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IYW vs. SMH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IYW vs. SMH

Last updated Jun 3, 2026

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 26.22%/yr vs 37.55%/yr for SMH. Their correlation of 0.86 suggests significant overlap in exposure. IYW charges 0.38%/yr vs 0.35%/yr for SMH.

Performance

IYW vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Technology ETF (IYW) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IYW achieves a 30.23% return, which is significantly lower than SMH's 75.55% return. Over the past 10 years, IYW has underperformed SMH with an annualized return of 26.22%, while SMH has yielded a comparatively higher 37.55% annualized return.

IYW

1D
0.76%
1M
17.61%
YTD
30.23%
6M
29.45%
1Y
63.02%
3Y*
35.66%
5Y*
23.59%
10Y*
26.22%

SMH

1D
4.01%
1M
24.01%
YTD
75.55%
6M
76.44%
1Y
160.66%
3Y*
63.68%
5Y*
39.58%
10Y*
37.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IYW vs. SMH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IYW
iShares U.S. Technology ETF		30.23%25.38%30.25%65.44%-34.83%35.44%47.45%46.64%-0.93%36.60%
SMH
VanEck Semiconductor ETF		75.55%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 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.83

Correlation (3Y)
Calculated over the trailing 3-year period

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.89

Correlation (10Y)
Calculated over the trailing 10-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Jun 6, 2000

0.86

The correlation between IYW and SMH has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Technology ETF

VanEck Semiconductor ETF

Often compared with IYW:
IYW vs. VGTIYW vs. QQQIYW vs. XLKIYW vs. IGMIYW vs. IWFIYW vs. SOXXIYW vs. IETC
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

IYW vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IYW
IYW Risk / Return Rank: 7979
Overall Rank
IYW Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
IYW Sortino Ratio Rank: 8585
Sortino Ratio Rank
IYW Omega Ratio Rank: 8383
Omega Ratio Rank
IYW Calmar Ratio Rank: 7272
Calmar Ratio Rank
IYW Martin Ratio Rank: 6565
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9595
Sortino Ratio Rank
SMH Omega Ratio Rank: 9595
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9797
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

IYWSMHDifference

Sharpe ratio

Return per unit of total volatility

3.16

5.29

-2.13

Sortino ratio

Return per unit of downside risk

3.87

5.29

-1.42

Omega ratio

Gain probability vs. loss probability

1.51

1.73

-0.22

Calmar ratio

Return relative to maximum drawdown

3.62

11.02

-7.40

Martin ratio

Return relative to average drawdown

11.88

42.34

-30.46

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYW vs. SMH - Sharpe Ratio Comparison

The current IYW Sharpe Ratio is 3.16, which is lower than the SMH Sharpe Ratio of 5.29. The chart below compares the historical Sharpe Ratios of IYW and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IYWSMHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.16

5.29

-2.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.92

1.14

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.05

1.16

-0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.36

0.34

+0.02

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

IYWSMHDifference

Max Drawdown

Largest peak-to-trough decline

-81.90%

-84.96%

+3.06%

Max Drawdown (1Y)

Largest decline over 1 year

-17.81%

-14.93%

-2.88%

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 Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-34.66%

-41.09%

+6.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.43%

3.89%

+1.54%

Volatility

IYW vs. SMH - Volatility Comparison

The current volatility for iShares U.S. Technology ETF (IYW) is 6.11%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.59%. 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

IYWSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.11%

11.59%

-5.48%

Volatility (6M)

Calculated over the trailing 6-month period

15.81%

24.29%

-8.48%

Volatility (1Y)

Calculated over the trailing 1-year period

20.07%

30.57%

-10.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.87%

35.02%

-9.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.10%

32.58%

-7.48%

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 0.10%, less than SMH's 0.17% yield.

PositionTTM20252024202320222021202020192018201720162015
IYW
iShares U.S. Technology ETF		0.10%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		0.17%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 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMH has higher volatility (11.59%) compared to IYW (6.11%). In terms of maximum drawdown, IYW dropped -81.90% vs SMH's -84.96%.

On 10-year performance, SMH leads with 37.55% vs 26.22% for IYW. On fees, SMH is cheaper at 0.35% per year. On volatility, IYW has been the lower-risk option at 6.11%. 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 37.55% return vs 26.22%. 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 0.17%, compared with 0.10% 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 (5.29 vs 3.16), 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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