SMH vs VOO
VanEck Semiconductor ETF vs Vanguard S&P 500 ETF
Which is better, SMH or VOO?
Large Cap Growth against Large Cap Blend.
VOO has a lower expense ratio. SMH led over 1Y, 3Y, 5Y and the full window. VOO is less concentrated, with 37.6% of the fund in its ten largest positions against 71.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SMH | VOO |
|---|---|---|
| Expense Ratio | 0.35% | 0.03%Best |
| AUM | $74.1B | $1.0T |
| Dividend Yield | 0.20% | 1.04% |
| Holdings | 52 | 506 |
| YTD Return | +57.55%Best | +14.82% |
| 1Y Return | +73.64%Best | +18.67% |
| 3Y Return (annualized) | +58.55%Best | +22.93% |
| 5Y Return (annualized) | +36.83%Best | +13.91% |
| Volatility (annualized) | 25.4% | 14.1%Best |
| Max Drawdown | -45.3% | -34.3%Best |
| $10,000 over 5 years | $47,963Best | $19,178 |
| Top 10 Weight | 71.4% | 37.6%Best |
| Fund Family | VanEck | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Dec 20, 2011 | Sep 7, 2010 |
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Oct 13, 2026 (16.1 years).
SMH vs VOO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SMH vs VOO Performance
VanEck Semiconductor ETF (SMH) is an ETF from VanEck and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year SMH returned +73.64% while VOO returned +18.67%. Year to date, SMH is up 57.55% versus a gain of 14.82% for VOO.
Over three years, SMH compounded at +58.55% per year against +22.93% for VOO; over five years the annualized figures are +36.83% and +13.91% respectively. Across the full 16-year window we track, SMH has the edge at +28.82% annualized vs +13.48%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SMH has been the more volatile fund, with annualized monthly volatility of 25.4% compared with 14.1% for VOO. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -45.3% for SMH and -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SMH charges 0.35% per year while VOO charges 0.03%. On a $10,000 position that is $35 vs $3 annually, a gap of $32 per year that compounds over a long holding period. On income, SMH currently yields 0.20% against 1.04% for VOO.
Holdings Overlap
82.3% of SMH's money is in holdings VOO also owns. 17.1% of VOO's money is in holdings SMH also owns.
Most of SMH is already inside VOO. Owning both mostly buys the same companies twice.
The two holdings books were reported 46 days apart, SMH as of Sep 15, 2026 and VOO as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
20 positions in common, counted across the 25 positions we hold weights for in SMH and 494 in VOO, against full books of 52 and 506.
What only one of them owns
Our book lists 467 positions for VOO that do not appear in our book for SMH (82.0% of the fund), and 1 for SMH that do not appear in VOO (0.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SMH | Weight in VOO | Difference |
|---|---|---|---|
| NVDANvidia Corp | 22.09% | 7.55% | 14.54% |
| AVGOBroadcom Inc | 5.83% | 2.86% | 2.97% |
| AMDAdvanced Micro Devices Inc | 5.78% | 1.21% | 4.57% |
| MUMicron Technology, Inc. | 5.54% | 1.44% | 4.10% |
| INTCIntel Corporation | 4.39% | 0.66% | 3.73% |
| AMATApplied Materials, Inc. | 4.19% | 0.63% | 3.56% |
| LRCXLam Research Corp | 4.23% | 0.57% | 3.66% |
| TXNTexas Instrument Inc | 4.35% | 0.39% | 3.96% |
| ADIAnalog Devices, Inc. | 4.40% | 0.28% | 4.12% |
| MRVLMarvell Technology Group Ltd. | 4.27% | 0.26% | 4.01% |
82.3% of SMH is already inside VOO.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SMH or VOO?
SMH has an expense ratio of 0.35% while VOO charges 0.03%. VOO is the cheaper option, by $32 a year on a $10,000 investment.
Which performed better, SMH or VOO?
Over the past year SMH returned +73.64% vs +18.67% for VOO, so SMH leads on 1-year performance. Over the longest common window we track (16 years), SMH annualized +28.82% vs +13.48% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SMH or VOO?
SMH has been the more volatile fund at 25.4% annualized versus 14.1% for VOO. Worst drawdown: SMH -45.3% vs VOO -34.3%.
Should I hold both SMH and VOO?
SMH and VOO have a monthly-return correlation of 0.77, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SMH and VOO?
82.3% of SMH's money is in holdings VOO also owns. 17.1% of VOO's is in holdings SMH also owns. They hold 20 positions in common, counted across the 25 positions we hold weights for in SMH and 494 in VOO.
Which pays a higher dividend, SMH or VOO?
SMH yields 0.20% while VOO yields 1.04%, so VOO currently pays the higher dividend yield.
Is VOO better than SMH?
VOO has a lower expense ratio. SMH led over 1Y, 3Y, 5Y and the full window. VOO is less concentrated, with 37.6% of the fund in its ten largest positions against 71.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.