SMH — VanEck Semiconductor ETF

Overview

The VanEck Semiconductor ETF (SMH) operates within the Technology category, which currently contains four ETFs tracked by ETFValuer. Issued by VanEck, this fund has accumulated assets under management of $77.2 billion, reflecting significant investor adoption relative to its peers. It holds an overall rank of #17 out of 120 tracked ETFs across all categories and has received an ETFValuer grade of B+ with a score of 76.5 out of 100. The fund charges an expense ratio of 0.35% and offers a dividend yield of 0.17%. With a current share price of $593.00, the substantial asset base suggests strong institutional and retail interest in the semiconductor sector. These metrics position the ETF as a prominent, cost-competitive vehicle within its specific category and the broader market landscape.

Recent performance data shows a sharp divergence between short-term fluctuations and long-term gains, with the fund rising +1.99% over one day before dropping -9.59% over the following week. Monthly returns have remained positive at +4.09%, while the three-month period saw a significant acceleration to +48.29%. This upward momentum continued into the six-month horizon with a return of +57.05%, and year-to-date performance reached +58.85%. The one-year return stands at an impressive +112.63%, indicating sustained strength over the past twelve months. Over a three-year period, the fund has generated a cumulative return of +279.93%, demonstrating a powerful long-term growth trajectory despite recent weekly volatility.

The fund carries a volatility label of Very High and a beta of 1.98, indicating that its price movements are nearly double those of the broader market. This high sensitivity is accompanied by a Sharpe ratio of 2.96, which suggests that the returns generated have historically compensated investors well for the risk taken. However, the fund has experienced a maximum drawdown of -35.74%, highlighting the potential for severe declines during market stress. The combination of a very high beta and a substantial maximum drawdown implies that the ETF is prone to significant swings in both directions. Despite these risks, the elevated Sharpe ratio indicates that the magnitude of the gains has historically outweighed the periods of drawdown.

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.

Market Backdrop

10-Year Treasury Yield: 4.55% (as of 2026-07-07) — 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): 16.13 (as of 2026-07-07) — 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: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

SMH Performance History

How SMH Compares to Other Technology ETFs