VNOM vs. SMH
VNOM (Viper Energy Partners LP) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, VNOM returned 17.97%/yr vs 34.16%/yr for SMH. Their 0.22 correlation means their historical movements had little consistent relationship.
Performance
VNOM vs. SMH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VNOM achieves a 18.51% return, which is significantly lower than SMH's 50.09% return. Over the past 10 years, VNOM has underperformed SMH with an annualized return of 17.97%, while SMH has yielded a comparatively higher 34.16% annualized return.
VNOM
- 1D
- 2.65%
- 1M
- 9.47%
- 6M
- 8.12%
- YTD
- 18.51%
- 1Y
- 28.80%
- 3Y*
- 22.65%
- 5Y*
- 27.71%
- 10Y*
- 17.97%
- ALL TIME*
- 9.01%
SMH
- 1D
- 0.30%
- 1M
- -8.74%
- 6M
- 33.97%
- YTD
- 50.09%
- 1Y
- 90.95%
- 3Y*
- 50.56%
- 5Y*
- 33.46%
- 10Y*
- 34.16%
- ALL TIME*
- 11.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.28B | $7.64B | $7.07B | |
| $59.51M | $65.89M | $77.95M |
VNOM vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNOM Viper Energy Partners LP | 18.51% | -16.58% | 65.52% | 4.83% | 61.69% | 94.24% | -50.69% | 0.66% | 19.60% | 55.99% |
SMH VanEck Semiconductor ETF | 50.09% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between VNOM and SMH is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2014 | 0.22 |
Over the past year, the correlation between VNOM and SMH has dropped to 0.02 - well below their long-term average of 0.22, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VNOM vs. SMH — Risk / Return Rank
VNOM
SMH
VNOM vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Viper Energy Partners LP (VNOM) 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.
| VNOM | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.36 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 3.58 | -2.28 |
| Martin ratioReturn relative to average drawdown | 3.42 | 14.64 | -11.22 |
Loading charts...
Drawdowns
VNOM vs. SMH - Drawdown Comparison
The maximum VNOM drawdown since its inception was -86.96%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for VNOM and SMH.
Loading charts...
Drawdown Indicators
| VNOM | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.96% | -84.96% | -2.00% |
Max Drawdown (1Y)Largest decline over 1 year | -19.42% | -24.62% | +5.20% |
Max Drawdown (3Y)Largest decline over 3 years | -34.46% | -35.74% | +1.28% |
Max Drawdown (5Y)Largest decline over 5 years | -34.46% | -45.30% | +10.84% |
Max Drawdown (10Y)Largest decline over 10 years | -86.96% | -45.30% | -41.66% |
Current DrawdownCurrent decline from peak | -14.22% | -19.19% | +4.97% |
Average DrawdownAverage peak-to-trough decline | -31.48% | -40.89% | +9.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.38% | 6.01% | +1.37% |
Volatility
VNOM vs. SMH - Volatility Comparison
The current volatility for Viper Energy Partners LP (VNOM) is 9.38%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. This indicates that VNOM 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.
Loading charts...
Volatility by Period
| VNOM | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.38% | 14.70% | -5.32% |
Volatility (6M)Calculated over the trailing 6-month period | 19.98% | 33.13% | -13.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.54% | 38.57% | -10.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.63% | 36.50% | -0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.06% | 33.32% | +11.74% |
Dividends
VNOM vs. SMH - Dividend Comparison
VNOM's dividend yield for the trailing twelve months is around 5.18%, more than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 0.20% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
VNOM Viper Energy Partners LP | 5.18% | 6.03% | 4.89% | 5.58% | 7.68% | 5.16% | 5.85% | 7.38% | 8.14% | 5.27% | 4.83% | 6.16% |
Frequently Asked Questions
VNOM and SMH have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (14.70%) compared to VNOM (9.38%). In terms of maximum drawdown, VNOM dropped -86.96% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (2.29 vs 0.89), 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.
Find the right allocation for VNOM and SMH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer