OIH vs. SMHX

Last updated Jun 4, 2026

OIH (VanEck Vectors Oil Services ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - OIH is a Energy Equities fund tracking the MVIS US Listed Oil Services 25 Index, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, OIH returned 92.96% vs 139.42% for SMHX. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

OIH vs. SMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Oil Services ETF (OIH) 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, OIH achieves a 51.43% return, which is significantly lower than SMHX's 78.44% return.

OIH

• 1D: 0.18%
• 1M: -2.77%
• YTD: 51.43%
• 6M: 43.87%
• 1Y: 92.96%
• 3Y*: 18.56%
• 5Y*: 13.62%
• 10Y*: -0.90%

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)

OIH vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OIH VanEck Vectors Oil Services ETF	51.43%	6.81%	-6.39%
SMHX VanEck Fabless Semiconductor ETF	78.44%	30.00%	17.76%

Correlation

The correlation between OIH and SMHX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.28

OIH vs. SMHX - Sectors Allocation Comparison

Sectors	OIH	SMHX
Energy	98.0%	-
Utilities	1.8%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%

Return for Risk

OIH vs. SMHX — Risk / Return Rank

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

OIH

OIH Risk / Return Rank: 89
OIH Sharpe Ratio Rank: 90
OIH Sortino Ratio Rank: 85
OIH Omega Ratio Rank: 79
OIH Calmar Ratio Rank: 96
OIH Martin Ratio Rank: 93

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.

OIH vs. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Oil Services ETF (OIH) 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.

	OIH	SMHX	Difference
Sharpe ratio Return per unit of total volatility	3.19	4.30	-1.11
Sortino ratio Return per unit of downside risk	3.87	4.50	-0.62
Omega ratio Gain probability vs. loss probability	1.48	1.59	-0.11
Calmar ratio Return relative to maximum drawdown	9.80	8.22	+1.58
Martin ratio Return relative to average drawdown	24.42	23.13	+1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OIH vs. SMHX - Sharpe Ratio Comparison

The current OIH Sharpe Ratio is 3.19, which is comparable to the SMHX Sharpe Ratio of 4.30. The chart below compares the historical Sharpe Ratios of OIH 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

	OIH	SMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	4.30	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	1.94	-1.94

Drawdowns

OIH vs. SMHX - Drawdown Comparison

The maximum OIH drawdown since its inception was -94.45%, which is greater than SMHX's maximum drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for OIH and SMHX.

Drawdown Indicators

	OIH	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-94.45%	-38.53%	-55.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-17.06%	+7.52%
Max Drawdown (3Y) Largest decline over 3 years	-43.80%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.62%	—	—
Current Drawdown Current decline from peak	-61.60%	0.00%	-61.60%
Average Drawdown Average peak-to-trough decline	-48.84%	-7.33%	-41.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	6.05%	-2.23%

Volatility

OIH vs. SMHX - Volatility Comparison

The current volatility for VanEck Vectors Oil Services ETF (OIH) is 7.95%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 11.81%. This indicates that OIH experiences smaller price fluctuations and is considered to be less risky than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OIH	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	11.81%	-3.86%
Volatility (6M) Calculated over the trailing 6-month period	20.36%	25.06%	-4.70%
Volatility (1Y) Calculated over the trailing 1-year period	29.49%	32.69%	-3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.79%	39.97%	-3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.41%	39.97%	+2.44%

OIH vs. SMHX - Expense Ratio Comparison

Both OIH and SMHX have an expense ratio of 0.35%.

Dividends

OIH vs. SMHX - Dividend Comparison

OIH's dividend yield for the trailing twelve months is around 1.13%, more than SMHX's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OIH VanEck Vectors Oil Services ETF	1.13%	1.71%	2.01%	1.36%	0.95%	0.98%	1.23%	2.10%	2.13%	2.60%	1.40%	2.39%
SMHX VanEck Fabless Semiconductor ETF	0.01%	0.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OIH and SMHX in my portfolio?

OIH and SMHX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OIH or SMHX?

SMHX has higher volatility (11.81%) compared to OIH (7.95%). In terms of maximum drawdown, OIH dropped -94.45% vs SMHX's -38.53%.

Which ETF is better, OIH or SMHX?

On 1-year performance, SMHX leads with 139.42% vs 92.96% for OIH. Both ETFs have the same 0.35% expense ratio. On volatility, OIH has been the lower-risk option at 7.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OIH or SMHX?

Over the 1-year period, SMHX has performed better with a 139.42% return vs 92.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OIH or SMHX?

OIH and SMHX have the same expense ratio: 0.35% per year.

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

OIH has the higher dividend yield at 1.13%, compared with 0.01% for SMHX.

What is the main difference between OIH and SMHX?

OIH is categorized as Energy Equities, while SMHX is Semiconductors. OIH tracks MVIS US Listed Oil Services 25 Index, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (4.30 vs 3.19), 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.