SMHX vs. MOAT

Last updated Jun 4, 2026

SMHX (VanEck Fabless Semiconductor ETF) and MOAT (VanEck Morningstar Wide Moat ETF) are both exchange-traded funds - SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index, while MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. Both are passively managed. Over the past year, SMHX returned 139.42% vs 14.97% for MOAT. At a 0.49 correlation, their price movements are largely independent. SMHX charges 0.35%/yr vs 0.47%/yr for MOAT.

Performance

SMHX vs. MOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Fabless Semiconductor ETF (SMHX) and VanEck Morningstar Wide Moat ETF (MOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMHX achieves a 78.44% return, which is significantly higher than MOAT's -0.94% return.

SMHX

• 1D: 0.94%
• 1M: 33.64%
• YTD: 78.44%
• 6M: 72.62%
• 1Y: 139.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MOAT

• 1D: -1.37%
• 1M: 3.30%
• YTD: -0.94%
• 6M: -0.69%
• 1Y: 14.97%
• 3Y*: 11.34%
• 5Y*: 8.01%
• 10Y*: 13.37%

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

SMHX vs. MOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMHX VanEck Fabless Semiconductor ETF	78.44%	30.00%	17.76%
MOAT VanEck Morningstar Wide Moat ETF	-0.94%	13.20%	-0.13%

Correlation

The correlation between SMHX and MOAT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.49

SMHX vs. MOAT - Sectors Allocation Comparison

Sectors	SMHX	MOAT
Technology	100.0%	32.8%
Basic Materials	-	-
Communication Services	-	2.4%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	17.5%
Energy	-	-
Financial Services	-	6.7%
Healthcare	-	16.0%
Industrials	-	13.5%
Real Estate	-	0.8%
Utilities	-	-

Return for Risk

SMHX vs. MOAT — Risk / Return Rank

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

SMHX

SMHX Risk / Return Rank: 93
SMHX Sharpe Ratio Rank: 96
SMHX Sortino Ratio Rank: 92
SMHX Omega Ratio Rank: 90
SMHX Calmar Ratio Rank: 95
SMHX Martin Ratio Rank: 92

MOAT

MOAT Risk / Return Rank: 27
MOAT Sharpe Ratio Rank: 29
MOAT Sortino Ratio Rank: 29
MOAT Omega Ratio Rank: 27
MOAT Calmar Ratio Rank: 25
MOAT Martin Ratio Rank: 27

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. MOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Fabless Semiconductor ETF (SMHX) and VanEck Morningstar Wide Moat ETF (MOAT). 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	MOAT	Difference
Sharpe ratio: Return per unit of total volatility	4.30	1.09	+3.21
Sortino ratio: Return per unit of downside risk	4.50	1.64	+2.86
Omega ratio: Gain probability vs. loss probability	1.59	1.19	+0.40
Calmar ratio: Return relative to maximum drawdown	8.22	1.21	+7.01
Martin ratio: Return relative to average drawdown	23.13	3.77	+19.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMHX vs. MOAT - Sharpe Ratio Comparison

The current SMHX Sharpe Ratio is 4.30, which is higher than the MOAT Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of SMHX and MOAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMHX	MOAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.30	1.09	+3.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.94	0.77	+1.17

Drawdowns

SMHX vs. MOAT - Drawdown Comparison

The maximum SMHX drawdown since its inception was -38.53%, which is greater than MOAT's maximum drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for SMHX and MOAT.

Drawdown Indicators

	SMHX	MOAT	Difference
Max Drawdown Largest peak-to-trough decline	-38.53%	-33.31%	-5.22%
Max Drawdown (1Y) Largest decline over 1 year	-17.06%	-12.43%	-4.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.31%	—
Current Drawdown Current decline from peak	0.00%	-4.72%	+4.72%
Average Drawdown Average peak-to-trough decline	-7.33%	-3.83%	-3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.05%	3.98%	+2.07%

Volatility

SMHX vs. MOAT - Volatility Comparison

VanEck Fabless Semiconductor ETF (SMHX) has a higher volatility of 11.81% compared to VanEck Morningstar Wide Moat ETF (MOAT) at 3.82%. This indicates that SMHX's price experiences larger fluctuations and is considered to be riskier than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMHX	MOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.81%	3.82%	+7.99%
Volatility (6M) Calculated over the trailing 6-month period	25.06%	9.87%	+15.19%
Volatility (1Y) Calculated over the trailing 1-year period	32.69%	13.86%	+18.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.97%	18.18%	+21.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.97%	18.68%	+21.29%

SMHX vs. MOAT - Expense Ratio Comparison

SMHX has a 0.35% expense ratio, which is lower than MOAT's 0.47% expense ratio.

Dividends

SMHX vs. MOAT - Dividend Comparison

SMHX's dividend yield for the trailing twelve months is around 0.01%, less than MOAT's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MOAT VanEck Morningstar Wide Moat ETF	1.37%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%
SMHX VanEck Fabless Semiconductor ETF	0.01%	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 MOAT in my portfolio?

SMHX and MOAT have a correlation of 0.43, 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 MOAT?

SMHX has higher volatility (11.81%) compared to MOAT (3.82%). In terms of maximum drawdown, SMHX dropped -38.53% vs MOAT's -33.31%.

Which ETF is better, SMHX or MOAT?

On 1-year performance, SMHX leads with 139.42% vs 14.97% for MOAT. On fees, SMHX is cheaper at 0.35% per year. On volatility, MOAT has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMHX or MOAT?

Over the 1-year period, SMHX has performed better with a 139.42% return vs 14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMHX or MOAT?

SMHX is cheaper with a 0.35% expense ratio, compared with 0.47% for MOAT.

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

MOAT has the higher dividend yield at 1.37%, compared with 0.01% for SMHX.

What is the main difference between SMHX and MOAT?

SMHX is categorized as Semiconductors, while MOAT is Large Cap Blend Equities. SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index, while MOAT tracks Morningstar Wide Moat Focus Index. Their fees differ too: 0.35% for SMHX and 0.47% for MOAT.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (4.30 vs 1.09), 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.