SMH — VanEck Semiconductor ETF

SMH Price Performance — Growth of $10,000

Value of a $10,000 investment in SMH over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

SMH Drawdown

The "underwater" chart: SMH's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The VanEck Semiconductor ETF (SMH) operates within the Technology category, which ETFValuer currently tracks with 17 funds. Issued by VanEck, this fund holds an overall rank of #31 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of B+ with a score of 77.2 out of 100. The fund charges an expense ratio of 0.35% and offers a dividend yield of 0.17%. With a current price of $529.60 and assets under management totaling $77.2 billion, the ETF demonstrates significant investor adoption relative to its category peers. This substantial asset base suggests strong market confidence in the fund's strategy compared to smaller alternatives in the sector.

Short-term performance shows significant declines, with the fund dropping 3.45% over one day and 9.33% over one week. The one-month return extends this negative trend to -13.41%, contrasting sharply with a 3-month gain of +4.61%. Momentum accelerated notably over the next six months, delivering a return of +32.79%, while year-to-date performance reached +41.87%. The one-year return surged to +84.79%, and the three-year return expanded dramatically to +247.14%. This pattern indicates a shift from recent short-term weakness to substantial long-term growth over the past three years.

The fund carries a Very High volatility label and a beta of 1.98, indicating price movements that are nearly double the magnitude of the broader market. A maximum drawdown of -35.74% reflects the potential for severe declines during market downturns. Despite these elevated risks, the fund has achieved a Sharpe ratio of 2.12, suggesting that the returns generated have been substantial relative to the volatility experienced. This combination of high beta and deep drawdowns paired with a strong Sharpe ratio implies the fund captures significant upside during rallies while exposing investors to considerable downside risk. The data points to a high-risk, high-reward profile typical of concentrated technology sector exposure.

AI-generated summary based on the data on this page.

SMH Top Holdings

Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 72.2% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how SMH's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With SMH

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with SMH's top 10 — PSI overlaps most, holding 7 of the same companies as SMH's top 10 (50.7% of SMH's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.65% (as of 2026-07-27) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.67 (as of 2026-07-27) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

SMH Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 5.84% and average daily volume is 11.7M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $77.2B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: SMH is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

SMH Performance History

How SMH Compares to Other Technology ETFs