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SMH vs. IAUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMH vs. IAUM

Last updated Jun 13, 2026

SMH (VanEck Semiconductor ETF) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, SMH returned 60.05%/yr vs 29.28%/yr for IAUM. At a 0.12 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.09%/yr for IAUM.

Performance

SMH vs. IAUM - Performance Comparison

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

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Returns By Period

In the year-to-date period, SMH achieves a 72.15% return, which is significantly higher than IAUM's -2.40% return.

SMH

1D
1.72%
1M
8.30%
YTD
72.15%
6M
75.62%
1Y
136.32%
3Y*
60.05%
5Y*
38.42%
10Y*
37.49%

IAUM

1D
0.10%
1M
-10.19%
YTD
-2.40%
6M
-2.08%
1Y
24.22%
3Y*
29.28%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMH vs. IAUM - Yearly Performance Comparison

2026 (YTD)20252024202320222021
SMH
VanEck Semiconductor ETF		72.15%49.17%39.10%73.38%-33.53%19.54%
IAUM
iShares Gold Trust Micro		-2.40%64.27%27.04%13.12%-0.49%3.87%

Correlation

The correlation between SMH and IAUM is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.22

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

0.14

Correlation (All Time)
Calculated using the full available price history since Jun 29, 2021

0.12

The correlation between SMH and IAUM shifts across timeframes, from 0.12 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

SMH vs. IAUM - Sectors Allocation Comparison

Sectors
SMH
IAUM

Technology

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

100.0%

Utilities

-

-

Technology

SMH
100.0%
IAUM

-

Basic Materials

SMH

-

IAUM

-

Communication Services

SMH

-

IAUM

-

Consumer Cyclical

SMH

-

IAUM

-

Consumer Defensive

SMH

-

IAUM

-

Energy

SMH

-

IAUM

-

Financial Services

SMH

-

IAUM

-

Healthcare

SMH

-

IAUM

-

Industrials

SMH

-

IAUM

-

Real Estate

SMH

-

IAUM
100.0%

Utilities

SMH

-

IAUM

-

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

iShares Gold Trust Micro

Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK
Often compared with IAUM:
IAUM vs. IAUIAUM vs. GLDMIAUM vs. GLDIAUM vs. FSAGXIAUM vs. SGOLIAUM vs. PHYSIAUM vs. SIVR

Return for Risk

SMH vs. IAUM — 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: 9494
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
IAUM
IAUM Risk / Return Rank: 2727
Overall Rank
IAUM Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
IAUM Sortino Ratio Rank: 2525
Sortino Ratio Rank
IAUM Omega Ratio Rank: 3131
Omega Ratio Rank
IAUM Calmar Ratio Rank: 2424
Calmar Ratio Rank
IAUM Martin Ratio Rank: 2525
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. IAUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and iShares Gold Trust Micro (IAUM). 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.

SMHIAUMDifference
Sharpe ratioReturn per unit of total volatility
4.13
0.90

+3.23

Sortino ratioReturn per unit of downside risk
4.26
1.26

+3.00

Omega ratioGain probability vs. loss probability

1.60

1.19

+0.41

Calmar ratioReturn relative to maximum drawdown

9.18

1.00

+8.19

Martin ratioReturn relative to average drawdown

33.74

2.87

+30.87

SMH vs. IAUM - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.13, which is higher than the IAUM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of SMH and IAUM, 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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Drawdowns

SMH vs. IAUM - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than IAUM's maximum drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for SMH and IAUM.

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Drawdown Indicators

SMHIAUMDifference

Max Drawdown

Largest peak-to-trough decline

-84.96%

-24.37%

-60.59%

Max Drawdown (1Y)

Largest decline over 1 year

-14.93%

-24.37%

+9.44%

Max Drawdown (3Y)

Largest decline over 3 years

-35.74%

-24.37%

-11.37%

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

-2.81%

-21.99%

+19.18%

Average Drawdown

Average peak-to-trough decline

-41.04%

-5.38%

-35.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.06%

8.46%

-4.40%

Volatility

SMH vs. IAUM - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 16.25% compared to iShares Gold Trust Micro (IAUM) at 7.71%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMHIAUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.25%

7.71%

+8.54%

Volatility (6M)

Calculated over the trailing 6-month period

27.73%

23.82%

+3.91%

Volatility (1Y)

Calculated over the trailing 1-year period

33.20%

27.06%

+6.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.47%

18.05%

+17.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.82%

18.05%

+14.77%

SMH vs. IAUM - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is higher than IAUM's 0.09% expense ratio.

Dividends

SMH vs. IAUM - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
IAUM
iShares Gold Trust Micro		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 IAUM have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMH has higher volatility (16.25%) compared to IAUM (7.71%). In terms of maximum drawdown, SMH dropped -84.96% vs IAUM's -24.37%.

On 3-year performance, SMH leads with 60.05% vs 29.28% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, SMH has performed better with a 60.05% return vs 29.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IAUM is cheaper with a 0.09% expense ratio, compared with 0.35% for SMH.

SMH has the higher dividend yield at 0.18%, compared with 0.00% for IAUM.

SMH is categorized as Semiconductors, while IAUM is Gold. SMH tracks MVIS US Listed Semiconductor 25 Index, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for SMH and 0.09% for IAUM.

SMH currently has the higher Sharpe Ratio (4.13 vs 0.90), 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.

Portfolio Optimizer

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