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VOO vs. SMH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOO vs. SMH

Last updated Aug 1, 2026
Documentation

VOO (Vanguard S&P 500 ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, VOO returned 15.14%/yr vs 34.16%/yr for SMH. Their 0.76 correlation means they have sometimes moved together and sometimes differently. VOO charges 0.03%/yr vs 0.35%/yr for SMH.

Performance

VOO vs. SMH - Performance Comparison

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

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Returns By Period

In the year-to-date period, VOO achieves a 10.16% return, which is significantly lower than SMH's 50.09% return. Over the past 10 years, VOO has underperformed SMH with an annualized return of 15.14%, while SMH has yielded a comparatively higher 34.16% annualized return.

VOO

1D
0.71%
1M
0.17%
6M
8.58%
YTD
10.16%
1Y
19.58%
3Y*
19.42%
5Y*
12.83%
10Y*
15.14%
ALL TIME*
14.78%

SMH

1D
0.30%
1M
-12.88%
6M
33.97%
YTD
50.09%
1Y
87.76%
3Y*
50.56%
5Y*
33.46%
10Y*
34.16%
ALL TIME*
11.06%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SMH

VanEck Semiconductor ETF
$8.28B$7.64B$7.07B

VOO

Vanguard S&P 500 ETF
$3.82B$3.78B$5.44B

VOO vs. SMH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VOO
Vanguard S&P 500 ETF		10.16%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%
SMH
VanEck Semiconductor ETF		50.09%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-9.05%38.48%

Correlation

The correlation between VOO and SMH is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.78

Correlation (3Y)
Balances recent behavior with more history.

0.77

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.80

Correlation (10Y)
Provides a long-term view across more market conditions.

0.77

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.76

The correlation between VOO and SMH has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

VOO vs. SMH - Sectors Allocation Comparison

Sectors
VOO
SMH

Technology

38.6%
100.0%

Financial Services

11.4%

-

Communication Services

9.9%

-

Consumer Cyclical

9.5%

-

Healthcare

8.9%

-

Industrials

8.5%

-

Consumer Defensive

4.5%

-

Energy

3.0%

-

Utilities

2.2%

-

Real Estate

1.8%

-

Basic Materials

1.7%

-

Technology

VOO
38.6%
SMH
100.0%

Financial Services

VOO
11.4%
SMH

-

Communication Services

VOO
9.9%
SMH

-

Consumer Cyclical

VOO
9.5%
SMH

-

Healthcare

VOO
8.9%
SMH

-

Industrials

VOO
8.5%
SMH

-

Consumer Defensive

VOO
4.5%
SMH

-

Energy

VOO
3.0%
SMH

-

Utilities

VOO
2.2%
SMH

-

Real Estate

VOO
1.8%
SMH

-

Basic Materials

VOO
1.7%
SMH

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard S&P 500 ETF

VanEck Semiconductor ETF

Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. FXAIXVOO vs. SPYVOO vs. VGT
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SOXQSMH vs. XLK

Return for Risk

VOO vs. SMH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VOO
VOO Risk / Return Rank: 6868
Overall Rank
VOO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6565
Sortino Ratio Rank
VOO Omega Ratio Rank: 6666
Omega Ratio Rank
VOO Calmar Ratio Rank: 6464
Calmar Ratio Rank
VOO Martin Ratio Rank: 7676
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 8787
Overall Rank
SMH Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 8383
Sortino Ratio Rank
SMH Omega Ratio Rank: 8484
Omega Ratio Rank
SMH Calmar Ratio Rank: 8888
Calmar Ratio Rank
SMH Martin Ratio Rank: 9191
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VOO vs. SMH - Risk-Adjusted Trends Comparison

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

VOOSMHDifference
Sharpe ratioReturn per unit of total volatility
1.53
2.29

-0.76

Sortino ratioReturn per unit of downside risk
2.13
2.70

-0.56

Omega ratioGain probability vs. loss probability

1.28

1.36

-0.08

Calmar ratioReturn relative to maximum drawdown

2.21

3.58

-1.37

Martin ratioReturn relative to average drawdown

9.44

14.64

-5.21

VOO vs. SMH - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 1.53, which is lower than the SMH Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of VOO 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.

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Drawdowns

VOO vs. SMH - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for VOO and SMH.

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Drawdown Indicators

VOOSMHDifference

Max Drawdown

Largest peak-to-trough decline

-33.99%

-84.96%

+50.97%

Max Drawdown (1Y)

Largest decline over 1 year

-8.90%

-24.62%

+15.72%

Max Drawdown (3Y)

Largest decline over 3 years

-18.69%

-35.74%

+17.05%

Max Drawdown (5Y)

Largest decline over 5 years

-24.52%

-45.30%

+20.78%

Max Drawdown (10Y)

Largest decline over 10 years

-33.99%

-45.30%

+11.31%

Current Drawdown

Current decline from peak

-1.38%

-19.19%

+17.81%

Average Drawdown

Average peak-to-trough decline

-3.67%

-40.89%

+37.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.08%

6.01%

-3.93%

Volatility

VOO vs. SMH - Volatility Comparison

The current volatility for Vanguard S&P 500 ETF (VOO) is 3.54%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. This indicates that VOO 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.

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Volatility by Period

VOOSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.54%

14.70%

-11.16%

Volatility (6M)

Calculated over the trailing 6-month period

10.10%

33.13%

-23.03%

Volatility (1Y)

Calculated over the trailing 1-year period

12.82%

38.57%

-25.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.93%

36.50%

-19.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

33.32%

-15.31%

VOO vs. SMH - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

VOO vs. SMH - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.07%, more than SMH's 0.20% yield.

PositionTTM20252024202320222021202020192018201720162015
SMH
VanEck Semiconductor ETF		0.20%0.31%0.44%0.60%1.18%0.51%0.69%1.50%1.88%1.43%0.80%2.14%
VOO
Vanguard S&P 500 ETF		1.07%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

VOO and SMH 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 (14.70%) compared to VOO (3.54%). In terms of maximum drawdown, VOO dropped -33.99% vs SMH's -84.96%.

On 10-year performance, SMH leads with 34.16% vs 15.14% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. 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 34.16% return vs 15.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

VOO has the higher dividend yield at 1.07%, compared with 0.20% for SMH.

VOO is categorized as S&P 500, while SMH is Semiconductors. VOO tracks S&P 500 Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.03% for VOO and 0.35% for SMH.

SMH currently has the higher Sharpe Ratio (2.29 vs 1.53), 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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