PPIE vs. SMH

Last updated Jun 4, 2026

PPIE (Putnam Panagora ESG International Equity ETF -) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - PPIE is a Foreign Large Cap Equities fund actively managed by Putnam, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. PPIE is actively managed, while SMH is passively managed. Over the past 3 years, PPIE returned 18.32%/yr vs 64.17%/yr for SMH. A 0.56 correlation means they provide meaningful diversification when combined. PPIE charges 0.49%/yr vs 0.35%/yr for SMH.

Performance

PPIE vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Panagora ESG International Equity ETF - (PPIE) 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, PPIE achieves a 8.26% return, which is significantly lower than SMH's 77.13% return.

PPIE

• 1D: 0.04%
• 1M: 6.12%
• YTD: 8.26%
• 6M: 10.45%
• 1Y: 20.97%
• 3Y*: 18.32%
• 5Y*: —
• 10Y*: —

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)

PPIE vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPIE Putnam Panagora ESG International Equity ETF -	8.26%	32.77%	7.67%	9.66%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	54.76%

Correlation

The correlation between PPIE 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	0.56
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.56

The correlation between PPIE and SMH has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.

PPIE vs. SMH - Sectors Allocation Comparison

Sectors	PPIE	SMH
Financial Services	24.8%	-
Industrials	20.3%	-
Technology	15.9%	100.0%
Healthcare	10.7%	-
Consumer Defensive	6.0%	-
Basic Materials	5.4%	-
Consumer Cyclical	5.2%	-
Communication Services	3.3%	-
Energy	3.0%	-
Utilities	2.9%	-
Real Estate	1.0%	-

Return for Risk

PPIE vs. SMH — Risk / Return Rank

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

PPIE

PPIE Risk / Return Rank: 39
PPIE Sharpe Ratio Rank: 40
PPIE Sortino Ratio Rank: 39
PPIE Omega Ratio Rank: 39
PPIE Calmar Ratio Rank: 36
PPIE Martin Ratio Rank: 41

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.

PPIE vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG International Equity ETF - (PPIE) 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.

	PPIE	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.38	5.19	-3.80
Sortino ratio: Return per unit of downside risk	1.98	5.22	-3.24
Omega ratio: Gain probability vs. loss probability	1.25	1.72	-0.47
Calmar ratio: Return relative to maximum drawdown	1.75	10.59	-8.84
Martin ratio: Return relative to average drawdown	6.48	40.63	-34.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPIE vs. SMH - Sharpe Ratio Comparison

The current PPIE Sharpe Ratio is 1.38, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of PPIE 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

	PPIE	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	5.19	-3.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.34	+0.82

Drawdowns

PPIE vs. SMH - Drawdown Comparison

The maximum PPIE drawdown since its inception was -13.55%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PPIE and SMH.

Drawdown Indicators

	PPIE	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-13.55%	-84.96%	+71.41%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-14.93%	+2.93%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	-35.74%	+22.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-0.80%	0.00%	-0.80%
Average Drawdown Average peak-to-trough decline	-2.51%	-41.09%	+38.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	3.89%	-0.65%

Volatility

PPIE vs. SMH - Volatility Comparison

The current volatility for Putnam Panagora ESG International Equity ETF - (PPIE) is 4.18%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that PPIE 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

	PPIE	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	11.47%	-7.29%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	24.29%	-11.99%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	30.56%	-15.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	35.01%	-20.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.83%	32.57%	-17.74%

PPIE vs. SMH - Expense Ratio Comparison

PPIE has a 0.49% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

PPIE vs. SMH - Dividend Comparison

PPIE's dividend yield for the trailing twelve months is around 12.07%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PPIE Putnam Panagora ESG International Equity ETF -	12.07%	8.40%	5.12%	3.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 PPIE and SMH in my portfolio?

PPIE 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, PPIE or SMH?

SMH has higher volatility (11.47%) compared to PPIE (4.18%). In terms of maximum drawdown, PPIE dropped -13.55% vs SMH's -84.96%.

Which ETF is better, PPIE or SMH?

On 3-year performance, SMH leads with 64.17% vs 18.32% for PPIE. On fees, SMH is cheaper at 0.35% per year. On volatility, PPIE has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPIE or SMH?

Over the 3-year period, SMH has performed better with a 64.17% return vs 18.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPIE or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.49% for PPIE.

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

PPIE has the higher dividend yield at 12.07%, compared with 0.17% for SMH.

What is the main difference between PPIE and SMH?

PPIE is categorized as Foreign Large Cap Equities, while SMH is Semiconductors. They also come from different issuers: Putnam and VanEck. Their fees differ too: 0.49% for PPIE and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 1.38), 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.