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SMH vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMH vs. USMV

Last updated Jun 21, 2026

SMH (VanEck Semiconductor ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, SMH returned 38.22%/yr vs 9.68%/yr for USMV. A 0.53 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 0.15%/yr for USMV.

Performance

SMH vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMH achieves a 83.23% return, which is significantly higher than USMV's 0.81% return. Over the past 10 years, SMH has outperformed USMV with an annualized return of 38.22%, while USMV has yielded a comparatively lower 9.68% annualized return.

SMH

1D
5.76%
1M
14.50%
YTD
83.23%
6M
85.82%
1Y
154.33%
3Y*
63.38%
5Y*
40.67%
10Y*
38.22%

USMV

1D
-0.42%
1M
-2.42%
YTD
0.81%
6M
0.85%
1Y
4.23%
3Y*
10.26%
5Y*
7.31%
10Y*
9.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMH vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMH
VanEck Semiconductor ETF		83.23%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-9.05%38.48%
USMV
iShares MSCI USA Min Vol Factor ETF		0.81%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between SMH and USMV is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.11

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

0.28

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

0.44

Correlation (10Y)
Calculated over the trailing 10-year period

0.49

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.53

Over the past year, the correlation between SMH and USMV has dropped to 0.11 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

SMH vs. USMV - Sectors Allocation Comparison

Sectors
SMH
USMV

Technology

100.0%
33.9%

Basic Materials

-

2.4%

Communication Services

-

6.2%

Consumer Cyclical

-

5.7%

Consumer Defensive

-

9.4%

Energy

-

2.7%

Financial Services

-

11.7%

Healthcare

-

12.6%

Industrials

-

6.1%

Real Estate

-

2.5%

Utilities

-

6.9%

Technology

SMH
100.0%
USMV
33.9%

Basic Materials

SMH

-

USMV
2.4%

Communication Services

SMH

-

USMV
6.2%

Consumer Cyclical

SMH

-

USMV
5.7%

Consumer Defensive

SMH

-

USMV
9.4%

Energy

SMH

-

USMV
2.7%

Financial Services

SMH

-

USMV
11.7%

Healthcare

SMH

-

USMV
12.6%

Industrials

SMH

-

USMV
6.1%

Real Estate

SMH

-

USMV
2.5%

Utilities

SMH

-

USMV
6.9%

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

iShares MSCI USA Min Vol Factor ETF

Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. VFMVUSMV vs. ACWVUSMV vs. QUALUSMV vs. VTI

Return for Risk

SMH vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9494
Sortino Ratio Rank
SMH Omega Ratio Rank: 9494
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9797
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 1616
Overall Rank
USMV Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 1515
Sortino Ratio Rank
USMV Omega Ratio Rank: 1414
Omega Ratio Rank
USMV Calmar Ratio Rank: 1717
Calmar Ratio Rank
USMV Martin Ratio Rank: 1919
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. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and iShares MSCI USA Min Vol Factor ETF (USMV). 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.

SMHUSMVDifference
Sharpe ratioReturn per unit of total volatility
4.49
0.50

+3.99

Sortino ratioReturn per unit of downside risk
4.50
0.75

+3.74

Omega ratioGain probability vs. loss probability

1.64

1.09

+0.55

Calmar ratioReturn relative to maximum drawdown

10.25

0.66

+9.58

Martin ratioReturn relative to average drawdown

37.49

2.18

+35.31

SMH vs. USMV - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.49, which is higher than the USMV Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of SMH and USMV, 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. USMV - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for SMH and USMV.

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Drawdown Indicators

SMHUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-84.96%

-33.10%

-51.86%

Max Drawdown (1Y)

Largest decline over 1 year

-14.93%

-6.46%

-8.47%

Max Drawdown (3Y)

Largest decline over 3 years

-35.74%

-9.36%

-26.38%

Max Drawdown (5Y)

Largest decline over 5 years

-45.30%

-17.93%

-27.37%

Max Drawdown (10Y)

Largest decline over 10 years

-45.30%

-33.10%

-12.20%

Current Drawdown

Current decline from peak

0.00%

-2.95%

+2.95%

Average Drawdown

Average peak-to-trough decline

-41.02%

-2.87%

-38.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.07%

1.96%

+2.11%

Volatility

SMH vs. USMV - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 17.53% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.62%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMHUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.53%

2.62%

+14.91%

Volatility (6M)

Calculated over the trailing 6-month period

28.48%

6.13%

+22.35%

Volatility (1Y)

Calculated over the trailing 1-year period

34.09%

8.60%

+25.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.67%

12.36%

+23.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.94%

14.51%

+18.43%

SMH vs. USMV - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

SMH vs. USMV - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.17%, less than USMV's 1.53% yield.

PositionTTM20252024202320222021202020192018201720162015
SMH
VanEck Semiconductor ETF		0.17%0.31%0.44%0.60%1.18%0.51%0.69%1.50%1.88%1.43%0.80%2.14%
USMV
iShares MSCI USA Min Vol Factor ETF		1.53%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%

Frequently Asked Questions

SMH and USMV have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMH has higher volatility (17.53%) compared to USMV (2.62%). In terms of maximum drawdown, SMH dropped -84.96% vs USMV's -33.10%.

On 10-year performance, SMH leads with 38.22% vs 9.68% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SMH has performed better with a 38.22% return vs 9.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USMV is cheaper with a 0.15% expense ratio, compared with 0.35% for SMH.

USMV has the higher dividend yield at 1.53%, compared with 0.17% for SMH.

SMH is categorized as Semiconductors, while USMV is Large Cap Blend Equities. SMH tracks MVIS US Listed Semiconductor 25 Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for SMH and 0.15% for USMV.

SMH currently has the higher Sharpe Ratio (4.49 vs 0.50), 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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