DRAM
Not rated
No published distribution safety rating is available.
ETF Comparison
DRAM vs HBMX vs KMEM vs SMH: A Memory Bet, or the Whole Semi Chain?
A side-by-side of Roundhill Memory, VanEck Semiconductor, Tuttle Concentrated Memory Stack, and Kurv Memory Select covering the book and cost.
Updated November 6, 2026
No track record yet. HBMX, KMEM launched within the last six months. The forward distribution rate is left blank until a payout is published.
How these figures are calculated: methodology.
Price and total return
Compare the same available dates. Add a ticker or benchmark below; these controls change the chart only. The snapshot and article describe the original comparison.
Interactive history loads here. The snapshot and period returns remain available when chart history cannot be loaded.
Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
HBMX
Not rated
No published distribution safety rating is available.
KMEM
Not rated
No published distribution safety rating is available.
SMH
Safe
Limited data
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  DRAM |  HBMX |  KMEM |  SMH |
|---|---|---|---|---|
| Full name | Roundhill Memory ETF | Tuttle Capital Concentrated Memory Stack ETF | Kurv Memory Select ETF | VanEck Semiconductor ETF |
| Issuer | Roundhill Investments | Tuttle Capital Management | Kurv | VanEck |
| Underlying index | — | Actively managed (no tracked index recorded) | Basket (Memory Semiconductor Stocks) | MVIS US Listed Semiconductor 25 Index |
| Last Close | $39.29 as of November 6, 2026 | $16.69 as of November 6, 2026 | $12.78 as of November 6, 2026 | $463.96 as of November 6, 2026 |
| Distribution rate | — | — | — | 0.24% |
| Trailing 12-month yield | — | — | — | 0.24% |
| Distribution Safety Score™ | — | — | — | 86 |
| Safety-Adjusted Yield | — | — | — | 0.21% |
| Expense ratio | 0.65% | 0.95% | 0.65% | 0.35% |
| AUM | $14.4B | $19.4M | $22.9M | $65.8B |
| Distribution frequency | None | Annual | None | Annual |
| Objective | Seeks capital appreciation by investing at least 80% of net assets in the equity securities of memory companies, or in swaps and forward contracts that provide equivalent exposure. | HBMX is an actively managed, concentrated ETF seeking long-term capital appreciation through focused exposure to the memory semiconductor ecosystem — DRAM, NAND, and high-bandwidth memory (HBM) producers plus the advanced packaging, testing, and equipment companies behind AI infrastructure. | Kurv Memory Select ETF seeks to provide targeted exposure to the companies dominating memory chip production. | Track the MVIS US Listed Semiconductor 25 Index. |
| Asset class | Equity | Equity | Equity | Equity |
| Inception date | 04/02/2026 | 06/02/2026 | 06/30/2026 | 12/20/2011 |
| Beta | 4.1626 | — | — | 2.12 |
| Last dividend | — | — | — | $1.11 |
| Ex-dividend date | — | — | — | 12/22/2025 |
— Distribution rate, Safety-Adjusted Yield, last dividend, and ex-dividend date are not yet available because HBMX launched June 2026 and KMEM launched June 2026; these fields will populate after the first distribution.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
DRAM tops the group over the year to date with a 33.32% total return, against HBMX at -41.43%, KMEM at -46.97% and SMH at 24.32%. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | Since Jul 2026 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|
| DRAM | 33.32% | -43.81% | 82.7% | -2.02 | -2.52 | -43.8% |
| HBMX | -41.43% | -45.41% | 70.8% | -2.48 | -3.00 | -45.4% |
| KMEM | -46.97% | -46.97% | 87.1% | -2.11 | -2.61 | -47.0% |
| SMH | 24.32% | -27.84% | 45.1% | -2.14 | -2.54 | -29.4% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 5, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jul 2026” measures every fund from July 1, 2026 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the shared window since Jul 2026. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the shared window since Jul 2026) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Not a distribution payer
DRAM (Roundhill Memory ETF) has no distribution rate on file and its distribution frequency is None. DRAM is not a payer. The blank yield is not a zero yield. KMEM (Kurv Memory Select ETF) has no distribution rate on file and its distribution frequency is None. KMEM is not a payer. The blank yield is not a zero yield.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs57
Total AUM$25.4B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Roundhill Investments is known for offering innovative, specialized ETFs that often feature weekly dividend distributions and exposure to trending themes and individual mega-cap stocks. Their lineup spans income-focused strategies, leveraged products, thematic investments in areas like cryptocurrency and artificial intelligence, and weekly-pay funds that appeal to investors seeking frequent distributions. The issuer has built a distinctive niche with products targeting both traditional income seekers and those interested in emerging sectors, offering a diverse range of tickers that go well beyond conventional dividend vehicles.
See our curated list of related YouTube videos on DRAM.
ETFs19
Total AUM$1.26B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Tuttle Capital Management is known for creating specialized, thematic, and income-focused ETFs that often target niche market segments and unconventional investment themes. The issuer's fund lineup spans income strategies, covered call approaches, and thematic investments covering areas ranging from technology and entertainment to alternative sectors, with tickers like SARK (targeting short positions in ark funds) and MEMY (focused on meme stocks) reflecting their emphasis on distinctive market angles. The firm distinguishes itself through a diversified portfolio of tactical and thematic offerings that appeal to investors seeking exposure beyond traditional market categories.
See our curated list of related YouTube videos on HBMX.
ETFs16
Total AUM$587M
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Kurv is known for developing actively managed, single-stock and thematic covered call ETFs that generate income through options strategies. The issuer's lineup spans fixed income, growth and income, precious metals strategies, and thematic investing approaches, with a notable focus on single-stock income products tied to mega-cap technology and consumer companies. Kurv's breadth includes both traditional covered call strategies and more specialized offerings in metals and sector-specific themes, appealing to investors seeking equity income across various market segments.
See our curated list of related YouTube videos on KMEM.
ETFs86
Total AUM$156B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
VanEck is known for offering specialized and thematic ETFs across a broad range of asset classes, from traditional equities and fixed income to alternatives and digital assets. The firm's lineup encompasses income-focused funds, sector strategies, commodity exposure, municipal bonds, and innovative thematic products covering areas like blockchain, artificial intelligence, and emerging markets. VanEck serves both income-oriented and growth-focused investors with a diversified product suite that extends beyond conventional equity and bond offerings.
See our curated list of related YouTube videos on SMH.
Quick verdict
DRAM (Roundhill Memory ETF), HBMX (Tuttle Capital Concentrated Memory Stack ETF), KMEM (Kurv Memory Select ETF), SMH (VanEck Semiconductor ETF) are ETFs that take different approaches.
SMH reports a 0.24% distribution yield; the others have not yet established a full distribution history.
SMH is the cheapest with an expense ratio of 0.35%, compared to 0.65% for DRAM and 0.65% for KMEM and 0.95% for HBMX.
SMH has the most assets at $65.8B, but HBMX, KMEM only launched recently — AUM comparisons will become more meaningful as they build a track record.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
0 shared positions
DRAM 0.0% of its top-10 weight
HBMX 0.0% of its top-10 weight
KMEM 0.0% of its top-10 weight
SMH 0.0% of its top-10 weight
No overlap among the top-10 disclosed holdings of DRAM, HBMX, KMEM, SMH. These funds draw from largely different positions at the top of their books.
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, DRAM pays no distribution (not a payer; a blank rate is not a zero yield); HBMX has no reported yield yet; KMEM pays no distribution (not a payer; a blank rate is not a zero yield); SMH would pay about $24.00 a year.
DRAM yield—
HBMX yield—
KMEM yield—
SMH yield0.24%
Cost & efficiency
Over 10 years on $10,000: DRAM costs ~$650, HBMX costs ~$950, KMEM costs ~$650, SMH costs ~$350 in fees (simplified, not compounded).
DRAM ER0.65%
HBMX ER0.95%
KMEM ER0.65%
SMH ER0.35%
Strategy & risk
DRAM is an ETF built around a thematic strategy; HBMX is an actively managed ETF built around a thematic strategy; KMEM tracks Basket (Memory Semiconductor Stocks) with an artificial intelligence (ai) approach; SMH tracks MVIS US Listed Semiconductor 25 Index with a technology approach.
DRAM beta4.1626
HBMX beta—
KMEM beta—
SMH beta2.12
Fund details
DRAM is managed by Roundhill Investments (launched 04/02/2026) with $14.4B in assets. HBMX is managed by Tuttle Capital Management (launched 06/02/2026) with $19.4M in assets. KMEM is managed by Kurv (launched 06/30/2026) with $22.9M in assets. SMH is managed by VanEck (launched 12/20/2011) with $65.8B in assets.
DRAM AUM$14.4B
HBMX AUM$19.4M
KMEM AUM$22.9M
SMH AUM$65.8B
Frequently asked questions
What is the difference between DRAM and SMH?
DRAM (Roundhill Memory ETF) concentrates in memory-chip companies and pays no regular distribution. SMH (VanEck Semiconductor ETF) holds listed semiconductor companies. HBMX (Tuttle Capital Concentrated Memory Stack ETF) and KMEM (Kurv Memory Select ETF) are other memory sleeves. Cost is 0.65% versus 0.35%; size is $14.4B versus $65.8B as of November 2026. A memory theme versus the whole semi chain is the decision.
Which of DRAM, HBMX, KMEM, and SMH is best for dividend income?
It depends on your goals. SMH currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and DRAM and KMEM are not a payer, so a blank yield is not a zero yield. Consider your time horizon and risk tolerance.
What is the difference between DRAM, HBMX, KMEM, and SMH?
DRAM (Roundhill Memory ETF) is an ETF built around a thematic strategy, issued by Roundhill Investments. HBMX (Tuttle Capital Concentrated Memory Stack ETF) is an actively managed ETF built around a thematic strategy, issued by Tuttle Capital Management. KMEM (Kurv Memory Select ETF) tracks Basket (Memory Semiconductor Stocks) with an artificial intelligence (ai) approach, issued by Kurv. SMH (VanEck Semiconductor ETF) tracks MVIS US Listed Semiconductor 25 Index with a technology approach, issued by VanEck.
Can I hold DRAM, HBMX, KMEM, and SMH together?
Yes. Their disclosed top-10 holdings share no positions, so combining them together spreads your money across different underlying names — see the holdings-overlap section above for the details. Overlap outside the disclosed top 10 can still exist.
Which has the lowest fees among DRAM, HBMX, KMEM, and SMH?
DRAM has an expense ratio of 0.65%, HBMX has an expense ratio of 0.95%, KMEM has an expense ratio of 0.65%, SMH has an expense ratio of 0.35%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 generate in each?
At current distribution rates, $10,000 in DRAM has no distribution to estimate, because DRAM is not a payer and a blank rate is not a zero yield. $10,000 in HBMX has no reported cash yet. $10,000 in KMEM has no distribution to estimate, because KMEM is not a payer and a blank rate is not a zero yield. $10,000 in SMH would pay about $24.00 a year.
More comparisons to explore
People also compare DRAM with
People also compare HBMX with
Popular comparisons
Dividend dates and history
DRAM vs HBMX vs KMEM vs SMH — at a glance
Generated October 31, 2026.
Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
Overview
These four securities track the semiconductor industry, but with strikingly different scope and structure. DRAM, HBMX, and KMEM are thematic memory-focused ETFs launched in 2026 that concentrate on DRAM, NAND, high-bandwidth memory (HBM), and adjacent chipmaking infrastructure. SMH is a much older, index-based semiconductor ETF launched in 2011 that captures a broad 25-stock semiconductor index. The key distinction: DRAM, HBMX, and KMEM bet narrowly on memory-specific tailwinds, while SMH diversifies across the entire semiconductor landscape.
How they differ
The single biggest difference is focus. DRAM and KMEM each track memory companies exclusively, using 80%+ of assets to target DRAM, NAND, and related suppliers. HBMX narrows further by actively selecting specific equipment, packaging, and testing firms believed to profit from AI infrastructure buildout. SMH, by contrast, holds 25 large-cap semiconductor names across design, fabrication, equipment, and materials, so memory exposure is just part of the mix.
Fees and assets reveal scale disparity. SMH's expense ratio is 0.35% against 0.65% for DRAM and 0.65% for KMEM; HBMX costs 0.95%. SMH's AUM is $65.8B, vastly larger than DRAM's $14.4B, HBMX's $19.4M, and KMEM's $22.9M. SMH's beta is 2.12, indicating lower stock-market sensitivity than DRAM's 4.1626.
Inception dates show maturity gap. SMH launched 12/20/2011, giving it 14 years of history. SMH pays a modest 0.24% annual distribution; the three memory-focused newcomers do not report distributions.
Who each is best for
- DRAM: Fits investors pursuing concentrated memory-sector exposure who accept high volatility and want a passive, low-cost entry point into DRAM and NAND producers.
- HBMX: Designed for investors interested in active stock picking within the memory and AI infrastructure supply chain, with the understanding that a $19.4M asset base is very small and operating history is minimal.
- KMEM: Suits investors seeking narrow memory-chip exposure through a passive basket approach, willing to accept minimal trading history and a $22.9M asset base.
Key risks to know
- Extreme concentration risk in memory-only funds. DRAM and KMEM hold no exposure outside memory chips; HBMX adds packaging and equipment but remains narrowly focused on memory-adjacent supply chains. If memory demand weakens or oversupply emerges, these three have no sector ballast. SMH's broader 25-stock index provides exposure to design, foundries, and equipment makers less correlated to memory cycles.
- High beta and equity volatility in memory-focused plays. DRAM's beta of 4.1626 indicates roughly four times the stock-market sensitivity of the broad market. SMH's 2.12 is substantially lower, reflecting a more diversified semiconductor exposure.
- Very short track record and limited institutional validation. DRAM, HBMX, and KMEM launched in mid-2026, so no full market cycle or stress test exists. Funds under $100 million frequently close or merge.
- Active-management risk in HBMX. HBMX's active approach introduces manager selection risk—performance depends on stock picking and thesis fidelity. Passive funds like DRAM, KMEM, and SMH remove that variable but cede flexibility to adapt to changing conditions.
- Memory-cycle timing risk. Memory is highly cyclical; elevated HBM and advanced packaging demand today may not persist. DRAM and KMEM, which are passive, cannot rotate away when conditions soften.
Bottom line
If you want pure-play memory exposure at low cost with a large, liquid platform, SMH offers the most mature infrastructure and diversification across semiconductor value chains, though you'll own non-memory holdings too. If you're convinced memory—especially HBM and advanced packaging—will drive outsized returns and you can accept acute concentration and brand-new fund status, DRAM offers the larger AUM ($14.4B) at an identical fee (0.65%) to KMEM's 0.65%. None of these funds holds dividend income; all bet on capital appreciation. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.