IYW vs. SMH
IYW (iShares U.S. Technology ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, IYW returned 24.40%/yr vs 33.99%/yr for SMH. Their correlation of 0.86 means they have usually moved in the same direction. IYW charges 0.38%/yr vs 0.35%/yr for SMH.
Performance
IYW vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, IYW achieves a 22.12% return, which is significantly lower than SMH's 51.46% return. Over the past 10 years, IYW has underperformed SMH with an annualized return of 24.40%, while SMH has yielded a comparatively higher 33.99% annualized return.
IYW
- 1D
- 2.37%
- 1M
- 0.08%
- 6M
- 22.15%
- YTD
- 22.12%
- 1Y
- 37.66%
- 3Y*
- 31.14%
- 5Y*
- 18.81%
- 10Y*
- 24.40%
- ALL TIME*
- 9.25%
SMH
- 1D
- 0.91%
- 1M
- -7.91%
- 6M
- 33.70%
- YTD
- 51.46%
- 1Y
- 92.69%
- 3Y*
- 53.04%
- 5Y*
- 32.99%
- 10Y*
- 33.99%
- ALL TIME*
- 11.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $120.59M | $130.00M | $189.60M | |
| $8.29B | $7.23B | $7.12B |
IYW vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 22.12% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
SMH VanEck Semiconductor ETF | 51.46% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between IYW and SMH is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000 | 0.86 |
The correlation between IYW and SMH has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.
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Return for Risk
IYW vs. SMH — Risk / Return Rank
IYW
SMH
IYW vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Technology ETF (IYW) and VanEck Semiconductor ETF (SMH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IYW | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.37 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.12 | 3.79 | -1.66 |
| Martin ratioReturn relative to average drawdown | 6.25 | 15.18 | -8.94 |
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Drawdowns
IYW vs. SMH - Drawdown Comparison
The maximum IYW drawdown since its inception was -81.90%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for IYW and SMH.
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Drawdown Indicators
| IYW | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.90% | -84.96% | +3.06% |
Max Drawdown (1Y)Largest decline over 1 year | -17.81% | -24.62% | +6.81% |
Max Drawdown (3Y)Largest decline over 3 years | -26.47% | -35.74% | +9.27% |
Max Drawdown (5Y)Largest decline over 5 years | -39.44% | -45.30% | +5.86% |
Max Drawdown (10Y)Largest decline over 10 years | -39.44% | -45.30% | +5.86% |
Current DrawdownCurrent decline from peak | -6.23% | -18.46% | +12.23% |
Average DrawdownAverage peak-to-trough decline | -34.47% | -40.89% | +6.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.04% | 6.13% | -0.09% |
Volatility
IYW vs. SMH - Volatility Comparison
The current volatility for iShares U.S. Technology ETF (IYW) is 7.98%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.15%. This indicates that IYW experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IYW | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.98% | 14.15% | -6.17% |
Volatility (6M)Calculated over the trailing 6-month period | 19.93% | 32.94% | -13.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.82% | 38.50% | -14.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.50% | 36.51% | -10.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.37% | 33.33% | -7.96% |
IYW vs. SMH - Expense Ratio Comparison
IYW has a 0.38% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
IYW vs. SMH - Dividend Comparison
IYW's dividend yield for the trailing twelve months is around 0.11%, less than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
SMH VanEck Semiconductor ETF | 0.20% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
IYW and SMH have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (14.15%) compared to IYW (7.98%). In terms of maximum drawdown, IYW dropped -81.90% vs SMH's -84.96%.
On 10-year performance, SMH leads with 33.99% vs 24.40% for IYW. On fees, SMH is cheaper at 0.35% per year. On volatility, IYW has been the lower-risk option at 7.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMH has performed better with a 33.99% return vs 24.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.38% for IYW.
SMH has the higher dividend yield at 0.20%, compared with 0.11% for IYW.
IYW is categorized as Technology Equities, while SMH is Semiconductors. IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.38% for IYW and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (2.43 vs 1.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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