SMH vs. VGPMX

Last updated Jun 13, 2026

SMH (VanEck Semiconductor ETF) and VGPMX (Vanguard Global Capital Cycles Fund) are both funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while VGPMX is a Global Equities fund managed by Vanguard. Over the past 10 years, SMH returned 37.49%/yr vs 10.81%/yr for VGPMX. At a 0.36 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.36%/yr for VGPMX.

Performance

SMH vs. VGPMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and Vanguard Global Capital Cycles Fund (VGPMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMH achieves a 72.15% return, which is significantly higher than VGPMX's 15.44% return. Over the past 10 years, SMH has outperformed VGPMX with an annualized return of 37.49%, while VGPMX has yielded a comparatively lower 10.81% annualized return.

SMH

• 1D: 1.72%
• 1M: 8.30%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 136.32%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

VGPMX

• 1D: 2.65%
• 1M: -3.44%
• YTD: 15.44%
• 6M: 19.37%
• 1Y: 53.94%
• 3Y*: 29.26%
• 5Y*: 19.29%
• 10Y*: 10.81%

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

SMH vs. VGPMX - 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%
VGPMX Vanguard Global Capital Cycles Fund	15.44%	65.96%	5.78%	10.06%	7.34%	19.50%	17.21%	20.67%	-32.26%	13.75%

Correlation

The correlation between SMH and VGPMX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000	0.36

Over the past year, SMH and VGPMX have become more correlated (0.61) than their long-term average of 0.36, meaning their price movements have been converging.

SMH vs. VGPMX - Sectors Allocation Comparison

Sectors	SMH	VGPMX
Technology	100.0%	9.5%
Basic Materials	-	38.0%
Communication Services	-	6.5%
Consumer Cyclical	-	5.1%
Consumer Defensive	-	9.4%
Energy	-	4.4%
Financial Services	-	5.7%
Healthcare	-	11.9%
Industrials	-	2.6%
Real Estate	-	2.2%
Utilities	-	4.7%

Return for Risk

SMH vs. VGPMX — 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: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

VGPMX

VGPMX Risk / Return Rank: 92
VGPMX Sharpe Ratio Rank: 97
VGPMX Sortino Ratio Rank: 88
VGPMX Omega Ratio Rank: 88
VGPMX Calmar Ratio Rank: 93
VGPMX Martin Ratio Rank: 94

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. VGPMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Vanguard Global Capital Cycles Fund (VGPMX). 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	VGPMX	Difference
Sharpe ratio: Return per unit of total volatility	4.13	3.14	+0.99
Sortino ratio: Return per unit of downside risk	4.26	3.81	+0.45
Omega ratio: Gain probability vs. loss probability	1.60	1.54	+0.06
Calmar ratio: Return relative to maximum drawdown	9.18	4.32	+4.86
Martin ratio: Return relative to average drawdown	33.74	17.40	+16.34

SMH vs. VGPMX - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.13, which is higher than the VGPMX Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of SMH and VGPMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMH vs. VGPMX - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than VGPMX's maximum drawdown of -78.85%. Use the drawdown chart below to compare losses from any high point for SMH and VGPMX.

Drawdown Indicators

	SMH	VGPMX	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-78.85%	-6.11%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-12.80%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-14.63%	-21.11%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-22.71%	-22.59%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-54.59%	+9.29%
Current Drawdown Current decline from peak	-2.81%	-4.71%	+1.90%
Average Drawdown Average peak-to-trough decline	-41.04%	-34.53%	-6.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	3.17%	+0.89%

Volatility

SMH vs. VGPMX - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 16.25% compared to Vanguard Global Capital Cycles Fund (VGPMX) at 7.38%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than VGPMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	VGPMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.25%	7.38%	+8.87%
Volatility (6M) Calculated over the trailing 6-month period	27.73%	14.90%	+12.83%
Volatility (1Y) Calculated over the trailing 1-year period	33.20%	17.61%	+15.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.47%	17.54%	+17.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.82%	20.91%	+11.91%

SMH vs. VGPMX - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than VGPMX's 0.36% expense ratio.

Dividends

SMH vs. VGPMX - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than VGPMX's 3.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VGPMX Vanguard Global Capital Cycles Fund	3.38%	2.59%	2.68%	3.22%	3.27%	3.26%	2.03%	2.39%	3.02%	0.02%	1.72%	2.32%

Frequently Asked Questions

Can I hold both SMH and VGPMX in my portfolio?

SMH and VGPMX have a correlation of 0.61, 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 VGPMX?

SMH has higher volatility (16.25%) compared to VGPMX (7.38%). In terms of maximum drawdown, SMH dropped -84.96% vs VGPMX's -78.85%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 vs 3.14), 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.