SMHC vs. DRGN

Last updated Jul 18, 2026

SMHC (VanEck China Semiconductor ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both China Equities funds - SMHC tracks the MarketVector China Semiconductor 25 Index while DRGN tracks the BITA China Generative AI Select Index. Both are passively managed. Their correlation of 0.80 suggests significant overlap in exposure. SMHC charges 0.65%/yr vs 0.39%/yr for DRGN.

Performance

SMHC vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck China Semiconductor ETF (SMHC) and Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMHC

• 1D: -6.17%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DRGN

• 1D: -5.14%
• 1M: -8.18%
• 6M: -5.94%
• YTD: 7.02%
• 1Y: 32.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMHC vs. DRGN - Yearly Performance Comparison

	2026 (YTD)
SMHC VanEck China Semiconductor ETF	-15.04%
DRGN Themes China Generative Artificial Intelligence ETF	-5.07%

Correlation

The correlation between SMHC and DRGN is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 24, 2026	0.80

Return for Risk

SMHC vs. DRGN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMHC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DRGN

DRGN Risk / Return Rank: 35
DRGN Sharpe Ratio Rank: 33
DRGN Sortino Ratio Rank: 35
DRGN Omega Ratio Rank: 32
DRGN Calmar Ratio Rank: 42
DRGN Martin Ratio Rank: 31

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.

SMHC vs. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck China Semiconductor ETF (SMHC) and Themes China Generative Artificial Intelligence ETF (DRGN). 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.

	SMHC	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	—	0.96	—
Sortino ratio: Return per unit of downside risk	—	1.51	—
Omega ratio: Gain probability vs. loss probability	—	1.18	—
Calmar ratio: Return relative to maximum drawdown	—	1.66	—
Martin ratio: Return relative to average drawdown	—	3.44	—

Drawdowns

SMHC vs. DRGN - Drawdown Comparison

The maximum SMHC drawdown since its inception was -24.16%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for SMHC and DRGN.

Drawdown Indicators

	SMHC	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-24.16%	-20.86%	-3.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.86%	—
Current Drawdown Current decline from peak	-24.16%	-14.65%	-9.51%
Average Drawdown Average peak-to-trough decline	-9.02%	-8.19%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.08%	—

Volatility

Volatility by Period

	SMHC	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.65%	—
Volatility (6M) Calculated over the trailing 6-month period	—	25.62%	—
Volatility (1Y) Calculated over the trailing 1-year period	80.83%	36.15%	+44.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.83%	36.02%	+44.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.83%	36.02%	+44.81%

SMHC vs. DRGN - Expense Ratio Comparison

SMHC has a 0.65% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

SMHC vs. DRGN - Dividend Comparison

SMHC has not paid dividends to shareholders, while DRGN's dividend yield for the trailing twelve months is around 1.14%.

Position	TTM	2025
DRGN Themes China Generative Artificial Intelligence ETF	1.14%	1.22%
SMHC VanEck China Semiconductor ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMHC and DRGN in my portfolio?

SMHC and DRGN have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMHC or DRGN?

On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMHC or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.65% for SMHC.

Which ETF pays a higher dividend yield, SMHC or DRGN?

DRGN has the higher dividend yield at 1.14%, compared with 0.00% for SMHC.

What is the main difference between SMHC and DRGN?

SMHC tracks MarketVector China Semiconductor 25 Index, while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: VanEck and Themes. Their fees differ too: 0.65% for SMHC and 0.39% for DRGN.