MU vs. SMH

Last updated Aug 1, 2026

MU (Micron Technology, Inc.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, MU returned 51.33%/yr vs 34.16%/yr for SMH. Their 0.72 correlation means they have sometimes moved together and sometimes differently.

Performance

MU vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Micron Technology, Inc. (MU) 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, MU achieves a 188.53% return, which is significantly higher than SMH's 50.09% return. Over the past 10 years, MU has outperformed SMH with an annualized return of 51.33%, while SMH has yielded a comparatively lower 34.16% annualized return.

MU

• 1D: -5.90%
• 1M: -20.26%
• 6M: 98.49%
• YTD: 188.53%
• 1Y: 655.32%
• 3Y*: 127.41%
• 5Y*: 61.18%
• 10Y*: 51.33%
• ALL TIME*: 17.06%

SMH

• 1D: 0.30%
• 1M: -12.88%
• 6M: 33.97%
• YTD: 50.09%
• 1Y: 87.76%
• 3Y*: 50.56%
• 5Y*: 33.46%
• 10Y*: 34.16%
• ALL TIME*: 11.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MU Micron Technology, Inc.	$43.28B	$42.78B	$49.13B
SMH VanEck Semiconductor ETF	$8.28B	$7.64B	$7.07B

MU vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MU Micron Technology, Inc.	188.53%	240.24%	-0.96%	71.93%	-45.93%	24.21%	39.79%	69.49%	-22.84%	87.59%
SMH VanEck Semiconductor ETF	50.09%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between MU and SMH is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.77
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000	0.72

The correlation between MU and SMH has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

MU vs. SMH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MU

MU Risk / Return Rank: 99
MU Sharpe Ratio Rank: 100
MU Sortino Ratio Rank: 99
MU Omega Ratio Rank: 98
MU Calmar Ratio Rank: 100
MU Martin Ratio Rank: 100

SMH

SMH Risk / Return Rank: 87
SMH Sharpe Ratio Rank: 91
SMH Sortino Ratio Rank: 83
SMH Omega Ratio Rank: 84
SMH Calmar Ratio Rank: 88
SMH Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MU vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Micron Technology, Inc. (MU) 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.

	MU	SMH	Difference
Sharpe ratio: Return per unit of total volatility	8.17	2.29	+5.88
Sortino ratio: Return per unit of downside risk	5.00	2.70	+2.30
Omega ratio: Gain probability vs. loss probability	1.63	1.36	+0.27
Calmar ratio: Return relative to maximum drawdown	16.92	3.58	+13.33
Martin ratio: Return relative to average drawdown	64.08	14.64	+49.43

MU vs. SMH - Sharpe Ratio Comparison

The current MU Sharpe Ratio is 8.17, which is higher than the SMH Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of MU 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

MU vs. SMH - Drawdown Comparison

The maximum MU drawdown since its inception was -98.25%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for MU and SMH.

Drawdown Indicators

	MU	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-98.25%	-84.96%	-13.29%
Max Drawdown (1Y) Largest decline over 1 year	-39.10%	-24.62%	-14.48%
Max Drawdown (3Y) Largest decline over 3 years	-57.63%	-35.74%	-21.89%
Max Drawdown (5Y) Largest decline over 5 years	-57.63%	-45.30%	-12.33%
Max Drawdown (10Y) Largest decline over 10 years	-57.63%	-45.30%	-12.33%
Current Drawdown Current decline from peak	-32.17%	-19.19%	-12.98%
Average Drawdown Average peak-to-trough decline	-58.02%	-40.89%	-17.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.31%	6.01%	+4.30%

Volatility

MU vs. SMH - Volatility Comparison

Micron Technology, Inc. (MU) has a higher volatility of 31.11% compared to VanEck Semiconductor ETF (SMH) at 14.70%. This indicates that MU's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MU	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.11%	14.70%	+16.41%
Volatility (6M) Calculated over the trailing 6-month period	67.64%	33.13%	+34.51%
Volatility (1Y) Calculated over the trailing 1-year period	81.13%	38.57%	+42.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.32%	36.50%	+19.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.42%	33.32%	+18.10%

Dividends

MU vs. SMH - Dividend Comparison

MU's dividend yield for the trailing twelve months is around 0.06%, less than SMH's 0.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MU Micron Technology, Inc.	0.06%	0.16%	0.55%	0.54%	0.89%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.20%	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 MU and SMH in my portfolio?

MU 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, MU or SMH?

MU has higher volatility (31.11%) compared to SMH (14.70%). In terms of maximum drawdown, MU dropped -98.25% vs SMH's -84.96%.

Which has better risk-adjusted returns?

MU currently has the higher Sharpe Ratio (8.17 vs 2.29), 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.