SMH vs SPY
Comparison between VANECK SEMICONDUCTOR ETF (SMH, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSMH has outperformed SPY, delivering a return of +36.8% compared to +13.3%
SMH vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
SMH
$41B
Winner
SPY
$652B
Expense Ratio
SMH
0.35%
Winner
SPY
0.09%
Max Drawdown
SMH
85.92%
Winner
SPY
56.47%
Sharpe Ratio
Winner
SMH
3.17
SPY
2.07
5Y Beta
SMH
1.85
Winner
SPY
1.00
P/E Ratio
SMH
53.19
Winner
SPY
28.24
Forward P/E
SMH
26.98
Winner
SPY
21.85
PEG Ratio
SMH
0.54
SPY
N/A
5Y Dividends CAGR
SMH
3.73%
Winner
SPY
5.43%
5Y EPS CAGR
Winner
SMH
39.18%
SPY
25.79%
Debt to Equity
SMH
N/A
SPY
22.35%
P/S Ratio
SMH
3.68
Winner
SPY
3.55
P/B Ratio
SMH
11.12
Winner
SPY
5.29
SMH vs SPY - Holdings Comparison
SMH and SPY have 20 common holdings. Overlap is 17.08%
SMH's top 25 holdings weight is 99.93%. SPY's top 25 holdings weight is 51.32%.
| Rank | SMH | SPY |
|---|---|---|
| #1 | NVIDIA CORP (NVDA) - 18.73% | NVIDIA CORP (NVDA) - 8.45% |
| #2 | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR (TSM) - 10.72% | APPLE INC (AAPL) - 6.48% |
| #3 | BROADCOM INC (AVGO) - 7.85% | MICROSOFT CORP (MSFT) - 5.20% |
| #4 | INTEL CORP (INTC) - 6.48% | AMAZON.COM INC (AMZN) - 4.14% |
| #5 | ADVANCED MICRO DEVICES INC (AMD) - 5.80% | ALPHABET INC CLASS A (GOOGL) - 3.32% |
| #6 | MICRON TECHNOLOGY INC (MU) - 4.92% | BROADCOM INC (AVGO) - 3.09% |
| #7 | TEXAS INSTRUMENTS INC (TXN) - 4.90% | ALPHABET INC CLASS C (GOOG) - 2.65% |
| #8 | KLA CORP (KLAC) - 4.54% | META PLATFORMS INC CLASS A (META) - 2.40% |
| #9 | ANALOG DEVICES INC (ADI) - 4.41% | TESLA INC (TSLA) - 1.73% |
| #10 | LAM RESEARCH CORP (LRCX) - 4.22% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.43% |
| #11 | ASML HOLDING NV ADR (ASML) - 4.08% | JPMORGAN CHASE & CO (JPM) - 1.37% |
| #12 | APPLIED MATERIALS INC (AMAT) - 3.99% | ELI LILLY AND CO (LLY) - 1.13% |
| #13 | QUALCOMM INC (QCOM) - 3.71% | EXXON MOBIL CORP (XOM) - 1.03% |
| #14 | MARVELL TECHNOLOGY INC (MRVL) - 2.84% | MICRON TECHNOLOGY INC (MU) - 0.93% |
| #15 | SYNOPSYS INC (SNPS) - 2.38% | WALMART INC (WMT) - 0.91% |
| #16 | CADENCE DESIGN SYSTEMS INC (CDNS) - 2.22% | JOHNSON & JOHNSON (JNJ) - 0.90% |
| #17 | TERADYNE INC (TER) - 1.41% | ADVANCED MICRO DEVICES INC (AMD) - 0.86% |
| #18 | MONOLITHIC POWER SYSTEMS INC (MPWR) - 1.32% | VISA INC CLASS A (V) - 0.85% |
| #19 | NXP SEMICONDUCTORS NV (NXPI) - 1.13% | COSTCO WHOLESALE CORP (COST) - 0.72% |
| #20 | MICROCHIP TECHNOLOGY INC (MCHP) - 1.02% | MASTERCARD INC CLASS A (MA) - 0.67% |
| #21 | STMICROELECTRONICS NV ADR (STM) - 1.01% | INTEL CORP (INTC) - 0.65% |
| #22 | ARM HOLDINGS PLC ADR (ARM) - 0.78% | NETFLIX INC (NFLX) - 0.64% |
| #23 | ON SEMICONDUCTOR CORP (ON) - 0.70% | CATERPILLAR INC (CAT) - 0.62% |
| #24 | ASTERA LABS INC (ALAB) - 0.58% | CHEVRON CORP (CVX) - 0.58% |
| #25 | SKYWORKS SOLUTIONS INC (SWKS) - 0.19% | PROCTER & GAMBLE CO (PG) - 0.57% |
| Total Holdings | 26 | 505 |
SMH vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
SMH
+33.96%
SPY
+9.11%
3M
Winner
SMH
+39.32%
SPY
+6.59%
6M
Winner
SMH
+63.24%
SPY
+10.56%
1Y
Winner
SMH
+156.04%
SPY
+32.04%
5Y(CAGR)
Winner
SMH
+36.80%
SPY
+13.35%
10Y(CAGR)
Winner
SMH
+37.42%
SPY
+15.49%
Max(CAGR)
Winner
SMH
+11.30%
SPY
+8.50%
SMH vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | SMH | SPY |
|---|---|---|
| 2026 | +51.77% | +8.27% |
| 2025 | +47.57% | +18.00% |
| 2024 | +43.94% | +25.59% |
| 2023 | +74.72% | +26.72% |
| 2022 | -34.96% | -18.64% |
| 2021 | +41.85% | +30.52% |
| 2020 | +52.02% | +17.28% |
| 2019 | +63.24% | +31.09% |
| 2018 | -11.36% | -5.24% |
| 2017 | +38.21% | +20.78% |
| 2016 | +36.97% | +13.59% |
| 2015 | -0.14% | +1.31% |
| 2014 | +31.56% | +14.56% |
| 2013 | +28.23% | +29.00% |
| 2012 | +7.08% | +14.17% |
| 2011 | -0.15% | +0.85% |
| 2010 | +16.23% | +13.14% |
| 2009 | +54.76% | +22.67% |
| 2008 | -43.01% | -36.25% |
| 2007 | +1.38% | +5.32% |
| 2006 | -10.68% | +13.85% |
| 2005 | +12.01% | +5.32% |
| 2004 | -19.40% | +10.75% |
| 2003 | +74.92% | +24.18% |
| 2002 | -49.20% | -22.42% |
| 2001 | -13.35% | -10.13% |
| 2000 | -50.35% | -8.84% |
| 1999 | N/A | +8.61% |
SMH vs SPY Drawdown Comparison
The maximum drawdown for SMH was -84.96%, occurring on Nov 20, 2008. Recovery took 4247 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
| Rank | SMH | SPY |
|---|---|---|
| #1 | -84.96% Jun 21, 2000 - May 10, 2017 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -45.30% Dec 27, 2021 - Jul 13, 2023 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -35.75% Jul 10, 2024 - Jul 2, 2025 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -33.62% Feb 19, 2020 - Jun 5, 2020 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -27.01% Mar 12, 2018 - Apr 3, 2019 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -17.96% Apr 24, 2019 - Jul 23, 2019 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -15.58% Feb 16, 2021 - Apr 5, 2021 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -14.93% Feb 25, 2026 - Apr 9, 2026 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -14.93% Mar 7, 2024 - May 20, 2024 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -14.42% Jul 31, 2023 - Nov 14, 2023 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -13.04% Apr 5, 2021 - Jun 28, 2021 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -12.23% Jan 23, 2018 - Mar 6, 2018 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -12.18% Jul 24, 2019 - Oct 15, 2019 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -11.80% Oct 29, 2025 - Dec 9, 2025 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -10.75% Sep 2, 2020 - Oct 9, 2020 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between SMH and SPY is 0.94 which considered as a very strong positive correlation - the stocks move almost identically together.
0.94
-101
Dividend Comparison (1999 - 2026)
SMH vs SPY dividend yield comparison.
| Year | SMH | SPY |
|---|---|---|
| 2026 | 0.00% | 0.24% |
| 2025 | 0.31% | 1.07% |
| 2024 | 0.44% | 1.21% |
| 2023 | 0.60% | 1.40% |
| 2022 | 1.18% | 1.65% |
| 2021 | 0.51% | 1.20% |
| 2020 | 0.69% | 1.52% |
| 2019 | 1.50% | 1.75% |
| 2018 | 1.88% | 2.04% |
| 2017 | 1.43% | 1.80% |
| 2016 | 0.80% | 2.03% |
| 2015 | 2.14% | 2.06% |
| 2014 | 1.16% | 1.87% |
| 2013 | 1.55% | 1.81% |
| 2012 | 2.17% | 2.18% |
| 2011 | 6.69% | 2.05% |
| 2010 | 1.29% | 1.80% |
| 2009 | 1.43% | 1.95% |
| 2008 | 2.14% | 3.02% |
| 2007 | 5.37% | 1.85% |
| 2006 | 0.50% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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