ONL vs. SMH
ONL (Orion Office REIT Inc.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 3 years, ONL returned -17.57%/yr vs 62.28%/yr for SMH. At a 0.26 correlation, their price movements are largely independent.
Performance
ONL vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, ONL achieves a 29.19% return, which is significantly lower than SMH's 72.73% return.
ONL
- 1D
- 0.35%
- 1M
- -3.67%
- YTD
- 29.19%
- 6M
- 35.14%
- 1Y
- 23.28%
- 3Y*
- -17.57%
- 5Y*
- —
- 10Y*
- —
SMH
- 1D
- -7.01%
- 1M
- 7.93%
- YTD
- 72.73%
- 6M
- 71.29%
- 1Y
- 138.23%
- 3Y*
- 62.28%
- 5Y*
- 38.18%
- 10Y*
- 37.85%
ONL vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ONL Orion Office REIT Inc. | 29.19% | -36.91% | -27.43% | -28.36% | -52.44% | -15.71% |
SMH VanEck Semiconductor ETF | 72.73% | 49.17% | 39.10% | 73.38% | -33.53% | 3.10% |
Correlation
The correlation between ONL and SMH is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2021 | 0.26 |
The correlation between ONL and SMH shifts across timeframes, from 0.14 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ONL vs. SMH — Risk / Return Rank
ONL
SMH
ONL vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Orion Office REIT Inc. (ONL) 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.
| ONL | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.49 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.58 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 9.31 | -8.68 |
| Martin ratioReturn relative to average drawdown | 1.34 | 33.88 | -32.54 |
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Drawdowns
ONL vs. SMH - Drawdown Comparison
The maximum ONL drawdown since its inception was -91.38%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for ONL and SMH.
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Drawdown Indicators
| ONL | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.38% | -84.96% | -6.42% |
Max Drawdown (1Y)Largest decline over 1 year | -36.80% | -14.93% | -21.87% |
Max Drawdown (3Y)Largest decline over 3 years | -74.20% | -35.74% | -38.46% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -83.01% | -7.01% | -76.00% |
Average DrawdownAverage peak-to-trough decline | -69.53% | -41.01% | -28.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.51% | 4.10% | +13.41% |
Volatility
ONL vs. SMH - Volatility Comparison
The current volatility for Orion Office REIT Inc. (ONL) is 7.01%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.08%. This indicates that ONL 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.
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Volatility by Period
| ONL | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 19.08% | -12.07% |
Volatility (6M)Calculated over the trailing 6-month period | 36.98% | 29.18% | +7.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.76% | 34.87% | +15.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.12% | 35.83% | +12.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.12% | 32.97% | +15.15% |
Dividends
ONL vs. SMH - Dividend Comparison
ONL's dividend yield for the trailing twelve months is around 2.77%, more than SMH's 0.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ONL Orion Office REIT Inc. | 2.77% | 3.54% | 10.78% | 6.99% | 4.68% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMH VanEck Semiconductor ETF | 0.18% | 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
ONL and SMH have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (19.08%) compared to ONL (7.01%). In terms of maximum drawdown, ONL dropped -91.38% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (3.99 vs 0.50), 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.
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