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SMHX vs. SMH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMHX vs. SMH

Last updated Aug 2, 2026
Documentation

SMHX (VanEck Fabless Semiconductor ETF) and SMH (VanEck Semiconductor ETF) are both Semiconductors funds from VanEck - SMHX tracks the MarketVector™ US Listed Fabless Semiconductor Index while SMH tracks the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past year, SMHX returned 64.03% vs 90.95% for SMH. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.35% expense ratio.

Performance

SMHX vs. SMH - Performance Comparison

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

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Returns By Period

In the year-to-date period, SMHX achieves a 44.20% return, which is significantly lower than SMH's 50.09% return.

SMHX

1D
1.69%
1M
-6.50%
6M
40.29%
YTD
44.20%
1Y
64.03%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
49.51%

SMH

1D
0.30%
1M
-8.74%
6M
33.97%
YTD
50.09%
1Y
90.95%
3Y*
50.56%
5Y*
33.46%
10Y*
34.16%
ALL TIME*
11.06%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SMH

VanEck Semiconductor ETF
$8.28B$7.64B$7.07B

SMHX

VanEck Fabless Semiconductor ETF
$4.68M$6.01M$8.35M

SMHX vs. SMH - Yearly Performance Comparison

2026 (YTD)20252024
SMHX
VanEck Fabless Semiconductor ETF		44.20%30.00%15.56%
SMH
VanEck Semiconductor ETF		50.09%49.17%-0.72%

Correlation

The correlation between SMHX and SMH is 0.93, 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.

0.93

Correlation (All Time)
Calculated using the full available price history since Aug 28, 2024

0.94

The correlation between SMHX and SMH has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

SMHX vs. SMH - Sectors Allocation Comparison

Sectors
SMHX
SMH

Technology

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Utilities

-

-

Technology

SMHX
100.0%
SMH
100.0%

Basic Materials

SMHX

-

SMH

-

Communication Services

SMHX

-

SMH

-

Consumer Cyclical

SMHX

-

SMH

-

Consumer Defensive

SMHX

-

SMH

-

Energy

SMHX

-

SMH

-

Financial Services

SMHX

-

SMH

-

Healthcare

SMHX

-

SMH

-

Industrials

SMHX

-

SMH

-

Real Estate

SMHX

-

SMH

-

Utilities

SMHX

-

SMH

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Fabless Semiconductor ETF

VanEck Semiconductor ETF

Often compared with SMHX:
SMHX vs. FSELXSMHX vs. IGVSMHX vs. SOXQSMHX vs. CHPXSMHX vs. VGTSMHX vs. AVUVSMHX vs. QTOP
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SOXQSMH vs. XLK

Return for Risk

SMHX vs. SMH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SMHX
SMHX Risk / Return Rank: 6565
Overall Rank
SMHX Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SMHX Sortino Ratio Rank: 6161
Sortino Ratio Rank
SMHX Omega Ratio Rank: 6161
Omega Ratio Rank
SMHX Calmar Ratio Rank: 7272
Calmar Ratio Rank
SMHX Martin Ratio Rank: 6464
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 8787
Overall Rank
SMH Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 8383
Sortino Ratio Rank
SMH Omega Ratio Rank: 8484
Omega Ratio Rank
SMH Calmar Ratio Rank: 8888
Calmar Ratio Rank
SMH Martin Ratio Rank: 9191
Martin Ratio Rank
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. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Fabless Semiconductor ETF (SMHX) and VanEck Semiconductor ETF (SMH). 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.

SMHXSMHDifference
Sharpe ratioReturn per unit of total volatility
1.55
2.29

-0.74

Sortino ratioReturn per unit of downside risk
2.04
2.70

-0.66

Omega ratioGain probability vs. loss probability

1.26

1.36

-0.10

Calmar ratioReturn relative to maximum drawdown

2.46

3.58

-1.12

Martin ratioReturn relative to average drawdown

7.67

14.64

-6.97

SMHX vs. SMH - Sharpe Ratio Comparison

The current SMHX Sharpe Ratio is 1.55, which is lower than the SMH Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of SMHX and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SMHX vs. SMH - Drawdown Comparison

The maximum SMHX drawdown since its inception was -38.53%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SMHX and SMH.

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Drawdown Indicators

SMHXSMHDifference

Max Drawdown

Largest peak-to-trough decline

-38.53%

-84.96%

+46.43%

Max Drawdown (1Y)

Largest decline over 1 year

-24.93%

-24.62%

-0.31%

Max Drawdown (3Y)

Largest decline over 3 years

—

-35.74%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-45.30%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.30%

—

Current Drawdown

Current decline from peak

-19.19%

-19.19%

0.00%

Average Drawdown

Average peak-to-trough decline

-7.72%

-40.89%

+33.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.99%

6.01%

+1.98%

Volatility

SMHX vs. SMH - Volatility Comparison

VanEck Fabless Semiconductor ETF (SMHX) and VanEck Semiconductor ETF (SMH) have volatilities of 14.74% and 14.70%, 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.

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Volatility by Period

SMHXSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.74%

14.70%

+0.04%

Volatility (6M)

Calculated over the trailing 6-month period

33.37%

33.13%

+0.24%

Volatility (1Y)

Calculated over the trailing 1-year period

39.65%

38.57%

+1.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

42.00%

36.50%

+5.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

42.00%

33.32%

+8.68%

SMHX vs. SMH - Expense Ratio Comparison

Both SMHX and SMH have an expense ratio of 0.35%.

Dividends

SMHX vs. SMH - Dividend Comparison

SMHX's dividend yield for the trailing twelve months is around 0.02%, less than SMH's 0.20% yield.

PositionTTM20252024202320222021202020192018201720162015
SMH
VanEck Semiconductor ETF		0.20%0.31%0.44%0.60%1.18%0.51%0.69%1.50%1.88%1.43%0.80%2.14%
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

With a correlation of 0.93, SMHX and SMH 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.

SMHX has higher volatility (14.74%) compared to SMH (14.70%). In terms of maximum drawdown, SMHX dropped -38.53% vs SMH's -84.96%.

On 1-year performance, SMH leads with 90.95% vs 64.03% for SMHX. Both ETFs have the same 0.35% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, SMH has performed better with a 90.95% return vs 64.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMHX and SMH have the same expense ratio: 0.35% per year.

SMH has the higher dividend yield at 0.20%, compared with 0.02% for SMHX.

SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index, while SMH tracks MVIS US Listed Semiconductor 25 Index.

SMH currently has the higher Sharpe Ratio (2.29 vs 1.55), 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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