SMOT vs. SMHX

Last updated Jun 5, 2026

SMOT (VanEck Morningstar SMID Moat ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - SMOT is a Mid Cap Blend Equities fund tracking the Morningstar US Small-Mid Cap Moat Focus, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, SMOT returned 18.20% vs 131.85% for SMHX. A 0.54 correlation means they provide meaningful diversification when combined. SMOT charges 0.49%/yr vs 0.35%/yr for SMHX.

Performance

SMOT vs. SMHX - Performance Comparison

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

Returns By Period

In the year-to-date period, SMOT achieves a 8.04% return, which is significantly lower than SMHX's 74.81% return.

SMOT

• 1D: 0.93%
• 1M: 4.43%
• YTD: 8.04%
• 6M: 8.53%
• 1Y: 18.20%
• 3Y*: 12.55%
• 5Y*: —
• 10Y*: —

SMHX

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

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

SMOT vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMOT VanEck Morningstar SMID Moat ETF	8.04%	6.46%	3.17%
SMHX VanEck Fabless Semiconductor ETF	74.81%	30.00%	17.76%

Correlation

The correlation between SMOT and SMHX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.54

The correlation between SMOT and SMHX has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

SMOT vs. SMHX - Sectors Allocation Comparison

Sectors	SMOT	SMHX
Technology	22.2%	100.0%
Healthcare	18.3%	-
Consumer Cyclical	13.1%	-
Industrials	12.0%	-
Basic Materials	8.1%	-
Consumer Defensive	7.8%	-
Financial Services	6.0%	-
Energy	4.7%	-
Utilities	2.7%	-
Real Estate	2.6%	-
Communication Services	2.4%	-

Return for Risk

SMOT vs. SMHX — Risk / Return Rank

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

SMOT

SMOT Risk / Return Rank: 39
SMOT Sharpe Ratio Rank: 37
SMOT Sortino Ratio Rank: 39
SMOT Omega Ratio Rank: 35
SMOT Calmar Ratio Rank: 42
SMOT Martin Ratio Rank: 41

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

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.

SMOT vs. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar SMID Moat ETF (SMOT) and VanEck Fabless Semiconductor ETF (SMHX). 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.

	SMOT	SMHX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	4.06	-2.76
Sortino ratio: Return per unit of downside risk	1.98	4.32	-2.34
Omega ratio: Gain probability vs. loss probability	1.23	1.56	-0.34
Calmar ratio: Return relative to maximum drawdown	2.05	7.78	-5.72
Martin ratio: Return relative to average drawdown	6.57	21.87	-15.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMOT vs. SMHX - Sharpe Ratio Comparison

The current SMOT Sharpe Ratio is 1.29, which is lower than the SMHX Sharpe Ratio of 4.06. The chart below compares the historical Sharpe Ratios of SMOT and SMHX, 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

	SMOT	SMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	4.06	-2.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	1.89	-1.16

Drawdowns

SMOT vs. SMHX - Drawdown Comparison

The maximum SMOT drawdown since its inception was -23.36%, smaller than the maximum SMHX drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for SMOT and SMHX.

Drawdown Indicators

	SMOT	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-23.36%	-38.53%	+15.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-17.06%	+8.15%
Max Drawdown (3Y) Largest decline over 3 years	-23.36%	—	—
Current Drawdown Current decline from peak	0.00%	-2.03%	+2.03%
Average Drawdown Average peak-to-trough decline	-4.81%	-7.32%	+2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	6.05%	-3.27%

Volatility

SMOT vs. SMHX - Volatility Comparison

The current volatility for VanEck Morningstar SMID Moat ETF (SMOT) is 3.03%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 12.19%. This indicates that SMOT experiences smaller price fluctuations and is considered to be less risky than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMOT	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	12.19%	-9.16%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	25.18%	-15.68%
Volatility (1Y) Calculated over the trailing 1-year period	14.12%	32.71%	-18.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.42%	39.96%	-21.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	39.96%	-21.54%

SMOT vs. SMHX - Expense Ratio Comparison

SMOT has a 0.49% expense ratio, which is higher than SMHX's 0.35% expense ratio.

Dividends

SMOT vs. SMHX - Dividend Comparison

SMOT's dividend yield for the trailing twelve months is around 1.27%, more than SMHX's 0.01% yield.

Position	TTM	2025	2024	2023	2022
SMHX VanEck Fabless Semiconductor ETF	0.01%	0.02%	0.04%	0.00%	0.00%
SMOT VanEck Morningstar SMID Moat ETF	1.27%	1.37%	1.18%	0.65%	0.24%

Frequently Asked Questions

Can I hold both SMOT and SMHX in my portfolio?

SMOT and SMHX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMOT or SMHX?

SMHX has higher volatility (12.19%) compared to SMOT (3.03%). In terms of maximum drawdown, SMOT dropped -23.36% vs SMHX's -38.53%.

Which ETF is better, SMOT or SMHX?

On 1-year performance, SMHX leads with 131.85% vs 18.20% for SMOT. On fees, SMHX is cheaper at 0.35% per year. On volatility, SMOT has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMOT or SMHX?

Over the 1-year period, SMHX has performed better with a 131.85% return vs 18.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMOT or SMHX?

SMHX is cheaper with a 0.35% expense ratio, compared with 0.49% for SMOT.

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

SMOT has the higher dividend yield at 1.27%, compared with 0.01% for SMHX.

What is the main difference between SMOT and SMHX?

SMOT is categorized as Mid Cap Blend Equities, while SMHX is Semiconductors. SMOT tracks Morningstar US Small-Mid Cap Moat Focus, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index. Their fees differ too: 0.49% for SMOT and 0.35% for SMHX.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (4.06 vs 1.29), 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.