEMX is a Emerging Markets Diversified fund actively managed by Matthews, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. MEMX is actively managed, while SMH is passively managed. Over the past 3 years, MEMX returned 28.01%/yr vs 66.26%/yr for SMH. A 0.75 correlation means they provide meaningful diversification when combined. MEMX charges 0.79%/yr vs 0.35%/yr for SMH.

Performance

MEMX vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Ex China Active ETF (MEMX) 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, MEMX achieves a 37.54% return, which is significantly lower than SMH's 85.74% return.

MEMX

• 1D: 0.22%
• 1M: 9.62%
• YTD: 37.54%
• 6M: 41.09%
• 1Y: 73.16%
• 3Y*: 28.01%
• 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)

MEMX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	37.54%	35.88%	5.50%	11.33%
SMH VanEck Semiconductor ETF	85.74%	49.17%	39.10%	60.59%

Correlation

The correlation between MEMX and SMH is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023	0.75

The correlation between MEMX and SMH has been stable across timeframes, ranging from 0.75 to 0.76 - a consistent structural relationship.

Return for Risk

MEMX vs. SMH — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 89
MEMX Sharpe Ratio Rank: 92
MEMX Sortino Ratio Rank: 87
MEMX Omega Ratio Rank: 90
MEMX Calmar Ratio Rank: 88
MEMX Martin Ratio Rank: 89

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.

MEMX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Ex China Active ETF (MEMX) 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.

	MEMX	SMH	Difference
Sharpe ratio: Return per unit of total volatility	3.09	4.66	-1.57
Sortino ratio: Return per unit of downside risk	3.76	4.60	-0.84
Omega ratio: Gain probability vs. loss probability	1.55	1.66	-0.10
Calmar ratio: Return relative to maximum drawdown	5.00	10.63	-5.63
Martin ratio: Return relative to average drawdown	19.19	38.91	-19.72

MEMX vs. SMH - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 3.09, which is lower than the SMH Sharpe Ratio of 4.66. The chart below compares the historical Sharpe Ratios of MEMX 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

MEMX vs. SMH - Drawdown Comparison

The maximum MEMX drawdown since its inception was -19.27%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for MEMX and SMH.

Drawdown Indicators

	MEMX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-84.96%	+65.69%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-14.93%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-19.27%	-35.74%	+16.47%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.48%	-41.01%	+37.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	4.07%	-0.24%

Volatility

MEMX vs. SMH - Volatility Comparison

The current volatility for Matthews Emerging Markets Ex China Active ETF (MEMX) is 11.89%, while VanEck Semiconductor ETF (SMH) has a volatility of 17.29%. This indicates that MEMX 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

	MEMX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	17.29%	-5.40%
Volatility (6M) Calculated over the trailing 6-month period	21.63%	28.18%	-6.55%
Volatility (1Y) Calculated over the trailing 1-year period	23.88%	34.14%	-10.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.90%	35.68%	-17.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.90%	32.95%	-15.05%

MEMX vs. SMH - Expense Ratio Comparison

MEMX has a 0.79% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

MEMX vs. SMH - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 3.55%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MEMX Matthews Emerging Markets Ex China Active ETF	3.55%	4.88%	0.99%	1.13%	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 MEMX and SMH in my portfolio?

MEMX and SMH have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMX or SMH?

SMH has higher volatility (17.29%) compared to MEMX (11.89%). In terms of maximum drawdown, MEMX dropped -19.27% vs SMH's -84.96%.

Which ETF is better, MEMX or SMH?

On 3-year performance, SMH leads with 66.26% vs 28.01% for MEMX. On fees, SMH is cheaper at 0.35% per year. On volatility, MEMX has been the lower-risk option at 11.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEMX or SMH?

Over the 3-year period, SMH has performed better with a 66.26% return vs 28.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMX or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.79% for MEMX.

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

MEMX has the higher dividend yield at 3.55%, compared with 0.17% for SMH.

What is the main difference between MEMX and SMH?

MEMX is categorized as Emerging Markets Diversified, while SMH is Semiconductors. They also come from different issuers: Matthews and VanEck. Their fees differ too: 0.79% for MEMX and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.66 vs 3.09), 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.