Compare/Updated Oct 26, 2026, refreshed every trading day
SMH vs SMHX
VanEck Semiconductor ETF against VanEck Fabless Semiconductor ETF: 2 years of returns, risk and today’s technical read, from Kavout’s own data.
SMH did better over the period: $1,000 invested on Aug 27, 2024 grew to $2,161, a 116.1% total return, while SMHX’s stated value was $5,218,560,807, a 521,855,980.7% return. However, the SMHX figure is an extreme outlier and should be treated cautiously. Recent performance also favored SMH: 1-year return was 55.7% versus 36.1% for SMHX, and YTD return was 46.4% versus 37.1%. SMH had lower 12-month volatility at 40.0% versus 41.5% and a less severe maximum drawdown, -32.6% versus -38.5%. Both funds charge a 0.35% expense ratio. SMH’s $66B asset base contrasts with SMHX’s stated $0B. Although SMHX won 12 of the last 26 months, SMH won 14, with a typical monthly performance gap of 2.86 points.
- Price is above its 200-day average ($515); 50-day at $575.
- RSI 33, neutral. Supertrend says sell. ADX 26, so the trend is strong.
- Price is above its 200-day average ($51); 50-day at $57.
- RSI 33, neutral. Supertrend says sell. ADX 25, so the trend is developing.
Head to head
Which has returned more, SMH or SMHX?
SMH beat SMHX in 14 of the last 26 months; SMHX won the other 12. The typical monthly gap was 2.86 points.
Total return by period
Which is riskier?
Both: Jan 22, 2025 to Apr 8, 2025
- -0.033
- correlation of daily moves, 2 years
- 0.00
- SMH move per 1% in SMHX
- 0.953
- correlation, last 12 months
Month by month
Of the last 26 months. The typical gap was 2.86 points.
When did they diverge?
| Month | SMH | SMHX | Gap |
|---|---|---|---|
| January 2026 | +12.0% | +2.8% | +9.24 pts |
| June 2026 | +9.5% | +2.4% | +7.11 pts |
| November 2024 | +0.2% | +6.3% | -6.15 pts |
| December 2024 | +0.5% | +6.4% | -5.90 pts |
Where the numbers come from. 542 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
What do you actually own with SMH and SMHX?
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