PFXF vs. SMHX
PFXF (VanEck Vectors Preferred Securities ex Financials ETF) and SMHX (VanEck Fabless 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 SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, PFXF returned 15.10% vs 113.51% for SMHX. A 0.50 correlation means they provide meaningful diversification when combined. PFXF charges 0.41%/yr vs 0.35%/yr for SMHX.
Performance
PFXF vs. SMHX - Performance Comparison
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Returns By Period
In the year-to-date period, PFXF achieves a 5.24% return, which is significantly lower than SMHX's 64.32% return.
PFXF
- 1D
- -0.33%
- 1M
- -1.17%
- YTD
- 5.24%
- 6M
- 4.73%
- 1Y
- 15.10%
- 3Y*
- 9.41%
- 5Y*
- 3.74%
- 10Y*
- 5.12%
SMHX
- 1D
- -5.60%
- 1M
- 3.65%
- YTD
- 64.32%
- 6M
- 61.18%
- 1Y
- 113.51%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PFXF vs. SMHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PFXF VanEck Vectors Preferred Securities ex Financials ETF | 5.24% | 9.64% | 1.14% |
SMHX VanEck Fabless Semiconductor ETF | 64.32% | 30.00% | 15.56% |
Correlation
The correlation between PFXF and SMHX 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 (All Time) Calculated using the full available price history since Aug 28, 2024 | 0.50 |
The correlation between PFXF and SMHX has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.
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Return for Risk
PFXF vs. SMHX — Risk / Return Rank
PFXF
SMHX
PFXF vs. SMHX - 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 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.
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.
| PFXF | SMHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.46 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 6.69 | -4.09 |
| Martin ratioReturn relative to average drawdown | 8.59 | 17.96 | -9.38 |
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Drawdowns
PFXF vs. SMHX - Drawdown Comparison
The maximum PFXF drawdown since its inception was -35.49%, smaller than the maximum SMHX drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for PFXF and SMHX.
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Drawdown Indicators
| PFXF | SMHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.49% | -38.53% | +3.04% |
Max Drawdown (1Y)Largest decline over 1 year | -5.83% | -17.06% | +11.23% |
Max Drawdown (3Y)Largest decline over 3 years | -11.90% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.80% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.49% | — | — |
Current DrawdownCurrent decline from peak | -3.96% | -7.91% | +3.95% |
Average DrawdownAverage peak-to-trough decline | -3.90% | -7.34% | +3.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 6.34% | -4.58% |
Volatility
PFXF vs. SMHX - Volatility Comparison
The current volatility for VanEck Vectors Preferred Securities ex Financials ETF (PFXF) is 3.71%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 19.93%. This indicates that PFXF 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.
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Volatility by Period
| PFXF | SMHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.71% | 19.93% | -16.22% |
Volatility (6M)Calculated over the trailing 6-month period | 7.33% | 29.76% | -22.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.42% | 36.70% | -27.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.00% | 41.48% | -30.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.25% | 41.48% | -28.23% |
PFXF vs. SMHX - Expense Ratio Comparison
PFXF has a 0.41% expense ratio, which is higher than SMHX's 0.35% expense ratio.
Dividends
PFXF vs. SMHX - Dividend Comparison
PFXF's dividend yield for the trailing twelve months is around 6.27%, more than SMHX's 0.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFXF VanEck Vectors Preferred Securities ex Financials ETF | 6.27% | 6.72% | 7.82% | 7.88% | 6.74% | 4.66% | 5.19% | 5.35% | 6.56% | 5.93% | 5.81% | 5.99% |
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
PFXF and SMHX 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.
SMHX has higher volatility (19.93%) compared to PFXF (3.71%). In terms of maximum drawdown, PFXF dropped -35.49% vs SMHX's -38.53%.
On 1-year performance, SMHX leads with 113.51% vs 15.10% for PFXF. On fees, SMHX is cheaper at 0.35% per year. On volatility, PFXF has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMHX has performed better with a 113.51% return vs 15.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMHX is cheaper with a 0.35% expense ratio, compared with 0.41% for PFXF.
PFXF has the higher dividend yield at 6.27%, compared with 0.01% for SMHX.
PFXF is categorized as Preferred Stock/Convertible Bonds, while SMHX is Semiconductors. PFXF tracks Wells Fargo Hybrid and Preferred Securities ex Financials Index, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index. Their fees differ too: 0.41% for PFXF and 0.35% for SMHX.
SMHX currently has the higher Sharpe Ratio (3.11 vs 1.61), 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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