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VIXY vs. SMH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIXY vs. SMH

Last updated Jun 4, 2026

VIXY (ProShares VIX Short-Term Futures ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, VIXY returned -47.13%/yr vs 37.68%/yr for SMH. At a correlation of -0.62, they often move in opposite directions. VIXY charges 0.85%/yr vs 0.35%/yr for SMH.

Performance

VIXY vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Short-Term Futures ETF (VIXY) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VIXY achieves a -8.27% return, which is significantly lower than SMH's 77.13% return. Over the past 10 years, VIXY has underperformed SMH with an annualized return of -47.13%, while SMH has yielded a comparatively higher 37.68% annualized return.

VIXY

1D
0.26%
1M
-15.15%
YTD
-8.27%
6M
-22.71%
1Y
-53.80%
3Y*
-42.73%
5Y*
-46.70%
10Y*
-47.13%

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)

VIXY vs. SMH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIXY
ProShares VIX Short-Term Futures ETF		-8.27%-43.05%-27.43%-72.74%-24.98%-72.40%10.54%-67.81%66.78%-72.78%
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 VIXY and SMH is -0.53, 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

-0.53

Correlation (3Y)
Calculated over the trailing 3-year period

-0.56

Correlation (5Y)
Calculated over the trailing 5-year period

-0.60

Correlation (10Y)
Calculated over the trailing 10-year period

-0.61

Correlation (All Time)
Calculated using the full available price history since Jan 5, 2011

-0.62

The correlation between VIXY and SMH has been stable across timeframes, ranging from -0.62 to -0.53 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares VIX Short-Term Futures ETF

VanEck Semiconductor ETF

Often compared with VIXY:
VIXY vs. VXXVIXY vs. UVXYVIXY vs. VIXMVIXY vs. SVXYVIXY vs. SPYVIXY vs. ^VVIXVIXY vs. VOO
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

VIXY vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIXY
VIXY Risk / Return Rank: 11
Overall Rank
VIXY Sharpe Ratio Rank: 11
Sharpe Ratio Rank
VIXY Sortino Ratio Rank: 11
Sortino Ratio Rank
VIXY Omega Ratio Rank: 11
Omega Ratio Rank
VIXY Calmar Ratio Rank: 11
Calmar Ratio Rank
VIXY Martin Ratio Rank: 22
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9595
Sortino Ratio Rank
SMH Omega Ratio Rank: 9595
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9696
Martin Ratio Rank
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.

VIXY vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) 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.

VIXYSMHDifference
Sharpe ratioReturn per unit of total volatility
-0.97
5.19

-6.15

Sortino ratioReturn per unit of downside risk
-1.56
5.22

-6.78

Omega ratioGain probability vs. loss probability

0.82

1.72

-0.90

Calmar ratioReturn relative to maximum drawdown

-0.95

10.59

-11.54

Martin ratioReturn relative to average drawdown

-1.34

40.63

-41.96

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIXY vs. SMH - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -0.97, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of VIXY 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.

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Sharpe Ratios by Period

VIXYSMHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.97

5.19

-6.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.67

1.13

-1.79

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.65

1.16

-1.81

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.69

0.34

-1.03

Drawdowns

VIXY vs. SMH - Drawdown Comparison

The maximum VIXY drawdown since its inception was -100.00%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for VIXY and SMH.

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Drawdown Indicators

VIXYSMHDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-84.96%

-15.04%

Max Drawdown (1Y)

Largest decline over 1 year

-56.72%

-14.93%

-41.79%

Max Drawdown (3Y)

Largest decline over 3 years

-81.00%

-35.74%

-45.26%

Max Drawdown (5Y)

Largest decline over 5 years

-95.92%

-45.30%

-50.62%

Max Drawdown (10Y)

Largest decline over 10 years

-99.87%

-45.30%

-54.57%

Current Drawdown

Current decline from peak

-100.00%

0.00%

-100.00%

Average Drawdown

Average peak-to-trough decline

-92.18%

-41.09%

-51.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

40.22%

3.89%

+36.33%

Volatility

VIXY vs. SMH - Volatility Comparison

The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 8.03%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that VIXY 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.

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Volatility by Period

VIXYSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.03%

11.47%

-3.44%

Volatility (6M)

Calculated over the trailing 6-month period

41.47%

24.29%

+17.18%

Volatility (1Y)

Calculated over the trailing 1-year period

55.89%

30.56%

+25.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

70.31%

35.01%

+35.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

72.48%

32.57%

+39.91%

VIXY vs. SMH - Expense Ratio Comparison

VIXY has a 0.85% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

VIXY vs. SMH - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
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%
VIXY
ProShares VIX Short-Term Futures ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VIXY and SMH have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMH has higher volatility (11.47%) compared to VIXY (8.03%). In terms of maximum drawdown, VIXY dropped -100.00% vs SMH's -84.96%.

On 10-year performance, SMH leads with 37.68% vs -47.13% for VIXY. On fees, SMH is cheaper at 0.35% per year. On volatility, VIXY has been the lower-risk option at 8.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SMH has performed better with a 37.68% return vs -47.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMH is cheaper with a 0.35% expense ratio, compared with 0.85% for VIXY.

SMH has the higher dividend yield at 0.17%, compared with 0.00% for VIXY.

VIXY is categorized as Volatility, while SMH is Semiconductors. VIXY tracks S&P 500 VIX Short-Term Futures Index Total Return, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: ProFund Advisors LLC and VanEck. Their fees differ too: 0.85% for VIXY and 0.35% for SMH.

SMH currently has the higher Sharpe Ratio (5.19 vs -0.97), 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.

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