MLN vs. SMH
MLN (VanEck Long Muni ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, MLN returned 1.49%/yr vs 37.68%/yr for SMH. At a correlation of -0.05, they often move in opposite directions. MLN charges 0.24%/yr vs 0.35%/yr for SMH.
Performance
MLN vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, MLN achieves a 1.92% return, which is significantly lower than SMH's 77.13% return. Over the past 10 years, MLN has underperformed SMH with an annualized return of 1.49%, while SMH has yielded a comparatively higher 37.68% annualized return.
MLN
- 1D
- -0.26%
- 1M
- 0.46%
- YTD
- 1.92%
- 6M
- 2.58%
- 1Y
- 9.33%
- 3Y*
- 3.46%
- 5Y*
- -1.05%
- 10Y*
- 1.49%
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%
MLN vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 1.92% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 10.72% | -0.77% | 8.19% |
SMH VanEck Semiconductor ETF | 77.13% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between MLN and SMH is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2008 | -0.05 |
The correlation between MLN and SMH shifts across timeframes, from -0.05 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MLN vs. SMH — Risk / Return Rank
MLN
SMH
MLN vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) 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.
| MLN | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.72 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 10.59 | -6.93 |
| Martin ratioReturn relative to average drawdown | 12.02 | 40.63 | -28.61 |
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
| MLN | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 5.19 | -3.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 1.13 | -1.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 1.16 | -0.99 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.34 | -0.02 |
Drawdowns
MLN vs. SMH - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for MLN and SMH.
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Drawdown Indicators
| MLN | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -84.96% | +56.60% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -14.93% | +12.37% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -35.74% | +25.90% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -45.30% | +20.84% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -45.30% | +20.84% |
Current DrawdownCurrent decline from peak | -6.58% | 0.00% | -6.58% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -41.09% | +35.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 3.89% | -3.11% |
Volatility
MLN vs. SMH - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.56%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that MLN 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
| MLN | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 11.47% | -9.91% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 24.29% | -21.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 30.56% | -26.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 35.01% | -27.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 32.57% | -23.69% |
MLN vs. SMH - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is lower than SMH's 0.35% expense ratio.
Dividends
MLN vs. SMH - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.71%, more than SMH's 0.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 3.71% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
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
MLN and SMH have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (11.47%) compared to MLN (1.56%). In terms of maximum drawdown, MLN dropped -28.36% vs SMH's -84.96%.
On 10-year performance, SMH leads with 37.68% vs 1.49% for MLN. On fees, MLN is cheaper at 0.24% per year. On volatility, MLN has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMH has performed better with a 37.68% return vs 1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLN is cheaper with a 0.24% expense ratio, compared with 0.35% for SMH.
MLN has the higher dividend yield at 3.71%, compared with 0.17% for SMH.
MLN is categorized as Municipal Bonds, while SMH is Semiconductors. MLN tracks Bloomberg AMT-Free Long Continuous, while SMH tracks MVIS US Listed Semiconductor 25 Index. Their fees differ too: 0.24% for MLN and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (5.19 vs 2.11), 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.
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