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

VanEck Semiconductor ETF (Ticker: SMH) is a technology-focused ETF, tracking a sector with 17 other ETFs in the category. Issued by VanEck, it holds a respectable position at #29 among 458 tracked ETFs across all categories, earning an ETFValuer grade of B+ (score 76.6/100). The fund's expense ratio of 0.35% and dividend yield of 0.20% suggest it is cost-effective and provides a modest income stream. Its price of $560.42 and assets under management (AUM) of $68.1B indicate strong investor adoption, with the high AUM reflecting both its performance and the semiconductor sector's appeal to investors.

Over the past year, VanEck Semiconductor ETF has seen a significant gain of 94.55%, with a more modest 3-year return of 276.37%. The 1-month return of -3.40% and the 1-week return of -4.66% suggest some short-term volatility, but the 1-day return of -0.40% indicates a relatively stable daily performance. The 6-month return of +35.03% and the year-to-date (YTD) return of +50.13% show a strong upward trend, with the 1-year return of +94.55% indicating a period of strong growth. This pattern suggests a mix of short-term fluctuations and long-term growth, with the overall trend showing acceleration over the past year.

VanEck Semiconductor ETF is categorized as having a very high volatility label, with a beta of 2.05, indicating that it is more volatile than the market. Its Sharpe ratio of 2.30 suggests a good risk-adjusted return, meaning that the fund provides a higher return per unit of risk taken. The maximum drawdown of -35.74% indicates that the fund has experienced significant declines, but it has also recovered from these declines. This combination of high volatility, a high beta, a strong Sharpe ratio, and a significant drawdown suggests that the fund is suitable for investors who are willing to accept higher risk for the potential of higher returns, especially in a market that is favorable to the semiconductor sector.

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

SMH Top Holdings

Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 72.2% 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 — PSI overlaps most, holding 7 of the same companies as SMH's top 10 (50.7% 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: 4.69% (as of 2026-08-20) — 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): 16.01 (as of 2026-08-20) — 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: 3.63% (as of 2026-07-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

See it in a portfolio

SMH is one of the twelve funds in the portfolio game. Start with 25% of a virtual $10,000 in it, build the rest however you like, and the builder shows the range this mix has actually produced over every five-day stretch of the last three years — before you commit to anything.

Free, no sign-up, virtual money only.

SMH Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 5.41% and average daily volume is 11.3M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $68.1B 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