WISE vs. SMH

Last updated Aug 2, 2026

WISE (Themes Generative Artificial Intelligence ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - WISE is a Artificial Intelligence fund tracking the Solactive Generative Artificial Intelligence Index - Benchmark TR Gross, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past year, WISE returned -3.15% vs 90.95% for SMH. Their 0.72 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.

Performance

WISE vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Generative Artificial Intelligence ETF (WISE) 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, WISE achieves a -12.05% return, which is significantly lower than SMH's 50.09% return.

WISE

• 1D: 2.08%
• 1M: -6.95%
• 6M: -9.01%
• YTD: -12.05%
• 1Y: -3.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.08%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMH VanEck Semiconductor ETF	$8.28B	$7.64B	$7.07B
WISE Themes Generative Artificial Intelligence ETF	$174.31K	$417.19K	$446.26K

WISE vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WISE Themes Generative Artificial Intelligence ETF	-12.05%	5.88%	40.45%	8.33%
SMH VanEck Semiconductor ETF	50.09%	49.17%	39.10%	9.20%

Correlation

The correlation between WISE and SMH is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Dec 8, 2023	0.72

The correlation between WISE and SMH has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

WISE vs. SMH - Sectors Allocation Comparison

Sectors	WISE	SMH
Technology	91.3%	100.0%
Consumer Cyclical	3.5%	-
Communication Services	2.9%	-
Industrials	1.3%	-
Healthcare	0.8%	-
Utilities	0.2%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Real Estate	-	-

Return for Risk

WISE vs. SMH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WISE

WISE Risk / Return Rank: 9
WISE Sharpe Ratio Rank: 8
WISE Sortino Ratio Rank: 9
WISE Omega Ratio Rank: 9
WISE Calmar Ratio Rank: 8
WISE Martin Ratio Rank: 8

SMH

SMH Risk / Return Rank: 87
SMH Sharpe Ratio Rank: 91
SMH Sortino Ratio Rank: 83
SMH Omega Ratio Rank: 84
SMH Calmar Ratio Rank: 88
SMH Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WISE vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Generative Artificial Intelligence ETF (WISE) 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.

	WISE	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	2.29	-2.45
Sortino ratio: Return per unit of downside risk	0.01	2.70	-2.68
Omega ratio: Gain probability vs. loss probability	1.00	1.36	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.16	3.58	-3.75
Martin ratio: Return relative to average drawdown	-0.34	14.64	-14.99

WISE vs. SMH - Sharpe Ratio Comparison

The current WISE Sharpe Ratio is -0.16, which is lower than the SMH Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of WISE 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

WISE vs. SMH - Drawdown Comparison

The maximum WISE drawdown since its inception was -39.15%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for WISE and SMH.

Drawdown Indicators

	WISE	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-84.96%	+45.81%
Max Drawdown (1Y) Largest decline over 1 year	-34.08%	-24.62%	-9.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-25.13%	-19.19%	-5.94%
Average Drawdown Average peak-to-trough decline	-12.32%	-40.89%	+28.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.22%	6.01%	+10.21%

Volatility

WISE vs. SMH - Volatility Comparison

The current volatility for Themes Generative Artificial Intelligence ETF (WISE) is 11.38%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. This indicates that WISE 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

	WISE	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.38%	14.70%	-3.32%
Volatility (6M) Calculated over the trailing 6-month period	27.21%	33.13%	-5.92%
Volatility (1Y) Calculated over the trailing 1-year period	34.88%	38.57%	-3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.01%	36.50%	-2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.01%	33.32%	+0.69%

WISE vs. SMH - Expense Ratio Comparison

Both WISE and SMH have an expense ratio of 0.35%.

Dividends

WISE vs. SMH - Dividend Comparison

WISE's dividend yield for the trailing twelve months is around 4.69%, 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%
WISE Themes Generative Artificial Intelligence ETF	4.69%	4.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WISE and SMH in my portfolio?

WISE and SMH have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WISE or SMH?

SMH has higher volatility (14.70%) compared to WISE (11.38%). In terms of maximum drawdown, WISE dropped -39.15% vs SMH's -84.96%.

Which ETF is better, WISE or SMH?

On 1-year performance, SMH leads with 90.95% vs -3.15% for WISE. Both ETFs have the same 0.35% expense ratio. On volatility, WISE has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WISE or SMH?

Over the 1-year period, SMH has performed better with a 90.95% return vs -3.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WISE or SMH?

WISE and SMH have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, WISE or SMH?

WISE has the higher dividend yield at 4.69%, compared with 0.20% for SMH.

What is the main difference between WISE and SMH?

WISE is categorized as Artificial Intelligence, while SMH is Semiconductors. WISE tracks Solactive Generative Artificial Intelligence Index - Benchmark TR Gross, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Themes and VanEck.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (2.29 vs -0.16), 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.