SMOG vs. SMH

Last updated Aug 2, 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 11.20%/yr vs 34.16%/yr for SMH. Their 0.64 correlation means they have sometimes moved together and sometimes differently. 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 3.88% return, which is significantly lower than SMH's 50.09% return. Over the past 10 years, SMOG has underperformed SMH with an annualized return of 11.20%, while SMH has yielded a comparatively higher 34.16% annualized return.

SMOG

• 1D: -0.65%
• 1M: -5.95%
• 6M: -2.63%
• YTD: 3.88%
• 1Y: 21.84%
• 3Y*: 3.43%
• 5Y*: -1.82%
• 10Y*: 11.20%
• ALL TIME*: 1.64%

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

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMH VanEck Semiconductor ETF	$8.28B	$7.64B	$7.07B
SMOG VanEck Low Carbon Energy ETF	$157.81K	$358.46K	$379.36K

SMOG vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMOG VanEck Low Carbon Energy ETF	3.88%	33.36%	-9.33%	1.42%	-29.92%	-2.75%	118.38%	38.86%	-10.18%	22.69%
SMH VanEck Semiconductor ETF	50.09%	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 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.61
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since May 9, 2007	0.64

The correlation between SMOG and SMH shifts across timeframes, from 0.54 (3 years) to 0.73 (1 year), reflecting how their relationship changes across market environments.

SMOG vs. SMH - Sectors Allocation Comparison

Sectors	SMOG	SMH
Utilities	39.3%	-
Industrials	25.5%	-
Consumer Cyclical	21.8%	-
Technology	5.9%	100.0%
Basic Materials	5.3%	-
Energy	1.4%	-
Financial Services	0.6%	-
Communication Services	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

SMOG vs. SMH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMOG

SMOG Risk / Return Rank: 38
SMOG Sharpe Ratio Rank: 38
SMOG Sortino Ratio Rank: 37
SMOG Omega Ratio Rank: 37
SMOG Calmar Ratio Rank: 36
SMOG Martin Ratio Rank: 40

SMH

SMH Risk / Return Rank: 87
SMH Sharpe Ratio Rank: 91
SMH Sortino Ratio Rank: 83
SMH Omega Ratio Rank: 84
SMH Calmar Ratio Rank: 88
SMH Martin Ratio Rank: 91

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.

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.

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.

	SMOG	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.29	-1.34
Sortino ratio: Return per unit of downside risk	1.40	2.70	-1.30
Omega ratio: Gain probability vs. loss probability	1.17	1.36	-0.18
Calmar ratio: Return relative to maximum drawdown	1.27	3.58	-2.32
Martin ratio: Return relative to average drawdown	4.26	14.64	-10.39

SMOG vs. SMH - Sharpe Ratio Comparison

The current SMOG Sharpe Ratio is 0.95, which is lower than the SMH Sharpe Ratio of 2.29. 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.

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	-16.94%	-24.62%	+7.68%
Max Drawdown (3Y) Largest decline over 3 years	-24.88%	-35.74%	+10.86%
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	-24.93%	-19.19%	-5.74%
Average Drawdown Average peak-to-trough decline	-52.20%	-40.89%	-11.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.03%	6.01%	-0.98%

Volatility

SMOG vs. SMH - Volatility Comparison

The current volatility for VanEck Low Carbon Energy ETF (SMOG) is 7.38%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. 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	7.38%	14.70%	-7.32%
Volatility (6M) Calculated over the trailing 6-month period	18.49%	33.13%	-14.64%
Volatility (1Y) Calculated over the trailing 1-year period	22.55%	38.57%	-16.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.44%	36.50%	-11.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.77%	33.32%	-7.55%

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 1.51%, more than SMH's 0.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SMOG VanEck Low Carbon Energy ETF	1.51%	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 0.73, 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 (14.70%) compared to SMOG (7.38%). 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 34.16% vs 11.20% for SMOG. On fees, SMH is cheaper at 0.35% per year. On volatility, SMOG has been the lower-risk option at 7.38%. 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 34.16% return vs 11.20%. 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 1.51%, compared with 0.20% 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 (2.29 vs 0.95), 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.