SMHX vs. SMH

Last updated Jun 3, 2026

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 143.03% vs 160.66% for SMH. Their correlation of 0.94 suggests significant overlap in exposure. 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.

Returns By Period

The year-to-date returns for both stocks are quite close, with SMHX having a 76.78% return and SMH slightly lower at 75.55%.

SMHX

• 1D: 5.94%
• 1M: 31.13%
• YTD: 76.78%
• 6M: 74.71%
• 1Y: 143.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMH

• 1D: 4.01%
• 1M: 24.01%
• YTD: 75.55%
• 6M: 76.44%
• 1Y: 160.66%
• 3Y*: 63.68%
• 5Y*: 39.58%
• 10Y*: 37.55%

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

SMHX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMHX VanEck Fabless Semiconductor ETF	76.78%	30.00%	17.76%
SMH VanEck Semiconductor ETF	75.55%	49.17%	0.98%

Correlation

The correlation between SMHX and SMH is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.94

The correlation between SMHX and SMH has been stable across timeframes, ranging from 0.91 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	-	-

Return for Risk

SMHX vs. SMH — Risk / Return Rank

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

SMHX

SMHX Risk / Return Rank: 94
SMHX Sharpe Ratio Rank: 96
SMHX Sortino Ratio Rank: 92
SMHX Omega Ratio Rank: 91
SMHX Calmar Ratio Rank: 95
SMHX Martin Ratio Rank: 93

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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. 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.

	SMHX	SMH	Difference
Sharpe ratio Return per unit of total volatility	4.40	5.29	-0.89
Sortino ratio Return per unit of downside risk	4.57	5.29	-0.72
Omega ratio Gain probability vs. loss probability	1.60	1.73	-0.13
Calmar ratio Return relative to maximum drawdown	8.64	11.02	-2.38
Martin ratio Return relative to average drawdown	24.36	42.34	-17.98
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. SMH - Sharpe Ratio Comparison

The current SMHX Sharpe Ratio is 4.40, which is comparable to the SMH Sharpe Ratio of 5.29. 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.

Sharpe Ratios by Period

	SMHX	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.40	5.29	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.92	0.34	+1.58

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.

Drawdown Indicators

	SMHX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-38.53%	-84.96%	+46.43%
Max Drawdown (1Y) Largest decline over 1 year	-17.06%	-14.93%	-2.13%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.35%	-41.09%	+33.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.05%	3.89%	+2.16%

Volatility

SMHX vs. SMH - Volatility Comparison

VanEck Fabless Semiconductor ETF (SMHX) and VanEck Semiconductor ETF (SMH) have volatilities of 12.04% and 11.59%, 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	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.04%	11.59%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	25.06%	24.29%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	32.72%	30.57%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.01%	35.02%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.01%	32.58%	+7.43%

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 0.01%, less than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.17%	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	0.01%	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 SMH in my portfolio?

With a correlation of 0.91, 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.

Which is riskier, SMHX or SMH?

SMHX has higher volatility (12.04%) compared to SMH (11.59%). In terms of maximum drawdown, SMHX dropped -38.53% vs SMH's -84.96%.

Which ETF is better, SMHX or SMH?

On 1-year performance, SMH leads with 160.66% vs 143.03% for SMHX. Both ETFs have the same 0.35% expense ratio. On volatility, SMH has been the lower-risk option at 11.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMHX or SMH?

Over the 1-year period, SMH has performed better with a 160.66% return vs 143.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMHX or SMH?

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

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

SMH has the higher dividend yield at 0.17%, compared with 0.01% for SMHX.

What is the main difference between SMHX and SMH?

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

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.29 vs 4.40), 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.