SMHX vs. FSELX

Last updated Jul 14, 2026

SMHX (VanEck Fabless Semiconductor ETF) and FSELX (Fidelity Select Semiconductors Portfolio) are both Semiconductors funds. Over the past year, SMHX returned 84.33% vs 111.52% for FSELX. With a 0.95 correlation, they move nearly in lockstep. SMHX charges 0.35%/yr vs 0.68%/yr for FSELX.

Performance

SMHX vs. FSELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Fabless Semiconductor ETF (SMHX) and Fidelity Select Semiconductors Portfolio (FSELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMHX achieves a 54.35% return, which is significantly lower than FSELX's 69.83% return.

SMHX

• 1D: -4.79%
• 1M: -6.32%
• 6M: 49.49%
• YTD: 54.35%
• 1Y: 84.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FSELX

• 1D: 0.19%
• 1M: -3.27%
• 6M: 58.34%
• YTD: 69.83%
• 1Y: 111.52%
• 3Y*: 60.59%
• 5Y*: 42.55%
• 10Y*: 37.70%

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

SMHX vs. FSELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMHX VanEck Fabless Semiconductor ETF	54.35%	30.00%	15.56%
FSELX Fidelity Select Semiconductors Portfolio	69.83%	52.17%	7.48%

Correlation

The correlation between SMHX and FSELX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.95

The correlation between SMHX and FSELX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

SMHX vs. FSELX — Risk / Return Rank

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

SMHX

SMHX Risk / Return Rank: 82
SMHX Sharpe Ratio Rank: 87
SMHX Sortino Ratio Rank: 73
SMHX Omega Ratio Rank: 74
SMHX Calmar Ratio Rank: 93
SMHX Martin Ratio Rank: 81

FSELX

FSELX Risk / Return Rank: 92
FSELX Sharpe Ratio Rank: 96
FSELX Sortino Ratio Rank: 83
FSELX Omega Ratio Rank: 83
FSELX Calmar Ratio Rank: 98
FSELX Martin Ratio Rank: 98

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.

SMHX vs. FSELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Fabless Semiconductor ETF (SMHX) and Fidelity Select Semiconductors Portfolio (FSELX). 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.

	SMHX	FSELX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.91	-0.69
Sortino ratio: Return per unit of downside risk	2.62	3.17	-0.54
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	4.97	7.21	-2.24
Martin ratio: Return relative to average drawdown	12.45	24.10	-11.66

SMHX vs. FSELX - Sharpe Ratio Comparison

The current SMHX Sharpe Ratio is 2.22, which is comparable to the FSELX Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of SMHX and FSELX, 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

SMHX vs. FSELX - Drawdown Comparison

The maximum SMHX drawdown since its inception was -38.53%, smaller than the maximum FSELX drawdown of -82.54%. Use the drawdown chart below to compare losses from any high point for SMHX and FSELX.

Drawdown Indicators

	SMHX	FSELX	Difference
Max Drawdown Largest peak-to-trough decline	-38.53%	-82.54%	+44.01%
Max Drawdown (1Y) Largest decline over 1 year	-17.06%	-15.52%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-36.31%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.37%	—
Current Drawdown Current decline from peak	-13.50%	-10.20%	-3.30%
Average Drawdown Average peak-to-trough decline	-7.43%	-28.64%	+21.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.80%	4.63%	+2.17%

Volatility

SMHX vs. FSELX - Volatility Comparison

The current volatility for VanEck Fabless Semiconductor ETF (SMHX) is 17.20%, while Fidelity Select Semiconductors Portfolio (FSELX) has a volatility of 18.91%. This indicates that SMHX experiences smaller price fluctuations and is considered to be less risky than FSELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMHX	FSELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.20%	18.91%	-1.71%
Volatility (6M) Calculated over the trailing 6-month period	31.73%	31.93%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	38.25%	38.40%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.80%	40.02%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.80%	35.57%	+6.23%

SMHX vs. FSELX - Expense Ratio Comparison

SMHX has a 0.35% expense ratio, which is lower than FSELX's 0.68% expense ratio.

Dividends

SMHX vs. FSELX - Dividend Comparison

SMHX's dividend yield for the trailing twelve months is around 0.02%, less than FSELX's 9.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSELX Fidelity Select Semiconductors Portfolio	9.64%	11.11%	7.97%	7.20%	6.69%	6.99%	8.13%	3.36%	26.80%	14.44%	3.82%	15.22%
SMHX VanEck Fabless Semiconductor ETF	0.02%	0.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMHX and FSELX in my portfolio?

With a correlation of 0.94, SMHX and FSELX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SMHX or FSELX?

FSELX has higher volatility (18.91%) compared to SMHX (17.20%). In terms of maximum drawdown, SMHX dropped -38.53% vs FSELX's -82.54%.

Which has better risk-adjusted returns?

FSELX currently has the higher Sharpe Ratio (2.91 vs 2.22), 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.