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SMH vs. DBEF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMH vs. DBEF

Last updated Jul 22, 2026
Documentation

SMH (VanEck Semiconductor ETF) and DBEF (Xtrackers MSCI EAFE Hedged Equity ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while DBEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE US Dollar Hedged Index. Both are passively managed. Over the past 10 years, SMH returned 35.39%/yr vs 12.22%/yr for DBEF. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

SMH vs. DBEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and Xtrackers MSCI EAFE Hedged Equity ETF (DBEF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMH achieves a 62.19% return, which is significantly higher than DBEF's 13.76% return. Over the past 10 years, SMH has outperformed DBEF with an annualized return of 35.39%, while DBEF has yielded a comparatively lower 12.22% annualized return.

SMH

1D
4.52%
1M
-11.49%
6M
49.61%
YTD
62.19%
1Y
101.68%
3Y*
56.73%
5Y*
36.35%
10Y*
35.39%
ALL TIME*
11.40%

DBEF

1D
1.24%
1M
0.05%
6M
10.88%
YTD
13.76%
1Y
27.46%
3Y*
18.38%
5Y*
13.77%
10Y*
12.22%
ALL TIME*
10.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMH vs. DBEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMH
VanEck Semiconductor ETF		62.19%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-9.05%38.48%
DBEF
Xtrackers MSCI EAFE Hedged Equity ETF		13.76%23.16%13.40%20.15%-5.13%19.60%2.03%24.94%-9.52%16.74%

Correlation

The correlation between SMH and DBEF is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.66

Correlation (3Y)
Calculated over the trailing 3-year period

0.60

Correlation (5Y)
Calculated over the trailing 5-year period

0.65

Correlation (10Y)
Calculated over the trailing 10-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Jun 9, 2011

0.61

The correlation between SMH and DBEF has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.

SMH vs. DBEF - Sectors Allocation Comparison

Sectors
SMH
DBEF

Technology

100.0%
12.7%

Basic Materials

-

5.8%

Communication Services

-

4.4%

Consumer Cyclical

-

7.4%

Consumer Defensive

-

6.7%

Energy

-

3.3%

Financial Services

-

24.8%

Healthcare

-

10.4%

Industrials

-

19.0%

Real Estate

-

1.7%

Utilities

-

3.8%

Technology

SMH
100.0%
DBEF
12.7%

Basic Materials

SMH

-

DBEF
5.8%

Communication Services

SMH

-

DBEF
4.4%

Consumer Cyclical

SMH

-

DBEF
7.4%

Consumer Defensive

SMH

-

DBEF
6.7%

Energy

SMH

-

DBEF
3.3%

Financial Services

SMH

-

DBEF
24.8%

Healthcare

SMH

-

DBEF
10.4%

Industrials

SMH

-

DBEF
19.0%

Real Estate

SMH

-

DBEF
1.7%

Utilities

SMH

-

DBEF
3.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Semiconductor ETF

Xtrackers MSCI EAFE Hedged Equity ETF

Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. XLKSMH vs. SMHX
Often compared with DBEF:
DBEF vs. HEFADBEF vs. VXUSDBEF vs. IHDGDBEF vs. DBEUDBEF vs. SCHDDBEF vs. VOODBEF vs. HFXI

Return for Risk

SMH vs. DBEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMH
SMH Risk / Return Rank: 9292
Overall Rank
SMH Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 8787
Sortino Ratio Rank
SMH Omega Ratio Rank: 8989
Omega Ratio Rank
SMH Calmar Ratio Rank: 9696
Calmar Ratio Rank
SMH Martin Ratio Rank: 9595
Martin Ratio Rank
DBEF
DBEF Risk / Return Rank: 8484
Overall Rank
DBEF Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
DBEF Sortino Ratio Rank: 8585
Sortino Ratio Rank
DBEF Omega Ratio Rank: 8585
Omega Ratio Rank
DBEF Calmar Ratio Rank: 7777
Calmar Ratio Rank
DBEF Martin Ratio Rank: 8484
Martin Ratio Rank
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. DBEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Xtrackers MSCI EAFE Hedged Equity ETF (DBEF). 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.

SMHDBEFDifference
Sharpe ratioReturn per unit of total volatility
2.74
2.11

+0.63

Sortino ratioReturn per unit of downside risk
3.05
2.94

+0.11

Omega ratioGain probability vs. loss probability

1.41

1.39

+0.03

Calmar ratioReturn relative to maximum drawdown

6.09

2.93

+3.16

Martin ratioReturn relative to average drawdown

20.14

12.22

+7.92

SMH vs. DBEF - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 2.74, which is higher than the DBEF Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of SMH and DBEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SMH vs. DBEF - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than DBEF's maximum drawdown of -32.46%. Use the drawdown chart below to compare losses from any high point for SMH and DBEF.

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Drawdown Indicators

SMHDBEFDifference

Max Drawdown

Largest peak-to-trough decline

-84.96%

-32.46%

-52.50%

Max Drawdown (1Y)

Largest decline over 1 year

-16.80%

-9.41%

-7.39%

Max Drawdown (3Y)

Largest decline over 3 years

-35.74%

-14.62%

-21.12%

Max Drawdown (5Y)

Largest decline over 5 years

-45.30%

-14.95%

-30.35%

Max Drawdown (10Y)

Largest decline over 10 years

-45.30%

-32.46%

-12.84%

Current Drawdown

Current decline from peak

-12.68%

-1.17%

-11.51%

Average Drawdown

Average peak-to-trough decline

-40.92%

-4.70%

-36.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.07%

2.25%

+2.82%

Volatility

SMH vs. DBEF - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 16.00% compared to Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) at 3.65%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than DBEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMHDBEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.00%

3.65%

+12.35%

Volatility (6M)

Calculated over the trailing 6-month period

31.90%

11.13%

+20.77%

Volatility (1Y)

Calculated over the trailing 1-year period

37.27%

13.08%

+24.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.26%

13.81%

+22.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.19%

15.58%

+17.61%

SMH vs. DBEF - Expense Ratio Comparison

Both SMH and DBEF have an expense ratio of 0.35%.

Dividends

SMH vs. DBEF - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.19%, less than DBEF's 2.29% yield.

PositionTTM20252024202320222021202020192018201720162015
DBEF
Xtrackers MSCI EAFE Hedged Equity ETF		2.29%5.55%1.29%4.46%15.85%2.28%2.41%3.03%3.22%2.98%2.55%3.70%
SMH
VanEck Semiconductor ETF		0.19%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

SMH and DBEF have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMH has higher volatility (16.00%) compared to DBEF (3.65%). In terms of maximum drawdown, SMH dropped -84.96% vs DBEF's -32.46%.

On 10-year performance, SMH leads with 35.39% vs 12.22% for DBEF. Both ETFs have the same 0.35% expense ratio. On volatility, DBEF has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SMH has performed better with a 35.39% return vs 12.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMH and DBEF have the same expense ratio: 0.35% per year.

DBEF has the higher dividend yield at 2.29%, compared with 0.19% for SMH.

SMH is categorized as Semiconductors, while DBEF is Foreign Large Cap Equities. SMH tracks MVIS US Listed Semiconductor 25 Index, while DBEF tracks MSCI EAFE US Dollar Hedged Index. They also come from different issuers: VanEck and DWS.

SMH currently has the higher Sharpe Ratio (2.74 vs 2.11), 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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