SMH vs. XEMD
SMH (VanEck Semiconductor ETF) and XEMD (BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while XEMD is a Emerging Markets Bonds fund tracking the JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SMH returned 50.56%/yr vs 10.14%/yr for XEMD. Their 0.41 correlation means their historical movements had little consistent relationship. SMH charges 0.35%/yr vs 0.29%/yr for XEMD.
Performance
SMH vs. XEMD - Performance Comparison
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Returns By Period
In the year-to-date period, SMH achieves a 50.09% return, which is significantly higher than XEMD's 2.49% return.
SMH
- 1D
- 0.30%
- 1M
- -12.88%
- 6M
- 33.97%
- YTD
- 50.09%
- 1Y
- 87.76%
- 3Y*
- 50.56%
- 5Y*
- 33.46%
- 10Y*
- 34.16%
- ALL TIME*
- 11.06%
XEMD
- 1D
- 0.02%
- 1M
- -0.62%
- 6M
- 1.43%
- YTD
- 2.49%
- 1Y
- 8.88%
- 3Y*
- 10.14%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.28B | $7.64B | $7.07B | |
| $5.44M | $11.46M | $8.01M |
SMH vs. XEMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 50.09% | 49.17% | 39.10% | 73.38% | -0.52% |
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2.49% | 13.98% | 8.77% | 10.26% | 2.40% |
Correlation
The correlation between SMH and XEMD is 0.43, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.43 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.41 |
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Return for Risk
SMH vs. XEMD — Risk / Return Rank
SMH
XEMD
SMH vs. XEMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD). 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 | XEMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.36 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.58 | 2.53 | +1.05 |
| Martin ratioReturn relative to average drawdown | 14.64 | 10.95 | +3.69 |
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Drawdowns
SMH vs. XEMD - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, which is greater than XEMD's maximum drawdown of -10.01%. Use the drawdown chart below to compare losses from any high point for SMH and XEMD.
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Drawdown Indicators
| SMH | XEMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -10.01% | -74.95% |
Max Drawdown (1Y)Largest decline over 1 year | -24.62% | -3.52% | -21.10% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | -4.23% | -31.51% |
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 | -19.19% | -0.96% | -18.23% |
Average DrawdownAverage peak-to-trough decline | -40.89% | -1.23% | -39.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.01% | 0.81% | +5.20% |
Volatility
SMH vs. XEMD - Volatility Comparison
VanEck Semiconductor ETF (SMH) has a higher volatility of 14.70% compared to BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) at 0.96%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than XEMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMH | XEMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.70% | 0.96% | +13.74% |
Volatility (6M)Calculated over the trailing 6-month period | 33.13% | 3.80% | +29.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.57% | 4.74% | +33.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 6.80% | +29.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.32% | 6.80% | +26.52% |
SMH vs. XEMD - Expense Ratio Comparison
SMH has a 0.35% expense ratio, which is higher than XEMD's 0.29% expense ratio.
Dividends
SMH vs. XEMD - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.20%, less than XEMD's 5.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 0.20% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 5.82% | 6.15% | 6.30% | 6.19% | 3.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMH and XEMD have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (14.70%) compared to XEMD (0.96%). In terms of maximum drawdown, SMH dropped -84.96% vs XEMD's -10.01%.
On 3-year performance, SMH leads with 50.56% vs 10.14% for XEMD. On fees, XEMD is cheaper at 0.29% per year. On volatility, XEMD has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SMH has performed better with a 50.56% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XEMD is cheaper with a 0.29% expense ratio, compared with 0.35% for SMH.
XEMD has the higher dividend yield at 5.82%, compared with 0.20% for SMH.
SMH is categorized as Semiconductors, while XEMD is Emerging Markets Bonds. SMH tracks MVIS US Listed Semiconductor 25 Index, while XEMD tracks JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross. They also come from different issuers: VanEck and BondBloxx. Their fees differ too: 0.35% for SMH and 0.29% for XEMD.
SMH currently has the higher Sharpe Ratio (2.29 vs 1.88), 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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