NODE vs. SMHX

Last updated Jun 4, 2026

NODE (VanEck Onchain Economy ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - NODE is a Blockchain fund actively managed by VanEck, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. NODE is actively managed, while SMHX is passively managed. Over the past year, NODE returned 71.73% vs 139.42% for SMHX. A 0.60 correlation means they provide meaningful diversification when combined. NODE charges 0.69%/yr vs 0.35%/yr for SMHX.

Performance

NODE vs. SMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Onchain Economy ETF (NODE) and VanEck Fabless Semiconductor ETF (SMHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NODE achieves a 33.28% return, which is significantly lower than SMHX's 78.44% return.

NODE

• 1D: -1.79%
• 1M: 10.04%
• YTD: 33.28%
• 6M: 21.22%
• 1Y: 71.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMHX

• 1D: 0.94%
• 1M: 33.64%
• YTD: 78.44%
• 6M: 72.62%
• 1Y: 139.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NODE vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025
NODE VanEck Onchain Economy ETF	33.28%	32.44%
SMHX VanEck Fabless Semiconductor ETF	78.44%	33.85%

Correlation

The correlation between NODE and SMHX is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since May 15, 2025	0.60

The correlation between NODE and SMHX has been stable across timeframes, ranging from 0.60 to 0.60 - a consistent structural relationship.

Return for Risk

NODE vs. SMHX — Risk / Return Rank

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

NODE

NODE Risk / Return Rank: 41
NODE Sharpe Ratio Rank: 46
NODE Sortino Ratio Rank: 43
NODE Omega Ratio Rank: 41
NODE Calmar Ratio Rank: 42
NODE Martin Ratio Rank: 31

SMHX

SMHX Risk / Return Rank: 93
SMHX Sharpe Ratio Rank: 96
SMHX Sortino Ratio Rank: 92
SMHX Omega Ratio Rank: 90
SMHX Calmar Ratio Rank: 95
SMHX Martin Ratio Rank: 92

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.

NODE vs. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Onchain Economy ETF (NODE) 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.

	NODE	SMHX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	4.30	-2.71
Sortino ratio: Return per unit of downside risk	2.12	4.50	-2.38
Omega ratio: Gain probability vs. loss probability	1.26	1.59	-0.33
Calmar ratio: Return relative to maximum drawdown	2.04	8.22	-6.18
Martin ratio: Return relative to average drawdown	4.50	23.13	-18.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NODE vs. SMHX - Sharpe Ratio Comparison

The current NODE Sharpe Ratio is 1.59, which is lower than the SMHX Sharpe Ratio of 4.30. The chart below compares the historical Sharpe Ratios of NODE and SMHX, 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

	NODE	SMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	4.30	-2.71
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	1.94	-0.33

Drawdowns

NODE vs. SMHX - Drawdown Comparison

The maximum NODE drawdown since its inception was -35.35%, smaller than the maximum SMHX drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for NODE and SMHX.

Drawdown Indicators

	NODE	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-35.35%	-38.53%	+3.18%
Max Drawdown (1Y) Largest decline over 1 year	-35.35%	-17.06%	-18.29%
Current Drawdown Current decline from peak	-2.42%	0.00%	-2.42%
Average Drawdown Average peak-to-trough decline	-11.30%	-7.33%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.00%	6.05%	+9.95%

Volatility

NODE vs. SMHX - Volatility Comparison

VanEck Onchain Economy ETF (NODE) and VanEck Fabless Semiconductor ETF (SMHX) have volatilities of 12.39% and 11.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NODE	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.39%	11.81%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	34.83%	25.06%	+9.77%
Volatility (1Y) Calculated over the trailing 1-year period	45.44%	32.69%	+12.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.59%	39.97%	+4.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.59%	39.97%	+4.62%

NODE vs. SMHX - Expense Ratio Comparison

NODE has a 0.69% expense ratio, which is higher than SMHX's 0.35% expense ratio.

Dividends

NODE vs. SMHX - Dividend Comparison

NODE's dividend yield for the trailing twelve months is around 0.84%, more than SMHX's 0.01% yield.

Position	TTM	2025	2024
NODE VanEck Onchain Economy ETF	0.84%	1.12%	0.00%
SMHX VanEck Fabless Semiconductor ETF	0.01%	0.02%	0.04%

Frequently Asked Questions

Can I hold both NODE and SMHX in my portfolio?

NODE and SMHX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NODE or SMHX?

NODE has higher volatility (12.39%) compared to SMHX (11.81%). In terms of maximum drawdown, NODE dropped -35.35% vs SMHX's -38.53%.

Which ETF is better, NODE or SMHX?

On 1-year performance, SMHX leads with 139.42% vs 71.73% for NODE. On fees, SMHX is cheaper at 0.35% per year. On volatility, SMHX has been the lower-risk option at 11.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NODE or SMHX?

Over the 1-year period, SMHX has performed better with a 139.42% return vs 71.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NODE or SMHX?

SMHX is cheaper with a 0.35% expense ratio, compared with 0.69% for NODE.

Which ETF pays a higher dividend yield, NODE or SMHX?

NODE has the higher dividend yield at 0.84%, compared with 0.01% for SMHX.

What is the main difference between NODE and SMHX?

NODE is categorized as Blockchain, while SMHX is Semiconductors. Their fees differ too: 0.69% for NODE and 0.35% for SMHX.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (4.30 vs 1.59), 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.