SMH vs. QQQI

Last updated Jun 14, 2026

SMH (VanEck Semiconductor ETF) and QQQI (NEOS Nasdaq-100 High Income ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while QQQI is a Nasdaq-100 fund actively managed by Neos. SMH is passively managed, while QQQI is actively managed. Over the past year, SMH returned 141.99% vs 27.00% for QQQI. Their correlation of 0.85 suggests significant overlap in exposure. SMH charges 0.35%/yr vs 0.68%/yr for QQQI.

Performance

SMH vs. QQQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and NEOS Nasdaq-100 High Income ETF (QQQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMH achieves a 72.15% return, which is significantly higher than QQQI's 10.58% return.

SMH

• 1D: 1.72%
• 1M: 11.44%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 141.99%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

QQQI

• 1D: 0.70%
• 1M: 0.70%
• YTD: 10.58%
• 6M: 11.20%
• 1Y: 27.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMH vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMH VanEck Semiconductor ETF	72.15%	49.17%	27.70%
QQQI NEOS Nasdaq-100 High Income ETF	10.58%	18.62%	19.44%

Correlation

The correlation between SMH and QQQI is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	0.85

The correlation between SMH and QQQI has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

SMH vs. QQQI - Sectors Allocation Comparison

Sectors	SMH	QQQI
Technology	100.0%	58.1%
Basic Materials	-	1.0%
Communication Services	-	14.2%
Consumer Cyclical	-	11.3%
Consumer Defensive	-	6.5%
Energy	-	0.5%
Financial Services	-	0.2%
Healthcare	-	3.9%
Industrials	-	3.0%
Real Estate	-	0.1%
Utilities	-	1.3%

Return for Risk

SMH vs. QQQI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

QQQI

QQQI Risk / Return Rank: 65
QQQI Sharpe Ratio Rank: 65
QQQI Sortino Ratio Rank: 59
QQQI Omega Ratio Rank: 67
QQQI Calmar Ratio Rank: 62
QQQI Martin Ratio Rank: 72

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.

SMH vs. QQQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and NEOS Nasdaq-100 High Income ETF (QQQI). 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.

	SMH	QQQI	Difference
Sharpe ratio: Return per unit of total volatility	4.13	1.84	+2.29
Sortino ratio: Return per unit of downside risk	4.26	2.43	+1.83
Omega ratio: Gain probability vs. loss probability	1.60	1.34	+0.26
Calmar ratio: Return relative to maximum drawdown	9.18	2.70	+6.48
Martin ratio: Return relative to average drawdown	33.74	11.63	+22.11

SMH vs. QQQI - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.13, which is higher than the QQQI Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of SMH and QQQI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMH vs. QQQI - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than QQQI's maximum drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for SMH and QQQI.

Drawdown Indicators

	SMH	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-20.00%	-64.96%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-9.61%	-5.32%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	—	—
Current Drawdown Current decline from peak	-2.81%	-2.69%	-0.12%
Average Drawdown Average peak-to-trough decline	-41.04%	-2.21%	-38.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	2.23%	+1.83%

Volatility

SMH vs. QQQI - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 16.25% compared to NEOS Nasdaq-100 High Income ETF (QQQI) at 6.10%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.25%	6.10%	+10.15%
Volatility (6M) Calculated over the trailing 6-month period	27.73%	11.35%	+16.38%
Volatility (1Y) Calculated over the trailing 1-year period	33.20%	14.10%	+19.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.47%	17.34%	+18.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.82%	17.34%	+15.48%

SMH vs. QQQI - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than QQQI's 0.68% expense ratio.

Dividends

SMH vs. QQQI - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than QQQI's 13.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQI NEOS Nasdaq-100 High Income ETF	13.53%	13.82%	12.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.18%	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

Can I hold both SMH and QQQI in my portfolio?

SMH and QQQI have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMH or QQQI?

SMH has higher volatility (16.25%) compared to QQQI (6.10%). In terms of maximum drawdown, SMH dropped -84.96% vs QQQI's -20.00%.

Which ETF is better, SMH or QQQI?

On 1-year performance, SMH leads with 141.99% vs 27.00% for QQQI. On fees, SMH is cheaper at 0.35% per year. On volatility, QQQI has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or QQQI?

Over the 1-year period, SMH has performed better with a 141.99% return vs 27.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or QQQI?

SMH is cheaper with a 0.35% expense ratio, compared with 0.68% for QQQI.

Which ETF pays a higher dividend yield, SMH or QQQI?

QQQI has the higher dividend yield at 13.53%, compared with 0.18% for SMH.

What is the main difference between SMH and QQQI?

SMH is categorized as Semiconductors, while QQQI is Nasdaq-100. They also come from different issuers: VanEck and Neos. Their fees differ too: 0.35% for SMH and 0.68% for QQQI.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 vs 1.84), 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.