SMH — VanEck Semiconductor ETF

SMH Price Performance — Growth of $10,000

Value of a $10,000 investment in SMH over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

SMH Drawdown

The "underwater" chart: SMH's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The VanEck Semiconductor ETF (SMH) is a technology-focused fund issued by VanEck with $74.9 billion in assets under management. It holds a B+ grade (76.8/100) and ranks 3rd out of 17 peers in its category, placing it 41st among all 458 tracked ETFs. The fund charges an expense ratio of 0.35%, which is slightly below the category median of 0.37%. With a dividend yield of 0.18%, it offers income comparable to the category median of 0.17%. The portfolio is concentrated, with the top 10 holdings representing 70.2% of assets and NVIDIA Corp comprising the largest single position at 17.5%.

SMH has delivered substantial long-term gains, with a three-year return of 314.85% and a one-year return of 80.73%, significantly outpacing the category median of 37.50%. Short-term performance shows more volatility, including a 1-day decline of 2.84% and a 1-week drop of 1.71%, contrasting with a 1-month gain of 5.74%. Year-to-date returns stand at 62.68%, while the 6-month period saw a 41.12% increase. The fund’s price of $607.27 sits at 81.9% of its 52-week range, indicating it is near the upper end of its recent trading band. The ETFValuer grade of B+ has remained unchanged over the last 35 tracked days, despite the fund having only 3.0 years of price history available.

The fund exhibits a beta of 2.00, meaning it moves twice as much as the broader market, and carries a very high annualized volatility of 39.91%. This aggressive profile is reflected in a maximum drawdown of -35.74% during the tracked period. Despite the high volatility, the Sharpe ratio of 1.90 suggests that the returns generated have been strong relative to the risk taken. Liquidity is robust, with an average daily volume of 8,394,114 shares, facilitating easy entry and exit for investors. The combination of high beta and volatility indicates that the fund has behaved as a high-risk, high-reward asset class.

AI-generated summary based on the data on this page.

SMH Top Holdings

Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 70.2% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how SMH's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With SMH

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with SMH's top 10 — SOXX overlaps most, holding 9 of the same companies as SMH's top 10 (65.2% of SMH's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 5.28% (as of 2026-10-07) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 15.08 (as of 2026-10-07) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

SMH Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 8.4M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $74.9B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: SMH is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

SMH Performance History

How SMH Compares to Other Technology ETFs