SMH vs. GSY

Last updated Jun 9, 2026

SMH (VanEck Semiconductor ETF) and GSY (Invesco Ultra Short Duration ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while GSY is a Ultrashort Bond fund actively managed by Invesco. SMH is passively managed, while GSY is actively managed. Over the past 10 years, SMH returned 36.92%/yr vs 2.86%/yr for GSY. At a 0.00 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.22%/yr for GSY.

Performance

SMH vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMH achieves a 66.10% return, which is significantly higher than GSY's 1.61% return. Over the past 10 years, SMH has outperformed GSY with an annualized return of 36.92%, while GSY has yielded a comparatively lower 2.86% annualized return.

SMH

• 1D: 5.00%
• 1M: 5.58%
• YTD: 66.10%
• 6M: 62.81%
• 1Y: 137.42%
• 3Y*: 60.43%
• 5Y*: 37.89%
• 10Y*: 36.92%

GSY

• 1D: 0.04%
• 1M: 0.28%
• YTD: 1.61%
• 6M: 1.94%
• 1Y: 4.52%
• 3Y*: 5.44%
• 5Y*: 3.65%
• 10Y*: 2.86%

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

SMH vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMH VanEck Semiconductor ETF	66.10%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%
GSY Invesco Ultra Short Duration ETF	1.61%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.86%

Correlation

The correlation between SMH and GSY is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Feb 12, 2008	0.00

SMH vs. GSY - Sectors Allocation Comparison

Sectors	SMH	GSY
Technology	100.0%	4.6%
Basic Materials	-	1.5%
Communication Services	-	2.2%
Consumer Cyclical	-	4.2%
Consumer Defensive	-	2.5%
Energy	-	2.9%
Financial Services	-	28.5%
Healthcare	-	2.9%
Industrials	-	2.4%
Real Estate	-	4.3%
Utilities	-	1.8%

Return for Risk

SMH vs. GSY — Risk / Return Rank

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

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 93
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

GSY

GSY Risk / Return Rank: 100
GSY Sharpe Ratio Rank: 100
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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. GSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Invesco Ultra Short Duration ETF (GSY). 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	GSY	Difference
Sharpe ratio: Return per unit of total volatility	4.27	11.26	-6.98
Sortino ratio: Return per unit of downside risk	4.33	27.35	-23.02
Omega ratio: Gain probability vs. loss probability	1.62	6.54	-4.92
Calmar ratio: Return relative to maximum drawdown	9.26	75.72	-66.46
Martin ratio: Return relative to average drawdown	34.80	373.96	-339.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMH vs. GSY - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.27, which is lower than the GSY Sharpe Ratio of 11.26. The chart below compares the historical Sharpe Ratios of SMH and GSY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMH	GSY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.27	11.26	-6.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	6.28	-5.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.13	2.35	-1.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.46	-0.13

Drawdowns

SMH vs. GSY - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for SMH and GSY.

Drawdown Indicators

	SMH	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-12.14%	-72.82%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-0.06%	-14.87%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-0.18%	-35.56%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-1.48%	-43.82%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-5.25%	-40.05%
Current Drawdown Current decline from peak	-6.23%	-0.02%	-6.21%
Average Drawdown Average peak-to-trough decline	-41.07%	-2.38%	-38.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	0.01%	+3.95%

Volatility

SMH vs. GSY - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 15.45% compared to Invesco Ultra Short Duration ETF (GSY) at 0.15%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.45%	0.15%	+15.30%
Volatility (6M) Calculated over the trailing 6-month period	26.71%	0.30%	+26.41%
Volatility (1Y) Calculated over the trailing 1-year period	32.42%	0.40%	+32.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.32%	0.58%	+34.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.75%	1.22%	+31.53%

SMH vs. GSY - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is higher than GSY's 0.22% expense ratio.

Dividends

SMH vs. GSY - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than GSY's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
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

Can I hold both SMH and GSY in my portfolio?

SMH and GSY have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMH or GSY?

SMH has higher volatility (15.45%) compared to GSY (0.15%). In terms of maximum drawdown, SMH dropped -84.96% vs GSY's -12.14%.

Which ETF is better, SMH or GSY?

On 10-year performance, SMH leads with 36.92% vs 2.86% for GSY. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or GSY?

Over the 10-year period, SMH has performed better with a 36.92% return vs 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or GSY?

GSY is cheaper with a 0.22% expense ratio, compared with 0.35% for SMH.

Which ETF pays a higher dividend yield, SMH or GSY?

GSY has the higher dividend yield at 4.34%, compared with 0.18% for SMH.

What is the main difference between SMH and GSY?

SMH is categorized as Semiconductors, while GSY is Ultrashort Bond. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for SMH and 0.22% for GSY.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.26 vs 4.27), 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.