WARP vs. SMHX

Last updated Jun 4, 2026

WARP (VanEck Space ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - WARP is a Industrials Equities fund tracking the MarketVector Space Index, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. A 0.63 correlation means they provide meaningful diversification when combined. WARP charges 0.50%/yr vs 0.35%/yr for SMHX.

Performance

WARP vs. SMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Space ETF (WARP) and VanEck Fabless Semiconductor ETF (SMHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

WARP

• 1D: -6.84%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMHX

• 1D: 0.94%
• 1M: 33.64%
• YTD: 78.44%
• 6M: 72.62%
• 1Y: 139.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WARP vs. SMHX - Yearly Performance Comparison

	2026 (YTD)
WARP VanEck Space ETF	23.47%
SMHX VanEck Fabless Semiconductor ETF	25.99%

Correlation

The correlation between WARP and SMHX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 8, 2026	0.63

Return for Risk

WARP vs. SMHX — Risk / Return Rank

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

SMHX

SMHX Risk / Return Rank: 93
SMHX Sharpe Ratio Rank: 96
SMHX Sortino Ratio Rank: 92
SMHX Omega Ratio Rank: 90
SMHX Calmar Ratio Rank: 95
SMHX Martin Ratio Rank: 92

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.

WARP vs. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Space ETF (WARP) and VanEck Fabless Semiconductor ETF (SMHX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	WARP	SMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	22.26	1.94	+20.32

Drawdowns

WARP vs. SMHX - Drawdown Comparison

The maximum WARP drawdown since its inception was -18.67%, smaller than the maximum SMHX drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for WARP and SMHX.

Drawdown Indicators

	WARP	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-18.67%	-38.53%	+19.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.06%	—
Current Drawdown Current decline from peak	-18.67%	0.00%	-18.67%
Average Drawdown Average peak-to-trough decline	-3.23%	-7.33%	+4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.05%	—

Volatility

Volatility by Period

	WARP	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	25.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	83.83%	32.69%	+51.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.83%	39.97%	+43.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.83%	39.97%	+43.86%

WARP vs. SMHX - Expense Ratio Comparison

WARP has a 0.50% expense ratio, which is higher than SMHX's 0.35% expense ratio.

Dividends

WARP vs. SMHX - Dividend Comparison

WARP has not paid dividends to shareholders, while SMHX's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
SMHX VanEck Fabless Semiconductor ETF	0.01%	0.02%	0.04%
WARP VanEck Space ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WARP and SMHX in my portfolio?

WARP and SMHX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WARP or SMHX?

On fees, SMHX is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WARP or SMHX?

SMHX is cheaper with a 0.35% expense ratio, compared with 0.50% for WARP.

Which ETF pays a higher dividend yield, WARP or SMHX?

SMHX has the higher dividend yield at 0.01%, compared with 0.00% for WARP.

What is the main difference between WARP and SMHX?

WARP is categorized as Industrials Equities, while SMHX is Semiconductors. WARP tracks MarketVector Space Index, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index. Their fees differ too: 0.50% for WARP and 0.35% for SMHX.