WTMF vs. SMH

Last updated Jun 13, 2026

WTMF (WisdomTree Managed Futures Strategy Fund) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - WTMF is a Hedge Fund fund tracking the WisdomTree Managed 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, WTMF returned 3.15%/yr vs 37.49%/yr for SMH. At a 0.13 correlation, their price movements are largely independent. WTMF charges 0.65%/yr vs 0.35%/yr for SMH.

Performance

WTMF vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Managed Futures Strategy Fund (WTMF) 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, WTMF achieves a 7.65% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, WTMF has underperformed SMH with an annualized return of 3.15%, while SMH has yielded a comparatively higher 37.49% annualized return.

WTMF

• 1D: 0.59%
• 1M: -0.91%
• YTD: 7.65%
• 6M: 7.62%
• 1Y: 20.55%
• 3Y*: 9.45%
• 5Y*: 6.05%
• 10Y*: 3.15%

SMH

• 1D: 1.72%
• 1M: 7.20%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 141.99%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

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

WTMF vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WTMF WisdomTree Managed Futures Strategy Fund	7.65%	12.17%	3.20%	16.72%	-6.52%	9.48%	0.48%	-2.75%	0.24%	-3.40%
SMH VanEck Semiconductor ETF	72.15%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between WTMF and SMH is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jan 5, 2011	0.13

Over the past year, WTMF and SMH have become more correlated (0.46) than their long-term average of 0.13, meaning their price movements have been converging.

WTMF vs. SMH - Sectors Allocation Comparison

Sectors	WTMF	SMH
Industrials	17.7%	-
Technology	17.0%	100.0%
Healthcare	16.5%	-
Financial Services	15.8%	-
Consumer Cyclical	8.4%	-
Real Estate	6.1%	-
Energy	6.1%	-
Basic Materials	4.8%	-
Utilities	2.9%	-
Communication Services	2.4%	-
Consumer Defensive	2.4%	-

Return for Risk

WTMF vs. SMH — Risk / Return Rank

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

WTMF

WTMF Risk / Return Rank: 86
WTMF Sharpe Ratio Rank: 82
WTMF Sortino Ratio Rank: 81
WTMF Omega Ratio Rank: 84
WTMF Calmar Ratio Rank: 91
WTMF Martin Ratio Rank: 93

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

WTMF vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Managed Futures Strategy Fund (WTMF) 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.

	WTMF	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.28	4.13	-1.85
Sortino ratio: Return per unit of downside risk	3.11	4.26	-1.16
Omega ratio: Gain probability vs. loss probability	1.44	1.60	-0.16
Calmar ratio: Return relative to maximum drawdown	5.05	9.18	-4.14
Martin ratio: Return relative to average drawdown	21.53	33.74	-12.21

WTMF vs. SMH - Sharpe Ratio Comparison

The current WTMF Sharpe Ratio is 2.28, which is lower than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of WTMF 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

WTMF vs. SMH - Drawdown Comparison

The maximum WTMF drawdown since its inception was -30.79%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for WTMF and SMH.

Drawdown Indicators

	WTMF	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-30.79%	-84.96%	+54.17%
Max Drawdown (1Y) Largest decline over 1 year	-4.04%	-14.93%	+10.89%
Max Drawdown (3Y) Largest decline over 3 years	-9.93%	-35.74%	+25.81%
Max Drawdown (5Y) Largest decline over 5 years	-13.21%	-45.30%	+32.09%
Max Drawdown (10Y) Largest decline over 10 years	-15.62%	-45.30%	+29.68%
Current Drawdown Current decline from peak	-0.91%	-2.81%	+1.90%
Average Drawdown Average peak-to-trough decline	-17.67%	-41.04%	+23.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	4.06%	-3.12%

Volatility

WTMF vs. SMH - Volatility Comparison

The current volatility for WisdomTree Managed Futures Strategy Fund (WTMF) is 2.76%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that WTMF 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

	WTMF	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	16.25%	-13.49%
Volatility (6M) Calculated over the trailing 6-month period	7.21%	27.73%	-20.52%
Volatility (1Y) Calculated over the trailing 1-year period	8.93%	33.20%	-24.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.51%	35.47%	-25.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.10%	32.82%	-24.72%

WTMF vs. SMH - Expense Ratio Comparison

WTMF has a 0.65% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

WTMF vs. SMH - Dividend Comparison

WTMF's dividend yield for the trailing twelve months is around 2.83%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
WTMF WisdomTree Managed Futures Strategy Fund	2.83%	3.04%	3.57%	4.74%	5.29%	14.71%	0.47%	1.63%	3.59%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WTMF and SMH in my portfolio?

WTMF and SMH have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WTMF or SMH?

SMH has higher volatility (16.25%) compared to WTMF (2.76%). In terms of maximum drawdown, WTMF dropped -30.79% vs SMH's -84.96%.

Which ETF is better, WTMF or SMH?

On 10-year performance, SMH leads with 37.49% vs 3.15% for WTMF. On fees, SMH is cheaper at 0.35% per year. On volatility, WTMF has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WTMF or SMH?

Over the 10-year period, SMH has performed better with a 37.49% return vs 3.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WTMF or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.65% for WTMF.

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

WTMF has the higher dividend yield at 2.83%, compared with 0.18% for SMH.

What is the main difference between WTMF and SMH?

WTMF is categorized as Hedge Fund, while SMH is Semiconductors. WTMF tracks WisdomTree Managed Futures Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: WisdomTree and VanEck. Their fees differ too: 0.65% for WTMF and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 vs 2.28), 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.