SMH vs. SHOC

Last updated Jun 4, 2026

SMH (VanEck Semiconductor ETF) and SHOC (Strive U.S. Semiconductor ETF) are both Semiconductors funds - SMH tracks the MVIS US Listed Semiconductor 25 Index while SHOC tracks the Bloomberg US Listed Semiconductors Select Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SMH returned 64.17%/yr vs 53.55%/yr for SHOC. With a 0.98 correlation, they move nearly in lockstep. SMH charges 0.35%/yr vs 0.40%/yr for SHOC.

Performance

SMH vs. SHOC - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with SMH having a 77.13% return and SHOC slightly lower at 73.38%.

SMH

• 1D: 0.90%
• 1M: 25.87%
• YTD: 77.13%
• 6M: 75.61%
• 1Y: 157.20%
• 3Y*: 64.17%
• 5Y*: 39.21%
• 10Y*: 37.68%

SHOC

• 1D: 0.94%
• 1M: 25.12%
• YTD: 73.38%
• 6M: 70.44%
• 1Y: 149.45%
• 3Y*: 53.55%
• 5Y*: —
• 10Y*: —

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

SMH vs. SHOC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	2.34%
SHOC Strive U.S. Semiconductor ETF	73.38%	49.91%	16.74%	61.97%	-1.17%

Correlation

The correlation between SMH and SHOC is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 7, 2022	0.98

The correlation between SMH and SHOC has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

SMH vs. SHOC - Sectors Allocation Comparison

Sectors	SMH	SHOC
Technology	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SMH vs. SHOC — 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: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

SHOC

SHOC Risk / Return Rank: 95
SHOC Sharpe Ratio Rank: 97
SHOC Sortino Ratio Rank: 94
SHOC Omega Ratio Rank: 93
SHOC Calmar Ratio Rank: 97
SHOC Martin Ratio Rank: 96

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. SHOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Strive U.S. Semiconductor ETF (SHOC). 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.

	SMH	SHOC	Difference
Sharpe ratio Return per unit of total volatility	5.19	4.78	+0.41
Sortino ratio Return per unit of downside risk	5.22	4.84	+0.38
Omega ratio Gain probability vs. loss probability	1.72	1.66	+0.06
Calmar ratio Return relative to maximum drawdown	10.59	10.30	+0.29
Martin ratio Return relative to average drawdown	40.63	38.30	+2.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMH vs. SHOC - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 5.19, which is comparable to the SHOC Sharpe Ratio of 4.78. The chart below compares the historical Sharpe Ratios of SMH and SHOC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMH	SHOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.19	4.78	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	1.55	-1.21

Drawdowns

SMH vs. SHOC - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than SHOC's maximum drawdown of -37.54%. Use the drawdown chart below to compare losses from any high point for SMH and SHOC.

Drawdown Indicators

	SMH	SHOC	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-37.54%	-47.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-14.59%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-37.54%	+1.80%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-41.09%	-7.47%	-33.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	3.92%	-0.03%

Volatility

SMH vs. SHOC - Volatility Comparison

VanEck Semiconductor ETF (SMH) and Strive U.S. Semiconductor ETF (SHOC) have volatilities of 11.47% and 11.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	SHOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.47%	11.47%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	24.29%	24.61%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	30.56%	31.53%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.01%	35.16%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.57%	35.16%	-2.59%

SMH vs. SHOC - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than SHOC's 0.40% expense ratio.

Dividends

SMH vs. SHOC - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.17%, more than SHOC's 0.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHOC Strive U.S. Semiconductor ETF	0.14%	0.23%	0.35%	0.65%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both SMH and SHOC in my portfolio?

With a correlation of 0.99, SMH and SHOC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SMH or SHOC?

SHOC has higher volatility (11.47%) compared to SMH (11.47%). In terms of maximum drawdown, SMH dropped -84.96% vs SHOC's -37.54%.

Which ETF is better, SMH or SHOC?

On 3-year performance, SMH leads with 64.17% vs 53.55% for SHOC. On fees, SMH is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or SHOC?

Over the 3-year period, SMH has performed better with a 64.17% return vs 53.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or SHOC?

SMH is cheaper with a 0.35% expense ratio, compared with 0.40% for SHOC.

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

SMH has the higher dividend yield at 0.17%, compared with 0.14% for SHOC.

What is the main difference between SMH and SHOC?

SMH tracks MVIS US Listed Semiconductor 25 Index, while SHOC tracks Bloomberg US Listed Semiconductors Select Index - Benchmark TR Gross. They also come from different issuers: VanEck and Strive. Their fees differ too: 0.35% for SMH and 0.40% for SHOC.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 4.78), 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.