PGR vs. SMH
PGR (The Progressive Corporation) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, PGR returned 23.64%/yr vs 34.90%/yr for SMH. At a 0.30 correlation, their price movements are largely independent.
Performance
PGR vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, PGR achieves a -2.79% return, which is significantly lower than SMH's 54.54% return. Over the past 10 years, PGR has underperformed SMH with an annualized return of 23.64%, while SMH has yielded a comparatively higher 34.90% annualized return.
PGR
- 1D
- 1.04%
- 1M
- 1.77%
- 6M
- 2.86%
- YTD
- -2.79%
- 1Y
- -10.44%
- 3Y*
- 23.83%
- 5Y*
- 19.30%
- 10Y*
- 23.64%
SMH
- 1D
- -2.18%
- 1M
- -10.81%
- 6M
- 39.00%
- YTD
- 54.54%
- 1Y
- 91.38%
- 3Y*
- 52.12%
- 5Y*
- 35.97%
- 10Y*
- 34.90%
PGR vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGR The Progressive Corporation | -2.79% | -3.02% | 51.39% | 23.16% | 26.81% | 10.84% | 41.48% | 25.14% | 9.39% | 61.59% |
SMH VanEck Semiconductor ETF | 54.54% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between PGR and SMH is -0.38, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000 | 0.30 |
The correlation between PGR and SMH shifts across timeframes, from -0.38 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PGR vs. SMH — Risk / Return Rank
PGR
SMH
PGR vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Progressive Corporation (PGR) 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.
| PGR | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.90 | ||
| Sortino ratioReturn per unit of downside risk | -3.25 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.39 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 5.47 | -6.00 |
| Martin ratioReturn relative to average drawdown | -0.89 | 18.72 | -19.62 |
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Drawdowns
PGR vs. SMH - Drawdown Comparison
The maximum PGR drawdown since its inception was -71.06%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PGR and SMH.
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Drawdown Indicators
| PGR | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.06% | -84.96% | +13.90% |
Max Drawdown (1Y)Largest decline over 1 year | -19.79% | -16.80% | -2.99% |
Max Drawdown (3Y)Largest decline over 3 years | -30.35% | -35.74% | +5.39% |
Max Drawdown (5Y)Largest decline over 5 years | -30.35% | -45.30% | +14.95% |
Max Drawdown (10Y)Largest decline over 10 years | -30.35% | -45.30% | +14.95% |
Current DrawdownCurrent decline from peak | -23.90% | -16.80% | -7.10% |
Average DrawdownAverage peak-to-trough decline | -14.55% | -40.93% | +26.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.69% | 4.90% | +6.79% |
Volatility
PGR vs. SMH - Volatility Comparison
The current volatility for The Progressive Corporation (PGR) is 13.91%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.50%. This indicates that PGR 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
| PGR | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.91% | 16.50% | -2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 20.11% | 31.68% | -11.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.21% | 37.04% | -11.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.15% | 36.21% | -11.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.78% | 33.16% | -8.38% |
Dividends
PGR vs. SMH - Dividend Comparison
PGR's dividend yield for the trailing twelve months is around 6.68%, more than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGR The Progressive Corporation | 6.68% | 2.15% | 0.48% | 0.25% | 0.31% | 6.23% | 2.68% | 3.89% | 1.86% | 1.21% | 2.50% | 2.16% |
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
PGR and SMH have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (16.50%) compared to PGR (13.91%). In terms of maximum drawdown, PGR dropped -71.06% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (2.48 vs -0.42), 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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