SMH vs. CAIE

Last updated Jun 16, 2026

SMH (VanEck Semiconductor ETF) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index. Both are passively managed. A 0.68 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 0.74%/yr for CAIE.

Performance

SMH vs. CAIE - Performance Comparison

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

Returns By Period

In the year-to-date period, SMH achieves a 79.69% return, which is significantly higher than CAIE's 8.63% return.

SMH

• 1D: 4.38%
• 1M: 16.31%
• YTD: 79.69%
• 6M: 83.94%
• 1Y: 152.58%
• 3Y*: 62.32%
• 5Y*: 39.72%
• 10Y*: 38.18%

CAIE

• 1D: 1.15%
• 1M: 1.01%
• YTD: 8.63%
• 6M: 9.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMH vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
SMH VanEck Semiconductor ETF	79.69%	33.04%
CAIE Calamos Autocallable Income ETF	8.63%	15.12%

Correlation

The correlation between SMH and CAIE is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.68

SMH vs. CAIE - Sectors Allocation Comparison

Sectors	SMH	CAIE
Technology	100.0%	-
Basic Materials	-	13.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SMH vs. CAIE — 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: 97

CAIE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. CAIE - Risk-Adjusted Trends Comparison

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

	SMH	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	4.61	—	—
Sortino ratio: Return per unit of downside risk	4.60	—	—
Omega ratio: Gain probability vs. loss probability	1.65	—	—
Calmar ratio: Return relative to maximum drawdown	10.28	—	—
Martin ratio: Return relative to average drawdown	37.77	—	—

Drawdowns

SMH vs. CAIE - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for SMH and CAIE.

Drawdown Indicators

	SMH	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-7.73%	-77.23%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	—	—
Current Drawdown Current decline from peak	0.00%	-0.80%	+0.80%
Average Drawdown Average peak-to-trough decline	-41.04%	-1.08%	-39.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	—	—

Volatility

Volatility by Period

	SMH	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	27.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	33.39%	12.08%	+21.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.53%	12.08%	+23.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.86%	12.08%	+20.78%

SMH vs. CAIE - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than CAIE's 0.74% expense ratio.

Dividends

SMH vs. CAIE - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.17%, less than CAIE's 13.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAIE Calamos Autocallable Income ETF	13.15%	7.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 CAIE in my portfolio?

SMH and CAIE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMH or CAIE?

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMH or CAIE?

SMH is cheaper with a 0.35% expense ratio, compared with 0.74% for CAIE.

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

CAIE has the higher dividend yield at 13.15%, compared with 0.17% for SMH.

What is the main difference between SMH and CAIE?

SMH is categorized as Semiconductors, while CAIE is Derivative Income. SMH tracks MVIS US Listed Semiconductor 25 Index, while CAIE tracks MerQube US Large Cap Vol Advantage Autocallable Index. They also come from different issuers: VanEck and Calamos. Their fees differ too: 0.35% for SMH and 0.74% for CAIE.