SOXX vs. SMH

Last updated Jun 23, 2026

SOXX (iShares Semiconductor ETF) and SMH (VanEck Semiconductor ETF) are both Semiconductors funds - SOXX tracks the NYSE Semiconductor Index while SMH tracks the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, SOXX returned 37.20%/yr vs 38.85%/yr for SMH. With a 0.97 correlation, they move nearly in lockstep. SOXX charges 0.34%/yr vs 0.35%/yr for SMH.

Performance

SOXX vs. SMH - Performance Comparison

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

Returns By Period

In the year-to-date period, SOXX achieves a 117.74% return, which is significantly higher than SMH's 85.74% return. Both investments have delivered pretty close results over the past 10 years, with SOXX having a 37.20% annualized return and SMH not far ahead at 38.85%.

SOXX

• 1D: 2.43%
• 1M: 21.96%
• YTD: 117.74%
• 6M: 115.81%
• 1Y: 192.33%
• 3Y*: 60.51%
• 5Y*: 36.36%
• 10Y*: 37.20%

SMH

• 1D: 1.37%
• 1M: 16.07%
• YTD: 85.74%
• 6M: 85.96%
• 1Y: 157.81%
• 3Y*: 66.26%
• 5Y*: 40.65%
• 10Y*: 38.85%

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

SOXX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOXX iShares Semiconductor ETF	117.74%	40.74%	12.92%	67.12%	-35.09%	44.09%	52.72%	62.42%	-6.49%	39.79%
SMH VanEck Semiconductor ETF	85.74%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between SOXX and SMH 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 13, 2001	0.97

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

SOXX vs. SMH - Sectors Allocation Comparison

Sectors	SOXX	SMH
Technology	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SOXX vs. SMH — Risk / Return Rank

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

SOXX

SOXX Risk / Return Rank: 96
SOXX Sharpe Ratio Rank: 98
SOXX Sortino Ratio Rank: 94
SOXX Omega Ratio Rank: 94
SOXX Calmar Ratio Rank: 98
SOXX Martin Ratio Rank: 97

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH 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.

SOXX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Semiconductor ETF (SOXX) and VanEck Semiconductor ETF (SMH). 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.

	SOXX	SMH	Difference
Sharpe ratio: Return per unit of total volatility	5.02	4.66	+0.36
Sortino ratio: Return per unit of downside risk	4.70	4.60	+0.10
Omega ratio: Gain probability vs. loss probability	1.68	1.66	+0.02
Calmar ratio: Return relative to maximum drawdown	12.28	10.63	+1.64
Martin ratio: Return relative to average drawdown	44.42	38.91	+5.52

SOXX vs. SMH - Sharpe Ratio Comparison

The current SOXX Sharpe Ratio is 5.02, which is comparable to the SMH Sharpe Ratio of 4.66. The chart below compares the historical Sharpe Ratios of SOXX and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SOXX vs. SMH - Drawdown Comparison

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

Drawdown Indicators

	SOXX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-70.21%	-84.96%	+14.75%
Max Drawdown (1Y) Largest decline over 1 year	-15.77%	-14.93%	-0.84%
Max Drawdown (3Y) Largest decline over 3 years	-41.36%	-35.74%	-5.62%
Max Drawdown (5Y) Largest decline over 5 years	-45.75%	-45.30%	-0.45%
Max Drawdown (10Y) Largest decline over 10 years	-45.75%	-45.30%	-0.45%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-19.94%	-41.01%	+21.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	4.07%	+0.28%

Volatility

SOXX vs. SMH - Volatility Comparison

iShares Semiconductor ETF (SOXX) has a higher volatility of 20.75% compared to VanEck Semiconductor ETF (SMH) at 17.29%. This indicates that SOXX's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.75%	17.29%	+3.46%
Volatility (6M) Calculated over the trailing 6-month period	32.29%	28.18%	+4.11%
Volatility (1Y) Calculated over the trailing 1-year period	38.61%	34.14%	+4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.03%	35.68%	+1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.95%	32.95%	+1.00%

SOXX vs. SMH - Expense Ratio Comparison

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

Dividends

SOXX vs. SMH - Dividend Comparison

SOXX's dividend yield for the trailing twelve months is around 0.22%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SOXX iShares Semiconductor ETF	0.22%	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 SOXX and SMH in my portfolio?

With a correlation of 0.97, SOXX and SMH 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, SOXX or SMH?

SOXX has higher volatility (20.75%) compared to SMH (17.29%). In terms of maximum drawdown, SOXX dropped -70.21% vs SMH's -84.96%.

Which ETF is better, SOXX or SMH?

On 10-year performance, SMH leads with 38.85% vs 37.20% for SOXX. On fees, SOXX is cheaper at 0.34% per year. On volatility, SMH has been the lower-risk option at 17.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXX or SMH?

Over the 10-year period, SMH has performed better with a 38.85% return vs 37.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXX or SMH?

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

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

SOXX has the higher dividend yield at 0.22%, compared with 0.17% for SMH.

What is the main difference between SOXX and SMH?

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

Which has better risk-adjusted returns?

SOXX currently has the higher Sharpe Ratio (5.02 vs 4.66), 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.