RARE vs. SMH

Last updated Aug 1, 2026

RARE (Ultragenyx Pharmaceutical Inc.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, RARE returned -8.91%/yr vs 34.16%/yr for SMH. Their 0.33 correlation means their historical movements had little consistent relationship.

Performance

RARE vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ultragenyx Pharmaceutical Inc. (RARE) 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, RARE achieves a 8.30% return, which is significantly lower than SMH's 50.09% return. Over the past 10 years, RARE has underperformed SMH with an annualized return of -8.91%, while SMH has yielded a comparatively higher 34.16% annualized return.

RARE

• 1D: -4.34%
• 1M: -25.58%
• 6M: 3.49%
• YTD: 8.30%
• 1Y: -12.41%
• 3Y*: -16.59%
• 5Y*: -20.78%
• 10Y*: -8.91%
• ALL TIME*: -4.76%

SMH

• 1D: 0.30%
• 1M: -8.74%
• 6M: 33.97%
• YTD: 50.09%
• 1Y: 90.95%
• 3Y*: 50.56%
• 5Y*: 33.46%
• 10Y*: 34.16%
• ALL TIME*: 11.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RARE Ultragenyx Pharmaceutical Inc.	$49.66M	$56.10M	$61.47M
SMH VanEck Semiconductor ETF	$8.28B	$7.64B	$7.07B

RARE vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RARE Ultragenyx Pharmaceutical Inc.	8.30%	-45.33%	-12.02%	3.22%	-44.90%	-39.25%	224.12%	-1.77%	-6.25%	-34.03%
SMH VanEck Semiconductor ETF	50.09%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between RARE and SMH is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (5Y) Shows whether the relationship held over a longer period.	0.28
Correlation (10Y) Provides a long-term view across more market conditions.	0.34
Correlation (All Time) Calculated using the full available price history since Jan 31, 2014	0.33

The correlation between RARE and SMH shifts across timeframes, from 0.22 (3 years) to 0.34 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

RARE vs. SMH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RARE

RARE Risk / Return Rank: 40
RARE Sharpe Ratio Rank: 38
RARE Sortino Ratio Rank: 42
RARE Omega Ratio Rank: 44
RARE Calmar Ratio Rank: 39
RARE Martin Ratio Rank: 38

SMH

SMH Risk / Return Rank: 87
SMH Sharpe Ratio Rank: 91
SMH Sortino Ratio Rank: 83
SMH Omega Ratio Rank: 84
SMH Calmar Ratio Rank: 88
SMH Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RARE vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ultragenyx Pharmaceutical Inc. (RARE) 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.

	RARE	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	2.29	-2.43
Sortino ratio: Return per unit of downside risk	0.32	2.70	-2.38
Omega ratio: Gain probability vs. loss probability	1.05	1.36	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.18	3.58	-3.76
Martin ratio: Return relative to average drawdown	-0.34	14.64	-14.98

RARE vs. SMH - Sharpe Ratio Comparison

The current RARE Sharpe Ratio is -0.13, which is lower than the SMH Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of RARE 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

RARE vs. SMH - Drawdown Comparison

The maximum RARE drawdown since its inception was -89.57%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for RARE and SMH.

Drawdown Indicators

	RARE	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-89.57%	-84.96%	-4.61%
Max Drawdown (1Y) Largest decline over 1 year	-49.37%	-24.62%	-24.75%
Max Drawdown (3Y) Largest decline over 3 years	-68.83%	-35.74%	-33.09%
Max Drawdown (5Y) Largest decline over 5 years	-81.93%	-45.30%	-36.63%
Max Drawdown (10Y) Largest decline over 10 years	-89.57%	-45.30%	-44.27%
Current Drawdown Current decline from peak	-85.96%	-19.19%	-66.77%
Average Drawdown Average peak-to-trough decline	-55.11%	-40.89%	-14.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.28%	6.01%	+20.27%

Volatility

RARE vs. SMH - Volatility Comparison

The current volatility for Ultragenyx Pharmaceutical Inc. (RARE) is 13.46%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. This indicates that RARE 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

	RARE	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.46%	14.70%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	38.75%	33.13%	+5.62%
Volatility (1Y) Calculated over the trailing 1-year period	67.17%	38.57%	+28.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.65%	36.50%	+18.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.21%	33.32%	+21.89%

Dividends

RARE vs. SMH - Dividend Comparison

RARE has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.20%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RARE Ultragenyx Pharmaceutical Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.20%	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 RARE and SMH in my portfolio?

RARE and SMH have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RARE or SMH?

SMH has higher volatility (14.70%) compared to RARE (13.46%). In terms of maximum drawdown, RARE dropped -89.57% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (2.29 vs -0.13), 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.