SMH vs. ESPO
SMH (VanEck Semiconductor ETF) and ESPO (VanEck Vectors Video Gaming and eSports ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while ESPO is a Large Cap Growth Equities fund tracking the MVIS Global Video Gaming and eSports Index. Both are passively managed. Over the past 5 years, SMH returned 38.42%/yr vs 5.49%/yr for ESPO. A 0.70 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 0.55%/yr for ESPO.
Performance
SMH vs. ESPO - Performance Comparison
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Returns By Period
In the year-to-date period, SMH achieves a 72.15% return, which is significantly higher than ESPO's -15.10% return.
SMH
- 1D
- 1.72%
- 1M
- 8.30%
- YTD
- 72.15%
- 6M
- 75.62%
- 1Y
- 136.32%
- 3Y*
- 60.05%
- 5Y*
- 38.42%
- 10Y*
- 37.49%
ESPO
- 1D
- -0.29%
- 1M
- -3.31%
- YTD
- -15.10%
- 6M
- -16.17%
- 1Y
- -14.92%
- 3Y*
- 16.96%
- 5Y*
- 5.49%
- 10Y*
- —
SMH vs. ESPO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 72.15% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -10.63% |
ESPO VanEck Vectors Video Gaming and eSports ETF | -15.10% | 25.79% | 47.61% | 33.64% | -34.71% | -2.13% | 83.93% | 42.36% | -12.49% |
Correlation
The correlation between SMH and ESPO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018 | 0.70 |
Over the past year, the correlation between SMH and ESPO has dropped to 0.49 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.
SMH vs. ESPO - Sectors Allocation Comparison
Sectors
SMH
ESPO
Technology
Basic Materials
-
-
Communication Services
-
Consumer Cyclical
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Technology
SMH
ESPO
Basic Materials
SMH
-
ESPO
-
Communication Services
SMH
-
ESPO
Consumer Cyclical
SMH
-
ESPO
Consumer Defensive
SMH
-
ESPO
-
Energy
SMH
-
ESPO
-
Financial Services
SMH
-
ESPO
-
Healthcare
SMH
-
ESPO
-
Industrials
SMH
-
ESPO
-
Real Estate
SMH
-
ESPO
-
Utilities
SMH
-
ESPO
-
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Return for Risk
SMH vs. ESPO — Risk / Return Rank
SMH
ESPO
SMH vs. ESPO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and VanEck Vectors Video Gaming and eSports ETF (ESPO). 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 | ESPO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.93 | ||
| Sortino ratioReturn per unit of downside risk | +5.28 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 0.88 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 9.18 | -0.54 | +9.72 |
| Martin ratioReturn relative to average drawdown | 33.74 | -0.94 | +34.68 |
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Drawdowns
SMH vs. ESPO - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, which is greater than ESPO's maximum drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for SMH and ESPO.
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Drawdown Indicators
| SMH | ESPO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -50.99% | -33.97% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -27.81% | +12.88% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | -27.81% | -7.93% |
Max Drawdown (5Y)Largest decline over 5 years | -45.30% | -48.33% | +3.03% |
Max Drawdown (10Y)Largest decline over 10 years | -45.30% | — | — |
Current DrawdownCurrent decline from peak | -2.81% | -27.19% | +24.38% |
Average DrawdownAverage peak-to-trough decline | -41.04% | -15.06% | -25.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 15.95% | -11.89% |
Volatility
SMH vs. ESPO - Volatility Comparison
VanEck Semiconductor ETF (SMH) has a higher volatility of 16.25% compared to VanEck Vectors Video Gaming and eSports ETF (ESPO) at 4.42%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than ESPO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMH | ESPO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.25% | 4.42% | +11.83% |
Volatility (6M)Calculated over the trailing 6-month period | 27.73% | 14.67% | +13.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.20% | 18.83% | +14.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.47% | 25.10% | +10.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.82% | 25.71% | +7.11% |
SMH vs. ESPO - Expense Ratio Comparison
SMH has a 0.35% expense ratio, which is lower than ESPO's 0.55% expense ratio.
Dividends
SMH vs. ESPO - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.18%, less than ESPO's 1.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ESPO VanEck Vectors Video Gaming and eSports ETF | 1.47% | 1.24% | 0.44% | 0.96% | 0.91% | 3.36% | 0.12% | 0.22% | 0.04% | 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
SMH and ESPO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (16.25%) compared to ESPO (4.42%). In terms of maximum drawdown, SMH dropped -84.96% vs ESPO's -50.99%.
On 5-year performance, SMH leads with 38.42% vs 5.49% for ESPO. On fees, SMH is cheaper at 0.35% per year. On volatility, ESPO has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SMH has performed better with a 38.42% return vs 5.49%. 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 0.55% for ESPO.
ESPO has the higher dividend yield at 1.47%, compared with 0.18% for SMH.
SMH is categorized as Semiconductors, while ESPO is Large Cap Growth Equities. SMH tracks MVIS US Listed Semiconductor 25 Index, while ESPO tracks MVIS Global Video Gaming and eSports Index. Their fees differ too: 0.35% for SMH and 0.55% for ESPO.
SMH currently has the higher Sharpe Ratio (4.13 vs -0.80), 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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