TCAI vs. SMH

Last updated Jun 24, 2026

TCAI (Tortoise AI Infrastructure ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - TCAI is a Technology Equities fund actively managed by Tortoise, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. TCAI is actively managed, while SMH is passively managed. Their correlation of 0.82 suggests significant overlap in exposure. TCAI charges 0.65%/yr vs 0.35%/yr for SMH.

Performance

TCAI vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise AI Infrastructure ETF (TCAI) 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, TCAI achieves a 86.83% return, which is significantly higher than SMH's 72.73% return.

TCAI

• 1D: -4.84%
• 1M: 10.54%
• YTD: 86.83%
• 6M: 82.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMH

• 1D: -7.01%
• 1M: 7.93%
• YTD: 72.73%
• 6M: 71.29%
• 1Y: 138.23%
• 3Y*: 62.28%
• 5Y*: 38.18%
• 10Y*: 37.85%

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

TCAI vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025
TCAI Tortoise AI Infrastructure ETF	86.83%	17.27%
SMH VanEck Semiconductor ETF	72.73%	24.49%

Correlation

The correlation between TCAI and SMH is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 5, 2025	0.82

TCAI vs. SMH - Sectors Allocation Comparison

Sectors	TCAI	SMH
Technology	51.4%	100.0%
Industrials	25.4%	-
Utilities	8.6%	-
Financial Services	7.1%	-
Energy	4.7%	-
Communication Services	1.6%	-
Consumer Cyclical	1.3%	-
Real Estate	0.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Healthcare	-	-

Return for Risk

TCAI vs. SMH — Risk / Return Rank

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

TCAI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 91
SMH Omega Ratio Rank: 92
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.

TCAI vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise AI Infrastructure ETF (TCAI) 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.

	TCAI	SMH	Difference
Sharpe ratio: Return per unit of total volatility	—	3.99	—
Sortino ratio: Return per unit of downside risk	—	4.05	—
Omega ratio: Gain probability vs. loss probability	—	1.58	—
Calmar ratio: Return relative to maximum drawdown	—	9.31	—
Martin ratio: Return relative to average drawdown	—	33.88	—

Drawdowns

TCAI vs. SMH - Drawdown Comparison

The maximum TCAI drawdown since its inception was -15.80%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for TCAI and SMH.

Drawdown Indicators

	TCAI	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-15.80%	-84.96%	+69.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.93%	—
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	-4.84%	-7.01%	+2.17%
Average Drawdown Average peak-to-trough decline	-3.54%	-41.01%	+37.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.10%	—

Volatility

Volatility by Period

	TCAI	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	19.08%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	37.57%	34.87%	+2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.57%	35.83%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.57%	32.97%	+4.60%

TCAI vs. SMH - Expense Ratio Comparison

TCAI has a 0.65% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

TCAI vs. SMH - Dividend Comparison

TCAI's dividend yield for the trailing twelve months is around 0.03%, less than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
TCAI Tortoise AI Infrastructure ETF	0.03%	0.05%	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 TCAI and SMH in my portfolio?

TCAI and SMH have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TCAI or SMH?

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TCAI or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.65% for TCAI.

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

SMH has the higher dividend yield at 0.18%, compared with 0.03% for TCAI.

What is the main difference between TCAI and SMH?

TCAI is categorized as Technology Equities, while SMH is Semiconductors. They also come from different issuers: Tortoise and VanEck. Their fees differ too: 0.65% for TCAI and 0.35% for SMH.