SOLZ vs. SMH

Last updated Jul 30, 2026

SOLZ (Solana ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SOLZ is a Cryptocurrency fund actively managed by Volatility Shares, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. SOLZ is actively managed, while SMH is passively managed. Over the past year, SOLZ returned -62.81% vs 72.68% for SMH. Their 0.38 correlation means their historical movements had little consistent relationship. SOLZ charges 0.95%/yr vs 0.35%/yr for SMH.

Performance

SOLZ vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Solana ETF (SOLZ) 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, SOLZ achieves a -42.41% return, which is significantly lower than SMH's 40.01% return.

SOLZ

• 1D: -2.29%
• 1M: -4.56%
• 6M: -42.81%
• YTD: -42.41%
• 1Y: -62.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -40.67%

SMH

• 1D: -4.79%
• 1M: -20.22%
• 6M: 21.02%
• YTD: 40.01%
• 1Y: 72.68%
• 3Y*: 47.12%
• 5Y*: 31.62%
• 10Y*: 33.09%
• ALL TIME*: 10.76%

*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	$8.63B	$7.58B	$6.97B
SOLZ Solana ETF	$5.01M	$5.69M	$8.57M

SOLZ vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025
SOLZ Solana ETF	-42.41%	-14.53%
SMH VanEck Semiconductor ETF	40.01%	58.85%

Correlation

The correlation between SOLZ and SMH is 0.40, which is low. Their historical price movements had little consistent relationship.

	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 20, 2025	0.38

Return for Risk

SOLZ vs. SMH — Risk / Return Rank

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

SOLZ

SOLZ Risk / Return Rank: 3
SOLZ Sharpe Ratio Rank: 2
SOLZ Sortino Ratio Rank: 2
SOLZ Omega Ratio Rank: 2
SOLZ Calmar Ratio Rank: 2
SOLZ Martin Ratio Rank: 4

SMH

SMH Risk / Return Rank: 79
SMH Sharpe Ratio Rank: 83
SMH Sortino Ratio Rank: 72
SMH Omega Ratio Rank: 74
SMH Calmar Ratio Rank: 81
SMH Martin Ratio Rank: 87

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.

SOLZ vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Solana ETF (SOLZ) 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.

	SOLZ	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	1.92	-2.78
Sortino ratio: Return per unit of downside risk	-1.37	2.36	-3.72
Omega ratio: Gain probability vs. loss probability	0.85	1.31	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.83	2.97	-3.80
Martin ratio: Return relative to average drawdown	-1.17	12.62	-13.79

SOLZ vs. SMH - Sharpe Ratio Comparison

The current SOLZ Sharpe Ratio is -0.86, which is lower than the SMH Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SOLZ 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

SOLZ vs. SMH - Drawdown Comparison

The maximum SOLZ drawdown since its inception was -75.68%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SOLZ and SMH.

Drawdown Indicators

	SOLZ	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-75.68%	-84.96%	+9.28%
Max Drawdown (1Y) Largest decline over 1 year	-75.68%	-24.62%	-51.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-72.17%	-24.62%	-47.55%
Average Drawdown Average peak-to-trough decline	-38.22%	-40.90%	+2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.65%	5.78%	+47.87%

Volatility

SOLZ vs. SMH - Volatility Comparison

The current volatility for Solana ETF (SOLZ) is 12.42%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.15%. This indicates that SOLZ 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

	SOLZ	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.42%	14.15%	-1.73%
Volatility (6M) Calculated over the trailing 6-month period	50.91%	32.56%	+18.35%
Volatility (1Y) Calculated over the trailing 1-year period	73.12%	38.01%	+35.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.21%	36.38%	+38.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.21%	33.26%	+41.95%

SOLZ vs. SMH - Expense Ratio Comparison

SOLZ has a 0.95% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

SOLZ vs. SMH - Dividend Comparison

SOLZ's dividend yield for the trailing twelve months is around 3.74%, more than SMH's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.22%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
SOLZ Solana ETF	3.74%	1.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SOLZ and SMH in my portfolio?

SOLZ and SMH 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, SOLZ or SMH?

SMH has higher volatility (14.15%) compared to SOLZ (12.42%). In terms of maximum drawdown, SOLZ dropped -75.68% vs SMH's -84.96%.

Which ETF is better, SOLZ or SMH?

On 1-year performance, SMH leads with 72.68% vs -62.81% for SOLZ. On fees, SMH is cheaper at 0.35% per year. On volatility, SOLZ has been the lower-risk option at 12.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOLZ or SMH?

Over the 1-year period, SMH has performed better with a 72.68% return vs -62.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOLZ or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.95% for SOLZ.

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

SOLZ has the higher dividend yield at 3.74%, compared with 0.22% for SMH.

What is the main difference between SOLZ and SMH?

SOLZ is categorized as Cryptocurrency, while SMH is Semiconductors. They also come from different issuers: Volatility Shares and VanEck. Their fees differ too: 0.95% for SOLZ and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (1.92 vs -0.86), 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.