MOAT vs. SMH

Last updated Jun 5, 2026

MOAT (VanEck Morningstar Wide Moat ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, MOAT returned 13.40%/yr vs 37.49%/yr for SMH. A 0.65 correlation means they provide meaningful diversification when combined. MOAT charges 0.47%/yr vs 0.35%/yr for SMH.

Performance

MOAT vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Morningstar Wide Moat ETF (MOAT) 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, MOAT achieves a -0.07% return, which is significantly lower than SMH's 74.25% return. Over the past 10 years, MOAT has underperformed SMH with an annualized return of 13.40%, while SMH has yielded a comparatively higher 37.49% annualized return.

MOAT

• 1D: 0.88%
• 1M: 3.57%
• YTD: -0.07%
• 6M: -0.05%
• 1Y: 15.51%
• 3Y*: 11.79%
• 5Y*: 8.20%
• 10Y*: 13.40%

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)

MOAT vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MOAT VanEck Morningstar Wide Moat ETF	-0.07%	13.20%	10.73%	31.89%	-13.66%	24.12%	14.84%	34.79%	-1.28%	23.18%
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 MOAT and SMH is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012	0.65

Over the past year, the correlation between MOAT and SMH has dropped to 0.43 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

MOAT vs. SMH - Sectors Allocation Comparison

Sectors	MOAT	SMH
Technology	32.8%	100.0%
Consumer Defensive	17.5%	-
Healthcare	16.0%	-
Industrials	13.5%	-
Consumer Cyclical	10.3%	-
Financial Services	6.7%	-
Communication Services	2.4%	-
Real Estate	0.8%	-
Basic Materials	-	-
Energy	-	-
Utilities	-	-

Return for Risk

MOAT vs. SMH — Risk / Return Rank

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

MOAT

MOAT Risk / Return Rank: 30
MOAT Sharpe Ratio Rank: 32
MOAT Sortino Ratio Rank: 32
MOAT Omega Ratio Rank: 29
MOAT Calmar Ratio Rank: 27
MOAT Martin Ratio Rank: 28

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.

MOAT vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar Wide Moat ETF (MOAT) 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.

	MOAT	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.12	4.94	-3.82
Sortino ratio: Return per unit of downside risk	1.69	5.05	-3.36
Omega ratio: Gain probability vs. loss probability	1.19	1.69	-0.50
Calmar ratio: Return relative to maximum drawdown	1.25	10.11	-8.86
Martin ratio: Return relative to average drawdown	3.90	38.76	-34.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MOAT vs. SMH - Sharpe Ratio Comparison

The current MOAT Sharpe Ratio is 1.12, which is lower than the SMH Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of MOAT 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

	MOAT	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	4.94	-3.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	1.11	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	1.15	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.34	+0.44

Drawdowns

MOAT vs. SMH - Drawdown Comparison

The maximum MOAT drawdown since its inception was -33.31%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for MOAT and SMH.

Drawdown Indicators

	MOAT	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-33.31%	-84.96%	+51.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-14.93%	+2.50%
Max Drawdown (3Y) Largest decline over 3 years	-21.44%	-35.74%	+14.30%
Max Drawdown (5Y) Largest decline over 5 years	-23.96%	-45.30%	+21.34%
Max Drawdown (10Y) Largest decline over 10 years	-33.31%	-45.30%	+11.99%
Current Drawdown Current decline from peak	-3.88%	-1.63%	-2.25%
Average Drawdown Average peak-to-trough decline	-3.83%	-41.08%	+37.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	3.89%	+0.09%

Volatility

MOAT vs. SMH - Volatility Comparison

The current volatility for VanEck Morningstar Wide Moat ETF (MOAT) is 3.86%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.58%. This indicates that MOAT 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

	MOAT	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	11.58%	-7.72%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	24.35%	-14.47%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	30.57%	-16.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	35.01%	-16.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	32.57%	-13.89%

MOAT vs. SMH - Expense Ratio Comparison

MOAT has a 0.47% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

MOAT vs. SMH - Dividend Comparison

MOAT's dividend yield for the trailing twelve months is around 1.36%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MOAT VanEck Morningstar Wide Moat ETF	1.36%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%
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 MOAT and SMH in my portfolio?

MOAT and SMH have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MOAT or SMH?

SMH has higher volatility (11.58%) compared to MOAT (3.86%). In terms of maximum drawdown, MOAT dropped -33.31% vs SMH's -84.96%.

Which ETF is better, MOAT or SMH?

On 10-year performance, SMH leads with 37.49% vs 13.40% for MOAT. On fees, SMH is cheaper at 0.35% per year. On volatility, MOAT has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MOAT or SMH?

Over the 10-year period, SMH has performed better with a 37.49% return vs 13.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MOAT or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.47% for MOAT.

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

MOAT has the higher dividend yield at 1.36%, compared with 0.18% for SMH.

What is the main difference between MOAT and SMH?

MOAT is categorized as Large Cap Blend Equities, while SMH is Semiconductors. MOAT tracks Morningstar Wide Moat Focus Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. Their fees differ too: 0.47% for MOAT and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.94 vs 1.12), 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.