SPXT vs. SMH

Last updated Jun 13, 2026

SPXT (ProShares S&P 500 Ex-Technology ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SPXT is a S&P 500 fund tracking the S&P 500 Ex-Information Technology Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, SPXT returned 11.43%/yr vs 37.49%/yr for SMH. A 0.53 correlation means they provide meaningful diversification when combined. SPXT charges 0.09%/yr vs 0.35%/yr for SMH.

Performance

SPXT vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Technology ETF (SPXT) 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, SPXT achieves a 4.27% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, SPXT has underperformed SMH with an annualized return of 11.43%, while SMH has yielded a comparatively higher 37.49% annualized return.

SPXT

• 1D: 0.54%
• 1M: -0.56%
• YTD: 4.27%
• 6M: 4.57%
• 1Y: 15.84%
• 3Y*: 16.14%
• 5Y*: 9.46%
• 10Y*: 11.43%

SMH

• 1D: 1.72%
• 1M: 8.30%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 136.32%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

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

SPXT vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXT ProShares S&P 500 Ex-Technology ETF	4.27%	15.10%	19.93%	16.23%	-14.24%	26.36%	10.44%	26.88%	-7.06%	16.99%
SMH VanEck Semiconductor ETF	72.15%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between SPXT and SMH is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.53

The correlation between SPXT and SMH shifts across timeframes, from 0.45 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.

SPXT vs. SMH - Sectors Allocation Comparison

Sectors	SPXT	SMH
Financial Services	18.0%	-
Communication Services	17.0%	-
Consumer Cyclical	15.9%	-
Healthcare	13.5%	-
Industrials	12.2%	-
Consumer Defensive	7.3%	-
Energy	5.1%	-
Utilities	4.1%	-
Real Estate	2.9%	-
Basic Materials	2.8%	-
Technology	1.0%	100.0%

Return for Risk

SPXT vs. SMH — Risk / Return Rank

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

SPXT

SPXT Risk / Return Rank: 50
SPXT Sharpe Ratio Rank: 51
SPXT Sortino Ratio Rank: 51
SPXT Omega Ratio Rank: 47
SPXT Calmar Ratio Rank: 46
SPXT Martin Ratio Rank: 56

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: 96

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.

SPXT vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Technology ETF (SPXT) 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.

	SPXT	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.52	4.13	-2.61
Sortino ratio: Return per unit of downside risk	2.19	4.26	-2.07
Omega ratio: Gain probability vs. loss probability	1.26	1.60	-0.34
Calmar ratio: Return relative to maximum drawdown	2.01	9.18	-7.17
Martin ratio: Return relative to average drawdown	8.70	33.74	-25.04

SPXT vs. SMH - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 1.52, which is lower than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of SPXT 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

SPXT vs. SMH - Drawdown Comparison

The maximum SPXT drawdown since its inception was -34.38%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SPXT and SMH.

Drawdown Indicators

	SPXT	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-34.38%	-84.96%	+50.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-14.93%	+7.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-35.74%	+20.16%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-45.30%	+23.83%
Max Drawdown (10Y) Largest decline over 10 years	-34.38%	-45.30%	+10.92%
Current Drawdown Current decline from peak	-1.03%	-2.81%	+1.78%
Average Drawdown Average peak-to-trough decline	-4.13%	-41.04%	+36.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	4.06%	-2.23%

Volatility

SPXT vs. SMH - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Technology ETF (SPXT) is 3.19%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that SPXT experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXT	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	16.25%	-13.06%
Volatility (6M) Calculated over the trailing 6-month period	7.74%	27.73%	-19.99%
Volatility (1Y) Calculated over the trailing 1-year period	10.48%	33.20%	-22.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	35.47%	-20.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	32.82%	-16.58%

SPXT vs. SMH - Expense Ratio Comparison

SPXT has a 0.09% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

SPXT vs. SMH - Dividend Comparison

SPXT's dividend yield for the trailing twelve months is around 1.37%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
SPXT ProShares S&P 500 Ex-Technology ETF	1.37%	1.38%	1.29%	1.53%	1.86%	1.15%	1.63%	1.63%	2.03%	1.55%	2.67%	0.56%

Frequently Asked Questions

Can I hold both SPXT and SMH in my portfolio?

SPXT and SMH have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXT or SMH?

SMH has higher volatility (16.25%) compared to SPXT (3.19%). In terms of maximum drawdown, SPXT dropped -34.38% vs SMH's -84.96%.

Which ETF is better, SPXT or SMH?

On 10-year performance, SMH leads with 37.49% vs 11.43% for SPXT. On fees, SPXT is cheaper at 0.09% per year. On volatility, SPXT has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXT or SMH?

Over the 10-year period, SMH has performed better with a 37.49% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXT or SMH?

SPXT is cheaper with a 0.09% expense ratio, compared with 0.35% for SMH.

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

SPXT has the higher dividend yield at 1.37%, compared with 0.18% for SMH.

What is the main difference between SPXT and SMH?

SPXT is categorized as S&P 500, while SMH is Semiconductors. SPXT tracks S&P 500 Ex-Information Technology Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.09% for SPXT and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 vs 1.52), 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.