UFOX vs. SMH

Last updated Jun 4, 2026

UFOX (Defiance Connective Technologies ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - UFOX is a Technology Equities fund tracking the BlueStar Connective Technologies Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, UFOX returned 24.01%/yr vs 39.21%/yr for SMH. Their correlation of 0.88 suggests significant overlap in exposure. UFOX charges 0.30%/yr vs 0.35%/yr for SMH.

Performance

UFOX vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Connective Technologies ETF (UFOX) 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, UFOX achieves a 62.60% return, which is significantly lower than SMH's 77.13% return.

UFOX

• 1D: -2.52%
• 1M: 21.96%
• YTD: 62.60%
• 6M: 59.53%
• 1Y: 119.37%
• 3Y*: 48.73%
• 5Y*: 24.01%
• 10Y*: —

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)

UFOX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UFOX Defiance Connective Technologies ETF	62.60%	34.83%	34.11%	21.83%	-27.26%	25.68%	29.78%	6.81%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	38.22%

Correlation

The correlation between UFOX and SMH is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 6, 2019	0.88

The correlation between UFOX and SMH shifts across timeframes, from 0.77 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

UFOX vs. SMH - Sectors Allocation Comparison

Sectors	UFOX	SMH
Technology	77.9%	100.0%
Industrials	13.7%	-
Communication Services	5.0%	-
Real Estate	3.3%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

UFOX vs. SMH — Risk / Return Rank

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

UFOX

UFOX Risk / Return Rank: 96
UFOX Sharpe Ratio Rank: 97
UFOX Sortino Ratio Rank: 95
UFOX Omega Ratio Rank: 94
UFOX Calmar Ratio Rank: 97
UFOX Martin Ratio Rank: 97

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.

UFOX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Connective Technologies ETF (UFOX) 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.

	UFOX	SMH	Difference
Sharpe ratio Return per unit of total volatility	4.69	5.19	-0.50
Sortino ratio Return per unit of downside risk	5.33	5.22	+0.11
Omega ratio Gain probability vs. loss probability	1.69	1.72	-0.03
Calmar ratio Return relative to maximum drawdown	10.87	10.59	+0.28
Martin ratio Return relative to average drawdown	43.09	40.63	+2.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UFOX vs. SMH - Sharpe Ratio Comparison

The current UFOX Sharpe Ratio is 4.69, which is comparable to the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of UFOX 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

	UFOX	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.69	5.19	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	1.13	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.34	+0.58

Drawdowns

UFOX vs. SMH - Drawdown Comparison

The maximum UFOX drawdown since its inception was -33.90%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for UFOX and SMH.

Drawdown Indicators

	UFOX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-33.90%	-84.96%	+51.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-14.93%	+3.89%
Max Drawdown (3Y) Largest decline over 3 years	-28.14%	-35.74%	+7.60%
Max Drawdown (5Y) Largest decline over 5 years	-33.90%	-45.30%	+11.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-2.52%	0.00%	-2.52%
Average Drawdown Average peak-to-trough decline	-9.01%	-41.09%	+32.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	3.89%	-1.11%

Volatility

UFOX vs. SMH - Volatility Comparison

The current volatility for Defiance Connective Technologies ETF (UFOX) is 9.95%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that UFOX 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

	UFOX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.95%	11.47%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	20.25%	24.29%	-4.04%
Volatility (1Y) Calculated over the trailing 1-year period	25.66%	30.56%	-4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.61%	35.01%	-10.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.22%	32.57%	-7.35%

UFOX vs. SMH - Expense Ratio Comparison

UFOX has a 0.30% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

UFOX vs. SMH - Dividend Comparison

UFOX's dividend yield for the trailing twelve months is around 0.36%, 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%
UFOX Defiance Connective Technologies ETF	0.36%	0.56%	0.79%	1.40%	1.63%	1.17%	0.99%	0.75%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UFOX and SMH in my portfolio?

UFOX and SMH have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UFOX or SMH?

SMH has higher volatility (11.47%) compared to UFOX (9.95%). In terms of maximum drawdown, UFOX dropped -33.90% vs SMH's -84.96%.

Which ETF is better, UFOX or SMH?

On 5-year performance, SMH leads with 39.21% vs 24.01% for UFOX. On fees, UFOX is cheaper at 0.30% per year. On volatility, UFOX has been the lower-risk option at 9.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UFOX or SMH?

Over the 5-year period, SMH has performed better with a 39.21% return vs 24.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UFOX or SMH?

UFOX is cheaper with a 0.30% expense ratio, compared with 0.35% for SMH.

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

UFOX has the higher dividend yield at 0.36%, compared with 0.17% for SMH.

What is the main difference between UFOX and SMH?

UFOX is categorized as Technology Equities, while SMH is Semiconductors. UFOX tracks BlueStar Connective Technologies Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Defiance and VanEck. Their fees differ too: 0.30% for UFOX and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 4.69), 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.