# SMH ETF: fees, returns, drawdowns and holdings

> What SMH holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

VanEck Semiconductor ETF (SMH) is an exchange-traded fund (ETF) run by VanEck. This fund owns about 25 of the largest companies that design and make computer chips. It charges 0.35% a year. From June 2000 to October 2026 it returned about 10.2% a year, and its worst drop was −85.9%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.35% a year (about $35 on $10,000).
- Started trading on December 20, 2011.
- Last close: $539.79 on October 16, 2026.
- Return over the last year: 57.7%.
- Worst drop since 2000: −85.9%.
- No Tactfolio classic strategies hold it.

## How has SMH done since 2000?

From June 2000 to October 2026, SMH returned about 10.2% a year. The S&P 500 returned about 8.3% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $128,825 at the end, with every dividend reinvested.

| Period | SMH | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −1.1% | 1.5% |
| 3 months | −5.1% | 1.9% |
| 6 months | 18.7% | 9.3% |
| Year to date | 49.9% | 12.8% |
| 1 year | 57.7% | 16.8% |
| 3 years, per year | 53.9% | 22.0% |
| 5 years, per year | 33.5% | 12.8% |
| 10 years, per year | 33.2% | 15.4% |
| Since 2000, per year | 10.2% | 8.3% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## SMH returns by month and year

SMH rose in 186 of its 317 months (59%). Its best month was April 2026, at 32.2%. Its worst was September 2001, at −32.5%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 12.0% | 0.7% | −5.7% | 32.2% | 18.2% | 9.5% | −17.6% | 3.0% | 9.4% | −11.4% |  |  | 49.9% |
| 2025 | 0.6% | −4.5% | −9.2% | −0.1% | 13.5% | 16.3% | 3.5% | 0.5% | 12.4% | 11.2% | −3.0% | 2.5% | 49.2% |
| 2024 | 6.3% | 14.0% | 6.2% | −4.8% | 12.3% | 8.4% | −5.3% | −1.4% | 0.8% | −1.5% | 0.2% | 0.5% | 39.1% |
| 2023 | 16.8% | 1.0% | 9.9% | −6.1% | 16.8% | 5.5% | 5.5% | −2.7% | −7.2% | −4.2% | 15.5% | 9.6% | 73.4% |
| 2022 | −10.8% | −2.6% | 0.6% | −14.8% | 6.4% | −16.7% | 16.4% | −9.5% | −13.7% | 2.2% | 20.3% | −9.9% | −33.5% |
| 2021 | 3.8% | 6.3% | 1.1% | −0.2% | 2.5% | 5.2% | 0.3% | 2.9% | −5.4% | 6.8% | 11.4% | 1.8% | 42.1% |
| 2020 | −2.7% | −4.1% | −11.2% | 14.2% | 5.5% | 8.3% | 8.8% | 5.5% | −0.7% | 0.4% | 19.2% | 5.4% | 55.5% |
| 2019 | 10.7% | 7.0% | 2.9% | 9.3% | −15.5% | 12.2% | 6.3% | −2.3% | 4.1% | 7.0% | 4.3% | 8.0% | 64.5% |
| 2018 | 8.9% | 0.0% | −2.1% | −6.8% | 10.3% | −4.2% | 3.1% | 2.9% | −2.3% | −12.2% | 3.5% | −8.1% | −9.0% |
| 2017 | 3.9% | 2.6% | 4.3% | 0.0% | 7.9% | −4.8% | 4.9% | 3.2% | 5.3% | 8.9% | −1.3% | −1.0% | 38.5% |
| 2016 | −6.7% | 1.4% | 9.2% | −4.8% | 8.5% | 0.2% | 11.4% | 4.3% | 4.9% | −1.7% | 4.1% | 1.6% | 35.5% |
| 2015 | −3.5% | 8.0% | −2.9% | 0.3% | 7.8% | −8.8% | −4.4% | −5.0% | 0.7% | 8.7% | 2.9% | −2.4% | −0.3% |
| 2014 | −3.0% | 6.0% | 4.5% | −2.1% | 3.7% | 6.8% | −1.5% | 6.0% | −1.1% | 0.7% | 8.0% | −0.5% | 30.2% |
| 2013 | 6.1% | 2.4% | 1.2% | 4.3% | 3.4% | −1.6% | 2.3% | −3.7% | 7.4% | 3.2% | 0.0% | 4.7% | 33.3% |
| 2012 | 10.2% | 2.9% | 3.8% | −3.4% | −10.2% | 3.7% | 0.0% | 2.3% | −4.0% | −1.7% | 3.1% | 3.1% | 8.6% |
| 2011 | 5.8% | 4.0% | −3.3% | 6.1% | −2.2% | −5.0% | −5.9% | −9.0% | −2.5% | 11.6% | −3.4% | −0.8% | −6.5% |
| 2010 | −11.3% | 6.5% | 5.7% | 4.0% | −5.4% | −5.5% | 5.7% | −11.4% | 14.2% | 6.5% | 5.3% | 4.7% | 16.5% |
| 2009 | −3.9% | −2.7% | 13.5% | 9.5% | 3.1% | 1.7% | 16.3% | 2.0% | 0.7% | −5.6% | 5.3% | 9.7% | 58.6% |
| 2008 | −13.3% | 1.4% | 0.6% | 6.4% | 6.8% | −9.2% | −5.9% | 2.1% | −13.3% | −16.0% | −19.9% | 5.9% | −45.8% |
| 2007 | 0.5% | 1.8% | −3.0% | 9.6% | 0.3% | 3.6% | −0.7% | 0.3% | 1.1% | −9.6% | −6.6% | 0.4% | −3.5% |
| 2006 | 1.8% | −0.8% | −1.9% | 3.7% | −9.6% | −3.3% | −4.2% | 8.2% | 0.6% | −0.9% | 1.6% | −2.6% | −8.2% |
| 2005 | −6.5% | 8.9% | −4.3% | −5.3% | 11.6% | −2.1% | 11.0% | −1.0% | −0.1% | −9.2% | 11.5% | −2.0% | 9.8% |
| 2004 | 1.1% | −2.5% | −3.4% | −10.6% | 10.3% | −2.8% | −13.0% | −10.8% | 3.1% | 7.0% | 0.4% | 2.7% | −19.6% |
| 2003 | −2.9% | 9.5% | −1.9% | 14.3% | 13.5% | −5.7% | 15.1% | 15.0% | −8.0% | 21.1% | 5.2% | −5.3% | 87.3% |
| 2002 | 8.2% | −10.9% | 15.3% | −10.9% | −7.3% | −21.1% | −11.7% | −10.1% | −20.2% | 24.6% | 22.2% | −24.4% | −47.1% |
| 2001 | 20.4% | −29.1% | −0.9% | 23.6% | −10.3% | 4.8% | −3.3% | −6.0% | −32.5% | 20.8% | 19.3% | −1.8% | −14.6% |
| 2000 (part) |  |  |  |  |  | −4.8% | −10.0% | 16.6% | −28.0% | −7.5% | −27.0% | 2.1% | −50.3% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is SMH compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 1.75.** When the S&P 500 moved 1% in a day, SMH tended to move about 1.75%.
- **Correlation 0.81.** SMH mostly moved with the S&P 500.
- **Up and down months.** In months the S&P 500 rose, SMH rose 180% as much on average. In months it fell, SMH fell 109% as much.

| Measure | SMH | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 33.3% | 12.8% |
| Volatility | 36.9% | 17.1% |
| Worst drop | −45.3% | −24.5% |
| Sharpe ratio | 0.97 | 0.79 |
| Sortino ratio | 1.42 | 1.15 |
| Calmar ratio | 0.74 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is SMH above its 200-day average?

SMH closed 5.6% above its 200-day average on October 16, 2026. A rule that holds SMH only above that average would hold it today.

- Its 50-day average is 13.2% above its 200-day average.
- It closed 19.3% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for SMH](https://tactfolio.com/builder) and backtest it in a minute.

## What was SMH's worst drop?

A drawdown is how far a fund falls from its last high point. SMH's worst fall was −85.9%, from June 21, 2000 to November 20, 2008. It got back to that high on October 11, 2017. On October 16, 2026 it was 19.3% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −85.9% | Jun 21, 2000 | Nov 20, 2008 | Oct 11, 2017 | 8.4 years | 8.9 years |
| −45.3% | Dec 27, 2021 | Oct 14, 2022 | Jul 13, 2023 | 10 months | 9 months |
| −35.7% | Jul 10, 2024 | Apr 8, 2025 | Jul 2, 2025 | 9 months | 3 months |
| −33.6% | Feb 19, 2020 | Mar 20, 2020 | Jun 5, 2020 | 30 days | 3 months |
| −27.0% | Mar 12, 2018 | Dec 24, 2018 | Apr 3, 2019 | 9 months | 3 months |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does SMH hold?

This fund owns about 25 of the largest companies that design and make computer chips. Some are based outside the US but trade on US exchanges. With so few stocks in one industry, its price can rise and fall sharply.

It tracks the MVIS US Listed Semiconductor 25 Index. It had 26 holdings as of September 30, 2026, according to VanEck.

| Fact | SMH |
| --- | --- |
| Full name | VanEck Semiconductor ETF |
| Issuer | VanEck |
| Expense ratio | 0.35% a year |
| Started trading | December 20, 2011 |
| Tracks | MVIS US Listed Semiconductor 25 Index |
| Type | US stocks, ETF |
| Holdings | 26 holdings as of September 30, 2026 |
| Facts checked | October 17, 2026 on the [VanEck fund page](https://www.vaneck.com/us/en/investments/semiconductor-etf-smh/overview/) |

## What is the SMH expense ratio?

SMH charges 0.35% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.35% fee comes to about $35 a year. Of the 162 ETFs on Tactfolio, 19% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold SMH?

No classic strategy holds SMH yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done.

## How does SMH compare with similar ETFs?

Funds that can stand in for SMH:

- [SOXX](https://tactfolio.com/etf/SOXX.md): iShares Semiconductor ETF, 0.33% a year
- [XLK](https://tactfolio.com/etf/XLK.md): State Street Technology Select Sector SPDR ETF, 0.08% a year
- [FTEC](https://tactfolio.com/etf/FTEC.md): Fidelity MSCI Information Technology Index ETF, 0.084% a year
- [VGT](https://tactfolio.com/etf/VGT.md): Vanguard Information Technology ETF, 0.09% a year

See [all 8 SMH alternatives](https://tactfolio.com/alternatives/SMH.md), compared on the same dates as SMH.

## Test SMH in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add SMH, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for SMH and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from VanEck. We checked them on October 17, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of SMH?

SMH charges 0.35% a year, according to VanEck as of October 17, 2026. That is about $35 a year for every $10,000 you hold.

### When did SMH start trading?

SMH started trading on December 20, 2011. It is run by VanEck.

### What does SMH track?

SMH tracks the MVIS US Listed Semiconductor 25 Index. This fund owns about 25 of the largest companies that design and make computer chips.

### How much has SMH returned per year?

From June 2000 to October 2026, SMH returned about 10.2% a year with dividends reinvested. Its worst drop was −85.9%. Past returns do not tell you what it will do next.

### Is SMH above its 200-day moving average?

On October 16, 2026, SMH closed 5.6% above its 200-day moving average. This page updates after each US market close.

### Which strategies use SMH?

None of Tactfolio's classic strategies hold SMH yet. You can test it in your own rules in the builder.

## Sources

- [VanEck: VanEck Semiconductor ETF fund page](https://www.vaneck.com/us/en/investments/semiconductor-etf-smh/overview/)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.