T vs. SMH

Last updated Jun 4, 2026

T (AT&T Inc.) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, T returned 3.62%/yr vs 37.68%/yr for SMH. At a 0.27 correlation, their price movements are largely independent.

Performance

T vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AT&T Inc. (T) 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, T achieves a -3.08% return, which is significantly lower than SMH's 77.13% return. Over the past 10 years, T has underperformed SMH with an annualized return of 3.62%, while SMH has yielded a comparatively higher 37.68% annualized return.

T

• 1D: -4.42%
• 1M: -9.77%
• YTD: -3.08%
• 6M: -4.92%
• 1Y: -12.10%
• 3Y*: 22.12%
• 5Y*: 7.39%
• 10Y*: 3.62%

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)

T vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
T AT&T Inc.	-3.08%	13.97%	44.08%	-2.74%	5.76%	-8.09%	-21.37%	45.55%	-22.25%	-4.01%
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 T and SMH is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 6, 2000	0.27

The correlation between T and SMH shifts across timeframes, from -0.27 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

T vs. SMH — Risk / Return Rank

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

T

T Risk / Return Rank: 17
T Sharpe Ratio Rank: 17
T Sortino Ratio Rank: 16
T Omega Ratio Rank: 17
T Calmar Ratio Rank: 19
T Martin Ratio Rank: 14

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.

T vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AT&T Inc. (T) 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.

	T	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	5.19	-5.74
Sortino ratio: Return per unit of downside risk	-0.67	5.22	-5.89
Omega ratio: Gain probability vs. loss probability	0.92	1.72	-0.80
Calmar ratio: Return relative to maximum drawdown	-0.59	10.59	-11.18
Martin ratio: Return relative to average drawdown	-1.20	40.63	-41.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

T vs. SMH - Sharpe Ratio Comparison

The current T Sharpe Ratio is -0.56, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of T 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

	T	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	5.19	-5.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	1.13	-0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	1.16	-1.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.34	+0.04

Drawdowns

T vs. SMH - Drawdown Comparison

The maximum T drawdown since its inception was -64.15%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for T and SMH.

Drawdown Indicators

	T	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-64.15%	-84.96%	+20.81%
Max Drawdown (1Y) Largest decline over 1 year	-20.60%	-14.93%	-5.67%
Max Drawdown (3Y) Largest decline over 3 years	-20.60%	-35.74%	+15.14%
Max Drawdown (5Y) Largest decline over 5 years	-32.01%	-45.30%	+13.29%
Max Drawdown (10Y) Largest decline over 10 years	-42.35%	-45.30%	+2.95%
Current Drawdown Current decline from peak	-18.23%	0.00%	-18.23%
Average Drawdown Average peak-to-trough decline	-15.72%	-41.09%	+25.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.08%	3.89%	+6.19%

Volatility

T vs. SMH - Volatility Comparison

The current volatility for AT&T Inc. (T) is 6.96%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that T 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

	T	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	11.47%	-4.51%
Volatility (6M) Calculated over the trailing 6-month period	17.27%	24.29%	-7.02%
Volatility (1Y) Calculated over the trailing 1-year period	21.86%	30.56%	-8.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.92%	35.01%	-11.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.69%	32.57%	-8.88%

Dividends

T vs. SMH - Dividend Comparison

T's dividend yield for the trailing twelve months is around 4.71%, 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%
T AT&T Inc.	4.71%	4.47%	4.87%	6.62%	6.66%	8.46%	7.23%	5.22%	7.01%	5.04%	4.51%	5.46%

Frequently Asked Questions

Can I hold both T and SMH in my portfolio?

T and SMH have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, T or SMH?

SMH has higher volatility (11.47%) compared to T (6.96%). In terms of maximum drawdown, T dropped -64.15% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs -0.56), 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.