SMH vs. FSELX

Last updated Jun 26, 2026

SMH (VanEck Semiconductor ETF) and FSELX (Fidelity Select Semiconductors Portfolio) are both Semiconductors funds. Over the past 10 years, SMH returned 38.61%/yr vs 38.96%/yr for FSELX. With a 0.96 correlation, they move nearly in lockstep. SMH charges 0.35%/yr vs 0.68%/yr for FSELX.

Performance

SMH vs. FSELX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with SMH having a 76.85% return and FSELX slightly lower at 74.97%. Both investments have delivered pretty close results over the past 10 years, with SMH having a 38.61% annualized return and FSELX not far ahead at 38.96%.

SMH

• 1D: 2.90%
• 1M: 5.77%
• YTD: 76.85%
• 6M: 74.89%
• 1Y: 132.14%
• 3Y*: 63.82%
• 5Y*: 38.94%
• 10Y*: 38.61%

FSELX

• 1D: -0.49%
• 1M: 1.29%
• YTD: 74.97%
• 6M: 71.71%
• 1Y: 128.25%
• 3Y*: 64.81%
• 5Y*: 43.75%
• 10Y*: 38.96%

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

SMH vs. FSELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMH VanEck Semiconductor ETF	76.85%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%
FSELX Fidelity Select Semiconductors Portfolio	74.97%	52.17%	49.68%	78.49%	-35.27%	59.16%	44.33%	64.50%	-12.01%	34.51%

Correlation

The correlation between SMH and FSELX 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 (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000	0.96

The correlation between SMH and FSELX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

SMH vs. FSELX — Risk / Return Rank

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

SMH

SMH Risk / Return Rank: 95
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 93
SMH Omega Ratio Rank: 93
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

FSELX

FSELX Risk / Return Rank: 94
FSELX Sharpe Ratio Rank: 98
FSELX Sortino Ratio Rank: 88
FSELX Omega Ratio Rank: 87
FSELX Calmar Ratio Rank: 99
FSELX Martin Ratio Rank: 98

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. FSELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Fidelity Select Semiconductors Portfolio (FSELX). 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	FSELX	Difference
Sharpe ratio: Return per unit of total volatility	3.82	3.61	+0.21
Sortino ratio: Return per unit of downside risk	3.94	3.76	+0.18
Omega ratio: Gain probability vs. loss probability	1.56	1.52	+0.04
Calmar ratio: Return relative to maximum drawdown	8.90	9.18	-0.28
Martin ratio: Return relative to average drawdown	32.08	32.54	-0.46

SMH vs. FSELX - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 3.82, which is comparable to the FSELX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of SMH and FSELX, 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. FSELX - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, roughly equal to the maximum FSELX drawdown of -82.54%. Use the drawdown chart below to compare losses from any high point for SMH and FSELX.

Drawdown Indicators

	SMH	FSELX	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-82.54%	-2.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-14.38%	-0.55%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-36.31%	+0.57%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-46.37%	+1.07%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-46.37%	+1.07%
Current Drawdown Current decline from peak	-4.79%	-7.49%	+2.70%
Average Drawdown Average peak-to-trough decline	-41.00%	-28.66%	-12.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	4.05%	+0.08%

Volatility

SMH vs. FSELX - Volatility Comparison

VanEck Semiconductor ETF (SMH) and Fidelity Select Semiconductors Portfolio (FSELX) have volatilities of 18.79% and 19.62%, 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	FSELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.79%	19.62%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	29.21%	29.76%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	34.82%	36.67%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.84%	39.69%	-3.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.97%	35.43%	-2.46%

SMH vs. FSELX - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than FSELX's 0.68% expense ratio.

Dividends

SMH vs. FSELX - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.17%, less than FSELX's 9.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSELX Fidelity Select Semiconductors Portfolio	9.36%	11.11%	7.97%	7.20%	6.69%	6.99%	8.13%	3.36%	26.80%	14.44%	3.82%	15.22%
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

Can I hold both SMH and FSELX in my portfolio?

With a correlation of 0.95, SMH and FSELX 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 FSELX?

FSELX has higher volatility (19.62%) compared to SMH (18.79%). In terms of maximum drawdown, SMH dropped -84.96% vs FSELX's -82.54%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.82 vs 3.61), 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.