SMH vs. BIZD

Last updated Jun 4, 2026

SMH (VanEck Semiconductor ETF) and BIZD (VanEck BDC Income ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while BIZD is a Financials Equities fund tracking the MVIS US Business Development Companies Index. Both are passively managed. Over the past 10 years, SMH returned 37.68%/yr vs 7.77%/yr for BIZD. At a 0.40 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.42%/yr for BIZD.

Performance

SMH vs. BIZD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and VanEck BDC Income ETF (BIZD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMH achieves a 77.13% return, which is significantly higher than BIZD's -8.99% return. Over the past 10 years, SMH has outperformed BIZD with an annualized return of 37.68%, while BIZD has yielded a comparatively lower 7.77% annualized return.

SMH

• 1D: 0.90%
• 1M: 25.87%
• YTD: 77.13%
• 6M: 75.61%
• 1Y: 157.20%
• 3Y*: 64.17%
• 5Y*: 39.21%
• 10Y*: 37.68%

BIZD

• 1D: -2.28%
• 1M: -6.62%
• YTD: -8.99%
• 6M: -10.20%
• 1Y: -12.94%
• 3Y*: 5.27%
• 5Y*: 4.03%
• 10Y*: 7.77%

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

SMH vs. BIZD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%
BIZD VanEck BDC Income ETF	-8.99%	-4.96%	15.63%	27.02%	-8.51%	36.25%	-7.12%	30.87%	-6.88%	0.36%

Correlation

The correlation between SMH and BIZD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Feb 13, 2013	0.40

The correlation between SMH and BIZD shifts across timeframes, from 0.26 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

SMH vs. BIZD - Sectors Allocation Comparison

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

Return for Risk

SMH vs. BIZD — Risk / Return Rank

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

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

BIZD

BIZD Risk / Return Rank: 3
BIZD Sharpe Ratio Rank: 3
BIZD Sortino Ratio Rank: 3
BIZD Omega Ratio Rank: 3
BIZD Calmar Ratio Rank: 4
BIZD Martin Ratio Rank: 4

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.

SMH vs. BIZD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and VanEck BDC Income ETF (BIZD). 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.

	SMH	BIZD	Difference
Sharpe ratio: Return per unit of total volatility	5.19	-0.72	+5.90
Sortino ratio: Return per unit of downside risk	5.22	-0.93	+6.15
Omega ratio: Gain probability vs. loss probability	1.72	0.90	+0.83
Calmar ratio: Return relative to maximum drawdown	10.59	-0.58	+11.18
Martin ratio: Return relative to average drawdown	40.63	-1.03	+41.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMH vs. BIZD - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 5.19, which is higher than the BIZD Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of SMH and BIZD, 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

	SMH	BIZD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.19	-0.72	+5.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	0.23	+0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.16	0.36	+0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.30	+0.04

Drawdowns

SMH vs. BIZD - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than BIZD's maximum drawdown of -55.44%. Use the drawdown chart below to compare losses from any high point for SMH and BIZD.

Drawdown Indicators

	SMH	BIZD	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-55.44%	-29.52%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-22.22%	+7.29%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-22.56%	-13.18%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-22.91%	-22.39%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-55.44%	+10.14%
Current Drawdown Current decline from peak	0.00%	-19.27%	+19.27%
Average Drawdown Average peak-to-trough decline	-41.09%	-6.72%	-34.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	12.63%	-8.74%

Volatility

SMH vs. BIZD - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 11.47% compared to VanEck BDC Income ETF (BIZD) at 4.79%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than BIZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	BIZD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.47%	4.79%	+6.68%
Volatility (6M) Calculated over the trailing 6-month period	24.29%	14.77%	+9.52%
Volatility (1Y) Calculated over the trailing 1-year period	30.56%	18.11%	+12.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.01%	17.40%	+17.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.57%	21.74%	+10.83%

SMH vs. BIZD - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than BIZD's 0.42% expense ratio.

Dividends

SMH vs. BIZD - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.17%, less than BIZD's 13.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIZD VanEck BDC Income ETF	13.87%	11.78%	10.94%	10.96%	11.21%	8.14%	10.39%	9.13%	10.88%	9.13%	8.51%	9.12%
SMH VanEck Semiconductor ETF	0.17%	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 SMH and BIZD in my portfolio?

SMH and BIZD have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMH or BIZD?

SMH has higher volatility (11.47%) compared to BIZD (4.79%). In terms of maximum drawdown, SMH dropped -84.96% vs BIZD's -55.44%.

Which ETF is better, SMH or BIZD?

On 10-year performance, SMH leads with 37.68% vs 7.77% for BIZD. On fees, SMH is cheaper at 0.35% per year. On volatility, BIZD has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or BIZD?

Over the 10-year period, SMH has performed better with a 37.68% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or BIZD?

SMH is cheaper with a 0.35% expense ratio, compared with 0.42% for BIZD.

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

BIZD has the higher dividend yield at 13.87%, compared with 0.17% for SMH.

What is the main difference between SMH and BIZD?

SMH is categorized as Semiconductors, while BIZD is Financials Equities. SMH tracks MVIS US Listed Semiconductor 25 Index, while BIZD tracks MVIS US Business Development Companies Index. Their fees differ too: 0.35% for SMH and 0.42% for BIZD.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs -0.72), 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.