SMH vs. CHPY

Last updated Jun 25, 2026

SMH (VanEck Semiconductor ETF) and CHPY (YieldMax Semiconductor Portfolio Option Income ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while CHPY is a Derivative Income fund actively managed by YieldMax. SMH is passively managed, while CHPY is actively managed. Over the past year, SMH returned 128.64% vs 127.37% for CHPY. With a 0.95 correlation, they move nearly in lockstep. SMH charges 0.35%/yr vs 0.99%/yr for CHPY.

Performance

SMH vs. CHPY - Performance Comparison

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

Returns By Period

In the year-to-date period, SMH achieves a 71.86% return, which is significantly lower than CHPY's 80.95% return.

SMH

• 1D: -0.50%
• 1M: 7.39%
• YTD: 71.86%
• 6M: 69.95%
• 1Y: 128.64%
• 3Y*: 62.01%
• 5Y*: 38.15%
• 10Y*: 37.78%

CHPY

• 1D: -0.95%
• 1M: 9.84%
• YTD: 80.95%
• 6M: 79.34%
• 1Y: 127.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMH vs. CHPY - Yearly Performance Comparison

	2026 (YTD)	2025
SMH VanEck Semiconductor ETF	71.86%	68.74%
CHPY YieldMax Semiconductor Portfolio Option Income ETF	80.95%	56.76%

Correlation

The correlation between SMH and CHPY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.95

The correlation between SMH and CHPY has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

SMH vs. CHPY — Risk / Return Rank

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

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 91
SMH Omega Ratio Rank: 92
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

CHPY

CHPY Risk / Return Rank: 96
CHPY Sharpe Ratio Rank: 97
CHPY Sortino Ratio Rank: 93
CHPY Omega Ratio Rank: 94
CHPY Calmar Ratio Rank: 98
CHPY Martin Ratio Rank: 97

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. CHPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). 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	CHPY	Difference
Sharpe ratio: Return per unit of total volatility	3.73	3.94	-0.21
Sortino ratio: Return per unit of downside risk	3.87	4.14	-0.28
Omega ratio: Gain probability vs. loss probability	1.55	1.61	-0.06
Calmar ratio: Return relative to maximum drawdown	8.67	10.53	-1.86
Martin ratio: Return relative to average drawdown	31.31	36.72	-5.40

SMH vs. CHPY - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 3.73, which is comparable to the CHPY Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of SMH and CHPY, 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

SMH vs. CHPY - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than CHPY's maximum drawdown of -12.19%. Use the drawdown chart below to compare losses from any high point for SMH and CHPY.

Drawdown Indicators

	SMH	CHPY	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-12.19%	-72.77%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-12.17%	-2.76%
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	-7.47%	-7.85%	+0.38%
Average Drawdown Average peak-to-trough decline	-41.00%	-2.15%	-38.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	3.48%	+0.64%

Volatility

SMH vs. CHPY - Volatility Comparison

VanEck Semiconductor ETF (SMH) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY) have volatilities of 19.07% and 19.71%, 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	CHPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.07%	19.71%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	29.12%	27.92%	+1.20%
Volatility (1Y) Calculated over the trailing 1-year period	34.88%	32.59%	+2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.82%	36.33%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.96%	36.33%	-3.37%

SMH vs. CHPY - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than CHPY's 0.99% expense ratio.

Dividends

SMH vs. CHPY - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than CHPY's 29.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHPY YieldMax Semiconductor Portfolio Option Income ETF	29.92%	28.19%	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 CHPY in my portfolio?

With a correlation of 0.96, SMH and CHPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SMH or CHPY?

CHPY has higher volatility (19.71%) compared to SMH (19.07%). In terms of maximum drawdown, SMH dropped -84.96% vs CHPY's -12.19%.

Which ETF is better, SMH or CHPY?

On 1-year performance, SMH leads with 128.64% vs 127.37% for CHPY. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 19.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or CHPY?

Over the 1-year period, SMH has performed better with a 128.64% return vs 127.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or CHPY?

SMH is cheaper with a 0.35% expense ratio, compared with 0.99% for CHPY.

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

CHPY has the higher dividend yield at 29.92%, compared with 0.18% for SMH.

What is the main difference between SMH and CHPY?

SMH is categorized as Semiconductors, while CHPY is Derivative Income. They also come from different issuers: VanEck and YieldMax. Their fees differ too: 0.35% for SMH and 0.99% for CHPY.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (3.94 vs 3.73), 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.