MLN vs. SMHX
MLN (VanEck Long Muni ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, MLN returned 9.33% vs 139.42% for SMHX. At a 0.11 correlation, their price movements are largely independent. MLN charges 0.24%/yr vs 0.35%/yr for SMHX.
Performance
MLN vs. SMHX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MLN achieves a 1.92% return, which is significantly lower than SMHX's 78.44% 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%
SMHX
- 1D
- 0.94%
- 1M
- 33.64%
- YTD
- 78.44%
- 6M
- 72.62%
- 1Y
- 139.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MLN vs. SMHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MLN VanEck Long Muni ETF | 1.92% | 1.82% | 0.43% |
SMHX VanEck Fabless Semiconductor ETF | 78.44% | 30.00% | 17.76% |
Correlation
The correlation between MLN and SMHX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024 | 0.11 |
The correlation between MLN and SMHX shifts across timeframes, from 0.11 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MLN vs. SMHX — Risk / Return Rank
MLN
SMHX
MLN vs. SMHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) and VanEck Fabless Semiconductor ETF (SMHX). 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 | SMHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.59 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 8.22 | -4.56 |
| Martin ratioReturn relative to average drawdown | 12.02 | 23.13 | -11.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MLN | SMHX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 4.30 | -2.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 1.94 | -1.62 |
Drawdowns
MLN vs. SMHX - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, smaller than the maximum SMHX drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for MLN and SMHX.
Loading charts...
Drawdown Indicators
| MLN | SMHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -38.53% | +10.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -17.06% | +14.50% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | — | — |
Current DrawdownCurrent decline from peak | -6.58% | 0.00% | -6.58% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -7.33% | +1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 6.05% | -5.27% |
Volatility
MLN vs. SMHX - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.56%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 11.81%. This indicates that MLN experiences smaller price fluctuations and is considered to be less risky than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MLN | SMHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 11.81% | -10.25% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 25.06% | -21.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 32.69% | -28.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 39.97% | -32.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 39.97% | -31.09% |
MLN vs. SMHX - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is lower than SMHX's 0.35% expense ratio.
Dividends
MLN vs. SMHX - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.71%, more than SMHX's 0.01% 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% |
SMHX VanEck Fabless Semiconductor ETF | 0.01% | 0.02% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MLN and SMHX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMHX has higher volatility (11.81%) compared to MLN (1.56%). In terms of maximum drawdown, MLN dropped -28.36% vs SMHX's -38.53%.
On 1-year performance, SMHX leads with 139.42% vs 9.33% 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 1-year period, SMHX has performed better with a 139.42% return vs 9.33%. 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 SMHX.
MLN has the higher dividend yield at 3.71%, compared with 0.01% for SMHX.
MLN is categorized as Municipal Bonds, while SMHX is Semiconductors. MLN tracks Bloomberg AMT-Free Long Continuous, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index. Their fees differ too: 0.24% for MLN and 0.35% for SMHX.
SMHX currently has the higher Sharpe Ratio (4.30 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.
Find the right allocation for MLN and SMHX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer