SMHX vs. VOO

Last updated Jun 4, 2026

SMHX (VanEck Fabless Semiconductor ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, SMHX returned 139.42% vs 28.04% for VOO. A 0.79 correlation means they provide meaningful diversification when combined. SMHX charges 0.35%/yr vs 0.03%/yr for VOO.

Performance

SMHX vs. VOO - Performance Comparison

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

Returns By Period

In the year-to-date period, SMHX achieves a 78.44% return, which is significantly higher than VOO's 10.91% return.

SMHX

• 1D: 0.94%
• 1M: 33.64%
• YTD: 78.44%
• 6M: 72.62%
• 1Y: 139.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

SMHX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMHX VanEck Fabless Semiconductor ETF	78.44%	30.00%	17.76%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	5.67%

Correlation

The correlation between SMHX and VOO is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.79

The correlation between SMHX and VOO has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

SMHX vs. VOO - Sectors Allocation Comparison

Sectors	SMHX	VOO
Technology	100.0%	35.7%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.2%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.6%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

SMHX vs. VOO — Risk / Return Rank

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

SMHX

SMHX Risk / Return Rank: 93
SMHX Sharpe Ratio Rank: 96
SMHX Sortino Ratio Rank: 92
SMHX Omega Ratio Rank: 90
SMHX Calmar Ratio Rank: 95
SMHX Martin Ratio Rank: 92

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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.

SMHX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Fabless Semiconductor ETF (SMHX) and Vanguard S&P 500 ETF (VOO). 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.

	SMHX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	4.30	2.39	+1.91
Sortino ratio: Return per unit of downside risk	4.50	3.25	+1.24
Omega ratio: Gain probability vs. loss probability	1.59	1.43	+0.16
Calmar ratio: Return relative to maximum drawdown	8.22	3.16	+5.06
Martin ratio: Return relative to average drawdown	23.13	14.73	+8.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMHX vs. VOO - Sharpe Ratio Comparison

The current SMHX Sharpe Ratio is 4.30, which is higher than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SMHX and VOO, 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

	SMHX	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.30	2.39	+1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.94	0.89	+1.06

Drawdowns

SMHX vs. VOO - Drawdown Comparison

The maximum SMHX drawdown since its inception was -38.53%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for SMHX and VOO.

Drawdown Indicators

	SMHX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-38.53%	-33.99%	-4.54%
Max Drawdown (1Y) Largest decline over 1 year	-17.06%	-8.90%	-8.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-7.33%	-3.69%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.05%	1.91%	+4.14%

Volatility

SMHX vs. VOO - Volatility Comparison

VanEck Fabless Semiconductor ETF (SMHX) has a higher volatility of 11.81% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that SMHX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMHX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.81%	2.84%	+8.97%
Volatility (6M) Calculated over the trailing 6-month period	25.06%	8.90%	+16.16%
Volatility (1Y) Calculated over the trailing 1-year period	32.69%	11.80%	+20.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.97%	16.81%	+23.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.97%	18.01%	+21.96%

SMHX vs. VOO - Expense Ratio Comparison

SMHX has a 0.35% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

SMHX vs. VOO - Dividend Comparison

SMHX's dividend yield for the trailing twelve months is around 0.01%, less than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMHX VanEck Fabless Semiconductor ETF	0.01%	0.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both SMHX and VOO in my portfolio?

SMHX and VOO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMHX or VOO?

SMHX has higher volatility (11.81%) compared to VOO (2.84%). In terms of maximum drawdown, SMHX dropped -38.53% vs VOO's -33.99%.

Which ETF is better, SMHX or VOO?

On 1-year performance, SMHX leads with 139.42% vs 28.04% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMHX or VOO?

Over the 1-year period, SMHX has performed better with a 139.42% return vs 28.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMHX or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.35% for SMHX.

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

VOO has the higher dividend yield at 1.03%, compared with 0.01% for SMHX.

What is the main difference between SMHX and VOO?

SMHX is categorized as Semiconductors, while VOO is S&P 500. SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index, while VOO tracks S&P 500 Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.35% for SMHX and 0.03% for VOO.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (4.30 vs 2.39), 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.