TOELY vs. SMH

Last updated Jun 23, 2026

TOELY (Tokyo Electron ADR) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, TOELY returned 35.50%/yr vs 38.85%/yr for SMH. At a 0.47 correlation, their price movements are largely independent.

Performance

TOELY vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tokyo Electron ADR (TOELY) 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, TOELY achieves a 122.24% return, which is significantly higher than SMH's 85.74% return. Over the past 10 years, TOELY has underperformed SMH with an annualized return of 35.50%, while SMH has yielded a comparatively higher 38.85% annualized return.

TOELY

• 1D: 0.58%
• 1M: 57.23%
• YTD: 122.24%
• 6M: 135.02%
• 1Y: 207.14%
• 3Y*: 54.91%
• 5Y*: 28.09%
• 10Y*: 35.50%

SMH

• 1D: 1.37%
• 1M: 16.07%
• YTD: 85.74%
• 6M: 85.96%
• 1Y: 157.81%
• 3Y*: 66.26%
• 5Y*: 40.65%
• 10Y*: 38.85%

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

TOELY vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TOELY Tokyo Electron ADR	122.24%	49.57%	-14.19%	82.22%	-49.18%	53.76%	71.31%	94.00%	-38.01%	94.67%
SMH VanEck Semiconductor ETF	85.74%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between TOELY and SMH is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 21, 2009	0.47

The correlation between TOELY and SMH shifts across timeframes, from 0.47 (all time) to 0.66 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TOELY vs. SMH — Risk / Return Rank

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

TOELY

TOELY Risk / Return Rank: 95
TOELY Sharpe Ratio Rank: 97
TOELY Sortino Ratio Rank: 94
TOELY Omega Ratio Rank: 93
TOELY Calmar Ratio Rank: 95
TOELY Martin Ratio Rank: 95

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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.

TOELY vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tokyo Electron ADR (TOELY) 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.

	TOELY	SMH	Difference
Sharpe ratio: Return per unit of total volatility	3.85	4.66	-0.81
Sortino ratio: Return per unit of downside risk	3.65	4.60	-0.95
Omega ratio: Gain probability vs. loss probability	1.49	1.66	-0.17
Calmar ratio: Return relative to maximum drawdown	6.88	10.63	-3.75
Martin ratio: Return relative to average drawdown	17.21	38.91	-21.70

TOELY vs. SMH - Sharpe Ratio Comparison

The current TOELY Sharpe Ratio is 3.85, which is comparable to the SMH Sharpe Ratio of 4.66. The chart below compares the historical Sharpe Ratios of TOELY 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

TOELY vs. SMH - Drawdown Comparison

The maximum TOELY drawdown since its inception was -92.92%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for TOELY and SMH.

Drawdown Indicators

	TOELY	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-92.92%	-84.96%	-7.96%
Max Drawdown (1Y) Largest decline over 1 year	-30.30%	-14.93%	-15.37%
Max Drawdown (3Y) Largest decline over 3 years	-53.52%	-35.74%	-17.78%
Max Drawdown (5Y) Largest decline over 5 years	-59.40%	-45.30%	-14.10%
Max Drawdown (10Y) Largest decline over 10 years	-59.40%	-45.30%	-14.10%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-49.54%	-41.01%	-8.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.09%	4.07%	+8.02%

Volatility

TOELY vs. SMH - Volatility Comparison

Tokyo Electron ADR (TOELY) has a higher volatility of 20.95% compared to VanEck Semiconductor ETF (SMH) at 17.29%. This indicates that TOELY's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOELY	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.95%	17.29%	+3.66%
Volatility (6M) Calculated over the trailing 6-month period	40.15%	28.18%	+11.97%
Volatility (1Y) Calculated over the trailing 1-year period	54.30%	34.14%	+20.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.22%	35.68%	+9.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.82%	32.95%	+6.87%

Dividends

TOELY vs. SMH - Dividend Comparison

TOELY has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.

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%
TOELY Tokyo Electron ADR	0.00%	1.02%	1.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.11%	2.27%	0.00%

Frequently Asked Questions

Can I hold both TOELY and SMH in my portfolio?

TOELY and SMH have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOELY or SMH?

TOELY has higher volatility (20.95%) compared to SMH (17.29%). In terms of maximum drawdown, TOELY dropped -92.92% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.66 vs 3.85), 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.