SMHX vs SPY
VanEck Fabless Semiconductor ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SMHX or SPY?
SMHX has been ahead.
SPY has a lower expense ratio. SMHX led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 72.3%.
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 | SMHX | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $274M | $823.2B |
| Dividend Yield | 0.01% | 0.99% |
| Holdings | 46 | 1,515 |
| YTD Return | +45.22%Best | +13.53% |
| 1Y Return | +48.05%Best | +17.47% |
| 3Y Return (annualized) | - | +22.36% |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 37.2% | 12.1%Best |
| Max Drawdown | -38.5% | -18.8%Best |
| $10,000 over 2.1 years | $22,612Best | $14,083 |
| Top 10 Weight | 72.3% | 38.2%Best |
| Fund Family | VanEck | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 27, 2024 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 2.1 years row, are measured over the window both funds cover: Aug 28, 2024 to Oct 14, 2026 (2.1 years).
SMHX vs SPY 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 covers the 2.1 years both funds cover.
SMHX vs SPY Performance
VanEck Fabless Semiconductor ETF (SMHX) is an ETF from VanEck and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SMHX returned +48.05% while SPY returned +17.47%. Year to date, SMHX is up 45.22% versus a gain of 13.53% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SMHX has been the more volatile fund, with annualized monthly volatility of 37.2% compared with 12.1% for SPY. 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 -38.5% for SMHX and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SMHX charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, SMHX currently yields 0.01% against 0.99% for SPY.
Holdings Overlap
62.5% of SMHX's money is in holdings SPY also owns. 12.4% of SPY's money is in holdings SMHX also owns.
The two portfolios partly overlap.
8 positions in common, counted across the 22 positions we hold weights for in SMHX and 504 in SPY, against full books of 46 and 1,515.
What only one of them owns
Our book lists 488 positions for SPY that do not appear in our book for SMHX (86.7% of the fund), and 13 for SMHX that do not appear in SPY (32.6%).
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 SMHX | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 19.00% | 7.78% | 11.22% |
| AVGOBroadcom Inc | 11.70% | 2.48% | 9.22% |
| AMDAdvanced Micro Devices Inc | 7.56% | 1.22% | 6.34% |
| MRVLMarvell Technology Inc | 5.22% | 0.29% | 4.93% |
| QCOMQualcomm Inc. | 4.84% | 0.29% | 4.55% |
| CDNSCadence Design Systems Inc. | 4.86% | 0.12% | 4.74% |
| MPWRMonolithic Power Systems Inc | 4.69% | 0.09% | 4.60% |
| SNPSSynopsys | 4.63% | 0.11% | 4.52% |
62.5% of SMHX is already inside SPY.
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, SMHX or SPY?
SMHX has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, SMHX or SPY?
Over the past year SMHX returned +48.05% vs +17.47% for SPY, so SMHX leads on 1-year performance. Over the longest common window we track (2 years), SMHX annualized +47.48% vs +17.71% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SMHX or SPY?
SMHX has been the more volatile fund at 37.2% annualized versus 12.1% for SPY. Worst drawdown: SMHX -38.5% vs SPY -18.8%.
Should I hold both SMHX and SPY?
SMHX and SPY have a monthly-return correlation of 0.78, 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 SMHX and SPY?
62.5% of SMHX's money is in holdings SPY also owns. 12.4% of SPY's is in holdings SMHX also owns. They hold 8 positions in common, counted across the 22 positions we hold weights for in SMHX and 504 in SPY.
Which pays a higher dividend, SMHX or SPY?
SMHX yields 0.01% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than SMHX?
SPY has a lower expense ratio. SMHX led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 72.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.