SMH vs. HODL

Last updated Aug 5, 2026

SMH (VanEck Semiconductor ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, SMH returned 99.01% vs -44.07% for HODL. Their 0.35 correlation means their historical movements had little consistent relationship. SMH charges 0.35%/yr vs 0.25%/yr for HODL.

Performance

SMH vs. HODL - Performance Comparison

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

Returns By Period

In the year-to-date period, SMH achieves a 59.86% return, which is significantly higher than HODL's -26.57% return.

SMH

• 1D: 5.55%
• 1M: -2.80%
• 6M: 44.77%
• YTD: 59.86%
• 1Y: 99.01%
• 3Y*: 55.82%
• 5Y*: 34.46%
• 10Y*: 34.72%
• ALL TIME*: 11.32%

HODL

• 1D: 0.61%
• 1M: 4.55%
• 6M: -15.93%
• YTD: -26.57%
• 1Y: -44.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HODL VanEck Bitcoin Trust	$20.41M	$18.41M	$23.25M
SMH VanEck Semiconductor ETF	$8.39B	$7.14B	$7.06B

SMH vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMH VanEck Semiconductor ETF	59.86%	49.17%	40.95%
HODL VanEck Bitcoin Trust	-26.57%	-6.42%	91.50%

Correlation

The correlation between SMH and HODL is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.35

Return for Risk

SMH vs. HODL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMH

SMH Risk / Return Rank: 87
SMH Sharpe Ratio Rank: 92
SMH Sortino Ratio Rank: 81
SMH Omega Ratio Rank: 84
SMH Calmar Ratio Rank: 90
SMH Martin Ratio Rank: 91

HODL

HODL Risk / Return Rank: 2
HODL Sharpe Ratio Rank: 2
HODL Sortino Ratio Rank: 2
HODL Omega Ratio Rank: 2
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMH vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and VanEck Bitcoin Trust (HODL). 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	HODL	Difference
Sharpe ratio: Return per unit of total volatility	2.57	-1.00	+3.57
Sortino ratio: Return per unit of downside risk	2.93	-1.47	+4.40
Omega ratio: Gain probability vs. loss probability	1.39	0.84	+0.55
Calmar ratio: Return relative to maximum drawdown	4.04	-0.83	+4.87
Martin ratio: Return relative to average drawdown	16.06	-1.27	+17.33

SMH vs. HODL - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 2.57, which is higher than the HODL Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of SMH and HODL, 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. HODL - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than HODL's maximum drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for SMH and HODL.

Drawdown Indicators

	SMH	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-53.20%	-31.76%
Max Drawdown (1Y) Largest decline over 1 year	-24.62%	-53.20%	+28.58%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	—	—
Current Drawdown Current decline from peak	-13.93%	-48.83%	+34.90%
Average Drawdown Average peak-to-trough decline	-40.88%	-18.27%	-22.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.19%	34.83%	-28.64%

Volatility

SMH vs. HODL - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 15.13% compared to VanEck Bitcoin Trust (HODL) at 8.22%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than HODL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.13%	8.22%	+6.91%
Volatility (6M) Calculated over the trailing 6-month period	33.33%	33.02%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	38.78%	44.25%	-5.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.59%	49.21%	-12.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.37%	49.21%	-15.84%

SMH vs. HODL - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

SMH vs. HODL - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.19%, while HODL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both SMH and HODL in my portfolio?

SMH and HODL have a correlation of 0.43, 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 HODL?

SMH has higher volatility (15.13%) compared to HODL (8.22%). In terms of maximum drawdown, SMH dropped -84.96% vs HODL's -53.20%.

Which ETF is better, SMH or HODL?

On 1-year performance, SMH leads with 99.01% vs -44.07% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, HODL has been the lower-risk option at 8.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or HODL?

Over the 1-year period, SMH has performed better with a 99.01% return vs -44.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.35% for SMH.

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

SMH has the higher dividend yield at 0.19%, compared with 0.00% for HODL.

What is the main difference between SMH and HODL?

SMH is categorized as Semiconductors, while HODL is Cryptocurrency. SMH tracks MVIS US Listed Semiconductor 25 Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.35% for SMH and 0.25% for HODL.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (2.57 vs -1.00), 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.