SMH vs. CHPY
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 157.20% vs 149.72% 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
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Returns By Period
In the year-to-date period, SMH achieves a 77.13% return, which is significantly lower than CHPY's 85.77% 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%
CHPY
- 1D
- 1.14%
- 1M
- 29.53%
- YTD
- 85.77%
- 6M
- 85.49%
- 1Y
- 149.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMH vs. CHPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMH VanEck Semiconductor ETF | 77.13% | 84.72% |
CHPY YieldMax Semiconductor Portfolio Option Income ETF | 85.77% | 62.91% |
Correlation
The correlation between SMH and CHPY is 0.95 - 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 | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025 | 0.95 |
The correlation between SMH and CHPY has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
SMH vs. CHPY — Risk / Return Rank
SMH
CHPY
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.
| SMH | CHPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.81 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 10.59 | 12.38 | -1.79 |
| Martin ratioReturn relative to average drawdown | 40.63 | 47.28 | -6.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMH | CHPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.19 | 5.47 | -0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.13 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 4.83 | -4.49 |
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 -12.17%. Use the drawdown chart below to compare losses from any high point for SMH and CHPY.
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Drawdown Indicators
| SMH | CHPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -12.17% | -72.79% |
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 DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -41.09% | -1.98% | -39.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 3.18% | +0.71% |
Volatility
SMH vs. CHPY - Volatility Comparison
VanEck Semiconductor ETF (SMH) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY) have volatilities of 11.47% and 11.23%, 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.
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Volatility by Period
| SMH | CHPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.47% | 11.23% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 24.29% | 22.33% | +1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.56% | 27.59% | +2.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.01% | 33.17% | +1.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.57% | 33.17% | -0.60% |
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 0.17%, less than CHPY's 28.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CHPY YieldMax Semiconductor Portfolio Option Income ETF | 28.40% | 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 | 0.17% | 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
With a correlation of 0.95, 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.
SMH has higher volatility (11.47%) compared to CHPY (11.23%). In terms of maximum drawdown, SMH dropped -84.96% vs CHPY's -12.17%.
On 1-year performance, SMH leads with 157.20% vs 149.72% for CHPY. On fees, SMH is cheaper at 0.35% per year. On volatility, CHPY has been the lower-risk option at 11.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMH has performed better with a 157.20% return vs 149.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.99% for CHPY.
CHPY has the higher dividend yield at 28.40%, compared with 0.17% for SMH.
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.
CHPY currently has the higher Sharpe Ratio (5.47 vs 5.19), 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.
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