SMH vs. PKSFX

Last updated Jun 9, 2026

SMH (VanEck Semiconductor ETF) and PKSFX (Virtus KAR Small-Cap Core Fund) are both funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while PKSFX is a Mid Cap Growth Equities fund managed by Virtus. Over the past 10 years, SMH returned 36.92%/yr vs 14.50%/yr for PKSFX. A 0.65 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 1.00%/yr for PKSFX.

Performance

SMH vs. PKSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and Virtus KAR Small-Cap Core Fund (PKSFX). 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 PKSFX's 2.84% return. Over the past 10 years, SMH has outperformed PKSFX with an annualized return of 36.92%, while PKSFX has yielded a comparatively lower 14.50% annualized 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%

PKSFX

• 1D: -0.14%
• 1M: -1.88%
• YTD: 2.84%
• 6M: 3.24%
• 1Y: 3.19%
• 3Y*: 10.39%
• 5Y*: 7.60%
• 10Y*: 14.50%

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

SMH vs. PKSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMH VanEck Semiconductor ETF	66.10%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%
PKSFX Virtus KAR Small-Cap Core Fund	2.84%	-2.58%	13.67%	32.32%	-10.77%	19.03%	21.38%	40.21%	-1.99%	34.98%

Correlation

The correlation between SMH and PKSFX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000	0.65

Over the past year, the correlation between SMH and PKSFX has dropped to 0.37 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

SMH vs. PKSFX — 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

PKSFX

PKSFX Risk / Return Rank: 5
PKSFX Sharpe Ratio Rank: 5
PKSFX Sortino Ratio Rank: 5
PKSFX Omega Ratio Rank: 4
PKSFX Calmar Ratio Rank: 5
PKSFX Martin Ratio Rank: 4

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. PKSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Virtus KAR Small-Cap Core Fund (PKSFX). 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	PKSFX	Difference
Sharpe ratio: Return per unit of total volatility	4.27	0.24	+4.03
Sortino ratio: Return per unit of downside risk	4.33	0.47	+3.86
Omega ratio: Gain probability vs. loss probability	1.62	1.05	+0.57
Calmar ratio: Return relative to maximum drawdown	9.26	0.32	+8.93
Martin ratio: Return relative to average drawdown	34.80	0.67	+34.13
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. PKSFX - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.27, which is higher than the PKSFX Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of SMH and PKSFX, 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	PKSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.27	0.24	+4.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	0.43	+0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.13	0.77	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.56	-0.23

Drawdowns

SMH vs. PKSFX - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than PKSFX's maximum drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SMH and PKSFX.

Drawdown Indicators

	SMH	PKSFX	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-54.46%	-30.50%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-11.19%	-3.74%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-21.82%	-13.92%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-22.02%	-23.28%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-33.45%	-11.85%
Current Drawdown Current decline from peak	-6.23%	-8.26%	+2.03%
Average Drawdown Average peak-to-trough decline	-41.07%	-7.17%	-33.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	5.42%	-1.46%

Volatility

SMH vs. PKSFX - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 15.45% compared to Virtus KAR Small-Cap Core Fund (PKSFX) at 3.68%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than PKSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	PKSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.45%	3.68%	+11.77%
Volatility (6M) Calculated over the trailing 6-month period	26.71%	10.95%	+15.76%
Volatility (1Y) Calculated over the trailing 1-year period	32.42%	15.28%	+17.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.32%	17.93%	+17.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.75%	18.81%	+13.94%

SMH vs. PKSFX - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than PKSFX's 1.00% expense ratio.

Dividends

SMH vs. PKSFX - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than PKSFX's 13.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PKSFX Virtus KAR Small-Cap Core Fund	13.91%	14.30%	4.07%	4.12%	6.65%	12.05%	7.45%	4.03%	4.33%	0.17%	5.69%	19.83%
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 PKSFX in my portfolio?

SMH and PKSFX have a correlation of 0.37, 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 PKSFX?

SMH has higher volatility (15.45%) compared to PKSFX (3.68%). In terms of maximum drawdown, SMH dropped -84.96% vs PKSFX's -54.46%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.27 vs 0.24), 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.