RHM.DE vs. SMH

Last updated Jun 13, 2026

RHM.DE (Rheinmetall AG) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, RHM.DE returned 38.55%/yr vs 37.05%/yr for SMH. At a 0.24 correlation, their price movements are largely independent.

Performance

RHM.DE vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Rheinmetall AG (RHM.DE) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

RHM.DE is traded in EUR, while SMH is traded in USD. To make them comparable, the SMH values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, RHM.DE achieves a -22.00% return, which is significantly lower than SMH's 74.80% return. Both investments have delivered pretty close results over the past 10 years, with RHM.DE having a 38.55% annualized return and SMH not far behind at 37.05%.

RHM.DE

• 1D: -1.18%
• 1M: 5.46%
• YTD: -22.00%
• 6M: -24.77%
• 1Y: -32.18%
• 3Y*: 70.90%
• 5Y*: 71.68%
• 10Y*: 38.55%

SMH

• 1D: 1.81%
• 1M: 8.15%
• YTD: 74.80%
• 6M: 78.21%
• 1Y: 141.63%
• 3Y*: 56.38%
• 5Y*: 39.69%
• 10Y*: 37.05%

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

RHM.DE vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RHM.DE Rheinmetall AG	-22.00%	155.27%	116.51%	56.82%	128.13%	-1.77%	-12.43%	35.55%	-26.03%	68.49%
SMH VanEck Semiconductor ETF	74.80%	31.47%	48.28%	68.18%	-29.41%	52.76%	42.71%	68.17%	-4.78%	21.46%

Correlation

The correlation between RHM.DE and SMH is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Sep 5, 2007	0.24

The correlation between RHM.DE and SMH shifts across timeframes, from 0.06 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RHM.DE vs. SMH — Risk / Return Rank

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

RHM.DE

RHM.DE Risk / Return Rank: 14
RHM.DE Sharpe Ratio Rank: 14
RHM.DE Sortino Ratio Rank: 16
RHM.DE Omega Ratio Rank: 17
RHM.DE Calmar Ratio Rank: 16
RHM.DE Martin Ratio Rank: 6

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
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.

RHM.DE vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rheinmetall AG (RHM.DE) 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.

	RHM.DE	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	4.20	-4.88
Sortino ratio: Return per unit of downside risk	-0.77	4.31	-5.08
Omega ratio: Gain probability vs. loss probability	0.91	1.60	-0.69
Calmar ratio: Return relative to maximum drawdown	-0.70	11.14	-11.84
Martin ratio: Return relative to average drawdown	-1.53	37.26	-38.79

RHM.DE vs. SMH - Sharpe Ratio Comparison

The current RHM.DE Sharpe Ratio is -0.68, which is lower than the SMH Sharpe Ratio of 4.20. The chart below compares the historical Sharpe Ratios of RHM.DE 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

RHM.DE vs. SMH - Drawdown Comparison

The maximum RHM.DE drawdown since its inception was -76.51%, which is greater than SMH's maximum drawdown of -55.88%. Use the drawdown chart below to compare losses from any high point for RHM.DE and SMH.

Drawdown Indicators

	RHM.DE	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-76.51%	-55.88%	-20.63%
Max Drawdown (1Y) Largest decline over 1 year	-43.11%	-12.35%	-30.76%
Max Drawdown (3Y) Largest decline over 3 years	-43.11%	-36.90%	-6.21%
Max Drawdown (5Y) Largest decline over 5 years	-43.11%	-36.90%	-6.21%
Max Drawdown (10Y) Largest decline over 10 years	-62.18%	-36.90%	-25.28%
Current Drawdown Current decline from peak	-38.77%	-2.56%	-36.21%
Average Drawdown Average peak-to-trough decline	-21.20%	-11.03%	-10.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.80%	3.69%	+16.11%

Volatility

RHM.DE vs. SMH - Volatility Comparison

The current volatility for Rheinmetall AG (RHM.DE) is 11.36%, while VanEck Semiconductor ETF (SMH) has a volatility of 15.46%. This indicates that RHM.DE 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

	RHM.DE	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.36%	15.46%	-4.10%
Volatility (6M) Calculated over the trailing 6-month period	33.58%	26.61%	+6.97%
Volatility (1Y) Calculated over the trailing 1-year period	44.66%	32.74%	+11.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.96%	34.71%	+7.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.77%	32.68%	+5.09%

Dividends

RHM.DE vs. SMH - Dividend Comparison

RHM.DE's dividend yield for the trailing twelve months is around 0.95%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RHM.DE Rheinmetall AG	0.95%	0.52%	0.93%	1.50%	1.77%	2.41%	2.77%	2.05%	2.20%	1.37%	1.72%	0.49%
SMH VanEck Semiconductor ETF	0.18%	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 RHM.DE and SMH in my portfolio?

RHM.DE and SMH have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.