NEFSX vs. SMH

Last updated Jun 23, 2026

NEFSX (Natixis Funds Trust I U.S. Equity Opportunities Fund) and SMH (VanEck Semiconductor ETF) are both funds - NEFSX is a Large Cap Growth Equities fund managed by Natixis, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, NEFSX returned 14.91%/yr vs 38.85%/yr for SMH. A 0.73 correlation means they provide meaningful diversification when combined. NEFSX charges 1.14%/yr vs 0.35%/yr for SMH.

Performance

NEFSX vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Natixis Funds Trust I U.S. Equity Opportunities Fund (NEFSX) 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, NEFSX achieves a -1.97% return, which is significantly lower than SMH's 85.74% return. Over the past 10 years, NEFSX has underperformed SMH with an annualized return of 14.91%, while SMH has yielded a comparatively higher 38.85% annualized return.

NEFSX

• 1D: 0.23%
• 1M: -1.73%
• YTD: -1.97%
• 6M: -2.72%
• 1Y: 9.54%
• 3Y*: 16.79%
• 5Y*: 10.87%
• 10Y*: 14.91%

SMH

• 1D: 1.37%
• 1M: 16.07%
• YTD: 85.74%
• 6M: 85.96%
• 1Y: 157.81%
• 3Y*: 66.26%
• 5Y*: 40.65%
• 10Y*: 38.85%

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

NEFSX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NEFSX Natixis Funds Trust I U.S. Equity Opportunities Fund	-1.97%	17.23%	25.79%	37.13%	-21.15%	23.21%	22.12%	31.08%	-6.67%	26.28%
SMH VanEck Semiconductor ETF	85.74%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between NEFSX and SMH is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000	0.73

Over the past year, the correlation between NEFSX and SMH has dropped to 0.40 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

NEFSX vs. SMH — Risk / Return Rank

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

NEFSX

NEFSX Risk / Return Rank: 11
NEFSX Sharpe Ratio Rank: 11
NEFSX Sortino Ratio Rank: 11
NEFSX Omega Ratio Rank: 11
NEFSX Calmar Ratio Rank: 11
NEFSX Martin Ratio Rank: 12

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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.

NEFSX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Natixis Funds Trust I U.S. Equity Opportunities Fund (NEFSX) 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.

	NEFSX	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.86	4.66	-3.80
Sortino ratio: Return per unit of downside risk	1.26	4.60	-3.35
Omega ratio: Gain probability vs. loss probability	1.15	1.66	-0.50
Calmar ratio: Return relative to maximum drawdown	1.02	10.63	-9.61
Martin ratio: Return relative to average drawdown	3.16	38.91	-35.75

NEFSX vs. SMH - Sharpe Ratio Comparison

The current NEFSX Sharpe Ratio is 0.86, which is lower than the SMH Sharpe Ratio of 4.66. The chart below compares the historical Sharpe Ratios of NEFSX 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

NEFSX vs. SMH - Drawdown Comparison

The maximum NEFSX drawdown since its inception was -55.83%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for NEFSX and SMH.

Drawdown Indicators

	NEFSX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-55.83%	-84.96%	+29.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.20%	-14.93%	+3.73%
Max Drawdown (3Y) Largest decline over 3 years	-19.58%	-35.74%	+16.16%
Max Drawdown (5Y) Largest decline over 5 years	-30.08%	-45.30%	+15.22%
Max Drawdown (10Y) Largest decline over 10 years	-32.27%	-45.30%	+13.03%
Current Drawdown Current decline from peak	-3.85%	0.00%	-3.85%
Average Drawdown Average peak-to-trough decline	-11.73%	-41.01%	+29.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	4.07%	-0.73%

Volatility

NEFSX vs. SMH - Volatility Comparison

The current volatility for Natixis Funds Trust I U.S. Equity Opportunities Fund (NEFSX) is 4.43%, while VanEck Semiconductor ETF (SMH) has a volatility of 17.29%. This indicates that NEFSX 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

	NEFSX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	17.29%	-12.86%
Volatility (6M) Calculated over the trailing 6-month period	10.37%	28.18%	-17.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.33%	34.14%	-20.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.64%	35.68%	-16.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	32.95%	-13.22%

NEFSX vs. SMH - Expense Ratio Comparison

NEFSX has a 1.14% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

NEFSX vs. SMH - Dividend Comparison

NEFSX's dividend yield for the trailing twelve months is around 9.49%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NEFSX Natixis Funds Trust I U.S. Equity Opportunities Fund	9.49%	5.92%	6.38%	8.13%	18.10%	11.12%	13.07%	10.85%	11.18%	3.55%	1.88%	5.09%
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 NEFSX and SMH in my portfolio?

NEFSX and SMH have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEFSX or SMH?

SMH has higher volatility (17.29%) compared to NEFSX (4.43%). In terms of maximum drawdown, NEFSX dropped -55.83% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.66 vs 0.86), 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.