PBFDX vs. SMH
Compare and contrast key facts about Payson Total Return Fund (PBFDX) and VanEck Semiconductor ETF (SMH).
PBFDX is managed by Payson Funds. It was launched on Nov 25, 1991. SMH is a passively managed fund by VanEck that tracks the performance of the MVIS US Listed Semiconductor 25 Index. It was launched on Dec 20, 2011.
Performance
PBFDX vs. SMH - Performance Comparison
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PBFDX vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBFDX Payson Total Return Fund | -6.41% | 21.20% | 21.77% | 25.65% | -14.60% | 30.84% | 20.49% | 31.67% | -1.79% | 21.76% |
SMH VanEck Semiconductor ETF | 6.46% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Returns By Period
In the year-to-date period, PBFDX achieves a -6.41% return, which is significantly lower than SMH's 6.46% return. Over the past 10 years, PBFDX has underperformed SMH with an annualized return of 14.83%, while SMH has yielded a comparatively higher 31.28% annualized return.
PBFDX
- 1D
- -0.45%
- 1M
- -7.92%
- YTD
- -6.41%
- 6M
- -2.80%
- 1Y
- 21.56%
- 3Y*
- 18.85%
- 5Y*
- 12.17%
- 10Y*
- 14.83%
SMH
- 1D
- 5.76%
- 1M
- -5.65%
- YTD
- 6.46%
- 6M
- 17.84%
- 1Y
- 81.87%
- 3Y*
- 43.47%
- 5Y*
- 25.59%
- 10Y*
- 31.28%
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PBFDX vs. SMH - Expense Ratio Comparison
PBFDX has a 0.82% expense ratio, which is higher than SMH's 0.35% expense ratio.
Return for Risk
PBFDX vs. SMH — Risk / Return Rank
PBFDX
SMH
PBFDX vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payson Total Return Fund (PBFDX) 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.
| PBFDX | SMH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.08 | 2.23 | -1.16 |
Sortino ratioReturn per unit of downside risk | 1.64 | 2.85 | -1.21 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.40 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | 1.62 | 5.10 | -3.48 |
Martin ratioReturn relative to average drawdown | 6.53 | 18.29 | -11.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PBFDX | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 2.23 | -1.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.74 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.97 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.28 | +0.25 |
Correlation
The correlation between PBFDX and SMH is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PBFDX vs. SMH - Dividend Comparison
PBFDX's dividend yield for the trailing twelve months is around 2.01%, more than SMH's 0.29% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBFDX Payson Total Return Fund | 2.01% | 1.95% | 10.67% | 4.68% | 2.34% | 13.07% | 7.59% | 0.61% | 0.67% | 4.98% | 1.15% | 4.81% |
SMH VanEck Semiconductor ETF | 0.29% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Drawdowns
PBFDX vs. SMH - Drawdown Comparison
The maximum PBFDX drawdown since its inception was -54.99%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PBFDX and SMH.
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Drawdown Indicators
| PBFDX | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.99% | -84.96% | +29.97% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -15.95% | +4.03% |
Max Drawdown (5Y)Largest decline over 5 years | -22.17% | -45.30% | +23.13% |
Max Drawdown (10Y)Largest decline over 10 years | -33.02% | -45.30% | +12.28% |
Current DrawdownCurrent decline from peak | -10.93% | -10.03% | -0.90% |
Average DrawdownAverage peak-to-trough decline | -6.75% | -41.36% | +34.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.95% | 4.44% | -1.49% |
Volatility
PBFDX vs. SMH - Volatility Comparison
The current volatility for Payson Total Return Fund (PBFDX) is 5.24%, while VanEck Semiconductor ETF (SMH) has a volatility of 12.11%. This indicates that PBFDX 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
| PBFDX | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 12.11% | -6.87% |
Volatility (6M)Calculated over the trailing 6-month period | 11.58% | 23.95% | -12.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.70% | 36.84% | -16.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.66% | 34.71% | -17.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.94% | 32.28% | -13.34% |