SMSI vs. USHY

Last updated Jul 14, 2026

SMSI (Smith Micro Software, Inc.) is a stock, while USHY (iShares Broad USD High Yield Corporate Bond ETF) is High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Over the past 5 years, SMSI returned -58.37%/yr vs 4.06%/yr for USHY. At a 0.28 correlation, their price movements are largely independent.

Performance

SMSI vs. USHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Smith Micro Software, Inc. (SMSI) and iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMSI achieves a -4.11% return, which is significantly lower than USHY's 1.82% return.

SMSI

• 1D: -3.36%
• 1M: -9.91%
• 6M: -10.74%
• YTD: -4.11%
• 1Y: -50.19%
• 3Y*: -61.56%
• 5Y*: -58.37%
• 10Y*: -31.48%

USHY

• 1D: -0.19%
• 1M: 0.07%
• 6M: 1.30%
• YTD: 1.82%
• 1Y: 5.86%
• 3Y*: 8.54%
• 5Y*: 4.06%
• 10Y*: —

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

SMSI vs. USHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMSI Smith Micro Software, Inc.	-4.11%	-58.76%	-80.18%	-60.67%	-57.32%	-9.23%	36.18%	121.11%	-36.62%	82.05%
USHY iShares Broad USD High Yield Corporate Bond ETF	1.82%	8.81%	8.45%	12.73%	-11.18%	5.02%	6.17%	14.24%	-2.41%	0.16%

Correlation

The correlation between SMSI and USHY is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.28

Return for Risk

SMSI vs. USHY — Risk / Return Rank

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

SMSI

SMSI Risk / Return Rank: 18
SMSI Sharpe Ratio Rank: 18
SMSI Sortino Ratio Rank: 22
SMSI Omega Ratio Rank: 22
SMSI Calmar Ratio Rank: 11
SMSI Martin Ratio Rank: 15

USHY

USHY Risk / Return Rank: 65
USHY Sharpe Ratio Rank: 60
USHY Sortino Ratio Rank: 66
USHY Omega Ratio Rank: 65
USHY Calmar Ratio Rank: 61
USHY Martin Ratio Rank: 74

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.

SMSI vs. USHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Smith Micro Software, Inc. (SMSI) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.

	SMSI	USHY	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	1.61	-2.19
Sortino ratio: Return per unit of downside risk	-0.49	2.43	-2.91
Omega ratio: Gain probability vs. loss probability	0.93	1.31	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.82	2.42	-3.24
Martin ratio: Return relative to average drawdown	-1.23	10.89	-12.12

SMSI vs. USHY - Sharpe Ratio Comparison

The current SMSI Sharpe Ratio is -0.58, which is lower than the USHY Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SMSI and USHY, 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

SMSI vs. USHY - Drawdown Comparison

The maximum SMSI drawdown since its inception was -99.95%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for SMSI and USHY.

Drawdown Indicators

	SMSI	USHY	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-22.44%	-77.51%
Max Drawdown (1Y) Largest decline over 1 year	-61.48%	-2.43%	-59.05%
Max Drawdown (3Y) Largest decline over 3 years	-96.87%	-4.66%	-92.21%
Max Drawdown (5Y) Largest decline over 5 years	-99.12%	-15.56%	-83.56%
Max Drawdown (10Y) Largest decline over 10 years	-99.31%	—	—
Current Drawdown Current decline from peak	-99.94%	-0.43%	-99.51%
Average Drawdown Average peak-to-trough decline	-85.09%	-2.63%	-82.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.79%	0.54%	+40.25%

Volatility

SMSI vs. USHY - Volatility Comparison

Smith Micro Software, Inc. (SMSI) has a higher volatility of 54.66% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 0.79%. This indicates that SMSI's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMSI	USHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	54.66%	0.79%	+53.87%
Volatility (6M) Calculated over the trailing 6-month period	72.75%	2.97%	+69.78%
Volatility (1Y) Calculated over the trailing 1-year period	87.14%	3.65%	+83.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	100.23%	7.35%	+92.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.49%	8.21%	+81.28%

Dividends

SMSI vs. USHY - Dividend Comparison

SMSI has not paid dividends to shareholders, while USHY's dividend yield for the trailing twelve months is around 6.92%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMSI Smith Micro Software, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USHY iShares Broad USD High Yield Corporate Bond ETF	6.92%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%

Frequently Asked Questions

Can I hold both SMSI and USHY in my portfolio?

SMSI and USHY have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMSI or USHY?

SMSI has higher volatility (54.66%) compared to USHY (0.79%). In terms of maximum drawdown, SMSI dropped -99.95% vs USHY's -22.44%.

Which has better risk-adjusted returns?

USHY currently has the higher Sharpe Ratio (1.61 vs -0.58), 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.