SOXQ vs. SMHX

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco PHLX Semiconductor ETF (SOXQ) and VanEck Fabless Semiconductor ETF (SMHX).

SOXQ and SMHX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SOXQ is a passively managed fund by Invesco that tracks the performance of the PHLX Semiconductor Sector Index. It was launched on Jun 11, 2021. SMHX is a passively managed fund by VanEck that tracks the performance of the MarketVector™ US Listed Fabless Semiconductor Index. It was launched on Aug 27, 2024. Both SOXQ and SMHX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SOXQ vs. SMHX - Performance Comparison

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

SOXQ vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SOXQ Invesco PHLX Semiconductor ETF	10.26%	43.11%	-1.31%
SMHX VanEck Fabless Semiconductor ETF	-0.32%	30.00%	17.76%

Returns By Period

In the year-to-date period, SOXQ achieves a 10.26% return, which is significantly higher than SMHX's -0.32% return.

SOXQ

• 1D: 2.88%
• 1M: -4.05%
• YTD: 10.26%
• 6M: 20.31%
• 1Y: 83.12%
• 3Y*: 35.09%
• 5Y*: —
• 10Y*: —

SMHX

• 1D: 1.86%
• 1M: -2.70%
• YTD: -0.32%
• 6M: -1.36%
• 1Y: 60.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SOXQ vs. SMHX - Expense Ratio Comparison

SOXQ has a 0.19% expense ratio, which is lower than SMHX's 0.35% expense ratio.

SMHX

VanEck Fabless Semiconductor ETF

SOXQ

Invesco PHLX Semiconductor ETF

Return for Risk

SOXQ vs. SMHX — Risk / Return Rank

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

SOXQ

SOXQ Risk / Return Rank: 93
SOXQ Sharpe Ratio Rank: 91
SOXQ Sortino Ratio Rank: 91
SOXQ Omega Ratio Rank: 89
SOXQ Calmar Ratio Rank: 97
SOXQ Martin Ratio Rank: 96

SMHX

SMHX Risk / Return Rank: 83
SMHX Sharpe Ratio Rank: 80
SMHX Sortino Ratio Rank: 82
SMHX Omega Ratio Rank: 77
SMHX Calmar Ratio Rank: 93
SMHX Martin Ratio Rank: 82

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.

SOXQ vs. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco PHLX Semiconductor ETF (SOXQ) and VanEck Fabless Semiconductor ETF (SMHX). 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.

	SOXQ	SMHX	Difference
Sharpe ratio Return per unit of total volatility	2.08	1.55	+0.53
Sortino ratio Return per unit of downside risk	2.68	2.19	+0.49
Omega ratio Gain probability vs. loss probability	1.38	1.30	+0.08
Calmar ratio Return relative to maximum drawdown	4.79	3.56	+1.23
Martin ratio Return relative to average drawdown	17.49	9.59	+7.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOXQ vs. SMHX - Sharpe Ratio Comparison

The current SOXQ Sharpe Ratio is 2.08, which is higher than the SMHX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of SOXQ and SMHX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SOXQ	SMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	1.55	+0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.77	-0.18

Correlation

The correlation between SOXQ and SMHX is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SOXQ vs. SMHX - Dividend Comparison

SOXQ's dividend yield for the trailing twelve months is around 0.46%, more than SMHX's 0.02% yield.

	TTM	2025	2024	2023	2022	2021
SOXQ Invesco PHLX Semiconductor ETF	0.46%	0.50%	0.68%	0.87%	1.36%	0.72%
SMHX VanEck Fabless Semiconductor ETF	0.02%	0.02%	0.04%	0.00%	0.00%	0.00%

Drawdowns

SOXQ vs. SMHX - Drawdown Comparison

The maximum SOXQ drawdown since its inception was -46.01%, which is greater than SMHX's maximum drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for SOXQ and SMHX.

Drawdown Indicators

	SOXQ	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-46.01%	-38.53%	-7.48%
Max Drawdown (1Y) Largest decline over 1 year	-17.44%	-17.51%	+0.07%
Current Drawdown Current decline from peak	-7.78%	-10.19%	+2.41%
Average Drawdown Average peak-to-trough decline	-13.37%	-7.94%	-5.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	6.50%	-1.72%

Volatility

SOXQ vs. SMHX - Volatility Comparison

Invesco PHLX Semiconductor ETF (SOXQ) has a higher volatility of 12.69% compared to VanEck Fabless Semiconductor ETF (SMHX) at 11.28%. This indicates that SOXQ's price experiences larger fluctuations and is considered to be riskier than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXQ	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.69%	11.28%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	26.33%	24.45%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	40.14%	39.40%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.10%	39.80%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.10%	39.80%	-3.70%