SMH vs. CHAT

Last updated Jun 9, 2026

SMH (VanEck Semiconductor ETF) and CHAT (Roundhill Generative AI & Technology ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while CHAT is a Technology Equities fund actively managed by Roundhill. SMH is passively managed, while CHAT is actively managed. Over the past 3 years, SMH returned 60.43%/yr vs 50.33%/yr for CHAT. Their correlation of 0.86 suggests significant overlap in exposure. SMH charges 0.35%/yr vs 0.75%/yr for CHAT.

Performance

SMH vs. CHAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and Roundhill Generative AI & Technology ETF (CHAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMH achieves a 66.10% return, which is significantly higher than CHAT's 58.75% return.

SMH

• 1D: 5.00%
• 1M: 5.58%
• YTD: 66.10%
• 6M: 62.81%
• 1Y: 137.42%
• 3Y*: 60.43%
• 5Y*: 37.89%
• 10Y*: 36.92%

CHAT

• 1D: 3.25%
• 1M: 8.61%
• YTD: 58.75%
• 6M: 54.05%
• 1Y: 117.08%
• 3Y*: 50.33%
• 5Y*: —
• 10Y*: —

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

SMH vs. CHAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMH VanEck Semiconductor ETF	66.10%	49.17%	39.10%	35.85%
CHAT Roundhill Generative AI & Technology ETF	58.75%	49.85%	30.98%	21.04%

Correlation

The correlation between SMH and CHAT is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.86

The correlation between SMH and CHAT has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

SMH vs. CHAT - Sectors Allocation Comparison

Sectors	SMH	CHAT
Technology	100.0%	76.5%
Basic Materials	-	-
Communication Services	-	16.6%
Consumer Cyclical	-	5.6%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.0%
Healthcare	-	-
Industrials	-	0.8%
Real Estate	-	-
Utilities	-	-

Return for Risk

SMH vs. CHAT — 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: 97
SMH Sortino Ratio Rank: 93
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

CHAT

CHAT Risk / Return Rank: 93
CHAT Sharpe Ratio Rank: 96
CHAT Sortino Ratio Rank: 90
CHAT Omega Ratio Rank: 91
CHAT Calmar Ratio Rank: 95
CHAT Martin Ratio Rank: 92

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. CHAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Roundhill Generative AI & Technology ETF (CHAT). 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	CHAT	Difference
Sharpe ratio: Return per unit of total volatility	4.27	3.63	+0.64
Sortino ratio: Return per unit of downside risk	4.33	3.82	+0.51
Omega ratio: Gain probability vs. loss probability	1.62	1.54	+0.08
Calmar ratio: Return relative to maximum drawdown	9.26	7.23	+2.03
Martin ratio: Return relative to average drawdown	34.80	21.00	+13.80
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. CHAT - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.27, which is comparable to the CHAT Sharpe Ratio of 3.63. The chart below compares the historical Sharpe Ratios of SMH and CHAT, 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	CHAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.27	3.63	+0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.78	-1.45

Drawdowns

SMH vs. CHAT - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than CHAT's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for SMH and CHAT.

Drawdown Indicators

	SMH	CHAT	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-31.34%	-53.62%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-16.28%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-31.34%	-4.40%
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	-6.23%	-9.52%	+3.29%
Average Drawdown Average peak-to-trough decline	-41.07%	-5.36%	-35.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	5.60%	-1.64%

Volatility

SMH vs. CHAT - Volatility Comparison

VanEck Semiconductor ETF (SMH) and Roundhill Generative AI & Technology ETF (CHAT) have volatilities of 15.45% and 15.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	CHAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.45%	15.95%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	26.71%	27.06%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	32.42%	32.47%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.32%	30.45%	+4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.75%	30.45%	+2.30%

SMH vs. CHAT - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than CHAT's 0.75% expense ratio.

Dividends

SMH vs. CHAT - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than CHAT's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHAT Roundhill Generative AI & Technology ETF	1.80%	2.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.18%	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 SMH and CHAT in my portfolio?

SMH and CHAT have a correlation of 0.81, 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 CHAT?

CHAT has higher volatility (15.95%) compared to SMH (15.45%). In terms of maximum drawdown, SMH dropped -84.96% vs CHAT's -31.34%.

Which ETF is better, SMH or CHAT?

On 3-year performance, SMH leads with 60.43% vs 50.33% for CHAT. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 15.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or CHAT?

Over the 3-year period, SMH has performed better with a 60.43% return vs 50.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or CHAT?

SMH is cheaper with a 0.35% expense ratio, compared with 0.75% for CHAT.

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

CHAT has the higher dividend yield at 1.80%, compared with 0.18% for SMH.

What is the main difference between SMH and CHAT?

SMH is categorized as Semiconductors, while CHAT is Technology Equities. They also come from different issuers: VanEck and Roundhill. Their fees differ too: 0.35% for SMH and 0.75% for CHAT.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.27 vs 3.63), 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.