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SMH vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMH vs. SPMO

Last updated Jun 4, 2026

SMH (VanEck Semiconductor ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, SMH returned 37.68%/yr vs 20.95%/yr for SPMO. A 0.67 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 0.13%/yr for SPMO.

Performance

SMH vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and Invesco S&P 500 Momentum ETF (SPMO). 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 77.13% return, which is significantly higher than SPMO's 30.35% return. Over the past 10 years, SMH has outperformed SPMO with an annualized return of 37.68%, while SPMO has yielded a comparatively lower 20.95% annualized return.

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%

SPMO

1D
0.50%
1M
15.36%
YTD
30.35%
6M
30.51%
1Y
46.00%
3Y*
43.04%
5Y*
24.29%
10Y*
20.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMH vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMH
VanEck Semiconductor ETF		77.13%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-9.05%38.48%
SPMO
Invesco S&P 500 Momentum ETF		30.35%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%

Correlation

The correlation between SMH and SPMO is 0.78, 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

0.78

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

0.77

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

0.74

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

0.69

Correlation (All Time)
Calculated using the full available price history since Oct 13, 2015

0.67

The correlation between SMH and SPMO shifts across timeframes, from 0.67 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.

SMH vs. SPMO - Sectors Allocation Comparison

Sectors
SMH
SPMO

Technology

100.0%
52.6%

Basic Materials

-

1.6%

Communication Services

-

9.2%

Consumer Cyclical

-

1.3%

Consumer Defensive

-

4.3%

Energy

-

3.4%

Financial Services

-

5.9%

Healthcare

-

6.7%

Industrials

-

11.3%

Real Estate

-

1.0%

Utilities

-

2.8%

Technology

SMH
100.0%
SPMO
52.6%

Basic Materials

SMH

-

SPMO
1.6%

Communication Services

SMH

-

SPMO
9.2%

Consumer Cyclical

SMH

-

SPMO
1.3%

Consumer Defensive

SMH

-

SPMO
4.3%

Energy

SMH

-

SPMO
3.4%

Financial Services

SMH

-

SPMO
5.9%

Healthcare

SMH

-

SPMO
6.7%

Industrials

SMH

-

SPMO
11.3%

Real Estate

SMH

-

SPMO
1.0%

Utilities

SMH

-

SPMO
2.8%

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 Momentum ETF

Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

SMH vs. SPMO — 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: 9696
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 7575
Overall Rank
SPMO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 7777
Sortino Ratio Rank
SPMO Omega Ratio Rank: 7777
Omega Ratio Rank
SPMO Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7373
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. SPMO - Risk-Adjusted Trends Comparison

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

SMHSPMODifference
Sharpe ratioReturn per unit of total volatility
5.19
2.62

+2.56

Sortino ratioReturn per unit of downside risk
5.22
3.54

+1.68

Omega ratioGain probability vs. loss probability

1.72

1.47

+0.25

Calmar ratioReturn relative to maximum drawdown

10.59

3.64

+6.95

Martin ratioReturn relative to average drawdown

40.63

14.17

+26.46

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. SPMO - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 5.19, which is higher than the SPMO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of SMH and SPMO, 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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Sharpe Ratios by Period

SMHSPMODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

5.19

2.62

+2.56

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

1.27

-0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.16

1.03

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.34

1.01

-0.67

Drawdowns

SMH vs. SPMO - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for SMH and SPMO.

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Drawdown Indicators

SMHSPMODifference

Max Drawdown

Largest peak-to-trough decline

-84.96%

-30.95%

-54.01%

Max Drawdown (1Y)

Largest decline over 1 year

-14.93%

-12.70%

-2.23%

Max Drawdown (3Y)

Largest decline over 3 years

-35.74%

-20.13%

-15.61%

Max Drawdown (5Y)

Largest decline over 5 years

-45.30%

-22.74%

-22.56%

Max Drawdown (10Y)

Largest decline over 10 years

-45.30%

-30.95%

-14.35%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-41.09%

-4.60%

-36.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.89%

3.26%

+0.63%

Volatility

SMH vs. SPMO - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 11.47% compared to Invesco S&P 500 Momentum ETF (SPMO) at 7.35%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMHSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.47%

7.35%

+4.12%

Volatility (6M)

Calculated over the trailing 6-month period

24.29%

14.39%

+9.90%

Volatility (1Y)

Calculated over the trailing 1-year period

30.56%

17.64%

+12.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.01%

19.30%

+15.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.57%

20.31%

+12.26%

SMH vs. SPMO - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

SMH vs. SPMO - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.17%, less than SPMO's 0.65% 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%
SPMO
Invesco S&P 500 Momentum ETF		0.65%0.73%0.48%1.63%1.66%0.52%1.27%1.39%1.05%0.77%1.94%0.36%

Frequently Asked Questions

SMH and SPMO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMH has higher volatility (11.47%) compared to SPMO (7.35%). In terms of maximum drawdown, SMH dropped -84.96% vs SPMO's -30.95%.

On 10-year performance, SMH leads with 37.68% vs 20.95% for SPMO. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 7.35%. 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 37.68% return vs 20.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPMO is cheaper with a 0.13% expense ratio, compared with 0.35% for SMH.

SPMO has the higher dividend yield at 0.65%, compared with 0.17% for SMH.

SMH is categorized as Semiconductors, while SPMO is Momentum. SMH tracks MVIS US Listed Semiconductor 25 Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for SMH and 0.13% for SPMO.

SMH currently has the higher Sharpe Ratio (5.19 vs 2.62), 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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