SMH vs. GBTC
SMH (VanEck Semiconductor ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, SMH returned 36.02%/yr vs 48.34%/yr for GBTC. At a 0.24 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 1.50%/yr for GBTC.
Performance
SMH vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, SMH achieves a 58.19% return, which is significantly higher than GBTC's -31.54% return. Over the past 10 years, SMH has underperformed GBTC with an annualized return of 36.02%, while GBTC has yielded a comparatively higher 48.34% annualized return.
SMH
- 1D
- -9.22%
- 1M
- 3.63%
- YTD
- 58.19%
- 6M
- 56.81%
- 1Y
- 127.40%
- 3Y*
- 58.39%
- 5Y*
- 36.10%
- 10Y*
- 36.02%
GBTC
- 1D
- -5.15%
- 1M
- -26.07%
- YTD
- -31.54%
- 6M
- -33.05%
- 1Y
- -41.68%
- 3Y*
- 47.89%
- 5Y*
- 8.66%
- 10Y*
- 48.34%
SMH vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 58.19% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
GBTC Grayscale Bitcoin Trust ETF | -31.54% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between SMH and GBTC is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | 0.24 |
Over the past year, SMH and GBTC have become more correlated (0.45) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
SMH vs. GBTC — Risk / Return Rank
SMH
GBTC
SMH vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.95 | ||
| Sortino ratioReturn per unit of downside risk | +5.48 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 0.85 | +0.74 |
| Calmar ratioReturn relative to maximum drawdown | 8.58 | -0.80 | +9.38 |
| Martin ratioReturn relative to average drawdown | 32.42 | -1.44 | +33.86 |
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 | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.00 | -0.95 | +4.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 0.14 | +0.89 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.11 | 0.59 | +0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.64 | -0.32 |
Drawdowns
SMH vs. GBTC - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for SMH and GBTC.
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Drawdown Indicators
| SMH | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -89.91% | +4.95% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -52.45% | +37.52% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | -52.45% | +16.71% |
Max Drawdown (5Y)Largest decline over 5 years | -45.30% | -85.42% | +40.12% |
Max Drawdown (10Y)Largest decline over 10 years | -45.30% | -89.91% | +44.61% |
Current DrawdownCurrent decline from peak | -10.69% | -52.45% | +41.76% |
Average DrawdownAverage peak-to-trough decline | -41.08% | -43.44% | +2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.94% | 28.99% | -25.05% |
Volatility
SMH vs. GBTC - Volatility Comparison
VanEck Semiconductor ETF (SMH) has a higher volatility of 14.88% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.88%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMH | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.88% | 9.88% | +5.00% |
Volatility (6M)Calculated over the trailing 6-month period | 26.35% | 34.14% | -7.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.03% | 43.96% | -11.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.24% | 62.45% | -27.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.70% | 82.20% | -49.50% |
SMH vs. GBTC - Expense Ratio Comparison
SMH has a 0.35% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
SMH vs. GBTC - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.19%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% | 0.00% | 0.00% |
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 GBTC have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (14.88%) compared to GBTC (9.88%). In terms of maximum drawdown, SMH dropped -84.96% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 48.34% vs 36.02% for SMH. On fees, SMH is cheaper at 0.35% per year. On volatility, GBTC has been the lower-risk option at 9.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 48.34% return vs 36.02%. 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 1.50% for GBTC.
SMH has the higher dividend yield at 0.19%, compared with 0.00% for GBTC.
SMH is categorized as Semiconductors, while GBTC is Cryptocurrency. SMH tracks MVIS US Listed Semiconductor 25 Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: VanEck and Grayscale. Their fees differ too: 0.35% for SMH and 1.50% for GBTC.
SMH currently has the higher Sharpe Ratio (4.00 vs -0.95), 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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