SMH vs. NVDU

Last updated Jun 5, 2026

SMH (VanEck Semiconductor ETF) and NVDU (Direxion Daily NVDA Bull 2X Shares ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while NVDU is a Leveraged Equities fund actively managed by Direxion. SMH is passively managed, while NVDU is actively managed. Over the past year, SMH returned 150.04% vs 90.38% for NVDU. A 0.78 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 1.04%/yr for NVDU.

Performance

SMH vs. NVDU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and Direxion Daily NVDA Bull 2X Shares ETF (NVDU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMH achieves a 74.25% return, which is significantly higher than NVDU's 24.68% return.

SMH

• 1D: -1.63%
• 1M: 20.06%
• YTD: 74.25%
• 6M: 74.08%
• 1Y: 150.04%
• 3Y*: 63.96%
• 5Y*: 38.76%
• 10Y*: 37.49%

NVDU

• 1D: 3.97%
• 1M: 21.27%
• YTD: 24.68%
• 6M: 26.89%
• 1Y: 90.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMH vs. NVDU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMH VanEck Semiconductor ETF	74.25%	49.17%	39.10%	16.84%
NVDU Direxion Daily NVDA Bull 2X Shares ETF	24.68%	33.65%	289.29%	9.96%

Correlation

The correlation between SMH and NVDU is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.78

The correlation between SMH and NVDU shifts across timeframes, from 0.64 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

SMH vs. NVDU - Sectors Allocation Comparison

Sectors	SMH	NVDU
Technology	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SMH vs. NVDU — 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: 95
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

NVDU

NVDU Risk / Return Rank: 38
NVDU Sharpe Ratio Rank: 39
NVDU Sortino Ratio Rank: 39
NVDU Omega Ratio Rank: 36
NVDU Calmar Ratio Rank: 44
NVDU Martin Ratio Rank: 33

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. NVDU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Direxion Daily NVDA Bull 2X Shares ETF (NVDU). 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.

	SMH	NVDU	Difference
Sharpe ratio: Return per unit of total volatility	4.94	1.34	+3.60
Sortino ratio: Return per unit of downside risk	5.05	1.96	+3.09
Omega ratio: Gain probability vs. loss probability	1.69	1.23	+0.46
Calmar ratio: Return relative to maximum drawdown	10.11	2.15	+7.96
Martin ratio: Return relative to average drawdown	38.76	4.90	+33.86
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. NVDU - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.94, which is higher than the NVDU Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of SMH and NVDU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMH	NVDU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.94	1.34	+3.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	1.17	-0.83

Drawdowns

SMH vs. NVDU - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than NVDU's maximum drawdown of -67.27%. Use the drawdown chart below to compare losses from any high point for SMH and NVDU.

Drawdown Indicators

	SMH	NVDU	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-67.27%	-17.69%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-42.27%	+27.34%
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	-1.63%	-15.08%	+13.45%
Average Drawdown Average peak-to-trough decline	-41.08%	-18.83%	-22.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	18.50%	-14.61%

Volatility

SMH vs. NVDU - Volatility Comparison

The current volatility for VanEck Semiconductor ETF (SMH) is 11.58%, while Direxion Daily NVDA Bull 2X Shares ETF (NVDU) has a volatility of 24.76%. This indicates that SMH experiences smaller price fluctuations and is considered to be less risky than NVDU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	NVDU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.58%	24.76%	-13.18%
Volatility (6M) Calculated over the trailing 6-month period	24.35%	50.62%	-26.27%
Volatility (1Y) Calculated over the trailing 1-year period	30.57%	67.91%	-37.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.01%	91.02%	-56.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.57%	91.02%	-58.45%

SMH vs. NVDU - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than NVDU's 1.04% expense ratio.

Dividends

SMH vs. NVDU - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than NVDU's 4.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDU Direxion Daily NVDA Bull 2X Shares ETF	4.65%	5.68%	16.85%	0.63%	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

Can I hold both SMH and NVDU in my portfolio?

SMH and NVDU have a correlation of 0.64, 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 NVDU?

NVDU has higher volatility (24.76%) compared to SMH (11.58%). In terms of maximum drawdown, SMH dropped -84.96% vs NVDU's -67.27%.

Which ETF is better, SMH or NVDU?

On 1-year performance, SMH leads with 150.04% vs 90.38% for NVDU. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 11.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or NVDU?

Over the 1-year period, SMH has performed better with a 150.04% return vs 90.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or NVDU?

SMH is cheaper with a 0.35% expense ratio, compared with 1.04% for NVDU.

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

NVDU has the higher dividend yield at 4.65%, compared with 0.18% for SMH.

What is the main difference between SMH and NVDU?

SMH is categorized as Semiconductors, while NVDU is Leveraged Equities. They also come from different issuers: VanEck and Direxion. Their fees differ too: 0.35% for SMH and 1.04% for NVDU.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.94 vs 1.34), 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.