SLYG vs. SMH

Last updated Jun 13, 2026

SLYG (SPDR S&P 600 Small Cap Growth ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SLYG is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Growth Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, SLYG returned 11.33%/yr vs 37.49%/yr for SMH. A 0.67 correlation means they provide meaningful diversification when combined. SLYG charges 0.15%/yr vs 0.35%/yr for SMH.

Performance

SLYG vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 600 Small Cap Growth ETF (SLYG) 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, SLYG achieves a 20.04% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, SLYG has underperformed SMH with an annualized return of 11.33%, while SMH has yielded a comparatively higher 37.49% annualized return.

SLYG

• 1D: 0.82%
• 1M: 5.34%
• YTD: 20.04%
• 6M: 16.26%
• 1Y: 29.84%
• 3Y*: 14.84%
• 5Y*: 6.11%
• 10Y*: 11.33%

SMH

• 1D: 1.72%
• 1M: 8.30%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 136.32%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

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

SLYG vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLYG SPDR S&P 600 Small Cap Growth ETF	20.04%	5.20%	9.38%	17.27%	-21.26%	22.42%	19.48%	20.97%	-4.20%	14.62%
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 SLYG and SMH is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Oct 2, 2000	0.67

The correlation between SLYG and SMH shifts across timeframes, from 0.56 (3 years) to 0.67 (all time), reflecting how their relationship changes across market environments.

SLYG vs. SMH - Sectors Allocation Comparison

Sectors	SLYG	SMH
Technology	20.5%	100.0%
Industrials	19.2%	-
Healthcare	14.3%	-
Financial Services	13.6%	-
Consumer Cyclical	10.7%	-
Real Estate	6.2%	-
Energy	4.9%	-
Communication Services	3.0%	-
Consumer Defensive	2.9%	-
Basic Materials	2.7%	-
Utilities	1.9%	-

Return for Risk

SLYG vs. SMH — Risk / Return Rank

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

SLYG

SLYG Risk / Return Rank: 63
SLYG Sharpe Ratio Rank: 57
SLYG Sortino Ratio Rank: 60
SLYG Omega Ratio Rank: 53
SLYG Calmar Ratio Rank: 74
SLYG Martin Ratio Rank: 71

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.

SLYG vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 600 Small Cap Growth ETF (SLYG) 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.

	SLYG	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.67	4.13	-2.46
Sortino ratio: Return per unit of downside risk	2.46	4.26	-1.80
Omega ratio: Gain probability vs. loss probability	1.29	1.60	-0.31
Calmar ratio: Return relative to maximum drawdown	3.29	9.18	-5.89
Martin ratio: Return relative to average drawdown	11.60	33.74	-22.14

SLYG vs. SMH - Sharpe Ratio Comparison

The current SLYG Sharpe Ratio is 1.67, which is lower than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of SLYG 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

SLYG vs. SMH - Drawdown Comparison

The maximum SLYG drawdown since its inception was -62.92%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SLYG and SMH.

Drawdown Indicators

	SLYG	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-62.92%	-84.96%	+22.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-14.93%	+5.83%
Max Drawdown (3Y) Largest decline over 3 years	-27.39%	-35.74%	+8.35%
Max Drawdown (5Y) Largest decline over 5 years	-29.18%	-45.30%	+16.12%
Max Drawdown (10Y) Largest decline over 10 years	-41.86%	-45.30%	+3.44%
Current Drawdown Current decline from peak	0.00%	-2.81%	+2.81%
Average Drawdown Average peak-to-trough decline	-14.90%	-41.04%	+26.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	4.06%	-1.47%

Volatility

SLYG vs. SMH - Volatility Comparison

The current volatility for SPDR S&P 600 Small Cap Growth ETF (SLYG) is 5.57%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that SLYG 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

	SLYG	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	16.25%	-10.68%
Volatility (6M) Calculated over the trailing 6-month period	12.91%	27.73%	-14.82%
Volatility (1Y) Calculated over the trailing 1-year period	17.93%	33.20%	-15.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.56%	35.47%	-13.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.76%	32.82%	-10.06%

SLYG vs. SMH - Expense Ratio Comparison

SLYG has a 0.15% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

SLYG vs. SMH - Dividend Comparison

SLYG's dividend yield for the trailing twelve months is around 0.68%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLYG SPDR S&P 600 Small Cap Growth ETF	0.68%	0.86%	1.22%	1.18%	1.18%	0.68%	0.71%	1.08%	1.06%	4.74%	1.13%	5.75%
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 SLYG and SMH in my portfolio?

SLYG and SMH have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLYG or SMH?

SMH has higher volatility (16.25%) compared to SLYG (5.57%). In terms of maximum drawdown, SLYG dropped -62.92% vs SMH's -84.96%.

Which ETF is better, SLYG or SMH?

On 10-year performance, SMH leads with 37.49% vs 11.33% for SLYG. On fees, SLYG is cheaper at 0.15% per year. On volatility, SLYG has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLYG or SMH?

Over the 10-year period, SMH has performed better with a 37.49% return vs 11.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLYG or SMH?

SLYG is cheaper with a 0.15% expense ratio, compared with 0.35% for SMH.

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

SLYG has the higher dividend yield at 0.68%, compared with 0.18% for SMH.

What is the main difference between SLYG and SMH?

SLYG is categorized as Small Cap Growth Equities, while SMH is Semiconductors. SLYG tracks S&P SmallCap 600 Growth Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.15% for SLYG and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 vs 1.67), 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.