SMH vs. OKLO

Last updated Jun 9, 2026

SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while OKLO (Oklo Inc.) is a stock. Over the past 3 years, SMH returned 60.43%/yr vs 77.50%/yr for OKLO. At a 0.26 correlation, their price movements are largely independent.

Performance

SMH vs. OKLO - Performance Comparison

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

Returns By Period

In the year-to-date period, SMH achieves a 66.10% return, which is significantly higher than OKLO's -17.87% 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%

OKLO

• 1D: 1.46%
• 1M: -18.71%
• YTD: -17.87%
• 6M: -43.66%
• 1Y: 17.20%
• 3Y*: 77.50%
• 5Y*: —
• 10Y*: —

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

SMH vs. OKLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMH VanEck Semiconductor ETF	66.10%	49.17%	39.10%	73.38%	-33.53%	22.86%
OKLO Oklo Inc.	-17.87%	238.01%	101.04%	6.45%	0.71%	-1.30%

Correlation

The correlation between SMH and OKLO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jul 9, 2021	0.26

Over the past year, SMH and OKLO have become more correlated (0.48) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

SMH vs. OKLO — 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: 93
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

OKLO

OKLO Risk / Return Rank: 50
OKLO Sharpe Ratio Rank: 48
OKLO Sortino Ratio Rank: 56
OKLO Omega Ratio Rank: 53
OKLO Calmar Ratio Rank: 48
OKLO Martin Ratio Rank: 47

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. OKLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Oklo Inc. (OKLO). 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	OKLO	Difference
Sharpe ratio: Return per unit of total volatility	4.27	0.16	+4.11
Sortino ratio: Return per unit of downside risk	4.33	1.07	+3.26
Omega ratio: Gain probability vs. loss probability	1.62	1.12	+0.50
Calmar ratio: Return relative to maximum drawdown	9.26	0.23	+9.02
Martin ratio: Return relative to average drawdown	34.80	0.38	+34.42
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. OKLO - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.27, which is higher than the OKLO Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of SMH and OKLO, 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	OKLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.27	0.16	+4.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.51	-0.18

Drawdowns

SMH vs. OKLO - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than OKLO's maximum drawdown of -73.83%. Use the drawdown chart below to compare losses from any high point for SMH and OKLO.

Drawdown Indicators

	SMH	OKLO	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-73.83%	-11.13%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-73.83%	+58.90%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-73.83%	+38.09%
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	-6.23%	-66.15%	+59.92%
Average Drawdown Average peak-to-trough decline	-41.07%	-17.98%	-23.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	44.99%	-41.03%

Volatility

SMH vs. OKLO - Volatility Comparison

The current volatility for VanEck Semiconductor ETF (SMH) is 15.45%, while Oklo Inc. (OKLO) has a volatility of 28.53%. This indicates that SMH experiences smaller price fluctuations and is considered to be less risky than OKLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	OKLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.45%	28.53%	-13.08%
Volatility (6M) Calculated over the trailing 6-month period	26.71%	69.37%	-42.66%
Volatility (1Y) Calculated over the trailing 1-year period	32.42%	106.14%	-73.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.32%	85.95%	-50.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.75%	85.95%	-53.20%

Dividends

SMH vs. OKLO - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OKLO Oklo Inc.	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

Can I hold both SMH and OKLO in my portfolio?

SMH and OKLO have a correlation of 0.48, 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 OKLO?

OKLO has higher volatility (28.53%) compared to SMH (15.45%). In terms of maximum drawdown, SMH dropped -84.96% vs OKLO's -73.83%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.27 vs 0.16), 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.