PCBIX vs. SMH
PCBIX (Principal MidCap Fund Institutional Class) and SMH (VanEck Semiconductor ETF) are both funds - PCBIX is a Mid Cap Growth Equities fund managed by Principal, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, PCBIX returned 11.82%/yr vs 34.16%/yr for SMH. Their 0.65 correlation means they have sometimes moved together and sometimes differently. PCBIX charges 0.67%/yr vs 0.35%/yr for SMH.
Performance
PCBIX vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, PCBIX achieves a -3.74% return, which is significantly lower than SMH's 50.09% return. Over the past 10 years, PCBIX has underperformed SMH with an annualized return of 11.82%, while SMH has yielded a comparatively higher 34.16% annualized return.
PCBIX
- 1D
- -1.39%
- 1M
- -0.60%
- 6M
- -3.13%
- YTD
- -3.74%
- 1Y
- -7.35%
- 3Y*
- 9.29%
- 5Y*
- 4.47%
- 10Y*
- 11.82%
- ALL TIME*
- 10.93%
SMH
- 1D
- 0.30%
- 1M
- -8.74%
- 6M
- 33.97%
- YTD
- 50.09%
- 1Y
- 90.95%
- 3Y*
- 50.56%
- 5Y*
- 33.46%
- 10Y*
- 34.16%
- ALL TIME*
- 11.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $8.28B | $7.64B | $7.07B |
PCBIX vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCBIX Principal MidCap Fund Institutional Class | -3.74% | 1.62% | 23.63% | 25.92% | -23.16% | 25.22% | 18.25% | 49.40% | -6.86% | 25.32% |
SMH VanEck Semiconductor ETF | 50.09% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between PCBIX and SMH is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2001 | 0.65 |
Over the past year, the correlation between PCBIX and SMH has dropped to 0.20 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.
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Return for Risk
PCBIX vs. SMH — Risk / Return Rank
PCBIX
SMH
PCBIX vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal MidCap Fund Institutional Class (PCBIX) 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.
| PCBIX | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.90 | ||
| Sortino ratioReturn per unit of downside risk | -3.49 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.36 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 3.58 | -4.06 |
| Martin ratioReturn relative to average drawdown | -0.94 | 14.64 | -15.58 |
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Drawdowns
PCBIX vs. SMH - Drawdown Comparison
The maximum PCBIX drawdown since its inception was -50.25%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PCBIX and SMH.
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Drawdown Indicators
| PCBIX | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.25% | -84.96% | +34.71% |
Max Drawdown (1Y)Largest decline over 1 year | -19.29% | -24.62% | +5.33% |
Max Drawdown (3Y)Largest decline over 3 years | -19.29% | -35.74% | +16.45% |
Max Drawdown (5Y)Largest decline over 5 years | -31.17% | -45.30% | +14.13% |
Max Drawdown (10Y)Largest decline over 10 years | -40.56% | -45.30% | +4.74% |
Current DrawdownCurrent decline from peak | -10.03% | -19.19% | +9.16% |
Average DrawdownAverage peak-to-trough decline | -6.58% | -40.89% | +34.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.82% | 6.01% | +3.81% |
Volatility
PCBIX vs. SMH - Volatility Comparison
The current volatility for Principal MidCap Fund Institutional Class (PCBIX) is 5.19%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. This indicates that PCBIX 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
| PCBIX | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 14.70% | -9.51% |
Volatility (6M)Calculated over the trailing 6-month period | 12.00% | 33.13% | -21.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.15% | 38.57% | -23.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.75% | 36.50% | -17.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.14% | 33.32% | -14.18% |
PCBIX vs. SMH - Expense Ratio Comparison
PCBIX has a 0.67% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
PCBIX vs. SMH - Dividend Comparison
PCBIX's dividend yield for the trailing twelve months is around 6.04%, more than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCBIX Principal MidCap Fund Institutional Class | 6.04% | 5.81% | 6.40% | 2.51% | 3.18% | 7.96% | 1.08% | 9.02% | 12.24% | 3.31% | 2.49% | 6.30% |
SMH VanEck Semiconductor ETF | 0.20% | 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
PCBIX and SMH have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (14.70%) compared to PCBIX (5.19%). In terms of maximum drawdown, PCBIX dropped -50.25% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (2.29 vs -0.61), 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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