SMH vs. PHYS
SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while PHYS (Sprott Physical Gold Trust) is a stock. Over the past 10 years, SMH returned 37.49%/yr vs 11.42%/yr for PHYS. At a 0.02 correlation, their price movements are largely independent.
Performance
SMH vs. PHYS - 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 PHYS's -3.85% return. Over the past 10 years, SMH has outperformed PHYS with an annualized return of 37.49%, while PHYS has yielded a comparatively lower 11.42% 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%
PHYS
- 1D
- 0.19%
- 1M
- -9.95%
- YTD
- -3.85%
- 6M
- -3.47%
- 1Y
- 20.77%
- 3Y*
- 28.00%
- 5Y*
- 16.26%
- 10Y*
- 11.42%
SMH vs. PHYS - 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% |
PHYS Sprott Physical Gold Trust | -3.85% | 63.95% | 26.43% | 12.98% | -1.81% | -4.84% | 23.89% | 18.14% | -2.64% | 12.78% |
Correlation
The correlation between SMH and PHYS 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 | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2010 | 0.02 |
The correlation between SMH and PHYS shifts across timeframes, from 0.02 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMH vs. PHYS — Risk / Return Rank
SMH
PHYS
SMH vs. PHYS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Sprott Physical Gold Trust (PHYS). 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 | PHYS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.32 | ||
| Sortino ratioReturn per unit of downside risk | +3.12 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.17 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 9.18 | 0.92 | +8.27 |
| Martin ratioReturn relative to average drawdown | 33.74 | 2.64 | +31.10 |
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Drawdowns
SMH vs. PHYS - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, which is greater than PHYS's maximum drawdown of -48.16%. Use the drawdown chart below to compare losses from any high point for SMH and PHYS.
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Drawdown Indicators
| SMH | PHYS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -48.16% | -36.80% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -24.80% | +9.87% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | -24.80% | -10.94% |
Max Drawdown (5Y)Largest decline over 5 years | -45.30% | -24.80% | -20.50% |
Max Drawdown (10Y)Largest decline over 10 years | -45.30% | -24.80% | -20.50% |
Current DrawdownCurrent decline from peak | -2.81% | -22.43% | +19.62% |
Average DrawdownAverage peak-to-trough decline | -41.04% | -20.99% | -20.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 8.60% | -4.54% |
Volatility
SMH vs. PHYS - Volatility Comparison
VanEck Semiconductor ETF (SMH) has a higher volatility of 16.25% compared to Sprott Physical Gold Trust (PHYS) at 7.80%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than PHYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMH | PHYS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.25% | 7.80% | +8.45% |
Volatility (6M)Calculated over the trailing 6-month period | 27.73% | 24.75% | +2.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.20% | 28.17% | +5.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.47% | 18.53% | +16.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.82% | 16.41% | +16.41% |
Dividends
SMH vs. PHYS - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.18%, while PHYS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHYS Sprott Physical Gold Trust | 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 PHYS 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 PHYS (7.80%). In terms of maximum drawdown, SMH dropped -84.96% vs PHYS's -48.16%.
SMH currently has the higher Sharpe Ratio (4.13 vs 0.81), 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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