SMH vs. USOY
SMH (VanEck Semiconductor ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while USOY is a Derivative Income fund actively managed by Defiance. SMH is passively managed, while USOY is actively managed. Over the past year, SMH returned 157.20% vs 57.29% for USOY. At a correlation of -0.03, they often move in opposite directions. SMH charges 0.35%/yr vs 1.22%/yr for USOY.
Performance
SMH vs. USOY - Performance Comparison
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Returns By Period
In the year-to-date period, SMH achieves a 77.13% return, which is significantly higher than USOY's 62.18% return.
SMH
- 1D
- 0.90%
- 1M
- 25.87%
- YTD
- 77.13%
- 6M
- 75.61%
- 1Y
- 157.20%
- 3Y*
- 64.17%
- 5Y*
- 39.21%
- 10Y*
- 37.68%
USOY
- 1D
- 1.45%
- 1M
- -3.43%
- YTD
- 62.18%
- 6M
- 59.35%
- 1Y
- 57.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMH vs. USOY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMH VanEck Semiconductor ETF | 77.13% | 49.17% | 8.93% |
USOY Defiance Oil Enhanced Options Income ETF | 62.18% | -7.93% | 7.27% |
Correlation
The correlation between SMH and USOY is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since May 13, 2024 | -0.03 |
The correlation between SMH and USOY shifts across timeframes, from -0.20 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMH vs. USOY — Risk / Return Rank
SMH
USOY
SMH vs. USOY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Defiance Oil Enhanced Options Income ETF (USOY). 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 | USOY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.29 | ||
| Sortino ratioReturn per unit of downside risk | +2.92 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.35 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 10.59 | 4.03 | +6.56 |
| Martin ratioReturn relative to average drawdown | 40.63 | 7.74 | +32.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMH | USOY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.19 | 1.89 | +3.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.13 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.99 | -0.65 |
Drawdowns
SMH vs. USOY - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for SMH and USOY.
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Drawdown Indicators
| SMH | USOY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -17.46% | -67.50% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -14.29% | -0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -45.30% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.30% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -5.11% | +5.11% |
Average DrawdownAverage peak-to-trough decline | -41.09% | -6.47% | -34.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 7.42% | -3.53% |
Volatility
SMH vs. USOY - Volatility Comparison
VanEck Semiconductor ETF (SMH) and Defiance Oil Enhanced Options Income ETF (USOY) have volatilities of 11.47% and 11.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMH | USOY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.47% | 11.62% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 24.29% | 27.18% | -2.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.56% | 30.44% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.01% | 26.13% | +8.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.57% | 26.13% | +6.44% |
SMH vs. USOY - Expense Ratio Comparison
SMH has a 0.35% expense ratio, which is lower than USOY's 1.22% expense ratio.
Dividends
SMH vs. USOY - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.17%, less than USOY's 54.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USOY Defiance Oil Enhanced Options Income ETF | 54.16% | 104.32% | 48.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMH and USOY have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USOY has higher volatility (11.62%) compared to SMH (11.47%). In terms of maximum drawdown, SMH dropped -84.96% vs USOY's -17.46%.
On 1-year performance, SMH leads with 157.20% vs 57.29% for USOY. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 11.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMH has performed better with a 157.20% return vs 57.29%. 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 1.22% for USOY.
USOY has the higher dividend yield at 54.16%, compared with 0.17% for SMH.
SMH is categorized as Semiconductors, while USOY is Derivative Income. They also come from different issuers: VanEck and Defiance. Their fees differ too: 0.35% for SMH and 1.22% for USOY.
SMH currently has the higher Sharpe Ratio (5.19 vs 1.89), 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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