SMHX vs. HDV

Last updated Aug 5, 2026

SMHX (VanEck Fabless Semiconductor ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past year, SMHX returned 70.23% vs 24.72% for HDV. Their -0.07 correlation means they have often moved in opposite directions in the past. SMHX charges 0.35%/yr vs 0.08%/yr for HDV.

Performance

SMHX vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Fabless Semiconductor ETF (SMHX) and iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMHX achieves a 54.30% return, which is significantly higher than HDV's 19.95% return.

SMHX

• 1D: 5.79%
• 1M: 0.05%
• 6M: 54.30%
• YTD: 54.30%
• 1Y: 70.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 54.49%

HDV

• 1D: 0.24%
• 1M: 2.71%
• 6M: 8.59%
• YTD: 19.95%
• 1Y: 24.72%
• 3Y*: 15.90%
• 5Y*: 12.07%
• 10Y*: 9.60%
• ALL TIME*: 10.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HDV iShares Core High Dividend ETF	$176.49M	$158.01M	$110.76M
SMHX VanEck Fabless Semiconductor ETF	$4.97M	$5.79M	$8.43M

SMHX vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMHX VanEck Fabless Semiconductor ETF	54.30%	30.00%	15.56%
HDV iShares Core High Dividend ETF	19.95%	11.90%	-2.60%

Correlation

The correlation between SMHX and HDV is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	-0.07

The correlation between SMHX and HDV shifts across timeframes, from -0.22 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

SMHX vs. HDV - Sectors Allocation Comparison

Sectors	SMHX	HDV
Technology	100.0%	0.9%
Basic Materials	-	0.8%
Communication Services	-	5.2%
Consumer Cyclical	-	9.3%
Consumer Defensive	-	24.3%
Energy	-	19.8%
Financial Services	-	4.7%
Healthcare	-	23.9%
Industrials	-	2.8%
Real Estate	-	-
Utilities	-	8.2%

Return for Risk

SMHX vs. HDV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMHX

SMHX Risk / Return Rank: 65
SMHX Sharpe Ratio Rank: 68
SMHX Sortino Ratio Rank: 59
SMHX Omega Ratio Rank: 59
SMHX Calmar Ratio Rank: 72
SMHX Martin Ratio Rank: 65

HDV

HDV Risk / Return Rank: 88
HDV Sharpe Ratio Rank: 88
HDV Sortino Ratio Rank: 91
HDV Omega Ratio Rank: 85
HDV Calmar Ratio Rank: 93
HDV Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMHX vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Fabless Semiconductor ETF (SMHX) and iShares Core High Dividend ETF (HDV). 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	HDV	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.30	-0.53
Sortino ratio: Return per unit of downside risk	2.25	3.47	-1.22
Omega ratio: Gain probability vs. loss probability	1.29	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.83	4.80	-1.96
Martin ratio: Return relative to average drawdown	8.68	13.10	-4.41

SMHX vs. HDV - Sharpe Ratio Comparison

The current SMHX Sharpe Ratio is 1.77, which is comparable to the HDV Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of SMHX and HDV, 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. HDV - Drawdown Comparison

The maximum SMHX drawdown since its inception was -38.53%, roughly equal to the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for SMHX and HDV.

Drawdown Indicators

	SMHX	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-38.53%	-37.04%	-1.49%
Max Drawdown (1Y) Largest decline over 1 year	-24.93%	-5.18%	-19.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.04%	—
Current Drawdown Current decline from peak	-13.53%	-1.48%	-12.05%
Average Drawdown Average peak-to-trough decline	-7.76%	-3.06%	-4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.11%	1.89%	+6.22%

Volatility

SMHX vs. HDV - Volatility Comparison

VanEck Fabless Semiconductor ETF (SMHX) has a higher volatility of 15.07% compared to iShares Core High Dividend ETF (HDV) at 4.30%. This indicates that SMHX's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMHX	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.07%	4.30%	+10.77%
Volatility (6M) Calculated over the trailing 6-month period	33.70%	8.66%	+25.04%
Volatility (1Y) Calculated over the trailing 1-year period	39.93%	10.81%	+29.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.11%	12.94%	+29.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.11%	15.79%	+26.32%

SMHX vs. HDV - Expense Ratio Comparison

SMHX has a 0.35% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

SMHX vs. HDV - Dividend Comparison

SMHX's dividend yield for the trailing twelve months is around 0.02%, less than HDV's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	3.07%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
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 HDV in my portfolio?

SMHX and HDV have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMHX or HDV?

SMHX has higher volatility (15.07%) compared to HDV (4.30%). In terms of maximum drawdown, SMHX dropped -38.53% vs HDV's -37.04%.

Which ETF is better, SMHX or HDV?

On 1-year performance, SMHX leads with 70.23% vs 24.72% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 4.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMHX or HDV?

Over the 1-year period, SMHX has performed better with a 70.23% return vs 24.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMHX or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.35% for SMHX.

Which ETF pays a higher dividend yield, SMHX or HDV?

HDV has the higher dividend yield at 3.07%, compared with 0.02% for SMHX.

What is the main difference between SMHX and HDV?

SMHX is categorized as Semiconductors, while HDV is Dividend. SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for SMHX and 0.08% for HDV.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.30 vs 1.77), 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.