PSWD vs. SMH

Last updated Jun 4, 2026

PSWD (Xtrackers Cybersecurity Select Equity ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - PSWD is a Technology Equities fund tracking the Solactive Cyber Security ESG Screened Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past year, PSWD returned 15.26% vs 157.20% for SMH. At a 0.50 correlation, their price movements are largely independent. PSWD charges 0.20%/yr vs 0.35%/yr for SMH.

Performance

PSWD vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Cybersecurity Select Equity ETF (PSWD) 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, PSWD achieves a 22.48% return, which is significantly lower than SMH's 77.13% return.

PSWD

• 1D: -3.24%
• 1M: 22.87%
• YTD: 22.48%
• 6M: 16.89%
• 1Y: 15.26%
• 3Y*: —
• 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)

PSWD vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSWD Xtrackers Cybersecurity Select Equity ETF	22.48%	1.69%	9.46%	18.58%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	11.20%

Correlation

The correlation between PSWD and SMH is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jul 14, 2023	0.50

The correlation between PSWD and SMH shifts across timeframes, from 0.37 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

PSWD vs. SMH - Sectors Allocation Comparison

Sectors	PSWD	SMH
Technology	98.3%	100.0%
Real Estate	0.9%	-
Industrials	0.5%	-
Financial Services	0.1%	-
Communication Services	0.1%	-
Consumer Cyclical	0.1%	-
Healthcare	0.1%	-
Consumer Defensive	0.0%	-
Energy	0.0%	-
Basic Materials	0.0%	-
Utilities	0.0%	-

Return for Risk

PSWD vs. SMH — Risk / Return Rank

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

PSWD

PSWD Risk / Return Rank: 18
PSWD Sharpe Ratio Rank: 19
PSWD Sortino Ratio Rank: 18
PSWD Omega Ratio Rank: 19
PSWD Calmar Ratio Rank: 17
PSWD Martin Ratio Rank: 16

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.

PSWD vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Cybersecurity Select Equity ETF (PSWD) 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.

	PSWD	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.60	5.19	-4.58
Sortino ratio: Return per unit of downside risk	0.95	5.22	-4.26
Omega ratio: Gain probability vs. loss probability	1.12	1.72	-0.60
Calmar ratio: Return relative to maximum drawdown	0.65	10.59	-9.95
Martin ratio: Return relative to average drawdown	1.47	40.63	-39.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSWD vs. SMH - Sharpe Ratio Comparison

The current PSWD Sharpe Ratio is 0.60, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of PSWD 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

	PSWD	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.60	5.19	-4.58
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	0.77	0.34	+0.43

Drawdowns

PSWD vs. SMH - Drawdown Comparison

The maximum PSWD drawdown since its inception was -23.70%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PSWD and SMH.

Drawdown Indicators

	PSWD	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-23.70%	-84.96%	+61.26%
Max Drawdown (1Y) Largest decline over 1 year	-23.70%	-14.93%	-8.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.74%	—
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	-3.32%	0.00%	-3.32%
Average Drawdown Average peak-to-trough decline	-6.46%	-41.09%	+34.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.38%	3.89%	+6.49%

Volatility

PSWD vs. SMH - Volatility Comparison

Xtrackers Cybersecurity Select Equity ETF (PSWD) and VanEck Semiconductor ETF (SMH) have volatilities of 11.00% and 11.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSWD	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.00%	11.47%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	20.87%	24.29%	-3.42%
Volatility (1Y) Calculated over the trailing 1-year period	25.46%	30.56%	-5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.68%	35.01%	-11.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.68%	32.57%	-8.89%

PSWD vs. SMH - Expense Ratio Comparison

PSWD has a 0.20% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

PSWD vs. SMH - Dividend Comparison

PSWD's dividend yield for the trailing twelve months is around 0.72%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSWD Xtrackers Cybersecurity Select Equity ETF	0.72%	0.88%	1.49%	0.55%	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 PSWD and SMH in my portfolio?

PSWD and SMH have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSWD or SMH?

SMH has higher volatility (11.47%) compared to PSWD (11.00%). In terms of maximum drawdown, PSWD dropped -23.70% vs SMH's -84.96%.

Which ETF is better, PSWD or SMH?

On 1-year performance, SMH leads with 157.20% vs 15.26% for PSWD. On fees, PSWD is cheaper at 0.20% per year. On volatility, PSWD has been the lower-risk option at 11.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSWD or SMH?

Over the 1-year period, SMH has performed better with a 157.20% return vs 15.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSWD or SMH?

PSWD is cheaper with a 0.20% expense ratio, compared with 0.35% for SMH.

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

PSWD has the higher dividend yield at 0.72%, compared with 0.17% for SMH.

What is the main difference between PSWD and SMH?

PSWD is categorized as Technology Equities, while SMH is Semiconductors. PSWD tracks Solactive Cyber Security ESG Screened Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Xtrackers and VanEck. Their fees differ too: 0.20% for PSWD and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 0.60), 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.