PGY vs. SMH
PGY (Pagaya Technologies Ltd.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 3 years, PGY returned -10.60%/yr vs 52.12%/yr for SMH. At a 0.33 correlation, their price movements are largely independent.
Performance
PGY vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, PGY achieves a -17.94% return, which is significantly lower than SMH's 54.54% return.
PGY
- 1D
- -1.94%
- 1M
- 14.11%
- 6M
- -22.01%
- YTD
- -17.94%
- 1Y
- -41.86%
- 3Y*
- -10.60%
- 5Y*
- —
- 10Y*
- —
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%
PGY vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PGY Pagaya Technologies Ltd. | -17.94% | 124.97% | -43.90% | 11.29% | -82.29% |
SMH VanEck Semiconductor ETF | 54.54% | 49.17% | 39.10% | 73.38% | -1.56% |
Correlation
The correlation between PGY and SMH is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2022 | 0.33 |
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Return for Risk
PGY vs. SMH — Risk / Return Rank
PGY
SMH
PGY vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pagaya Technologies Ltd. (PGY) 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.
| PGY | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.03 | ||
| Sortino ratioReturn per unit of downside risk | -3.29 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.39 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 5.47 | -6.02 |
| Martin ratioReturn relative to average drawdown | -0.79 | 18.72 | -19.51 |
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Drawdowns
PGY vs. SMH - Drawdown Comparison
The maximum PGY drawdown since its inception was -98.09%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PGY and SMH.
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Drawdown Indicators
| PGY | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.09% | -84.96% | -13.13% |
Max Drawdown (1Y)Largest decline over 1 year | -75.71% | -16.80% | -58.91% |
Max Drawdown (3Y)Largest decline over 3 years | -75.71% | -35.74% | -39.97% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -95.23% | -16.80% | -78.43% |
Average DrawdownAverage peak-to-trough decline | -92.17% | -40.93% | -51.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 52.85% | 4.90% | +47.95% |
Volatility
PGY vs. SMH - Volatility Comparison
Pagaya Technologies Ltd. (PGY) has a higher volatility of 18.36% compared to VanEck Semiconductor ETF (SMH) at 16.50%. This indicates that PGY's price experiences larger fluctuations and is considered to be riskier 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
| PGY | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.36% | 16.50% | +1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 56.50% | 31.68% | +24.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 80.44% | 37.04% | +43.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 143.29% | 36.21% | +107.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 143.29% | 33.16% | +110.13% |
Dividends
PGY vs. SMH - Dividend Comparison
PGY has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGY Pagaya Technologies Ltd. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
PGY and SMH have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGY has higher volatility (18.36%) compared to SMH (16.50%). In terms of maximum drawdown, PGY dropped -98.09% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (2.48 vs -0.55), 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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