PSI vs. AMAT

Last updated Jun 5, 2026

PSI (Invesco Semiconductors ETF) is Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index, while AMAT (Applied Materials, Inc.) is a stock. Over the past 10 years, PSI returned 34.03%/yr vs 36.92%/yr for AMAT. Their correlation of 0.81 suggests significant overlap in exposure.

Performance

PSI vs. AMAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Semiconductors ETF (PSI) and Applied Materials, Inc. (AMAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSI achieves a 104.81% return, which is significantly higher than AMAT's 95.71% return. Over the past 10 years, PSI has underperformed AMAT with an annualized return of 34.03%, while AMAT has yielded a comparatively higher 36.92% annualized return.

PSI

• 1D: -1.40%
• 1M: 15.64%
• YTD: 104.81%
• 6M: 101.91%
• 1Y: 200.06%
• 3Y*: 57.17%
• 5Y*: 31.49%
• 10Y*: 34.03%

AMAT

• 1D: 0.19%
• 1M: 22.27%
• YTD: 95.71%
• 6M: 86.67%
• 1Y: 212.10%
• 3Y*: 56.66%
• 5Y*: 30.20%
• 10Y*: 36.92%

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

PSI vs. AMAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSI Invesco Semiconductors ETF	104.81%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%
AMAT Applied Materials, Inc.	95.71%	59.60%	1.13%	67.97%	-37.54%	83.64%	43.29%	89.86%	-34.92%	59.86%

Correlation

The correlation between PSI and AMAT is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 24, 2005	0.81

The correlation between PSI and AMAT has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

PSI vs. AMAT — Risk / Return Rank

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

PSI

PSI Risk / Return Rank: 96
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 94
PSI Omega Ratio Rank: 94
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 97

AMAT

AMAT Risk / Return Rank: 97
AMAT Sharpe Ratio Rank: 98
AMAT Sortino Ratio Rank: 95
AMAT Omega Ratio Rank: 95
AMAT Calmar Ratio Rank: 97
AMAT Martin Ratio Rank: 97

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.

PSI vs. AMAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Semiconductors ETF (PSI) and Applied Materials, Inc. (AMAT). 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.

	PSI	AMAT	Difference
Sharpe ratio: Return per unit of total volatility	5.34	4.64	+0.70
Sortino ratio: Return per unit of downside risk	4.97	4.14	+0.83
Omega ratio: Gain probability vs. loss probability	1.67	1.59	+0.08
Calmar ratio: Return relative to maximum drawdown	13.01	9.99	+3.02
Martin ratio: Return relative to average drawdown	47.17	28.56	+18.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSI vs. AMAT - Sharpe Ratio Comparison

The current PSI Sharpe Ratio is 5.34, which is comparable to the AMAT Sharpe Ratio of 4.64. The chart below compares the historical Sharpe Ratios of PSI and AMAT, 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

	PSI	AMAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.34	4.64	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.70	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	0.87	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.43	+0.16

Drawdowns

PSI vs. AMAT - Drawdown Comparison

The maximum PSI drawdown since its inception was -62.96%, smaller than the maximum AMAT drawdown of -85.22%. Use the drawdown chart below to compare losses from any high point for PSI and AMAT.

Drawdown Indicators

	PSI	AMAT	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-85.22%	+22.26%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-21.37%	+5.89%
Max Drawdown (3Y) Largest decline over 3 years	-41.07%	-49.88%	+8.81%
Max Drawdown (5Y) Largest decline over 5 years	-44.85%	-55.14%	+10.29%
Max Drawdown (10Y) Largest decline over 10 years	-44.85%	-55.14%	+10.29%
Current Drawdown Current decline from peak	-1.40%	0.00%	-1.40%
Average Drawdown Average peak-to-trough decline	-15.93%	-38.81%	+22.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	7.46%	-3.20%

Volatility

PSI vs. AMAT - Volatility Comparison

The current volatility for Invesco Semiconductors ETF (PSI) is 13.55%, while Applied Materials, Inc. (AMAT) has a volatility of 14.64%. This indicates that PSI experiences smaller price fluctuations and is considered to be less risky than AMAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSI	AMAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.55%	14.64%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	30.12%	35.09%	-4.97%
Volatility (1Y) Calculated over the trailing 1-year period	37.72%	46.04%	-8.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.84%	43.56%	-5.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.09%	42.60%	-7.51%

Dividends

PSI vs. AMAT - Dividend Comparison

PSI's dividend yield for the trailing twelve months is around 0.05%, less than AMAT's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMAT Applied Materials, Inc.	0.38%	0.69%	0.93%	0.75%	1.05%	0.60%	1.01%	1.36%	2.14%	0.78%	1.24%	2.14%
PSI Invesco Semiconductors ETF	0.05%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%

Frequently Asked Questions

Can I hold both PSI and AMAT in my portfolio?

PSI and AMAT have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSI or AMAT?

AMAT has higher volatility (14.64%) compared to PSI (13.55%). In terms of maximum drawdown, PSI dropped -62.96% vs AMAT's -85.22%.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (5.34 vs 4.64), 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.