SMHX vs. USD

Last updated Jun 5, 2026

SMHX (VanEck Fabless Semiconductor ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past year, SMHX returned 131.85% vs 250.81% for USD. Their correlation of 0.90 suggests significant overlap in exposure. SMHX charges 0.35%/yr vs 0.95%/yr for USD.

Performance

SMHX vs. USD - Performance Comparison

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

Returns By Period

In the year-to-date period, SMHX achieves a 74.81% return, which is significantly lower than USD's 103.32% return.

SMHX

• 1D: -2.03%
• 1M: 27.33%
• YTD: 74.81%
• 6M: 68.22%
• 1Y: 131.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USD

• 1D: -4.99%
• 1M: 31.62%
• YTD: 103.32%
• 6M: 97.79%
• 1Y: 250.81%
• 3Y*: 125.78%
• 5Y*: 67.80%
• 10Y*: 61.24%

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

SMHX vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMHX VanEck Fabless Semiconductor ETF	74.81%	30.00%	17.76%
USD ProShares Ultra Semiconductors	103.32%	62.08%	6.62%

Correlation

The correlation between SMHX and USD is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.90

The correlation between SMHX and USD has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

SMHX vs. USD - Sectors Allocation Comparison

Sectors	SMHX	USD
Technology	100.0%	27.4%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Financial Services	-	27.8%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SMHX vs. USD — Risk / Return Rank

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

SMHX

SMHX Risk / Return Rank: 92
SMHX Sharpe Ratio Rank: 96
SMHX Sortino Ratio Rank: 91
SMHX Omega Ratio Rank: 89
SMHX Calmar Ratio Rank: 95
SMHX Martin Ratio Rank: 91

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 82
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 92

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Fabless Semiconductor ETF (SMHX) and ProShares Ultra Semiconductors (USD). 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	USD	Difference
Sharpe ratio: Return per unit of total volatility	4.06	4.12	-0.07
Sortino ratio: Return per unit of downside risk	4.32	3.62	+0.71
Omega ratio: Gain probability vs. loss probability	1.56	1.48	+0.08
Calmar ratio: Return relative to maximum drawdown	7.78	7.94	-0.17
Martin ratio: Return relative to average drawdown	21.87	22.96	-1.09
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. USD - Sharpe Ratio Comparison

The current SMHX Sharpe Ratio is 4.06, which is comparable to the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of SMHX and USD, 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	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.06	4.12	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.89	0.49	+1.40

Drawdowns

SMHX vs. USD - Drawdown Comparison

The maximum SMHX drawdown since its inception was -38.53%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SMHX and USD.

Drawdown Indicators

	SMHX	USD	Difference
Max Drawdown Largest peak-to-trough decline	-38.53%	-88.63%	+50.10%
Max Drawdown (1Y) Largest decline over 1 year	-17.06%	-31.80%	+14.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-64.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-77.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-2.03%	-6.07%	+4.04%
Average Drawdown Average peak-to-trough decline	-7.32%	-32.35%	+25.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.05%	10.98%	-4.93%

Volatility

SMHX vs. USD - Volatility Comparison

The current volatility for VanEck Fabless Semiconductor ETF (SMHX) is 12.19%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that SMHX experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMHX	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.19%	21.29%	-9.10%
Volatility (6M) Calculated over the trailing 6-month period	25.18%	46.74%	-21.56%
Volatility (1Y) Calculated over the trailing 1-year period	32.71%	61.28%	-28.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.96%	76.56%	-36.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.96%	69.24%	-29.28%

SMHX vs. USD - Expense Ratio Comparison

SMHX has a 0.35% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

SMHX vs. USD - Dividend Comparison

SMHX's dividend yield for the trailing twelve months is around 0.01%, less than USD's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USD ProShares Ultra Semiconductors	0.23%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both SMHX and USD in my portfolio?

SMHX and USD have a correlation of 0.86, 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 USD?

USD has higher volatility (21.29%) compared to SMHX (12.19%). In terms of maximum drawdown, SMHX dropped -38.53% vs USD's -88.63%.

Which ETF is better, SMHX or USD?

On 1-year performance, USD leads with 250.81% vs 131.85% for SMHX. On fees, SMHX is cheaper at 0.35% per year. On volatility, SMHX has been the lower-risk option at 12.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMHX or USD?

Over the 1-year period, USD has performed better with a 250.81% return vs 131.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMHX or USD?

SMHX is cheaper with a 0.35% expense ratio, compared with 0.95% for USD.

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

USD has the higher dividend yield at 0.23%, compared with 0.01% for SMHX.

What is the main difference between SMHX and USD?

SMHX is categorized as Semiconductors, while USD is Leveraged Equities. SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.35% for SMHX and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 4.06), 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.