SMOG vs. SMH

Last updated Jun 4, 2026

SMOG (VanEck Low Carbon Energy ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SMOG is a Alternative Energy Equities fund tracking the MVIS Global Low Carbon Energy Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, SMOG returned 12.70%/yr vs 37.68%/yr for SMH. A 0.64 correlation means they provide meaningful diversification when combined. SMOG charges 0.61%/yr vs 0.35%/yr for SMH.

Performance

SMOG vs. SMH - Performance Comparison

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

Returns By Period

In the year-to-date period, SMOG achieves a 18.16% return, which is significantly lower than SMH's 77.13% return. Over the past 10 years, SMOG has underperformed SMH with an annualized return of 12.70%, while SMH has yielded a comparatively higher 37.68% annualized return.

SMOG

• 1D: -1.20%
• 1M: 0.08%
• YTD: 18.16%
• 6M: 17.43%
• 1Y: 42.14%
• 3Y*: 10.86%
• 5Y*: 1.76%
• 10Y*: 12.70%

SMH

• 1D: 0.90%
• 1M: 25.87%
• YTD: 77.13%
• 6M: 75.61%
• 1Y: 157.20%
• 3Y*: 64.17%
• 5Y*: 39.21%
• 10Y*: 37.68%

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

SMOG vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMOG VanEck Low Carbon Energy ETF	18.16%	33.36%	-9.33%	1.42%	-29.92%	-2.75%	118.38%	38.86%	-10.18%	22.69%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between SMOG and SMH is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.64

The correlation between SMOG and SMH shifts across timeframes, from 0.52 (3 years) to 0.65 (1 year), reflecting how their relationship changes across market environments.

SMOG vs. SMH - Sectors Allocation Comparison

Sectors	SMOG	SMH
Utilities	33.2%	-
Industrials	28.1%	-
Consumer Cyclical	21.7%	-
Technology	8.4%	100.0%
Energy	6.6%	-
Basic Materials	1.2%	-
Financial Services	0.6%	-
Communication Services	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

SMOG vs. SMH — Risk / Return Rank

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

SMOG

SMOG Risk / Return Rank: 66
SMOG Sharpe Ratio Rank: 62
SMOG Sortino Ratio Rank: 56
SMOG Omega Ratio Rank: 56
SMOG Calmar Ratio Rank: 86
SMOG Martin Ratio Rank: 73

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: 96

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.

SMOG vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Low Carbon Energy ETF (SMOG) 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.

	SMOG	SMH	Difference
Sharpe ratio Return per unit of total volatility	2.07	5.19	-3.12
Sortino ratio Return per unit of downside risk	2.69	5.22	-2.52
Omega ratio Gain probability vs. loss probability	1.35	1.72	-0.37
Calmar ratio Return relative to maximum drawdown	4.80	10.59	-5.79
Martin ratio Return relative to average drawdown	13.62	40.63	-27.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMOG vs. SMH - Sharpe Ratio Comparison

The current SMOG Sharpe Ratio is 2.07, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of SMOG 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

	SMOG	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	5.19	-3.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	1.13	-1.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	1.16	-0.67
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.34	-0.27

Drawdowns

SMOG vs. SMH - Drawdown Comparison

The maximum SMOG drawdown since its inception was -84.39%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SMOG and SMH.

Drawdown Indicators

	SMOG	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-84.39%	-84.96%	+0.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-14.93%	+6.11%
Max Drawdown (3Y) Largest decline over 3 years	-28.72%	-35.74%	+7.02%
Max Drawdown (5Y) Largest decline over 5 years	-47.86%	-45.30%	-2.56%
Max Drawdown (10Y) Largest decline over 10 years	-51.10%	-45.30%	-5.80%
Current Drawdown Current decline from peak	-14.61%	0.00%	-14.61%
Average Drawdown Average peak-to-trough decline	-52.47%	-41.09%	-11.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.89%	-0.79%

Volatility

SMOG vs. SMH - Volatility Comparison

The current volatility for VanEck Low Carbon Energy ETF (SMOG) is 7.43%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that SMOG experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMOG	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.43%	11.47%	-4.04%
Volatility (6M) Calculated over the trailing 6-month period	15.46%	24.29%	-8.83%
Volatility (1Y) Calculated over the trailing 1-year period	20.49%	30.56%	-10.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	35.01%	-9.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.73%	32.57%	-6.84%

SMOG vs. SMH - Expense Ratio Comparison

SMOG has a 0.61% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

SMOG vs. SMH - Dividend Comparison

SMOG's dividend yield for the trailing twelve months is around 1.33%, more 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%
SMOG VanEck Low Carbon Energy ETF	1.33%	1.57%	1.64%	1.58%	1.32%	0.44%	0.06%	0.00%	0.62%	1.25%	2.12%	0.56%

Frequently Asked Questions

Can I hold both SMOG and SMH in my portfolio?

SMOG and SMH have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMOG or SMH?

SMH has higher volatility (11.47%) compared to SMOG (7.43%). In terms of maximum drawdown, SMOG dropped -84.39% vs SMH's -84.96%.

Which ETF is better, SMOG or SMH?

On 10-year performance, SMH leads with 37.68% vs 12.70% for SMOG. On fees, SMH is cheaper at 0.35% per year. On volatility, SMOG has been the lower-risk option at 7.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMOG or SMH?

Over the 10-year period, SMH has performed better with a 37.68% return vs 12.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMOG or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.61% for SMOG.

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

SMOG has the higher dividend yield at 1.33%, compared with 0.17% for SMH.

What is the main difference between SMOG and SMH?

SMOG is categorized as Alternative Energy Equities, while SMH is Semiconductors. SMOG tracks MVIS Global Low Carbon Energy Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. Their fees differ too: 0.61% for SMOG and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 2.07), 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.