NBDS vs. SMH

Last updated Jun 4, 2026

NBDS (Neuberger Berman Disrupters ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - NBDS is a Technology Equities fund actively managed by Neuberger Berman, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. NBDS is actively managed, while SMH is passively managed. Over the past 3 years, NBDS returned 23.07%/yr vs 64.17%/yr for SMH. Their correlation of 0.85 suggests significant overlap in exposure. NBDS charges 0.55%/yr vs 0.35%/yr for SMH.

Performance

NBDS vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Disrupters ETF (NBDS) 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, NBDS achieves a 17.73% return, which is significantly lower than SMH's 77.13% return.

NBDS

• 1D: -0.69%
• 1M: 16.39%
• YTD: 17.73%
• 6M: 15.50%
• 1Y: 33.80%
• 3Y*: 23.07%
• 5Y*: —
• 10Y*: —

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%

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

NBDS vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NBDS Neuberger Berman Disrupters ETF	17.73%	19.58%	17.97%	38.55%	-24.65%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	-18.83%

Correlation

The correlation between NBDS 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	0.83
Correlation (All Time) Calculated using the full available price history since Apr 8, 2022	0.85

The correlation between NBDS and SMH has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

NBDS vs. SMH - Sectors Allocation Comparison

Sectors	NBDS	SMH
Technology	65.4%	100.0%
Healthcare	9.1%	-
Consumer Cyclical	6.5%	-
Industrials	5.8%	-
Financial Services	5.7%	-
Communication Services	4.4%	-
Utilities	3.1%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-

Return for Risk

NBDS vs. SMH — Risk / Return Rank

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

NBDS

NBDS Risk / Return Rank: 34
NBDS Sharpe Ratio Rank: 39
NBDS Sortino Ratio Rank: 36
NBDS Omega Ratio Rank: 38
NBDS Calmar Ratio Rank: 29
NBDS Martin Ratio Rank: 27

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
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.

NBDS vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Disrupters ETF (NBDS) 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.

	NBDS	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.38	5.19	-3.80
Sortino ratio: Return per unit of downside risk	1.90	5.22	-3.31
Omega ratio: Gain probability vs. loss probability	1.24	1.72	-0.48
Calmar ratio: Return relative to maximum drawdown	1.42	10.59	-9.18
Martin ratio: Return relative to average drawdown	3.71	40.63	-36.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBDS vs. SMH - Sharpe Ratio Comparison

The current NBDS Sharpe Ratio is 1.38, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of NBDS 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

	NBDS	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	5.19	-3.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.34	+0.18

Drawdowns

NBDS vs. SMH - Drawdown Comparison

The maximum NBDS drawdown since its inception was -29.81%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for NBDS and SMH.

Drawdown Indicators

	NBDS	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-29.81%	-84.96%	+55.15%
Max Drawdown (1Y) Largest decline over 1 year	-23.96%	-14.93%	-9.03%
Max Drawdown (3Y) Largest decline over 3 years	-28.51%	-35.74%	+7.23%
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	-0.69%	0.00%	-0.69%
Average Drawdown Average peak-to-trough decline	-9.52%	-41.09%	+31.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.13%	3.89%	+5.24%

Volatility

NBDS vs. SMH - Volatility Comparison

The current volatility for Neuberger Berman Disrupters ETF (NBDS) is 8.88%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that NBDS 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

	NBDS	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.88%	11.47%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	19.41%	24.29%	-4.88%
Volatility (1Y) Calculated over the trailing 1-year period	24.54%	30.56%	-6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.64%	35.01%	-7.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.64%	32.57%	-4.93%

NBDS vs. SMH - Expense Ratio Comparison

NBDS has a 0.55% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

NBDS vs. SMH - Dividend Comparison

NBDS's dividend yield for the trailing twelve months is around 0.32%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NBDS Neuberger Berman Disrupters ETF	0.32%	0.38%	0.00%	0.00%	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 NBDS and SMH in my portfolio?

NBDS 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, NBDS or SMH?

SMH has higher volatility (11.47%) compared to NBDS (8.88%). In terms of maximum drawdown, NBDS dropped -29.81% vs SMH's -84.96%.

Which ETF is better, NBDS or SMH?

On 3-year performance, SMH leads with 64.17% vs 23.07% for NBDS. On fees, SMH is cheaper at 0.35% per year. On volatility, NBDS has been the lower-risk option at 8.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBDS or SMH?

Over the 3-year period, SMH has performed better with a 64.17% return vs 23.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBDS or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.55% for NBDS.

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

NBDS has the higher dividend yield at 0.32%, compared with 0.17% for SMH.

What is the main difference between NBDS and SMH?

NBDS is categorized as Technology Equities, while SMH is Semiconductors. They also come from different issuers: Neuberger Berman and VanEck. Their fees differ too: 0.55% for NBDS and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 1.38), 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.