DRAM
Not rated
No published distribution safety rating is available.
ETF Comparison
DRAM vs SMHX: Which Is the Better Pick in 2026?
A head-to-head comparison of Roundhill Memory ETF and VanEck Fabless Semiconductor ETF covering yield, cost, risk, and income potential.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- DRAMInvestors who want targeted semiconductor exposure and accept its concentration.
- SMHXInvestors who want higher current income (0.02% 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.
SMHX
Unproven
Limited data
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  DRAM |  SMHX |
|---|---|---|
| Full name | Roundhill Memory ETF | VanEck Fabless Semiconductor ETF |
| Issuer | Roundhill Investments | VanEck |
| Last Close | $39.29 as of November 6, 2026 | $46.90 as of November 6, 2026 |
| Distribution rate | — | 0.02% |
| Trailing 12-month yield | — | 0.02% |
| Distribution Safety Score™ | — | 50 |
| Expense ratio | 0.65% | 0.35% |
| AUM | $14.4B | $242M |
| Distribution frequency | None | Annual |
| Underlying index | — | MarketVector US Listed Fabless Semiconductor 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. | Seeks to track, before fees and expenses, the price and yield performance of the MarketVector US Listed Fabless Semiconductor Index, which is composed of U.S.-listed fabless semiconductor companies that design and sell chips while outsourcing fabrication. |
| Asset class | Equity | Equity |
| Inception date | 04/02/2026 | 08/27/2024 |
| Beta | 4.1626 | 2.2504 |
| Last dividend | — | $0.009 |
| 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 SMHX over the year to date, posting a 33.32% total return against 17.72%. SMHX has been the steadier holding, though — annualized volatility of 50.2% 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% |
| SMHX | 17.72% | 17.47% | 50.2% | 0.46 | 0.60 | -34.0% |
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 SMHX if you want higher current income (0.02% while DRAM makes no distribution).
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 SMHX.
Quick verdict
DRAM (Roundhill Memory ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both ETFs, but they take different approaches.
SMHX currently shows a 0.02% distribution yield. DRAM has not yet established a full distribution history, so a comparable yield figure is not available.
SMHX is cheaper with an expense ratio of 0.35% compared to 0.65%.
DRAM is the larger fund by assets ($14.4B), 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
SMHX 0.0% of its top-10 weight
No overlap among the top-10 disclosed holdings of DRAM, SMHX. 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 SMHX would pay about $2.00 a year.
DRAM yield—
SMHX yield0.02%
Cost & efficiency
Over 10 years on $10,000, DRAM would cost approximately $650 in fees vs $350 for SMHX (simplified, not compounded). The $300.00 difference may be offset by yield or performance.
DRAM ER0.65%
SMHX ER0.35%
Strategy & risk
DRAM is an ETF built around a thematic strategy, while SMHX tracks MarketVector US Listed Fabless Semiconductor Index with a technology approach. Beta is 4.1626 for DRAM and 2.2504 for SMHX, making SMHX the less sensitive to market moves of the two by this measure.
DRAM beta4.1626
SMHX beta2.2504
Fund details
DRAM is managed by Roundhill Investments (launched 04/02/2026) with $14.4B in assets. SMHX is managed by VanEck (launched 08/27/2024) with $242M in assets.
DRAM AUM$14.4B
SMHX AUM$242M
Frequently asked questions
Which of DRAM or SMHX pays more dividend income?
SMHX 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 SMHX?
DRAM (Roundhill Memory ETF) is an ETF built around a thematic strategy, while SMHX (VanEck Fabless Semiconductor ETF) tracks MarketVector US Listed Fabless Semiconductor Index with a technology approach. They are issued by Roundhill Investments and VanEck respectively.
Can I hold both DRAM and SMHX?
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 SMHX?
DRAM has an expense ratio of 0.65% while SMHX 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 SMHX generate?
At current distribution rates, DRAM does not pay distributions, so there is no cash income to estimate. $10,000 in SMHX would pay about $2.00 a year.
Which has performed better historically, DRAM or SMHX?
DRAM has outpaced SMHX over the year to date, posting a 33.32% total return against 17.72%. SMHX has been the steadier holding, though — annualized volatility of 50.2% 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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DRAM vs SMHX — 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
DRAM and SMHX are thematic technology ETFs focused on semiconductor-adjacent segments, but with fundamentally different scopes and investment mechanics. DRAM tracks memory chip manufacturers—a narrower, AI-driven subsector capturing DRAM and NAND producers—while SMHX tracks fabless semiconductor designers that outsource manufacturing. The two funds overlap in the semiconductor space but target different parts of the value chain and carry very different volatility profiles and fee structures.
How they differ
The biggest difference is focus: DRAM concentrates on memory chipmakers (companies producing DRAM, NAND, and related storage), while SMHX tracks fabless designers that do not manufacture their own chips. DRAM is actively thematic with a broader mandate to capture memory exposure; SMHX is index-tracking with exposure only to fabless designers, a distinct and narrower segment. On volatility, DRAM's beta of 4.1626 is roughly double that of SMHX's 2.2504, meaning DRAM amplifies broad market swings roughly twice as much. DRAM carries an expense ratio of 0.65% versus SMHX's 0.35%, a difference of 30 basis points. DRAM's asset base is $14.4B, substantially larger than SMHX's $242M, though both are recent launches—DRAM inception 04/02/2026 and SMHX 08/27/2024.
Who each is best for
- DRAM: Fits investors seeking concentrated exposure to the memory chip ecosystem with appetite for higher volatility. Growth-oriented portfolios that believe memory demand—driven by AI infrastructure, data centers, and consumer devices—will outpace broader semiconductor trends.
- SMHX: Fits investors wanting semiconductor exposure through the fabless design segment via index methodology. Investors comfortable with a smaller fund and lower beta who prioritize lower costs and a rules-based approach to tracking a specific subsector.
Key risks to know
- Extreme beta concentration in DRAM. With a beta of 4.1626, DRAM amplifies market drawdowns sharply. A 10% market decline would historically correspond to roughly a 41% decline for DRAM, making it suitable only for investors with long time horizons and high loss tolerance.
- Memory cyclicality and pricing pressure. Both funds are exposed to memory and semiconductor cyclicality, but DRAM more directly. DRAM prices are volatile and subject to oversupply cycles; significant declines in memory ASPs (average selling prices) can depress earnings across the fund's holdings.
- Concentration and illiquidity risk in SMHX. With only $242M in AUM, SMHX is thinly capitalized. Trading volume may be limited, and bid-ask spreads could widen during market stress, making execution costly for larger positions.
- Holdings overlap and correlated downside. Both funds hold semiconductor equities in overlapping supply-chain segments. A sector-wide semiconductor downturn would likely depress both simultaneously, limiting diversification benefits if held together.
- Recent inception and limited performance history. Neither fund has a full market cycle of history. SMHX launched in August 2024 and DRAM in April 2026, so investors have minimal track record to evaluate through varying market environments.
Bottom line
If you want concentrated exposure to memory chips with higher growth potential and can tolerate four-times-leveraged market sensitivity, DRAM's broader thematic mandate offers that. Both are recent launches with limited operating history, so performance data alone cannot 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.