SMH vs. ISHG
SMH (VanEck Semiconductor ETF) and ISHG (iShares 1-3 Year International Treasury Bond ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Both are passively managed. Over the past 10 years, SMH returned 37.49%/yr vs -0.14%/yr for ISHG. At a 0.14 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.
Performance
SMH vs. ISHG - Performance Comparison
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Returns By Period
In the year-to-date period, SMH achieves a 72.15% return, which is significantly higher than ISHG's -0.18% return. Over the past 10 years, SMH has outperformed ISHG with an annualized return of 37.49%, while ISHG has yielded a comparatively lower -0.14% annualized return.
SMH
- 1D
- 1.72%
- 1M
- 11.44%
- YTD
- 72.15%
- 6M
- 75.62%
- 1Y
- 141.99%
- 3Y*
- 60.05%
- 5Y*
- 38.42%
- 10Y*
- 37.49%
ISHG
- 1D
- 0.06%
- 1M
- -0.07%
- YTD
- -0.18%
- 6M
- 0.19%
- 1Y
- 1.37%
- 3Y*
- 4.08%
- 5Y*
- -1.07%
- 10Y*
- -0.14%
SMH vs. ISHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 72.15% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
ISHG iShares 1-3 Year International Treasury Bond ETF | -0.18% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
Correlation
The correlation between SMH and ISHG is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.14 |
The correlation between SMH and ISHG shifts across timeframes, from 0.14 (10 years) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMH vs. ISHG — Risk / Return Rank
SMH
ISHG
SMH vs. ISHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and iShares 1-3 Year International Treasury Bond ETF (ISHG). 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 | ISHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.98 | ||
| Sortino ratioReturn per unit of downside risk | +3.99 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.03 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 9.18 | 0.20 | +8.99 |
| Martin ratioReturn relative to average drawdown | 33.74 | 0.49 | +33.25 |
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Drawdowns
SMH vs. ISHG - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, which is greater than ISHG's maximum drawdown of -37.24%. Use the drawdown chart below to compare losses from any high point for SMH and ISHG.
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Drawdown Indicators
| SMH | ISHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -37.24% | -47.72% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -5.02% | -9.91% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | -8.21% | -27.53% |
Max Drawdown (5Y)Largest decline over 5 years | -45.30% | -22.91% | -22.39% |
Max Drawdown (10Y)Largest decline over 10 years | -45.30% | -25.56% | -19.74% |
Current DrawdownCurrent decline from peak | -2.81% | -22.37% | +19.56% |
Average DrawdownAverage peak-to-trough decline | -41.04% | -18.44% | -22.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 2.05% | +2.01% |
Volatility
SMH vs. ISHG - Volatility Comparison
VanEck Semiconductor ETF (SMH) has a higher volatility of 16.25% compared to iShares 1-3 Year International Treasury Bond ETF (ISHG) at 1.67%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than ISHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMH | ISHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.25% | 1.67% | +14.58% |
Volatility (6M)Calculated over the trailing 6-month period | 27.73% | 4.76% | +22.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.20% | 6.51% | +26.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.47% | 7.58% | +27.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.82% | 6.94% | +25.88% |
SMH vs. ISHG - Expense Ratio Comparison
Both SMH and ISHG have an expense ratio of 0.35%.
Dividends
SMH vs. ISHG - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.18%, less than ISHG's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.45% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
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 ISHG have a correlation of 0.26, 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 ISHG (1.67%). In terms of maximum drawdown, SMH dropped -84.96% vs ISHG's -37.24%.
On 10-year performance, SMH leads with 37.49% vs -0.14% for ISHG. Both ETFs have the same 0.35% expense ratio. On volatility, ISHG has been the lower-risk option at 1.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMH has performed better with a 37.49% return vs -0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH and ISHG have the same expense ratio: 0.35% per year.
ISHG has the higher dividend yield at 1.45%, compared with 0.18% for SMH.
SMH is categorized as Semiconductors, while ISHG is International Government Bonds. SMH tracks MVIS US Listed Semiconductor 25 Index, while ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. They also come from different issuers: VanEck and iShares.
SMH currently has the higher Sharpe Ratio (4.13 vs 0.15), 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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