PFXF vs. SMH

Last updated Jun 4, 2026

PFXF (VanEck Vectors Preferred Securities ex Financials ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - PFXF is a Preferred Stock/Convertible Bonds fund tracking the Wells Fargo Hybrid and Preferred Securities ex Financials Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, PFXF returned 5.44%/yr vs 37.68%/yr for SMH. At a 0.45 correlation, their price movements are largely independent. PFXF charges 0.41%/yr vs 0.35%/yr for SMH.

Performance

PFXF vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Preferred Securities ex Financials ETF (PFXF) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFXF achieves a 8.54% return, which is significantly lower than SMH's 77.13% return. Over the past 10 years, PFXF has underperformed SMH with an annualized return of 5.44%, while SMH has yielded a comparatively higher 37.68% annualized return.

PFXF

• 1D: -0.95%
• 1M: 2.21%
• YTD: 8.54%
• 6M: 9.54%
• 1Y: 18.28%
• 3Y*: 10.30%
• 5Y*: 4.48%
• 10Y*: 5.44%

SMH

• 1D: 0.90%
• 1M: 25.87%
• YTD: 77.13%
• 6M: 75.61%
• 1Y: 157.20%
• 3Y*: 64.17%
• 5Y*: 39.21%
• 10Y*: 37.68%

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

PFXF vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFXF VanEck Vectors Preferred Securities ex Financials ETF	8.54%	9.64%	8.42%	11.20%	-18.83%	11.61%	7.61%	20.52%	-4.17%	7.93%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between PFXF and SMH is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 20, 2012	0.45

The correlation between PFXF and SMH shifts across timeframes, from 0.41 (3 years) to 0.58 (1 year), reflecting how their relationship changes across market environments.

PFXF vs. SMH - Sectors Allocation Comparison

Sectors	PFXF	SMH
Real Estate	14.0%	-
Utilities	12.4%	-
Technology	9.7%	100.0%
Communication Services	6.7%	-
Financial Services	6.2%	-
Healthcare	3.0%	-
Consumer Defensive	2.9%	-
Consumer Cyclical	2.2%	-
Industrials	1.0%	-
Energy	0.4%	-
Basic Materials	-	-

Return for Risk

PFXF vs. SMH — Risk / Return Rank

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

PFXF

PFXF Risk / Return Rank: 61
PFXF Sharpe Ratio Rank: 60
PFXF Sortino Ratio Rank: 63
PFXF Omega Ratio Rank: 59
PFXF Calmar Ratio Rank: 63
PFXF Martin Ratio Rank: 61

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

PFXF vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Preferred Securities ex Financials ETF (PFXF) 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.

	PFXF	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.06	5.19	-3.13
Sortino ratio: Return per unit of downside risk	2.98	5.22	-2.23
Omega ratio: Gain probability vs. loss probability	1.37	1.72	-0.35
Calmar ratio: Return relative to maximum drawdown	3.15	10.59	-7.45
Martin ratio: Return relative to average drawdown	11.08	40.63	-29.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFXF vs. SMH - Sharpe Ratio Comparison

The current PFXF Sharpe Ratio is 2.06, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of PFXF and SMH, 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

	PFXF	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	5.19	-3.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	1.13	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	1.16	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.34	+0.15

Drawdowns

PFXF vs. SMH - Drawdown Comparison

The maximum PFXF drawdown since its inception was -35.49%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PFXF and SMH.

Drawdown Indicators

	PFXF	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-84.96%	+49.47%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-14.93%	+9.10%
Max Drawdown (3Y) Largest decline over 3 years	-11.90%	-35.74%	+23.84%
Max Drawdown (5Y) Largest decline over 5 years	-21.80%	-45.30%	+23.50%
Max Drawdown (10Y) Largest decline over 10 years	-35.49%	-45.30%	+9.81%
Current Drawdown Current decline from peak	-0.95%	0.00%	-0.95%
Average Drawdown Average peak-to-trough decline	-3.91%	-41.09%	+37.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	3.89%	-2.24%

Volatility

PFXF vs. SMH - Volatility Comparison

The current volatility for VanEck Vectors Preferred Securities ex Financials ETF (PFXF) is 3.14%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that PFXF 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.

Volatility by Period

	PFXF	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	11.47%	-8.33%
Volatility (6M) Calculated over the trailing 6-month period	6.89%	24.29%	-17.40%
Volatility (1Y) Calculated over the trailing 1-year period	8.94%	30.56%	-21.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.91%	35.01%	-24.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.21%	32.57%	-19.36%

PFXF vs. SMH - Expense Ratio Comparison

PFXF has a 0.41% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

PFXF vs. SMH - Dividend Comparison

PFXF's dividend yield for the trailing twelve months is around 6.08%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFXF VanEck Vectors Preferred Securities ex Financials ETF	6.08%	6.72%	7.82%	7.88%	6.74%	4.66%	5.19%	5.35%	6.56%	5.93%	5.81%	5.99%
SMH VanEck Semiconductor ETF	0.17%	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

Can I hold both PFXF and SMH in my portfolio?

PFXF and SMH have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFXF or SMH?

SMH has higher volatility (11.47%) compared to PFXF (3.14%). In terms of maximum drawdown, PFXF dropped -35.49% vs SMH's -84.96%.

Which ETF is better, PFXF or SMH?

On 10-year performance, SMH leads with 37.68% vs 5.44% for PFXF. On fees, SMH is cheaper at 0.35% per year. On volatility, PFXF has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFXF or SMH?

Over the 10-year period, SMH has performed better with a 37.68% return vs 5.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFXF or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.41% for PFXF.

Which ETF pays a higher dividend yield, PFXF or SMH?

PFXF has the higher dividend yield at 6.08%, compared with 0.17% for SMH.

What is the main difference between PFXF and SMH?

PFXF is categorized as Preferred Stock/Convertible Bonds, while SMH is Semiconductors. PFXF tracks Wells Fargo Hybrid and Preferred Securities ex Financials Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. Their fees differ too: 0.41% for PFXF and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 2.06), 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.