SMHX vs. IGPT

Last updated Aug 5, 2026

SMHX (VanEck Fabless Semiconductor ETF) and IGPT (Invesco AI and Next Gen Software ETF) are both exchange-traded funds - SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index, while IGPT is a Artificial Intelligence fund tracking the STOXX World AC NexGen Software Development Index. Both are passively managed. Over the past year, SMHX returned 70.23% vs 85.54% for IGPT. Their correlation of 0.88 means they have usually moved in the same direction. SMHX charges 0.35%/yr vs 0.56%/yr for IGPT.

Performance

SMHX vs. IGPT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Fabless Semiconductor ETF (SMHX) and Invesco AI and Next Gen Software ETF (IGPT). 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 lower than IGPT's 57.96% return.

SMHX

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

IGPT

• 1D: 4.95%
• 1M: -1.40%
• 6M: 46.51%
• YTD: 57.96%
• 1Y: 85.54%
• 3Y*: 40.20%
• 5Y*: 13.77%
• 10Y*: 20.40%
• ALL TIME*: 15.30%

*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)
IGPT Invesco AI and Next Gen Software ETF	$24.43M	$21.87M	$21.97M
SMHX VanEck Fabless Semiconductor ETF	$4.97M	$5.79M	$8.43M

SMHX vs. IGPT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMHX VanEck Fabless Semiconductor ETF	54.30%	30.00%	15.56%
IGPT Invesco AI and Next Gen Software ETF	57.96%	31.55%	1.37%

Correlation

The correlation between SMHX and IGPT is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.88

The correlation between SMHX and IGPT has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

SMHX vs. IGPT - Sectors Allocation Comparison

Sectors	SMHX	IGPT
Technology	100.0%	76.6%
Basic Materials	-	-
Communication Services	-	16.9%
Consumer Cyclical	-	0.1%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Healthcare	-	2.1%
Industrials	-	2.0%
Real Estate	-	2.4%
Utilities	-	-

Return for Risk

SMHX vs. IGPT — 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

IGPT

IGPT Risk / Return Rank: 83
IGPT Sharpe Ratio Rank: 88
IGPT Sortino Ratio Rank: 78
IGPT Omega Ratio Rank: 80
IGPT Calmar Ratio Rank: 84
IGPT Martin Ratio Rank: 84

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. IGPT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Fabless Semiconductor ETF (SMHX) and Invesco AI and Next Gen Software ETF (IGPT). 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	IGPT	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.32	-0.54
Sortino ratio: Return per unit of downside risk	2.25	2.80	-0.55
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.83	3.48	-0.65
Martin ratio: Return relative to average drawdown	8.68	12.99	-4.30

SMHX vs. IGPT - Sharpe Ratio Comparison

The current SMHX Sharpe Ratio is 1.77, which is comparable to the IGPT Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of SMHX and IGPT, 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. IGPT - Drawdown Comparison

The maximum SMHX drawdown since its inception was -38.53%, smaller than the maximum IGPT drawdown of -50.14%. Use the drawdown chart below to compare losses from any high point for SMHX and IGPT.

Drawdown Indicators

	SMHX	IGPT	Difference
Max Drawdown Largest peak-to-trough decline	-38.53%	-50.14%	+11.61%
Max Drawdown (1Y) Largest decline over 1 year	-24.93%	-24.74%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.14%	—
Current Drawdown Current decline from peak	-13.53%	-13.11%	-0.42%
Average Drawdown Average peak-to-trough decline	-7.76%	-11.95%	+4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.11%	6.61%	+1.50%

Volatility

SMHX vs. IGPT - Volatility Comparison

VanEck Fabless Semiconductor ETF (SMHX) and Invesco AI and Next Gen Software ETF (IGPT) have volatilities of 15.07% and 14.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMHX	IGPT	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.07%	14.97%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	33.70%	33.17%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	39.93%	37.18%	+2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.11%	29.66%	+12.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.11%	27.36%	+14.75%

SMHX vs. IGPT - Expense Ratio Comparison

SMHX has a 0.35% expense ratio, which is lower than IGPT's 0.56% expense ratio.

Dividends

SMHX vs. IGPT - Dividend Comparison

SMHX's dividend yield for the trailing twelve months is around 0.02%, more than IGPT's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGPT Invesco AI and Next Gen Software ETF	0.01%	0.04%	0.00%	0.00%	1.41%	6.21%	0.04%	0.05%	0.00%	0.00%	0.03%	0.15%
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 IGPT in my portfolio?

SMHX and IGPT have a correlation of 0.88, 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 IGPT?

SMHX has higher volatility (15.07%) compared to IGPT (14.97%). In terms of maximum drawdown, SMHX dropped -38.53% vs IGPT's -50.14%.

Which ETF is better, SMHX or IGPT?

On 1-year performance, IGPT leads with 85.54% vs 70.23% for SMHX. On fees, SMHX is cheaper at 0.35% per year. On volatility, IGPT has been the lower-risk option at 14.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMHX or IGPT?

Over the 1-year period, IGPT has performed better with a 85.54% return vs 70.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMHX or IGPT?

SMHX is cheaper with a 0.35% expense ratio, compared with 0.56% for IGPT.

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

SMHX has the higher dividend yield at 0.02%, compared with 0.01% for IGPT.

What is the main difference between SMHX and IGPT?

SMHX is categorized as Semiconductors, while IGPT is Artificial Intelligence. SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index, while IGPT tracks STOXX World AC NexGen Software Development Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for SMHX and 0.56% for IGPT.

Which has better risk-adjusted returns?

IGPT currently has the higher Sharpe Ratio (2.32 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.