SIL vs. SMH

Last updated Jun 14, 2026

SIL (Global X Silver Miners ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SIL is a Silver fund tracking the Solactive Global Silver Miners Total Return Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, SIL returned 9.80%/yr vs 37.49%/yr for SMH. At a 0.25 correlation, their price movements are largely independent. SIL charges 0.65%/yr vs 0.35%/yr for SMH.

Performance

SIL vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Silver Miners ETF (SIL) 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, SIL achieves a -2.20% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, SIL has underperformed SMH with an annualized return of 9.80%, while SMH has yielded a comparatively higher 37.49% annualized return.

SIL

• 1D: 3.27%
• 1M: -10.83%
• YTD: -2.20%
• 6M: 0.10%
• 1Y: 69.43%
• 3Y*: 46.50%
• 5Y*: 12.56%
• 10Y*: 9.80%

SMH

• 1D: 1.72%
• 1M: 11.44%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 141.99%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

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

SIL vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIL Global X Silver Miners ETF	-2.20%	166.16%	14.62%	1.31%	-22.83%	-18.35%	40.30%	34.78%	-22.42%	1.67%
SMH VanEck Semiconductor ETF	72.15%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between SIL 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 (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010	0.25

The correlation between SIL and SMH shifts across timeframes, from 0.24 (10 years) to 0.37 (1 year), reflecting how their relationship changes across market environments.

SIL vs. SMH - Sectors Allocation Comparison

Sectors	SIL	SMH
Basic Materials	99.8%	-
Consumer Defensive	0.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

SIL vs. SMH — Risk / Return Rank

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

SIL

SIL Risk / Return Rank: 41
SIL Sharpe Ratio Rank: 44
SIL Sortino Ratio Rank: 39
SIL Omega Ratio Rank: 43
SIL Calmar Ratio Rank: 44
SIL Martin Ratio Rank: 37

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.

SIL vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) 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.

	SIL	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.37	4.13	-2.76
Sortino ratio: Return per unit of downside risk	1.79	4.26	-2.47
Omega ratio: Gain probability vs. loss probability	1.25	1.60	-0.35
Calmar ratio: Return relative to maximum drawdown	1.91	9.18	-7.27
Martin ratio: Return relative to average drawdown	5.09	33.74	-28.65

SIL vs. SMH - Sharpe Ratio Comparison

The current SIL Sharpe Ratio is 1.37, which is lower than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of SIL 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

SIL vs. SMH - Drawdown Comparison

The maximum SIL drawdown since its inception was -82.99%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SIL and SMH.

Drawdown Indicators

	SIL	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-82.99%	-84.96%	+1.97%
Max Drawdown (1Y) Largest decline over 1 year	-37.08%	-14.93%	-22.15%
Max Drawdown (3Y) Largest decline over 3 years	-37.08%	-35.74%	-1.34%
Max Drawdown (5Y) Largest decline over 5 years	-52.77%	-45.30%	-7.47%
Max Drawdown (10Y) Largest decline over 10 years	-63.04%	-45.30%	-17.74%
Current Drawdown Current decline from peak	-30.80%	-2.81%	-27.99%
Average Drawdown Average peak-to-trough decline	-51.40%	-41.04%	-10.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.90%	4.06%	+9.84%

Volatility

SIL vs. SMH - Volatility Comparison

Global X Silver Miners ETF (SIL) has a higher volatility of 19.29% compared to VanEck Semiconductor ETF (SMH) at 16.25%. This indicates that SIL's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIL	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.29%	16.25%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	43.57%	27.73%	+15.84%
Volatility (1Y) Calculated over the trailing 1-year period	51.69%	33.20%	+18.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.64%	35.47%	+4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.81%	32.82%	+6.99%

SIL vs. SMH - Expense Ratio Comparison

SIL has a 0.65% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

SIL vs. SMH - Dividend Comparison

SIL's dividend yield for the trailing twelve months is around 1.21%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SIL Global X Silver Miners ETF	1.21%	1.18%	2.40%	0.59%	0.48%	1.59%	1.92%	1.53%	1.21%	0.02%	3.34%	0.38%
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 SIL and SMH in my portfolio?

SIL 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, SIL or SMH?

SIL has higher volatility (19.29%) compared to SMH (16.25%). In terms of maximum drawdown, SIL dropped -82.99% vs SMH's -84.96%.

Which ETF is better, SIL or SMH?

On 10-year performance, SMH leads with 37.49% vs 9.80% for SIL. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 16.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIL or SMH?

Over the 10-year period, SMH has performed better with a 37.49% return vs 9.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIL or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.65% for SIL.

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

SIL has the higher dividend yield at 1.21%, compared with 0.18% for SMH.

What is the main difference between SIL and SMH?

SIL is categorized as Silver, while SMH is Semiconductors. SIL tracks Solactive Global Silver Miners Total Return Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Global X and VanEck. Their fees differ too: 0.65% for SIL and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 vs 1.37), 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.