SMHB vs. SMH
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, SMHB returned -6.82%/yr vs 38.18%/yr for SMH. At a 0.40 correlation, their price movements are largely independent. SMHB charges 0.85%/yr vs 0.35%/yr for SMH.
Performance
SMHB vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, SMHB achieves a 7.31% return, which is significantly lower than SMH's 72.73% return.
SMHB
- 1D
- 1.24%
- 1M
- 0.69%
- YTD
- 7.31%
- 6M
- 8.42%
- 1Y
- 5.50%
- 3Y*
- 9.13%
- 5Y*
- -6.82%
- 10Y*
- —
SMH
- 1D
- -7.01%
- 1M
- 7.93%
- YTD
- 72.73%
- 6M
- 71.29%
- 1Y
- 138.23%
- 3Y*
- 62.28%
- 5Y*
- 38.18%
- 10Y*
- 37.85%
SMHB vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 7.31% | -7.75% | -15.85% | 35.96% | -36.03% | 68.86% | -43.21% | 13.05% | -24.78% |
SMH VanEck Semiconductor ETF | 72.73% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -3.82% |
Correlation
The correlation between SMHB and SMH is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018 | 0.40 |
Over the past year, the correlation between SMHB and SMH has dropped to 0.17 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.
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Return for Risk
SMHB vs. SMH — Risk / Return Rank
SMHB
SMH
SMHB vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) and VanEck Semiconductor ETF (SMH). 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.
| SMHB | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.84 | ||
| Sortino ratioReturn per unit of downside risk | -3.57 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.58 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 9.31 | -9.09 |
| Martin ratioReturn relative to average drawdown | 0.53 | 33.88 | -33.35 |
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Drawdowns
SMHB vs. SMH - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SMHB and SMH.
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Drawdown Indicators
| SMHB | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -84.96% | -5.34% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -14.93% | -10.23% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | -35.74% | -9.31% |
Max Drawdown (5Y)Largest decline over 5 years | -58.11% | -45.30% | -12.81% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -40.93% | -7.01% | -33.92% |
Average DrawdownAverage peak-to-trough decline | -37.21% | -41.01% | +3.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.47% | 4.10% | +6.37% |
Volatility
SMHB vs. SMH - Volatility Comparison
The current volatility for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) is 8.17%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.08%. This indicates that SMHB experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHB | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.17% | 19.08% | -10.91% |
Volatility (6M)Calculated over the trailing 6-month period | 24.75% | 29.18% | -4.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.33% | 34.87% | +3.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.92% | 35.83% | +13.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.13% | 32.97% | +33.16% |
SMHB vs. SMH - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
SMHB vs. SMH - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 21.04%, more than SMH's 0.18% 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% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 21.04% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMHB and SMH have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (19.08%) compared to SMHB (8.17%). In terms of maximum drawdown, SMHB dropped -90.30% vs SMH's -84.96%.
On 5-year performance, SMH leads with 38.18% vs -6.82% for SMHB. On fees, SMH is cheaper at 0.35% per year. On volatility, SMHB has been the lower-risk option at 8.17%. 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 38.18% return vs -6.82%. 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 0.85% for SMHB.
SMHB has the higher dividend yield at 21.04%, compared with 0.18% for SMH.
SMHB is categorized as Leveraged Equities, while SMH is Semiconductors. SMHB tracks Solactive US Small Cap High Dividend Index (200%), while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: UBS and VanEck. Their fees differ too: 0.85% for SMHB and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (3.99 vs 0.14), 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.
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