SMH vs. SOXX

Last updated Jun 5, 2026

SMH (VanEck Semiconductor ETF) and SOXX (iShares Semiconductor ETF) are both Semiconductors funds - SMH tracks the MVIS US Listed Semiconductor 25 Index while SOXX tracks the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, SMH returned 37.49%/yr vs 35.54%/yr for SOXX. With a 0.97 correlation, they move nearly in lockstep. SMH charges 0.35%/yr vs 0.34%/yr for SOXX.

Performance

SMH vs. SOXX - Performance Comparison

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

Returns By Period

In the year-to-date period, SMH achieves a 74.25% return, which is significantly lower than SOXX's 100.26% return. Over the past 10 years, SMH has outperformed SOXX with an annualized return of 37.49%, while SOXX has yielded a comparatively lower 35.54% annualized return.

SMH

• 1D: -1.63%
• 1M: 20.06%
• YTD: 74.25%
• 6M: 74.08%
• 1Y: 150.04%
• 3Y*: 63.96%
• 5Y*: 38.76%
• 10Y*: 37.49%

SOXX

• 1D: -2.10%
• 1M: 24.86%
• YTD: 100.26%
• 6M: 97.20%
• 1Y: 179.78%
• 3Y*: 57.09%
• 5Y*: 33.93%
• 10Y*: 35.54%

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

SMH vs. SOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMH VanEck Semiconductor ETF	74.25%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%
SOXX iShares Semiconductor ETF	100.26%	40.74%	12.92%	67.12%	-35.09%	44.09%	52.72%	62.42%	-6.49%	39.79%

Correlation

The correlation between SMH and SOXX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jul 16, 2001	0.97

The correlation between SMH and SOXX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

SMH vs. SOXX - Sectors Allocation Comparison

Sectors	SMH	SOXX
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. SOXX — 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: 95
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

SOXX

SOXX Risk / Return Rank: 96
SOXX Sharpe Ratio Rank: 98
SOXX Sortino Ratio Rank: 95
SOXX Omega Ratio Rank: 95
SOXX Calmar Ratio Rank: 97
SOXX 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. SOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX). 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	SOXX	Difference
Sharpe ratio: Return per unit of total volatility	4.94	5.29	-0.35
Sortino ratio: Return per unit of downside risk	5.05	5.16	-0.11
Omega ratio: Gain probability vs. loss probability	1.69	1.71	-0.02
Calmar ratio: Return relative to maximum drawdown	10.11	11.48	-1.37
Martin ratio: Return relative to average drawdown	38.76	43.90	-5.14
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. SOXX - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.94, which is comparable to the SOXX Sharpe Ratio of 5.29. The chart below compares the historical Sharpe Ratios of SMH and SOXX, 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	SOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.94	5.29	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.94	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.15	1.07	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.44	-0.11

Drawdowns

SMH vs. SOXX - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than SOXX's maximum drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for SMH and SOXX.

Drawdown Indicators

	SMH	SOXX	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-70.21%	-14.75%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-15.77%	+0.84%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-41.36%	+5.62%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-45.75%	+0.45%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-45.75%	+0.45%
Current Drawdown Current decline from peak	-1.63%	-2.10%	+0.47%
Average Drawdown Average peak-to-trough decline	-41.08%	-19.97%	-21.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	4.11%	-0.22%

Volatility

SMH vs. SOXX - Volatility Comparison

The current volatility for VanEck Semiconductor ETF (SMH) is 11.58%, while iShares Semiconductor ETF (SOXX) has a volatility of 14.08%. This indicates that SMH experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	SOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.58%	14.08%	-2.50%
Volatility (6M) Calculated over the trailing 6-month period	24.35%	27.45%	-3.10%
Volatility (1Y) Calculated over the trailing 1-year period	30.57%	34.20%	-3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.01%	36.11%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.57%	33.43%	-0.86%

SMH vs. SOXX - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is higher than SOXX's 0.34% expense ratio.

Dividends

SMH vs. SOXX - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than SOXX's 0.28% 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%
SOXX iShares Semiconductor ETF	0.28%	0.57%	0.67%	0.78%	1.26%	0.64%	0.81%	1.23%	1.37%	0.90%	1.08%	1.29%

Frequently Asked Questions

Can I hold both SMH and SOXX in my portfolio?

With a correlation of 0.97, SMH and SOXX 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 SOXX?

SOXX has higher volatility (14.08%) compared to SMH (11.58%). In terms of maximum drawdown, SMH dropped -84.96% vs SOXX's -70.21%.

Which ETF is better, SMH or SOXX?

On 10-year performance, SMH leads with 37.49% vs 35.54% for SOXX. On fees, SOXX is cheaper at 0.34% per year. On volatility, SMH has been the lower-risk option at 11.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or SOXX?

Over the 10-year period, SMH has performed better with a 37.49% return vs 35.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or SOXX?

SOXX is cheaper with a 0.34% expense ratio, compared with 0.35% for SMH.

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

SOXX has the higher dividend yield at 0.28%, compared with 0.18% for SMH.

What is the main difference between SMH and SOXX?

SMH tracks MVIS US Listed Semiconductor 25 Index, while SOXX tracks NYSE Semiconductor Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for SMH and 0.34% for SOXX.

Which has better risk-adjusted returns?

SOXX currently has the higher Sharpe Ratio (5.29 vs 4.94), 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.