SMH vs. SOXQ

Last updated Jun 12, 2026

SMH (VanEck Semiconductor ETF) and SOXQ (Invesco PHLX Semiconductor ETF) are both Semiconductors funds - SMH tracks the MVIS US Listed Semiconductor 25 Index while SOXQ tracks the PHLX Semiconductor Sector Index. Both are passively managed. Over the past 5 years, SMH returned 37.95%/yr vs 33.82%/yr for SOXQ. With a 0.98 correlation, they move nearly in lockstep. SMH charges 0.35%/yr vs 0.19%/yr for SOXQ.

Performance

SMH vs. SOXQ - Performance Comparison

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

Returns By Period

In the year-to-date period, SMH achieves a 69.23% return, which is significantly lower than SOXQ's 86.16% return.

SMH

• 1D: 6.75%
• 1M: 8.59%
• YTD: 69.23%
• 6M: 64.83%
• 1Y: 133.45%
• 3Y*: 59.87%
• 5Y*: 37.95%
• 10Y*: 37.24%

SOXQ

• 1D: 7.93%
• 1M: 12.42%
• YTD: 86.16%
• 6M: 77.88%
• 1Y: 153.11%
• 3Y*: 54.47%
• 5Y*: 33.82%
• 10Y*: —

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

SMH vs. SOXQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMH VanEck Semiconductor ETF	69.23%	49.17%	39.10%	73.38%	-33.53%	23.88%
SOXQ Invesco PHLX Semiconductor ETF	86.16%	43.11%	20.16%	66.74%	-35.59%	25.19%

Correlation

The correlation between SMH and SOXQ is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 11, 2021	0.98

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

SMH vs. SOXQ - Sectors Allocation Comparison

Sectors	SMH	SOXQ
Technology	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SMH vs. SOXQ — 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: 97

SOXQ

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

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. SOXQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Invesco PHLX Semiconductor ETF (SOXQ). 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	SOXQ	Difference
Sharpe ratio: Return per unit of total volatility	4.05	4.19	-0.14
Sortino ratio: Return per unit of downside risk	4.20	4.20	0.00
Omega ratio: Gain probability vs. loss probability	1.59	1.59	0.00
Calmar ratio: Return relative to maximum drawdown	8.99	9.88	-0.89
Martin ratio: Return relative to average drawdown	33.03	35.94	-2.90

SMH vs. SOXQ - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.05, which is comparable to the SOXQ Sharpe Ratio of 4.19. The chart below compares the historical Sharpe Ratios of SMH and SOXQ, 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. SOXQ - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than SOXQ's maximum drawdown of -46.01%. Use the drawdown chart below to compare losses from any high point for SMH and SOXQ.

Drawdown Indicators

	SMH	SOXQ	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-46.01%	-38.95%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-15.59%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-39.36%	+3.62%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-46.01%	+0.71%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	—	—
Current Drawdown Current decline from peak	-4.46%	-5.37%	+0.91%
Average Drawdown Average peak-to-trough decline	-41.05%	-12.92%	-28.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	4.28%	-0.22%

Volatility

SMH vs. SOXQ - Volatility Comparison

The current volatility for VanEck Semiconductor ETF (SMH) is 16.28%, while Invesco PHLX Semiconductor ETF (SOXQ) has a volatility of 18.87%. This indicates that SMH experiences smaller price fluctuations and is considered to be less risky than SOXQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	SOXQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.28%	18.87%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	27.71%	30.66%	-2.95%
Volatility (1Y) Calculated over the trailing 1-year period	33.17%	36.78%	-3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.48%	36.90%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.82%	36.88%	-4.06%

SMH vs. SOXQ - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is higher than SOXQ's 0.19% expense ratio.

Dividends

SMH vs. SOXQ - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than SOXQ's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SOXQ Invesco PHLX Semiconductor ETF	0.27%	0.50%	0.68%	0.87%	1.36%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMH and SOXQ in my portfolio?

With a correlation of 0.98, SMH and SOXQ 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 SOXQ?

SOXQ has higher volatility (18.87%) compared to SMH (16.28%). In terms of maximum drawdown, SMH dropped -84.96% vs SOXQ's -46.01%.

Which ETF is better, SMH or SOXQ?

On 5-year performance, SMH leads with 37.95% vs 33.82% for SOXQ. On fees, SOXQ is cheaper at 0.19% per year. On volatility, SMH has been the lower-risk option at 16.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or SOXQ?

Over the 5-year period, SMH has performed better with a 37.95% return vs 33.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or SOXQ?

SOXQ is cheaper with a 0.19% expense ratio, compared with 0.35% for SMH.

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

SOXQ has the higher dividend yield at 0.27%, compared with 0.18% for SMH.

What is the main difference between SMH and SOXQ?

SMH tracks MVIS US Listed Semiconductor 25 Index, while SOXQ tracks PHLX Semiconductor Sector Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for SMH and 0.19% for SOXQ.

Which has better risk-adjusted returns?

SOXQ currently has the higher Sharpe Ratio (4.19 vs 4.05), 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.