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SMH vs. SPHQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMH vs. SPHQ

Last updated Jun 16, 2026

SMH (VanEck Semiconductor ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, SMH returned 38.18%/yr vs 15.47%/yr for SPHQ. A 0.72 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 0.15%/yr for SPHQ.

Performance

SMH vs. SPHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and Invesco S&P 500 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMH achieves a 79.69% return, which is significantly higher than SPHQ's 18.64% return. Over the past 10 years, SMH has outperformed SPHQ with an annualized return of 38.18%, while SPHQ has yielded a comparatively lower 15.47% annualized return.

SMH

1D
4.38%
1M
16.31%
YTD
79.69%
6M
83.94%
1Y
152.58%
3Y*
62.32%
5Y*
39.72%
10Y*
38.18%

SPHQ

1D
1.58%
1M
7.41%
YTD
18.64%
6M
17.69%
1Y
28.53%
3Y*
22.52%
5Y*
15.06%
10Y*
15.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMH vs. SPHQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMH
VanEck Semiconductor ETF		79.69%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-9.05%38.48%
SPHQ
Invesco S&P 500 Quality ETF		18.64%13.25%25.44%24.83%-15.76%28.03%17.36%33.64%-7.10%19.10%

Correlation

The correlation between SMH and SPHQ is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.64

Correlation (3Y)
Calculated over the trailing 3-year period

0.72

Correlation (5Y)
Calculated over the trailing 5-year period

0.76

Correlation (10Y)
Calculated over the trailing 10-year period

0.76

Correlation (All Time)
Calculated using the full available price history since Dec 6, 2005

0.72

The correlation between SMH and SPHQ shifts across timeframes, from 0.64 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

SMH vs. SPHQ - Sectors Allocation Comparison

Sectors
SMH
SPHQ

Technology

100.0%
33.1%

Basic Materials

-

2.0%

Communication Services

-

0.4%

Consumer Cyclical

-

4.4%

Consumer Defensive

-

14.7%

Energy

-

0.7%

Financial Services

-

12.6%

Healthcare

-

8.0%

Industrials

-

20.7%

Real Estate

-

-

Utilities

-

3.4%

Technology

SMH
100.0%
SPHQ
33.1%

Basic Materials

SMH

-

SPHQ
2.0%

Communication Services

SMH

-

SPHQ
0.4%

Consumer Cyclical

SMH

-

SPHQ
4.4%

Consumer Defensive

SMH

-

SPHQ
14.7%

Energy

SMH

-

SPHQ
0.7%

Financial Services

SMH

-

SPHQ
12.6%

Healthcare

SMH

-

SPHQ
8.0%

Industrials

SMH

-

SPHQ
20.7%

Real Estate

SMH

-

SPHQ

-

Utilities

SMH

-

SPHQ
3.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Semiconductor ETF

Invesco S&P 500 Quality ETF

Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK
Often compared with SPHQ:
SPHQ vs. QUALSPHQ vs. VOOSPHQ vs. SPYSPHQ vs. JQUASPHQ vs. SCHDSPHQ vs. SPYVSPHQ vs. QQQ

Return for Risk

SMH vs. SPHQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9595
Sortino Ratio Rank
SMH Omega Ratio Rank: 9595
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9797
Martin Ratio Rank
SPHQ
SPHQ Risk / Return Rank: 7575
Overall Rank
SPHQ Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
SPHQ Sortino Ratio Rank: 7979
Sortino Ratio Rank
SPHQ Omega Ratio Rank: 7171
Omega Ratio Rank
SPHQ Calmar Ratio Rank: 7070
Calmar Ratio Rank
SPHQ Martin Ratio Rank: 7979
Martin Ratio Rank
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. SPHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Invesco S&P 500 Quality ETF (SPHQ). 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.

SMHSPHQDifference
Sharpe ratioReturn per unit of total volatility
4.61
2.18

+2.42

Sortino ratioReturn per unit of downside risk
4.60
3.13

+1.47

Omega ratioGain probability vs. loss probability

1.65

1.37

+0.28

Calmar ratioReturn relative to maximum drawdown

10.28

3.22

+7.06

Martin ratioReturn relative to average drawdown

37.77

13.80

+23.97

SMH vs. SPHQ - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.61, which is higher than the SPHQ Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of SMH and SPHQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SMH vs. SPHQ - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than SPHQ's maximum drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for SMH and SPHQ.

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Drawdown Indicators

SMHSPHQDifference

Max Drawdown

Largest peak-to-trough decline

-84.96%

-57.83%

-27.13%

Max Drawdown (1Y)

Largest decline over 1 year

-14.93%

-8.90%

-6.03%

Max Drawdown (3Y)

Largest decline over 3 years

-35.74%

-16.57%

-19.17%

Max Drawdown (5Y)

Largest decline over 5 years

-45.30%

-25.04%

-20.26%

Max Drawdown (10Y)

Largest decline over 10 years

-45.30%

-31.60%

-13.70%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-41.04%

-10.68%

-30.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.06%

2.07%

+1.99%

Volatility

SMH vs. SPHQ - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 16.71% compared to Invesco S&P 500 Quality ETF (SPHQ) at 5.05%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMHSPHQDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.71%

5.05%

+11.66%

Volatility (6M)

Calculated over the trailing 6-month period

27.97%

10.88%

+17.09%

Volatility (1Y)

Calculated over the trailing 1-year period

33.39%

13.16%

+20.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.53%

16.55%

+18.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.86%

17.91%

+14.95%

SMH vs. SPHQ - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is higher than SPHQ's 0.15% expense ratio.

Dividends

SMH vs. SPHQ - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.17%, less than SPHQ's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPHQ
Invesco S&P 500 Quality ETF		1.01%1.09%1.15%1.42%1.85%1.19%1.55%1.51%1.85%1.57%1.67%2.29%

Frequently Asked Questions

SMH and SPHQ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMH has higher volatility (16.71%) compared to SPHQ (5.05%). In terms of maximum drawdown, SMH dropped -84.96% vs SPHQ's -57.83%.

On 10-year performance, SMH leads with 38.18% vs 15.47% for SPHQ. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 5.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SMH has performed better with a 38.18% return vs 15.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.35% for SMH.

SPHQ has the higher dividend yield at 1.01%, compared with 0.17% for SMH.

SMH is categorized as Semiconductors, while SPHQ is S&P 500. SMH tracks MVIS US Listed Semiconductor 25 Index, while SPHQ tracks S&P 500 Quality Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for SMH and 0.15% for SPHQ.

SMH currently has the higher Sharpe Ratio (4.61 vs 2.18), 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.

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