DRAM
Not rated
No published distribution safety rating is available.
ETF Comparison
DRAM vs SMH: The Whole Semi Chain, or Memory Chips?
A head-to-head of VanEck's Semiconductor ETF and Roundhill's Memory ETF covering who is in each book, cost, and concentration.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- DRAMInvestors who want targeted semiconductor exposure and accept its concentration.
- SMHInvestors who want higher current income (0.24% while DRAM makes no distribution).
Price and total return
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Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
SMH
Safe
Limited data
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  DRAM |  SMH |
|---|---|---|
| Full name | Roundhill Memory ETF | VanEck Semiconductor ETF |
| Issuer | Roundhill Investments | VanEck |
| Last Close | $39.29 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% | 0.35% |
| AUM | $14.4B | $65.8B |
| Distribution frequency | None | Annual |
| Underlying index | — | MVIS US Listed Semiconductor 25 Index |
| 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. | Track the MVIS US Listed Semiconductor 25 Index. |
| Asset class | Equity | Equity |
| Inception date | 04/02/2026 | 12/20/2011 |
| Beta | 4.1626 | 2.12 |
| Last dividend | — | $1.11 |
| Ex-dividend date | — | 12/22/2025 |
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 has outpaced SMH over the year to date, posting a 33.32% total return against 24.32%. SMH has been the steadier holding, though — annualized volatility of 47.9% against 89.5% for DRAM. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | Since Apr 2026 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|
| DRAM | 33.32% | 33.32% | 89.5% | 0.49 | 0.69 | -54.2% |
| SMH | 24.32% | 14.12% | 47.9% | 0.38 | 0.50 | -33.1% |
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 Apr 2026” measures every fund from April 2, 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 Apr 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 Apr 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.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose DRAM if you want targeted semiconductor exposure and accept its concentration. Choose SMH if you want higher current income (0.24% while DRAM makes no distribution).
DRAM vs SMH: memory chips or the whole semi chain?
DRAM concentrates in memory. SMH is listed semiconductor companies. Breadth versus a memory bet is the decision.
| DRAM | SMH | |
|---|---|---|
| What it owns | Memory-chip companies | MVIS US Listed Semiconductor 25 Index |
| Expense ratio | 0.65% | 0.35% |
| Fund size | $14.4B | $65.8B |
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.
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) and SMH (VanEck Semiconductor ETF) are both ETFs, but they take different approaches.
SMH currently shows a 0.24% distribution yield. DRAM has not yet established a full distribution history, so a comparable yield figure is not available.
SMH is cheaper with an expense ratio of 0.35% compared to 0.65%.
SMH is the larger fund by assets ($65.8B), but assets alone do not establish trading costs or liquidity.
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
SMH 0.0% of its top-10 weight
No overlap among the top-10 disclosed holdings of DRAM, 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 has no reported distribution yield yet, so a cash estimate is not available, while SMH would pay about $24.00 a year.
DRAM yield—
SMH yield0.24%
Cost & efficiency
Over 10 years on $10,000, DRAM would cost approximately $650 in fees vs $350 for SMH (simplified, not compounded). The $300.00 difference may be offset by yield or performance.
DRAM ER0.65%
SMH ER0.35%
Strategy & risk
DRAM is an ETF built around a thematic strategy, while SMH tracks MVIS US Listed Semiconductor 25 Index with a technology approach. Beta is 4.1626 for DRAM and 2.12 for SMH, making SMH the less sensitive to market moves of the two by this measure.
DRAM beta4.1626
SMH beta2.12
Fund details
DRAM is managed by Roundhill Investments (launched 04/02/2026) with $14.4B in assets. SMH is managed by VanEck (launched 12/20/2011) with $65.8B in assets.
DRAM AUM$14.4B
SMH AUM$65.8B
Frequently asked questions
What is the difference between SMH and DRAM?
SMH (VanEck Semiconductor ETF) holds listed semiconductor companies. DRAM (Roundhill Memory ETF) concentrates in memory names. They can share chip stocks and still be different bets. Cost is 0.35% versus 0.65%; size is $65.8B versus $14.4B. Distributions are 0.24% and — as of November 2026. Breadth versus a memory sleeve is the decision.
Which of DRAM or SMH pays more dividend income?
SMH currently reports a distribution yield, while DRAM has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.
What is the difference between DRAM and SMH?
DRAM (Roundhill Memory ETF) is an ETF built around a thematic strategy, while SMH (VanEck Semiconductor ETF) tracks MVIS US Listed Semiconductor 25 Index with a technology approach. They are issued by Roundhill Investments and VanEck respectively.
Can I hold both DRAM and SMH?
Yes. Their disclosed top-10 holdings share no positions, so combining both 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 lower fees, DRAM or SMH?
DRAM has an expense ratio of 0.65% while SMH charges 0.35%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in DRAM vs SMH generate?
At current distribution rates, DRAM does not pay distributions, so there is no cash income to estimate. $10,000 in SMH would pay about $24.00 a year.
Which has performed better historically, DRAM or SMH?
DRAM has outpaced SMH over the year to date, posting a 33.32% total return against 24.32%. SMH has been the steadier holding, though — annualized volatility of 47.9% against 89.5% for DRAM. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.