PTF vs. SMH

Last updated Jun 26, 2026

PTF (Invesco Dorsey Wright Technology Momentum ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - PTF is a Momentum fund tracking the Dorsey Wright Technology Technical Leaders Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, PTF returned 27.36%/yr vs 38.61%/yr for SMH. A 0.78 correlation means they provide meaningful diversification when combined. PTF charges 0.60%/yr vs 0.35%/yr for SMH.

Performance

PTF vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Technology Momentum ETF (PTF) 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, PTF achieves a 72.89% return, which is significantly lower than SMH's 76.85% return. Over the past 10 years, PTF has underperformed SMH with an annualized return of 27.36%, while SMH has yielded a comparatively higher 38.61% annualized return.

PTF

• 1D: 4.41%
• 1M: 1.65%
• YTD: 72.89%
• 6M: 67.11%
• 1Y: 97.39%
• 3Y*: 42.66%
• 5Y*: 21.85%
• 10Y*: 27.36%

SMH

• 1D: 2.90%
• 1M: 5.77%
• YTD: 76.85%
• 6M: 74.89%
• 1Y: 132.14%
• 3Y*: 63.82%
• 5Y*: 38.94%
• 10Y*: 38.61%

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

PTF vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTF Invesco Dorsey Wright Technology Momentum ETF	72.89%	5.68%	43.65%	33.73%	-31.75%	18.10%	82.06%	46.71%	0.01%	32.07%
SMH VanEck Semiconductor ETF	76.85%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between PTF and SMH is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.78

The correlation between PTF and SMH has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

PTF vs. SMH - Sectors Allocation Comparison

Sectors	PTF	SMH
Technology	93.8%	100.0%
Communication Services	4.7%	-
Industrials	1.8%	-
Energy	1.6%	-
Financial Services	1.5%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PTF vs. SMH — Risk / Return Rank

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

PTF

PTF Risk / Return Rank: 82
PTF Sharpe Ratio Rank: 84
PTF Sortino Ratio Rank: 68
PTF Omega Ratio Rank: 72
PTF Calmar Ratio Rank: 92
PTF Martin Ratio Rank: 93

SMH

SMH Risk / Return Rank: 95
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 93
SMH Omega Ratio Rank: 93
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.

PTF vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Technology Momentum ETF (PTF) 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.

	PTF	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.35	3.82	-1.47
Sortino ratio: Return per unit of downside risk	2.69	3.94	-1.24
Omega ratio: Gain probability vs. loss probability	1.37	1.56	-0.19
Calmar ratio: Return relative to maximum drawdown	5.44	8.90	-3.46
Martin ratio: Return relative to average drawdown	20.48	32.08	-11.60

PTF vs. SMH - Sharpe Ratio Comparison

The current PTF Sharpe Ratio is 2.35, which is lower than the SMH Sharpe Ratio of 3.82. The chart below compares the historical Sharpe Ratios of PTF 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

PTF vs. SMH - Drawdown Comparison

The maximum PTF drawdown since its inception was -55.38%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PTF and SMH.

Drawdown Indicators

	PTF	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-55.38%	-84.96%	+29.58%
Max Drawdown (1Y) Largest decline over 1 year	-17.99%	-14.93%	-3.06%
Max Drawdown (3Y) Largest decline over 3 years	-36.11%	-35.74%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	-44.88%	-45.30%	+0.42%
Max Drawdown (10Y) Largest decline over 10 years	-44.88%	-45.30%	+0.42%
Current Drawdown Current decline from peak	-4.42%	-4.79%	+0.37%
Average Drawdown Average peak-to-trough decline	-13.25%	-41.00%	+27.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.77%	4.13%	+0.64%

Volatility

PTF vs. SMH - Volatility Comparison

The current volatility for Invesco Dorsey Wright Technology Momentum ETF (PTF) is 17.54%, while VanEck Semiconductor ETF (SMH) has a volatility of 18.79%. This indicates that PTF 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

	PTF	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.54%	18.79%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	32.12%	29.21%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	41.61%	34.82%	+6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.65%	35.84%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.31%	32.97%	+0.34%

PTF vs. SMH - Expense Ratio Comparison

PTF has a 0.60% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

PTF vs. SMH - Dividend Comparison

PTF's dividend yield for the trailing twelve months is around 0.01%, less than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTF Invesco Dorsey Wright Technology Momentum ETF	0.01%	0.21%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.08%	0.04%	0.26%	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 PTF and SMH in my portfolio?

PTF and SMH have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTF or SMH?

SMH has higher volatility (18.79%) compared to PTF (17.54%). In terms of maximum drawdown, PTF dropped -55.38% vs SMH's -84.96%.

Which ETF is better, PTF or SMH?

On 10-year performance, SMH leads with 38.61% vs 27.36% for PTF. On fees, SMH is cheaper at 0.35% per year. On volatility, PTF has been the lower-risk option at 17.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PTF or SMH?

Over the 10-year period, SMH has performed better with a 38.61% return vs 27.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PTF or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.60% for PTF.

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

SMH has the higher dividend yield at 0.17%, compared with 0.01% for PTF.

What is the main difference between PTF and SMH?

PTF is categorized as Momentum, while SMH is Semiconductors. PTF tracks Dorsey Wright Technology Technical Leaders Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.60% for PTF and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.82 vs 2.35), 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.