SMH vs. MDFGX

Last updated Jun 14, 2026

SMH (VanEck Semiconductor ETF) and MDFGX (BlackRock Capital Appreciation Fund) are both funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while MDFGX is a Large Cap Growth Equities fund managed by BlackRock. Over the past 10 years, SMH returned 37.49%/yr vs 16.67%/yr for MDFGX. A 0.76 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 0.97%/yr for MDFGX.

Performance

SMH vs. MDFGX - Performance Comparison

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

Returns By Period

In the year-to-date period, SMH achieves a 72.15% return, which is significantly higher than MDFGX's 8.54% return. Over the past 10 years, SMH has outperformed MDFGX with an annualized return of 37.49%, while MDFGX has yielded a comparatively lower 16.67% annualized return.

SMH

• 1D: 1.72%
• 1M: 7.20%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 141.99%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

MDFGX

• 1D: 2.30%
• 1M: -3.72%
• YTD: 8.54%
• 6M: 10.22%
• 1Y: 20.45%
• 3Y*: 22.77%
• 5Y*: 10.48%
• 10Y*: 16.67%

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

SMH vs. MDFGX - 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%
MDFGX BlackRock Capital Appreciation Fund	8.54%	12.63%	31.58%	48.77%	-37.83%	20.78%	40.16%	31.89%	1.81%	32.37%

Correlation

The correlation between SMH and MDFGX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000	0.76

The correlation between SMH and MDFGX has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

Return for Risk

SMH vs. MDFGX — 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: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

MDFGX

MDFGX Risk / Return Rank: 19
MDFGX Sharpe Ratio Rank: 21
MDFGX Sortino Ratio Rank: 19
MDFGX Omega Ratio Rank: 21
MDFGX Calmar Ratio Rank: 17
MDFGX Martin Ratio Rank: 18

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. MDFGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and BlackRock Capital Appreciation Fund (MDFGX). 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	MDFGX	Difference
Sharpe ratio: Return per unit of total volatility	4.13	1.05	+3.08
Sortino ratio: Return per unit of downside risk	4.26	1.47	+2.79
Omega ratio: Gain probability vs. loss probability	1.60	1.19	+0.41
Calmar ratio: Return relative to maximum drawdown	9.18	1.14	+8.05
Martin ratio: Return relative to average drawdown	33.74	3.80	+29.93

SMH vs. MDFGX - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.13, which is higher than the MDFGX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of SMH and MDFGX, 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. MDFGX - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than MDFGX's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for SMH and MDFGX.

Drawdown Indicators

	SMH	MDFGX	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-47.99%	-36.97%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-16.74%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-24.43%	-11.31%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-42.49%	-2.81%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-42.49%	-2.81%
Current Drawdown Current decline from peak	-2.81%	-6.14%	+3.33%
Average Drawdown Average peak-to-trough decline	-41.04%	-11.22%	-29.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	4.99%	-0.93%

Volatility

SMH vs. MDFGX - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 16.25% compared to BlackRock Capital Appreciation Fund (MDFGX) at 6.95%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than MDFGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	MDFGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.25%	6.95%	+9.30%
Volatility (6M) Calculated over the trailing 6-month period	27.73%	14.60%	+13.13%
Volatility (1Y) Calculated over the trailing 1-year period	33.20%	18.18%	+15.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.47%	23.57%	+11.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.82%	22.58%	+10.24%

SMH vs. MDFGX - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than MDFGX's 0.97% expense ratio.

Dividends

SMH vs. MDFGX - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than MDFGX's 17.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDFGX BlackRock Capital Appreciation Fund	17.98%	19.51%	12.73%	3.59%	9.46%	12.95%	5.46%	10.67%	14.31%	12.51%	4.01%	11.22%
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 MDFGX in my portfolio?

SMH and MDFGX have a correlation of 0.77, 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 MDFGX?

SMH has higher volatility (16.25%) compared to MDFGX (6.95%). In terms of maximum drawdown, SMH dropped -84.96% vs MDFGX's -47.99%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 vs 1.05), 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.