ETF Comparison

QTUM vs SMH: A Theme Sleeve, or the Chip Industry?

A head-to-head of Defiance's Quantum ETF and VanEck's Semiconductor ETF covering construction, cost, and what holding both already shares.

Updated October 9, 2026

How these figures are calculated: methodology.

Best for

QTUMInvestors who want higher current income (1.22% vs 0.18% for SMH).
SMHInvestors who want broad equity exposure.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

QTUM has lagged SMH over the trailing twelve months, posting a 37.00% total return against 74.88%. The lead holds up over 5 years too: SMH has compounded at 37.30% a year, against 26.04% for QTUM. QTUM has been the steadier holding, though — annualized volatility of 28.9% against 37.0% for SMH. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD cumulative	1Y cumulative	3Y annualized	5Y annualized	Since Sep 2018	Volatility	Sharpe	Sortino	Max drawdown
QTUM	36.22%	37.00%	48.12%	26.04%	26.22%	28.9%	1.21	1.77	-25.4%
SMH	61.62%	74.88%	60.46%	37.30%	35.76%	37.0%	1.16	1.65	-35.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 9, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Sep 2018” measures every fund from September 5, 2018 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Distribution rate and SEC yield

Metric	QTUM	SMH
Forward distribution rate	1.22%	0.18%
Trailing 12-month yield	0.92%	0.18%
30-day SEC yield	0.99%	—

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	QTUM	SMH
Full name	Defiance Quantum ETF	VanEck Semiconductor ETF
Issuer	Defiance ETFs	VanEck
Underlying index	BlueStar Quantum Computing and Machine Learning Index	MVIS US Listed Semiconductor 25 Index
Last Close	$152.06 as of October 9, 2026	$603.33 as of October 9, 2026
Distribution rate	1.22%	0.18%
Trailing 12-month yield	0.92%	0.18%
30-day SEC yield	0.99%	—
Distribution Safety Score™	83	79
Safety-Adjusted Yield	1.01%	0.14%
Expense ratio	0.40%	0.35%
AUM	$5.79B	$77.8B
Distribution frequency	Quarterly	Annual
Objective	Seeks to track the total return performance of the BlueStar Quantum Computing and Machine Learning Index.	Track the MVIS US Listed Semiconductor 25 Index.
Asset class	Equity	Equity
Inception date	09/04/2018	12/20/2011
Beta	1.71	2.0
Last dividend	$0.464627	$1.105
Ex-dividend date	09/23/2026	12/22/2025

Bottom lineChoose QTUM if you want higher current income (1.22% vs 0.18% for SMH). Choose SMH if you want broad equity exposure.

QTUM vs SMH: quantum theme or chips?

QTUM is a theme. SMH is the listed semiconductor industry. They can share names and still not be substitutes.

	QTUM	SMH
What it owns	BlueStar Quantum Computing and Machine Learning Index	MVIS US Listed Semiconductor 25 Index
Expense ratio	0.40%	0.35%
Fund size	$5.79B	$77.8B

Model this comparison:

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Defiance ETFs

ETFs89

Total AUM$11.4B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Defiance ETFs is known for offering specialized and thematic investment strategies that cater to niche market segments and alternative income approaches. The issuer's lineup spans income-focused funds, leveraged strategies, combinations of leverage with income generation, and thematic products tied to emerging trends and sectors. Defiance emphasizes non-traditional and differentiated strategies rather than broad-based index exposure, appealing to investors seeking targeted exposure beyond conventional ETF offerings.

See our curated list of related YouTube videos on QTUM.

See all Defiance ETFs ETFs

VanEck

ETFs86

Total AUM$171B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

VanEck is known for offering specialized and thematic ETFs across a broad range of asset classes, from traditional equities and fixed income to alternatives and digital assets. The firm's lineup encompasses income-focused funds, sector strategies, commodity exposure, municipal bonds, and innovative thematic products covering areas like blockchain, artificial intelligence, and emerging markets. VanEck serves both income-oriented and growth-focused investors with a diversified product suite that extends beyond conventional equity and bond offerings.

See our curated list of related YouTube videos on SMH.

See all VanEck ETFs

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Quick verdict

QTUM (Defiance Quantum ETF) and SMH (VanEck Semiconductor ETF) are both dividend ETFs, but they take different approaches.

QTUM offers the higher yield at 1.22% vs 0.18% for SMH. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SMH is cheaper with an expense ratio of 0.35% compared to 0.40%.

They have different reference exposures: QTUM is linked to BlueStar Quantum Computing and Machine Learning Index while SMH is linked to MVIS US Listed Semiconductor 25 Index, which means their performance drivers differ.

SMH is the larger fund by assets ($77.8B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose QTUM

Defiance Quantum ETF

Want higher current income — QTUM yields 1.22% vs 0.18% for SMH.
Want broad equity exposure.
Prefer lower volatility — a beta of 1.7 vs 2.0 for SMH.

Choose SMH

VanEck Semiconductor ETF

Want broad equity exposure.
Want to keep costs low — a 0.35% expense ratio vs 0.40% for QTUM.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

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Deep dive

Yield & income

On a $10,000 investment, QTUM would generate roughly $30.50 cash per distribution, while SMH would produce $18.00 cash per distribution, at current distribution rates.

QTUM yield1.22%

SMH yield0.18%

Cash diff on $10K$12.50

Cost & efficiency

Over 10 years on $10,000, QTUM would cost approximately $400 in fees vs $350 for SMH (simplified, not compounded). The $50.00 difference may be offset by yield or performance.

QTUM ER0.40%

SMH ER0.35%

Strategy & risk

QTUM tracks BlueStar Quantum Computing and Machine Learning Index with a technology approach, while SMH tracks MVIS US Listed Semiconductor 25 Index with a technology approach. Beta is 1.71 for QTUM and 2.0 for SMH, making QTUM the less volatile of the two by this measure.

QTUM beta1.71

SMH beta2.0

Fund details

QTUM is managed by Defiance ETFs (launched 09/04/2018) with $5.79B in assets. SMH is managed by VanEck (launched 12/20/2011) with $77.8B in assets.

QTUM AUM$5.79B

SMH AUM$77.8B

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Frequently asked questions

What is the difference between QTUM and SMH?

QTUM (Defiance Quantum ETF) tracks BlueStar Quantum Computing and Machine Learning Index — a quantum and machine-learning theme. SMH (VanEck Semiconductor ETF) holds listed semiconductor companies. They can share chip names and still be different bets. Cost is 0.40% versus 0.35%; size is $5.79B versus $77.8B. Distributions are 1.22% and 0.18% as of October 2026. Yield is noise.

What is the current distribution rate for QTUM and SMH?

QTUM currently distributes 1.22% and SMH 0.18%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is QTUM or SMH better for dividend income?

It depends on your goals. QTUM currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both QTUM and SMH?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is QTUM or SMH safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — QTUM scores 83, SMH scores 79, so QTUM's payout currently looks the more resilient of the two. QTUM has also shown lower price volatility (beta 1.71 vs 2.00 for SMH). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, QTUM or SMH?

QTUM has an expense ratio of 0.40% while SMH charges 0.35%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in QTUM vs SMH generate?

At current rates, $10,000 in QTUM would generate roughly $30.50 cash per distribution ($122.00 annually). The same in SMH would produce about $18.00 cash per distribution ($18.00 annually).

Which has performed better historically, QTUM or SMH?

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Dividend dates and history

QTUM vs SMH — at a glance

Generated October 10, 2026.

Overview

QTUM and SMH are both technology-focused equity ETFs, but they target distinct segments of the innovation economy. The two operate at very different scales—SMH is one of the largest semiconductor ETFs available, while QTUM is a narrower thematic play on an emerging computational frontier.

How they differ

The most fundamental difference is their underlying exposure: SMH owns established semiconductor manufacturers (chipmakers, foundries, and memory producers), while QTUM owns companies developing or applying quantum computing and machine learning technologies—a much younger and less proven segment. SMH is substantially larger, with $77.8B in assets versus $5.79B for QTUM, reflecting decades of institutional adoption since SMH's 12/20/2011 inception. QTUM carries nearly three times the volatility, with a beta of 1.71 compared to SMH's 2.0, and offers a much higher distribution rate at 1.22% versus 0.18%.

Who each is best for

QTUM: Fits investors with a long time horizon and high risk tolerance who believe in the long-term potential of quantum computing and machine learning, and who can tolerate significant price swings in pursuit of exposure to an emerging technological frontier.

SMH: Designed for investors seeking exposure to a mature, cyclical industry with established cash flows and dividends, who prefer the diversification and liquidity of the 25 largest listed semiconductor manufacturers and can tolerate the sector's inherent capital intensity and cyclicality.

Key risks to know

Thematic concentration in QTUM: Quantum computing remains largely pre-commercial; many holdings may never reach profitability or sustained revenue growth. A shift in investor sentiment away from AI and quantum hype could trigger sharp valuation resets.

Semiconductor cyclicality in SMH: The sector is highly cyclical, with earnings and valuations vulnerable to demand swings in data centers, consumer electronics, and industrial equipment. Capacity oversupply can compress margins industry-wide.

Higher volatility in QTUM: With a beta of 1.71, QTUM is nearly 71% more volatile than the broad market, amplifying drawdowns during risk-off periods and making it unsuitable for short time horizons or capital preservation mandates.

Geopolitical and supply-chain risk in SMH: Semiconductor manufacturing is concentrated in Taiwan, South Korea, and other regions subject to geopolitical tension, trade restrictions, and pandemic-related disruptions. Tariffs or export controls could disrupt operations and valuations.

Yield sustainability in QTUM: The 1.22% distribution rate on a speculative thematic fund warrants scrutiny—investors should verify whether payouts derive from capital appreciation (unsustainable long-term) or underlying corporate dividends.

Bottom line

If you prioritize exposure to the semiconductor industry's established players and prefer lower volatility and a proven track record, SMH's larger asset base and longer history suit that profile. If you have a high risk tolerance and believe quantum and machine learning represent the next major computing wave, QTUM offers thematic concentration, though at the cost of roughly double the market risk. Past performance of either fund does not predict future results, and both sectors face distinct macroeconomic and technological headwinds.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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These comparisons follow the Dividend Vision methodology.