SMH vs. SMHX

Last updated Jul 9, 2026

SMH (VanEck Semiconductor ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both Semiconductors funds from VanEck - SMH tracks the MVIS US Listed Semiconductor 25 Index while SMHX tracks the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, SMH returned 109.84% vs 89.19% for SMHX. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

SMH vs. SMHX - Performance Comparison

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

Returns By Period

In the year-to-date period, SMH achieves a 64.66% return, which is significantly higher than SMHX's 56.67% return.

SMH

• 1D: 1.99%
• 1M: -0.86%
• 6M: 54.02%
• YTD: 64.66%
• 1Y: 109.84%
• 3Y*: 59.17%
• 5Y*: 36.60%
• 10Y*: 36.51%

SMHX

• 1D: 2.76%
• 1M: -4.01%
• 6M: 51.64%
• YTD: 56.67%
• 1Y: 89.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMH vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMH VanEck Semiconductor ETF	64.66%	49.17%	-0.72%
SMHX VanEck Fabless Semiconductor ETF	56.67%	30.00%	15.56%

Correlation

The correlation between SMH and SMHX is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.94

The correlation between SMH and SMHX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

SMH vs. SMHX - Sectors Allocation Comparison

Sectors	SMH	SMHX
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. SMHX — Risk / Return Rank

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

SMH

SMH Risk / Return Rank: 93
SMH Sharpe Ratio Rank: 95
SMH Sortino Ratio Rank: 88
SMH Omega Ratio Rank: 89
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 95

SMHX

SMHX Risk / Return Rank: 83
SMHX Sharpe Ratio Rank: 89
SMHX Sortino Ratio Rank: 75
SMHX Omega Ratio Rank: 75
SMHX Calmar Ratio Rank: 93
SMHX Martin Ratio Rank: 83

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. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX). 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	SMHX	Difference
Sharpe ratio: Return per unit of total volatility	3.04	2.38	+0.66
Sortino ratio: Return per unit of downside risk	3.29	2.76	+0.53
Omega ratio: Gain probability vs. loss probability	1.46	1.37	+0.09
Calmar ratio: Return relative to maximum drawdown	7.40	5.26	+2.14
Martin ratio: Return relative to average drawdown	24.77	13.37	+11.41

SMH vs. SMHX - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 3.04, which is comparable to the SMHX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SMH and SMHX, 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. SMHX - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than SMHX's maximum drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for SMH and SMHX.

Drawdown Indicators

	SMH	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-38.53%	-46.43%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-17.06%	+2.13%
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	-11.35%	-12.20%	+0.85%
Average Drawdown Average peak-to-trough decline	-40.96%	-7.41%	-33.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	6.69%	-2.24%

Volatility

SMH vs. SMHX - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 18.80% compared to VanEck Fabless Semiconductor ETF (SMHX) at 17.42%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.80%	17.42%	+1.38%
Volatility (6M) Calculated over the trailing 6-month period	31.04%	31.25%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	36.37%	37.75%	-1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.13%	41.71%	-5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.10%	41.71%	-8.61%

SMH vs. SMHX - Expense Ratio Comparison

Both SMH and SMHX have an expense ratio of 0.35%.

Dividends

SMH vs. SMHX - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.19%, more than SMHX's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.19%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
SMHX VanEck Fabless Semiconductor ETF	0.02%	0.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMH and SMHX in my portfolio?

With a correlation of 0.92, SMH and SMHX 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 SMHX?

SMH has higher volatility (18.80%) compared to SMHX (17.42%). In terms of maximum drawdown, SMH dropped -84.96% vs SMHX's -38.53%.

Which ETF is better, SMH or SMHX?

On 1-year performance, SMH leads with 109.84% vs 89.19% for SMHX. Both ETFs have the same 0.35% expense ratio. On volatility, SMHX has been the lower-risk option at 17.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or SMHX?

Over the 1-year period, SMH has performed better with a 109.84% return vs 89.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or SMHX?

SMH and SMHX have the same expense ratio: 0.35% per year.

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

SMH has the higher dividend yield at 0.19%, compared with 0.02% for SMHX.

What is the main difference between SMH and SMHX?

SMH tracks MVIS US Listed Semiconductor 25 Index, while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.04 vs 2.38), 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.