PMPIX vs. SMH

Last updated Jun 24, 2026

PMPIX (ProFunds Precious Metals UltraSector Fund) and SMH (VanEck Semiconductor ETF) are both funds - PMPIX is a Leveraged Equities fund managed by ProFunds, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, PMPIX returned 11.38%/yr vs 37.85%/yr for SMH. At a 0.20 correlation, their price movements are largely independent. PMPIX charges 1.53%/yr vs 0.35%/yr for SMH.

Performance

PMPIX vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Precious Metals UltraSector Fund (PMPIX) 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, PMPIX achieves a -10.99% return, which is significantly lower than SMH's 72.73% return. Over the past 10 years, PMPIX has underperformed SMH with an annualized return of 11.38%, while SMH has yielded a comparatively higher 37.85% annualized return.

PMPIX

• 1D: -2.87%
• 1M: -8.64%
• YTD: -10.99%
• 6M: -18.06%
• 1Y: 75.90%
• 3Y*: 53.25%
• 5Y*: 19.93%
• 10Y*: 11.38%

SMH

• 1D: -7.01%
• 1M: 7.93%
• YTD: 72.73%
• 6M: 71.29%
• 1Y: 138.23%
• 3Y*: 62.28%
• 5Y*: 38.18%
• 10Y*: 37.85%

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

PMPIX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMPIX ProFunds Precious Metals UltraSector Fund	-10.99%	273.51%	5.35%	-1.78%	-20.47%	-14.71%	28.27%	72.99%	-21.10%	6.55%
SMH VanEck Semiconductor ETF	72.73%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between PMPIX and SMH is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since May 31, 2002	0.20

The correlation between PMPIX and SMH shifts across timeframes, from 0.17 (10 years) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PMPIX vs. SMH — Risk / Return Rank

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

PMPIX

PMPIX Risk / Return Rank: 19
PMPIX Sharpe Ratio Rank: 19
PMPIX Sortino Ratio Rank: 17
PMPIX Omega Ratio Rank: 22
PMPIX Calmar Ratio Rank: 22
PMPIX Martin Ratio Rank: 17

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 91
SMH Omega Ratio Rank: 92
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.

PMPIX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Precious Metals UltraSector Fund (PMPIX) 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.

	PMPIX	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.15	3.99	-2.84
Sortino ratio: Return per unit of downside risk	1.63	4.05	-2.42
Omega ratio: Gain probability vs. loss probability	1.23	1.58	-0.35
Calmar ratio: Return relative to maximum drawdown	1.61	9.31	-7.71
Martin ratio: Return relative to average drawdown	4.09	33.88	-29.78

PMPIX vs. SMH - Sharpe Ratio Comparison

The current PMPIX Sharpe Ratio is 1.15, which is lower than the SMH Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of PMPIX 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.

Drawdowns

PMPIX vs. SMH - Drawdown Comparison

The maximum PMPIX drawdown since its inception was -94.34%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PMPIX and SMH.

Drawdown Indicators

	PMPIX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-94.34%	-84.96%	-9.38%
Max Drawdown (1Y) Largest decline over 1 year	-49.65%	-14.93%	-34.72%
Max Drawdown (3Y) Largest decline over 3 years	-49.65%	-35.74%	-13.91%
Max Drawdown (5Y) Largest decline over 5 years	-61.05%	-45.30%	-15.75%
Max Drawdown (10Y) Largest decline over 10 years	-65.94%	-45.30%	-20.64%
Current Drawdown Current decline from peak	-48.70%	-7.01%	-41.69%
Average Drawdown Average peak-to-trough decline	-59.66%	-41.01%	-18.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.44%	4.10%	+15.34%

Volatility

PMPIX vs. SMH - Volatility Comparison

ProFunds Precious Metals UltraSector Fund (PMPIX) has a higher volatility of 24.22% compared to VanEck Semiconductor ETF (SMH) at 19.08%. This indicates that PMPIX'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.

Volatility by Period

	PMPIX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.22%	19.08%	+5.14%
Volatility (6M) Calculated over the trailing 6-month period	57.92%	29.18%	+28.74%
Volatility (1Y) Calculated over the trailing 1-year period	69.76%	34.87%	+34.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.66%	35.83%	+17.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.86%	32.97%	+19.89%

PMPIX vs. SMH - Expense Ratio Comparison

PMPIX has a 1.53% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

PMPIX vs. SMH - Dividend Comparison

PMPIX's dividend yield for the trailing twelve months is around 0.49%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMPIX ProFunds Precious Metals UltraSector Fund	0.49%	0.43%	1.89%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.18%	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 PMPIX and SMH in my portfolio?

PMPIX and SMH have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMPIX or SMH?

PMPIX has higher volatility (24.22%) compared to SMH (19.08%). In terms of maximum drawdown, PMPIX dropped -94.34% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.99 vs 1.15), 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.