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SMH vs. PVAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMH vs. PVAL

Last updated Jul 22, 2026
Documentation

SMH (VanEck Semiconductor ETF) and PVAL (Putnam Focused Large Cap Value ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while PVAL is a Large Cap Value Equities fund actively managed by Putnam. SMH is passively managed, while PVAL is actively managed. Over the past 5 years, SMH returned 36.35%/yr vs 17.05%/yr for PVAL. A 0.59 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 0.55%/yr for PVAL.

Performance

SMH vs. PVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and Putnam Focused Large Cap Value ETF (PVAL). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SMH achieves a 62.19% return, which is significantly higher than PVAL's 15.24% return.

SMH

1D
4.52%
1M
-11.49%
6M
49.61%
YTD
62.19%
1Y
101.68%
3Y*
56.73%
5Y*
36.35%
10Y*
35.39%
ALL TIME*
11.40%

PVAL

1D
0.83%
1M
1.84%
6M
13.72%
YTD
15.24%
1Y
29.47%
3Y*
21.78%
5Y*
17.05%
10Y*
—
ALL TIME*
16.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMH vs. PVAL - Yearly Performance Comparison

2026 (YTD)20252024202320222021
SMH
VanEck Semiconductor ETF		62.19%49.17%39.10%73.38%-33.53%26.71%
PVAL
Putnam Focused Large Cap Value ETF		15.24%24.13%19.30%18.41%-2.61%11.77%

Correlation

The correlation between SMH and PVAL is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

Correlation (3Y)
Calculated over the trailing 3-year period

0.51

Correlation (5Y)
Calculated over the trailing 5-year period

0.59

Correlation (All Time)
Calculated using the full available price history since May 26, 2021

0.59

The correlation between SMH and PVAL shifts across timeframes, from 0.49 (1 year) to 0.59 (5 years), reflecting how their relationship changes across market environments.

SMH vs. PVAL - Sectors Allocation Comparison

Sectors
SMH
PVAL

Technology

100.0%
17.1%

Basic Materials

-

4.6%

Communication Services

-

4.3%

Consumer Cyclical

-

9.9%

Consumer Defensive

-

7.9%

Energy

-

7.3%

Financial Services

-

11.8%

Healthcare

-

10.2%

Industrials

-

11.4%

Real Estate

-

2.0%

Utilities

-

4.3%

Technology

SMH
100.0%
PVAL
17.1%

Basic Materials

SMH

-

PVAL
4.6%

Communication Services

SMH

-

PVAL
4.3%

Consumer Cyclical

SMH

-

PVAL
9.9%

Consumer Defensive

SMH

-

PVAL
7.9%

Energy

SMH

-

PVAL
7.3%

Financial Services

SMH

-

PVAL
11.8%

Healthcare

SMH

-

PVAL
10.2%

Industrials

SMH

-

PVAL
11.4%

Real Estate

SMH

-

PVAL
2.0%

Utilities

SMH

-

PVAL
4.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Semiconductor ETF

Putnam Focused Large Cap Value ETF

Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. XLKSMH vs. SMHX
Often compared with PVAL:
PVAL vs. PEIYXPVAL vs. VTVPVAL vs. VOOPVAL vs. TCAFPVAL vs. BMARPVAL vs. PWVPVAL vs. SPHQ

Return for Risk

SMH vs. PVAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMH
SMH Risk / Return Rank: 9292
Overall Rank
SMH Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 8787
Sortino Ratio Rank
SMH Omega Ratio Rank: 8989
Omega Ratio Rank
SMH Calmar Ratio Rank: 9696
Calmar Ratio Rank
SMH Martin Ratio Rank: 9595
Martin Ratio Rank
PVAL
PVAL Risk / Return Rank: 9292
Overall Rank
PVAL Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
PVAL Sortino Ratio Rank: 9494
Sortino Ratio Rank
PVAL Omega Ratio Rank: 9292
Omega Ratio Rank
PVAL Calmar Ratio Rank: 9090
Calmar Ratio Rank
PVAL Martin Ratio Rank: 9191
Martin Ratio Rank
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. PVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Putnam Focused Large Cap Value ETF (PVAL). 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.

SMHPVALDifference
Sharpe ratioReturn per unit of total volatility
2.74
2.67

+0.07

Sortino ratioReturn per unit of downside risk
3.05
3.75

-0.70

Omega ratioGain probability vs. loss probability

1.41

1.48

-0.07

Calmar ratioReturn relative to maximum drawdown

6.09

4.10

+1.99

Martin ratioReturn relative to average drawdown

20.14

15.44

+4.70

SMH vs. PVAL - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 2.74, which is comparable to the PVAL Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of SMH and PVAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SMH vs. PVAL - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than PVAL's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for SMH and PVAL.

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Drawdown Indicators

SMHPVALDifference

Max Drawdown

Largest peak-to-trough decline

-84.96%

-16.64%

-68.32%

Max Drawdown (1Y)

Largest decline over 1 year

-16.80%

-7.22%

-9.58%

Max Drawdown (3Y)

Largest decline over 3 years

-35.74%

-15.42%

-20.32%

Max Drawdown (5Y)

Largest decline over 5 years

-45.30%

-16.64%

-28.66%

Max Drawdown (10Y)

Largest decline over 10 years

-45.30%

—

—

Current Drawdown

Current decline from peak

-12.68%

0.00%

-12.68%

Average Drawdown

Average peak-to-trough decline

-40.92%

-2.96%

-37.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.07%

1.91%

+3.16%

Volatility

SMH vs. PVAL - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 16.00% compared to Putnam Focused Large Cap Value ETF (PVAL) at 2.49%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than PVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMHPVALDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.00%

2.49%

+13.51%

Volatility (6M)

Calculated over the trailing 6-month period

31.90%

8.56%

+23.34%

Volatility (1Y)

Calculated over the trailing 1-year period

37.27%

11.09%

+26.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.26%

15.22%

+21.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.19%

15.15%

+18.04%

SMH vs. PVAL - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than PVAL's 0.55% expense ratio.

Dividends

SMH vs. PVAL - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.19%, less than PVAL's 0.92% yield.

PositionTTM20252024202320222021202020192018201720162015
PVAL
Putnam Focused Large Cap Value ETF		0.92%1.00%1.34%1.33%0.59%0.47%0.00%0.00%0.00%0.00%0.00%0.00%
SMH
VanEck Semiconductor ETF		0.19%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 PVAL have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMH has higher volatility (16.00%) compared to PVAL (2.49%). In terms of maximum drawdown, SMH dropped -84.96% vs PVAL's -16.64%.

On 5-year performance, SMH leads with 36.35% vs 17.05% for PVAL. On fees, SMH is cheaper at 0.35% per year. On volatility, PVAL has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SMH has performed better with a 36.35% return vs 17.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMH is cheaper with a 0.35% expense ratio, compared with 0.55% for PVAL.

PVAL has the higher dividend yield at 0.92%, compared with 0.19% for SMH.

SMH is categorized as Semiconductors, while PVAL is Large Cap Value Equities. They also come from different issuers: VanEck and Putnam. Their fees differ too: 0.35% for SMH and 0.55% for PVAL.

SMH currently has the higher Sharpe Ratio (2.74 vs 2.67), 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.

Portfolio Optimizer

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