VITAX vs. SMH

Last updated Jun 13, 2026

VITAX (Vanguard Information Technology Index Fund Admiral Shares) and SMH (VanEck Semiconductor ETF) are both funds - VITAX is a Technology Equities fund tracking the MSCI US Investable Market Information Technology 25/50 Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, VITAX returned 25.13%/yr vs 37.49%/yr for SMH. Their correlation of 0.86 suggests significant overlap in exposure. VITAX charges 0.09%/yr vs 0.35%/yr for SMH.

Performance

VITAX vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Information Technology Index Fund Admiral Shares (VITAX) 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, VITAX achieves a 23.40% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, VITAX has underperformed SMH with an annualized return of 25.13%, while SMH has yielded a comparatively higher 37.49% annualized return.

VITAX

• 1D: 3.34%
• 1M: 0.79%
• YTD: 23.40%
• 6M: 23.48%
• 1Y: 49.63%
• 3Y*: 29.93%
• 5Y*: 20.22%
• 10Y*: 25.13%

SMH

• 1D: 1.72%
• 1M: 7.20%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 141.99%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

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

VITAX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VITAX Vanguard Information Technology Index Fund Admiral Shares	23.40%	21.78%	29.26%	52.69%	-29.67%	30.36%	45.93%	48.72%	2.51%	37.07%
SMH VanEck Semiconductor ETF	72.15%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between VITAX and SMH is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.86

The correlation between VITAX and SMH has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

VITAX vs. SMH - Sectors Allocation Comparison

Sectors	VITAX	SMH
Technology	98.5%	100.0%
Communication Services	0.5%	-
Financial Services	0.5%	-
Industrials	0.4%	-
Energy	0.3%	-
Consumer Cyclical	0.1%	-
Basic Materials	0.0%	-
Healthcare	0.0%	-
Consumer Defensive	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

VITAX vs. SMH — Risk / Return Rank

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

VITAX

VITAX Risk / Return Rank: 71
VITAX Sharpe Ratio Rank: 80
VITAX Sortino Ratio Rank: 70
VITAX Omega Ratio Rank: 70
VITAX Calmar Ratio Rank: 79
VITAX Martin Ratio Rank: 57

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: 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.

VITAX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Information Technology Index Fund Admiral Shares (VITAX) 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.

	VITAX	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.20	4.13	-1.94
Sortino ratio: Return per unit of downside risk	2.74	4.26	-1.52
Omega ratio: Gain probability vs. loss probability	1.36	1.60	-0.24
Calmar ratio: Return relative to maximum drawdown	2.96	9.18	-6.22
Martin ratio: Return relative to average drawdown	9.18	33.74	-24.56

VITAX vs. SMH - Sharpe Ratio Comparison

The current VITAX Sharpe Ratio is 2.20, which is lower than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of VITAX 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

VITAX vs. SMH - Drawdown Comparison

The maximum VITAX drawdown since its inception was -54.81%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for VITAX and SMH.

Drawdown Indicators

	VITAX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-54.81%	-84.96%	+30.15%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-14.93%	-1.45%
Max Drawdown (3Y) Largest decline over 3 years	-27.38%	-35.74%	+8.36%
Max Drawdown (5Y) Largest decline over 5 years	-35.10%	-45.30%	+10.20%
Max Drawdown (10Y) Largest decline over 10 years	-35.10%	-45.30%	+10.20%
Current Drawdown Current decline from peak	-7.67%	-2.81%	-4.86%
Average Drawdown Average peak-to-trough decline	-8.01%	-41.04%	+33.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	4.06%	+1.21%

Volatility

VITAX vs. SMH - Volatility Comparison

The current volatility for Vanguard Information Technology Index Fund Admiral Shares (VITAX) is 10.02%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that VITAX 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

	VITAX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.02%	16.25%	-6.23%
Volatility (6M) Calculated over the trailing 6-month period	18.08%	27.73%	-9.65%
Volatility (1Y) Calculated over the trailing 1-year period	22.10%	33.20%	-11.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.62%	35.47%	-9.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.96%	32.82%	-7.86%

VITAX vs. SMH - Expense Ratio Comparison

VITAX has a 0.09% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

VITAX vs. SMH - Dividend Comparison

VITAX's dividend yield for the trailing twelve months is around 0.33%, more 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%
VITAX Vanguard Information Technology Index Fund Admiral Shares	0.33%	0.40%	0.60%	0.65%	0.91%	0.63%	0.82%	1.11%	1.29%	0.99%	1.31%	1.28%

Frequently Asked Questions

Can I hold both VITAX and SMH in my portfolio?

VITAX and SMH have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VITAX or SMH?

SMH has higher volatility (16.25%) compared to VITAX (10.02%). In terms of maximum drawdown, VITAX dropped -54.81% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 vs 2.20), 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.