VIXY vs. SMH
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, 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 -47.17%/yr vs 35.93%/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
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Returns By Period
In the year-to-date period, VIXY achieves a -18.02% return, which is significantly lower than SMH's 62.61% return. Over the past 10 years, VIXY has underperformed SMH with an annualized return of -47.17%, while SMH has yielded a comparatively higher 35.93% annualized return.
VIXY
- 1D
- 3.34%
- 1M
- -9.75%
- 6M
- -16.02%
- YTD
- -18.02%
- 1Y
- -52.30%
- 3Y*
- -39.72%
- 5Y*
- -46.37%
- 10Y*
- -47.17%
SMH
- 1D
- -4.16%
- 1M
- -5.54%
- 6M
- 49.91%
- YTD
- 62.61%
- 1Y
- 104.33%
- 3Y*
- 55.82%
- 5Y*
- 36.02%
- 10Y*
- 35.93%
VIXY vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -18.02% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
SMH VanEck Semiconductor ETF | 62.61% | 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 -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.58 |
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 4, 2011 | -0.62 |
The correlation between VIXY and SMH has been stable across timeframes, ranging from -0.62 to -0.55 - a consistent structural relationship.
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Return for Risk
VIXY vs. SMH — Risk / Return Rank
VIXY
SMH
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.
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.
| VIXY | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.79 | ||
| Sortino ratioReturn per unit of downside risk | -4.61 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.43 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 7.03 | -7.99 |
| Martin ratioReturn relative to average drawdown | -1.54 | 22.83 | -24.36 |
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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
| VIXY | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -84.96% | -15.04% |
Max Drawdown (1Y)Largest decline over 1 year | -54.62% | -14.93% | -39.69% |
Max Drawdown (3Y)Largest decline over 3 years | -81.19% | -35.74% | -45.45% |
Max Drawdown (5Y)Largest decline over 5 years | -96.44% | -45.30% | -51.14% |
Max Drawdown (10Y)Largest decline over 10 years | -99.84% | -45.30% | -54.54% |
Current DrawdownCurrent decline from peak | -100.00% | -12.45% | -87.55% |
Average DrawdownAverage peak-to-trough decline | -92.21% | -40.94% | -51.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.02% | 4.59% | +29.43% |
Volatility
VIXY vs. SMH - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 14.22%, while VanEck Semiconductor ETF (SMH) has a volatility of 18.45%. 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
| VIXY | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.22% | 18.45% | -4.23% |
Volatility (6M)Calculated over the trailing 6-month period | 44.20% | 31.29% | +12.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.45% | 36.76% | +19.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.29% | 36.19% | +34.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.84% | 33.14% | +38.70% |
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 0.19%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 0.19% | 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 -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (18.45%) compared to VIXY (14.22%). In terms of maximum drawdown, VIXY dropped -100.00% vs SMH's -84.96%.
On 10-year performance, SMH leads with 35.93% vs -47.17% for VIXY. On fees, SMH is cheaper at 0.35% per year. On volatility, VIXY has been the lower-risk option at 14.22%. 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 35.93% return vs -47.17%. 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 0.19%, 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, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.85% for VIXY and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (2.86 vs -0.93), 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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