SMHX vs. WNTR

Last updated Aug 5, 2026

SMHX (VanEck Fabless Semiconductor ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index, while WNTR is a Derivative Income fund actively managed by YieldMax. SMHX is passively managed, while WNTR is actively managed. Over the past year, SMHX returned 70.23% vs 106.98% for WNTR. Their -0.40 correlation means they have often moved in opposite directions in the past. SMHX charges 0.35%/yr vs 1.00%/yr for WNTR.

Performance

SMHX vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Fabless Semiconductor ETF (SMHX) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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 higher than WNTR's 7.92% return.

SMHX

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

WNTR

• 1D: -2.34%
• 1M: 5.36%
• 6M: 2.42%
• YTD: 7.92%
• 1Y: 106.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 44.62%

*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)
SMHX VanEck Fabless Semiconductor ETF	$4.97M	$5.79M	$8.43M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.95M	$3.66M	$3.95M

SMHX vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
SMHX VanEck Fabless Semiconductor ETF	54.30%	52.77%
WNTR YieldMax MSTR Short Option Income Strategy ETF	7.92%	52.78%

Correlation

The correlation between SMHX and WNTR is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.40
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.40

Return for Risk

SMHX vs. WNTR — 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

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 77
WNTR Sortino Ratio Rank: 59
WNTR Omega Ratio Rank: 63
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 50

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. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Fabless Semiconductor ETF (SMHX) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.97	-0.20
Sortino ratio: Return per unit of downside risk	2.25	2.27	-0.02
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.83	2.52	+0.31
Martin ratio: Return relative to average drawdown	8.68	6.38	+2.31

SMHX vs. WNTR - Sharpe Ratio Comparison

The current SMHX Sharpe Ratio is 1.77, which is comparable to the WNTR Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SMHX and WNTR, 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. WNTR - Drawdown Comparison

The maximum SMHX drawdown since its inception was -38.53%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for SMHX and WNTR.

Drawdown Indicators

	SMHX	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-38.53%	-42.65%	+4.12%
Max Drawdown (1Y) Largest decline over 1 year	-24.93%	-42.65%	+17.72%
Current Drawdown Current decline from peak	-13.53%	-11.95%	-1.58%
Average Drawdown Average peak-to-trough decline	-7.76%	-20.12%	+12.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.11%	16.84%	-8.73%

Volatility

SMHX vs. WNTR - Volatility Comparison

VanEck Fabless Semiconductor ETF (SMHX) has a higher volatility of 15.07% compared to YieldMax MSTR Short Option Income Strategy ETF (WNTR) at 13.23%. This indicates that SMHX's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMHX	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.07%	13.23%	+1.84%
Volatility (6M) Calculated over the trailing 6-month period	33.70%	46.95%	-13.25%
Volatility (1Y) Calculated over the trailing 1-year period	39.93%	54.62%	-14.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.11%	53.31%	-11.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.11%	53.31%	-11.20%

SMHX vs. WNTR - Expense Ratio Comparison

SMHX has a 0.35% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

SMHX vs. WNTR - Dividend Comparison

SMHX's dividend yield for the trailing twelve months is around 0.02%, less than WNTR's 109.83% yield.

Position	TTM	2025	2024
SMHX VanEck Fabless Semiconductor ETF	0.02%	0.02%	0.04%
WNTR YieldMax MSTR Short Option Income Strategy ETF	109.83%	58.56%	0.00%

Frequently Asked Questions

Can I hold both SMHX and WNTR in my portfolio?

SMHX and WNTR have a correlation of -0.40, 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 WNTR?

SMHX has higher volatility (15.07%) compared to WNTR (13.23%). In terms of maximum drawdown, SMHX dropped -38.53% vs WNTR's -42.65%.

Which ETF is better, SMHX or WNTR?

On 1-year performance, WNTR leads with 106.98% vs 70.23% for SMHX. On fees, SMHX is cheaper at 0.35% per year. On volatility, WNTR has been the lower-risk option at 13.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMHX or WNTR?

Over the 1-year period, WNTR has performed better with a 106.98% 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 WNTR?

SMHX is cheaper with a 0.35% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 109.83%, compared with 0.02% for SMHX.

What is the main difference between SMHX and WNTR?

SMHX is categorized as Semiconductors, while WNTR is Derivative Income. They also come from different issuers: VanEck and YieldMax. Their fees differ too: 0.35% for SMHX and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 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.