YNOT vs. SMH

Last updated Jun 4, 2026

YNOT (Horizon Digital Frontier ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - YNOT is a Technology Equities fund actively managed by Horizon, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. YNOT is actively managed, while SMH is passively managed. Their correlation of 0.85 suggests significant overlap in exposure. YNOT charges 0.75%/yr vs 0.35%/yr for SMH.

Performance

YNOT vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Digital Frontier ETF (YNOT) 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, YNOT achieves a 21.63% return, which is significantly lower than SMH's 77.13% return.

YNOT

• 1D: -1.88%
• 1M: 8.38%
• YTD: 21.63%
• 6M: 20.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMH

• 1D: 0.90%
• 1M: 25.87%
• YTD: 77.13%
• 6M: 75.61%
• 1Y: 157.20%
• 3Y*: 64.17%
• 5Y*: 39.21%
• 10Y*: 37.68%

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

YNOT vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025
YNOT Horizon Digital Frontier ETF	21.63%	11.82%
SMH VanEck Semiconductor ETF	77.13%	25.64%

Correlation

The correlation between YNOT and SMH is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 11, 2025	0.85

YNOT vs. SMH - Sectors Allocation Comparison

Sectors	YNOT	SMH
Technology	47.3%	100.0%
Industrials	17.2%	-
Communication Services	13.4%	-
Consumer Cyclical	8.9%	-
Basic Materials	8.4%	-
Financial Services	1.9%	-
Utilities	1.4%	-
Healthcare	0.8%	-
Energy	0.7%	-
Consumer Defensive	-	-
Real Estate	-	-

Return for Risk

YNOT vs. SMH — Risk / Return Rank

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

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
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.

YNOT vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Digital Frontier ETF (YNOT) 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.

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

Sharpe Ratios by Period

	YNOT	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	5.19	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.34	+1.43

Drawdowns

YNOT vs. SMH - Drawdown Comparison

The maximum YNOT drawdown since its inception was -16.73%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for YNOT and SMH.

Drawdown Indicators

	YNOT	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-16.73%	-84.96%	+68.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.93%	—
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	-1.88%	0.00%	-1.88%
Average Drawdown Average peak-to-trough decline	-3.74%	-41.09%	+37.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.89%	—

Volatility

Volatility by Period

	YNOT	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	24.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.11%	30.56%	-7.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.11%	35.01%	-11.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.11%	32.57%	-9.46%

YNOT vs. SMH - Expense Ratio Comparison

YNOT has a 0.75% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

YNOT vs. SMH - Dividend Comparison

YNOT has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.17%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
YNOT Horizon Digital Frontier 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

Can I hold both YNOT and SMH in my portfolio?

YNOT and SMH have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, YNOT or SMH?

On fees, SMH 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, YNOT or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.75% for YNOT.

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

SMH has the higher dividend yield at 0.17%, compared with 0.00% for YNOT.

What is the main difference between YNOT and SMH?

YNOT is categorized as Technology Equities, while SMH is Semiconductors. They also come from different issuers: Horizon and VanEck. Their fees differ too: 0.75% for YNOT and 0.35% for SMH.