SHYD vs. SMHX

Last updated Jun 5, 2026

SHYD (VanEck Short High Yield Muni ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - SHYD is a Municipal Bonds fund tracking the Bloomberg Municipal High Yield Short Duration, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, SHYD returned 5.18% vs 131.85% for SMHX. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

SHYD vs. SMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Short High Yield Muni ETF (SHYD) and VanEck Fabless Semiconductor ETF (SMHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHYD achieves a 0.97% return, which is significantly lower than SMHX's 74.81% return.

SHYD

• 1D: 0.22%
• 1M: 0.70%
• YTD: 0.97%
• 6M: 1.71%
• 1Y: 5.18%
• 3Y*: 4.46%
• 5Y*: 0.97%
• 10Y*: 2.07%

SMHX

• 1D: -2.03%
• 1M: 27.33%
• YTD: 74.81%
• 6M: 68.22%
• 1Y: 131.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHYD vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SHYD VanEck Short High Yield Muni ETF	0.97%	5.58%	1.07%
SMHX VanEck Fabless Semiconductor ETF	74.81%	30.00%	17.76%

Correlation

The correlation between SHYD and SMHX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.12

Return for Risk

SHYD vs. SMHX — Risk / Return Rank

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

SHYD

SHYD Risk / Return Rank: 53
SHYD Sharpe Ratio Rank: 52
SHYD Sortino Ratio Rank: 55
SHYD Omega Ratio Rank: 58
SHYD Calmar Ratio Rank: 49
SHYD Martin Ratio Rank: 48

SMHX

SMHX Risk / Return Rank: 92
SMHX Sharpe Ratio Rank: 96
SMHX Sortino Ratio Rank: 91
SMHX Omega Ratio Rank: 89
SMHX Calmar Ratio Rank: 95
SMHX Martin Ratio Rank: 91

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.

SHYD vs. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) and VanEck Fabless Semiconductor ETF (SMHX). 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.

	SHYD	SMHX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	4.06	-2.31
Sortino ratio: Return per unit of downside risk	2.61	4.32	-1.71
Omega ratio: Gain probability vs. loss probability	1.35	1.56	-0.21
Calmar ratio: Return relative to maximum drawdown	2.40	7.78	-5.38
Martin ratio: Return relative to average drawdown	7.88	21.87	-13.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHYD vs. SMHX - Sharpe Ratio Comparison

The current SHYD Sharpe Ratio is 1.74, which is lower than the SMHX Sharpe Ratio of 4.06. The chart below compares the historical Sharpe Ratios of SHYD and SMHX, 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

	SHYD	SMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	4.06	-2.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	1.89	-1.63

Drawdowns

SHYD vs. SMHX - Drawdown Comparison

The maximum SHYD drawdown since its inception was -31.22%, smaller than the maximum SMHX drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for SHYD and SMHX.

Drawdown Indicators

	SHYD	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-31.22%	-38.53%	+7.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.17%	-17.06%	+14.89%
Max Drawdown (3Y) Largest decline over 3 years	-4.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.32%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.22%	—	—
Current Drawdown Current decline from peak	-0.17%	-2.03%	+1.86%
Average Drawdown Average peak-to-trough decline	-3.03%	-7.32%	+4.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	6.05%	-5.39%

Volatility

SHYD vs. SMHX - Volatility Comparison

The current volatility for VanEck Short High Yield Muni ETF (SHYD) is 0.86%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 12.19%. This indicates that SHYD experiences smaller price fluctuations and is considered to be less risky than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHYD	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	12.19%	-11.33%
Volatility (6M) Calculated over the trailing 6-month period	1.93%	25.18%	-23.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.00%	32.71%	-29.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.37%	39.96%	-34.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.69%	39.96%	-30.27%

SHYD vs. SMHX - Expense Ratio Comparison

Both SHYD and SMHX have an expense ratio of 0.35%.

Dividends

SHYD vs. SMHX - Dividend Comparison

SHYD's dividend yield for the trailing twelve months is around 3.50%, more than SMHX's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHYD VanEck Short High Yield Muni ETF	3.50%	3.50%	3.16%	2.99%	2.66%	2.56%	3.05%	3.19%	3.17%	3.11%	2.97%	3.26%
SMHX VanEck Fabless Semiconductor ETF	0.01%	0.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHYD and SMHX in my portfolio?

SHYD and SMHX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHYD or SMHX?

SMHX has higher volatility (12.19%) compared to SHYD (0.86%). In terms of maximum drawdown, SHYD dropped -31.22% vs SMHX's -38.53%.

Which ETF is better, SHYD or SMHX?

On 1-year performance, SMHX leads with 131.85% vs 5.18% for SHYD. Both ETFs have the same 0.35% expense ratio. On volatility, SHYD has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHYD or SMHX?

Over the 1-year period, SMHX has performed better with a 131.85% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHYD or SMHX?

SHYD and SMHX have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, SHYD or SMHX?

SHYD has the higher dividend yield at 3.50%, compared with 0.01% for SMHX.

What is the main difference between SHYD and SMHX?

SHYD is categorized as Municipal Bonds, while SMHX is Semiconductors. SHYD tracks Bloomberg Municipal High Yield Short Duration, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (4.06 vs 1.74), 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.