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SMH vs. HXQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMH vs. HXQ.TO

Last updated Jun 9, 2026

SMH (VanEck Semiconductor ETF) and HXQ.TO (Horizons NASDAQ-100 Index ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, SMH returned 36.92%/yr vs 21.05%/yr for HXQ.TO. A 0.66 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 0.25%/yr for HXQ.TO.

Performance

SMH vs. HXQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and Horizons NASDAQ-100 Index ETF (HXQ.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

SMH is traded in USD, while HXQ.TO is traded in CAD. To make them comparable, the HXQ.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SMH achieves a 66.10% return, which is significantly higher than HXQ.TO's 16.40% return. Over the past 10 years, SMH has outperformed HXQ.TO with an annualized return of 36.92%, while HXQ.TO has yielded a comparatively lower 21.05% 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%

HXQ.TO

1D
1.16%
1M
0.60%
YTD
16.40%
6M
15.07%
1Y
35.29%
3Y*
26.98%
5Y*
16.75%
10Y*
21.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMH vs. HXQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMH
VanEck Semiconductor ETF		66.10%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-9.05%38.48%
HXQ.TO
Horizons NASDAQ-100 Index ETF		16.40%20.55%25.37%54.85%-32.14%26.26%49.12%37.94%-1.57%32.06%

Correlation

The correlation between SMH and HXQ.TO is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.71

Correlation (3Y)
Calculated over the trailing 3-year period

0.76

Correlation (5Y)
Calculated over the trailing 5-year period

0.76

Correlation (10Y)
Calculated over the trailing 10-year period

0.66

Correlation (All Time)
Calculated using the full available price history since Apr 22, 2016

0.66

The correlation between SMH and HXQ.TO shifts across timeframes, from 0.66 (all time) to 0.76 (5 years), reflecting how their relationship changes across market environments.

SMH vs. HXQ.TO - Sectors Allocation Comparison

Sectors
SMH
HXQ.TO

Technology

100.0%
55.9%

Basic Materials

-

1.0%

Communication Services

-

15.8%

Consumer Cyclical

-

13.2%

Consumer Defensive

-

4.4%

Energy

-

0.5%

Financial Services

-

0.3%

Healthcare

-

4.4%

Industrials

-

3.1%

Real Estate

-

0.2%

Utilities

-

1.4%

Technology

SMH
100.0%
HXQ.TO
55.9%

Basic Materials

SMH

-

HXQ.TO
1.0%

Communication Services

SMH

-

HXQ.TO
15.8%

Consumer Cyclical

SMH

-

HXQ.TO
13.2%

Consumer Defensive

SMH

-

HXQ.TO
4.4%

Energy

SMH

-

HXQ.TO
0.5%

Financial Services

SMH

-

HXQ.TO
0.3%

Healthcare

SMH

-

HXQ.TO
4.4%

Industrials

SMH

-

HXQ.TO
3.1%

Real Estate

SMH

-

HXQ.TO
0.2%

Utilities

SMH

-

HXQ.TO
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Semiconductor ETF

Horizons NASDAQ-100 Index ETF

Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK
Often compared with HXQ.TO:
HXQ.TO vs. QQC.TOHXQ.TO vs. XQQ.TOHXQ.TO vs. VFV.TOHXQ.TO vs. QQQHXQ.TO vs. HXS.TOHXQ.TO vs. ZNQ.TOHXQ.TO vs. QQC-F.TO

Return for Risk

SMH vs. HXQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9393
Sortino Ratio Rank
SMH Omega Ratio Rank: 9494
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9696
Martin Ratio Rank
HXQ.TO
HXQ.TO Risk / Return Rank: 7373
Overall Rank
HXQ.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
HXQ.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
HXQ.TO Omega Ratio Rank: 7979
Omega Ratio Rank
HXQ.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
HXQ.TO Martin Ratio Rank: 6161
Martin Ratio Rank
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. HXQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Horizons NASDAQ-100 Index ETF (HXQ.TO). 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.

SMHHXQ.TODifference
Sharpe ratioReturn per unit of total volatility
4.27
2.09

+2.18

Sortino ratioReturn per unit of downside risk
4.33
2.71

+1.62

Omega ratioGain probability vs. loss probability

1.62

1.38

+0.24

Calmar ratioReturn relative to maximum drawdown

9.26

2.96

+6.30

Martin ratioReturn relative to average drawdown

34.80

11.09

+23.72

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. HXQ.TO - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.27, which is higher than the HXQ.TO Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of SMH and HXQ.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SMHHXQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.27

2.09

+2.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.08

0.78

+0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.13

0.98

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.97

-0.64

Drawdowns

SMH vs. HXQ.TO - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than HXQ.TO's maximum drawdown of -35.78%. Use the drawdown chart below to compare losses from any high point for SMH and HXQ.TO.

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Drawdown Indicators

SMHHXQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-84.96%

-35.78%

-49.18%

Max Drawdown (1Y)

Largest decline over 1 year

-14.93%

-11.98%

-2.95%

Max Drawdown (3Y)

Largest decline over 3 years

-35.74%

-22.85%

-12.89%

Max Drawdown (5Y)

Largest decline over 5 years

-45.30%

-35.78%

-9.52%

Max Drawdown (10Y)

Largest decline over 10 years

-45.30%

-35.78%

-9.52%

Current Drawdown

Current decline from peak

-6.23%

-4.21%

-2.02%

Average Drawdown

Average peak-to-trough decline

-41.07%

-6.35%

-34.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.96%

3.19%

+0.77%

Volatility

SMH vs. HXQ.TO - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 15.45% compared to Horizons NASDAQ-100 Index ETF (HXQ.TO) at 6.64%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than HXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMHHXQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

15.45%

6.64%

+8.81%

Volatility (6M)

Calculated over the trailing 6-month period

26.71%

13.11%

+13.60%

Volatility (1Y)

Calculated over the trailing 1-year period

32.42%

17.01%

+15.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.32%

21.59%

+13.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.75%

21.56%

+11.19%

SMH vs. HXQ.TO - Expense Ratio Comparison

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

Dividends

SMH vs. HXQ.TO - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, while HXQ.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HXQ.TO
Horizons NASDAQ-100 Index ETF		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		0.18%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 HXQ.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HXQ.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

SMH is categorized as Semiconductors, while HXQ.TO is Nasdaq-100. SMH tracks MVIS US Listed Semiconductor 25 Index, while HXQ.TO tracks NASDAQ-100 Index. They also come from different issuers: VanEck and Horizons. Their fees differ too: 0.35% for SMH and 0.25% for HXQ.TO.

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