SMHX vs. DBE
SMHX (VanEck Fabless Semiconductor ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, SMHX returned 139.42% vs 84.41% for DBE. At a correlation of -0.06, they often move in opposite directions. SMHX charges 0.35%/yr vs 0.78%/yr for DBE.
Performance
SMHX vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, SMHX achieves a 78.44% return, which is significantly lower than DBE's 83.68% return.
SMHX
- 1D
- 0.94%
- 1M
- 33.64%
- YTD
- 78.44%
- 6M
- 72.62%
- 1Y
- 139.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
SMHX vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMHX VanEck Fabless Semiconductor ETF | 78.44% | 30.00% | 17.76% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 1.83% |
Correlation
The correlation between SMHX and DBE is -0.21, 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 | -0.21 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024 | -0.06 |
The correlation between SMHX and DBE shifts across timeframes, from -0.21 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMHX vs. DBE — Risk / Return Rank
SMHX
DBE
SMHX vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Fabless Semiconductor ETF (SMHX) and Invesco DB Energy Fund (DBE). 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.
| SMHX | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.40 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 8.22 | 5.89 | +2.33 |
| Martin ratioReturn relative to average drawdown | 23.13 | 11.53 | +11.60 |
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
| SMHX | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.30 | 2.43 | +1.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.94 | 0.09 | +1.85 |
Drawdowns
SMHX vs. DBE - Drawdown Comparison
The maximum SMHX drawdown since its inception was -38.53%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SMHX and DBE.
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Drawdown Indicators
| SMHX | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.53% | -86.69% | +48.16% |
Max Drawdown (1Y)Largest decline over 1 year | -17.06% | -14.41% | -2.65% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | 0.00% | -30.27% | +30.27% |
Average DrawdownAverage peak-to-trough decline | -7.33% | -57.31% | +49.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.05% | 7.35% | -1.30% |
Volatility
SMHX vs. DBE - Volatility Comparison
The current volatility for VanEck Fabless Semiconductor ETF (SMHX) is 11.81%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that SMHX experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHX | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.81% | 12.95% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 25.06% | 30.86% | -5.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.69% | 34.97% | -2.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.97% | 29.39% | +10.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.97% | 28.33% | +11.64% |
SMHX vs. DBE - Expense Ratio Comparison
SMHX has a 0.35% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
SMHX vs. DBE - Dividend Comparison
SMHX's dividend yield for the trailing twelve months is around 0.01%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
SMHX VanEck Fabless Semiconductor ETF | 0.01% | 0.02% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMHX and DBE have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to SMHX (11.81%). In terms of maximum drawdown, SMHX dropped -38.53% vs DBE's -86.69%.
On 1-year performance, SMHX leads with 139.42% vs 84.41% for DBE. On fees, SMHX is cheaper at 0.35% per year. On volatility, SMHX has been the lower-risk option at 11.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMHX has performed better with a 139.42% return vs 84.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMHX is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.01% for SMHX.
SMHX is categorized as Semiconductors, while DBE is Oil & Gas. SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for SMHX and 0.78% for DBE.
SMHX currently has the higher Sharpe Ratio (4.30 vs 2.43), 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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