SMH
Safe
Limited data
ETF Comparison
SMH vs SMHX: The Whole Semi Chain, or Design-Only?
A head-to-head of VanEck's Semiconductor ETF and Fabless Semiconductor ETF covering who is in each index, cost, and concentration.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- SMHInvestors who want targeted semiconductor exposure and accept its concentration.
- SMHXInvestors who want targeted semiconductor exposure and accept its concentration.
Price and total return
Compare the same available dates. Add a ticker or benchmark below; these controls change the chart only. The snapshot and article describe the original comparison.
Interactive history loads here. The snapshot and period returns remain available when chart history cannot be loaded.
Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
SMHX
Unproven
Limited data
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  SMH | SMHX |
|---|---|---|
| Full name | VanEck Semiconductor ETF | VanEck Fabless Semiconductor ETF |
| Issuer | VanEck | VanEck |
| Underlying index | MVIS US Listed Semiconductor 25 Index | MarketVector US Listed Fabless Semiconductor Index |
| Last Close | $463.96 as of November 6, 2026 | $46.90 as of November 6, 2026 |
| Distribution rate | 0.24% | 0.02% |
| Trailing 12-month yield | 0.24% | 0.02% |
| Distribution Safety Score™ | 86 | 50 |
| Safety-Adjusted Yield | 0.21% | — |
| Expense ratio | 0.35% | 0.35% |
| AUM | $65.8B | $242M |
| Distribution frequency | Annual | Annual |
| Objective | Track the MVIS US Listed Semiconductor 25 Index. | Seeks to track, before fees and expenses, the price and yield performance of the MarketVector US Listed Fabless Semiconductor Index, which is composed of U.S.-listed fabless semiconductor companies that design and sell chips while outsourcing fabrication. |
| Asset class | Equity | Equity |
| Inception date | 12/20/2011 | 08/27/2024 |
| Beta | 2.12 | 2.2504 |
| Last dividend | $1.11 | $0.009 |
| Ex-dividend date | 12/22/2025 | 12/22/2025 |
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.
SMH has outpaced SMHX over the trailing twelve months, posting a 24.93% total return against 11.78%. Measured from Aug 2024 — the start of shared available history — SMH has compounded at 33.22% a year versus 30.90% for SMHX. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | Since Aug 2024 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|
| SMH | 24.32% | 24.93% | 33.22% | 42.7% | 0.43 | 0.57 | -33.1% |
| SMHX | 17.72% | 11.78% | 30.90% | 44.0% | 0.16 | 0.21 | -34.0% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 5, 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 Aug 2024” measures every fund from August 28, 2024 — 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 past year. 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 past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineSMH and SMHX are both for investors who want targeted semiconductor exposure and accept its concentration — so strategy isn't the deciding factor here. Fees and payouts are close too, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.
SMH vs SMHX: the whole semi chain or fabless only?
SMH is listed semiconductor companies. SMHX concentrates in fabless design names. Breadth versus a design-only bet is the decision.
| SMH | SMHX | |
|---|---|---|
| What it owns | MVIS US Listed Semiconductor 25 Index | MarketVector US Listed Fabless Semiconductor Index |
| Expense ratio | 0.35% | 0.35% |
| Distribution rate | 0.24% | 0.02% |
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs86
Total AUM$156B
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 and SMHX.
Quick verdict
SMH (VanEck Semiconductor ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both annual-pay dividend ETFs, but they take different approaches.
SMH offers the higher yield at 0.24% vs 0.02% for SMHX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
They have different reference exposures: SMH is linked to MVIS US Listed Semiconductor 25 Index while SMHX is linked to MarketVector US Listed Fabless Semiconductor Index, which means their performance drivers differ.
SMH is the larger fund by assets ($65.8B), but assets alone do not establish trading costs or liquidity.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
3 shared positions
SMH 31.5% of its top-10 weight
SMHX 40.1% of its top-10 weight
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, SMH would pay about $24.00 a year, while SMHX would pay about $2.00 a year. Both pay annual distributions.
SMH yield0.24%
SMHX yield0.02%
Annual cash diff on $10K$22.00
Cost & efficiency
Over 10 years on $10,000, SMH would cost approximately $350 in fees vs $350 for SMHX (simplified, not compounded). Both charge the same expense ratio.
SMH ER0.35%
SMHX ER0.35%
Strategy & risk
SMH tracks MVIS US Listed Semiconductor 25 Index with a technology approach, while SMHX tracks MarketVector US Listed Fabless Semiconductor Index with a technology approach. Beta is 2.12 for SMH and 2.2504 for SMHX, making SMH the less sensitive to market moves of the two by this measure.
SMH beta2.12
SMHX beta2.2504
Fund details
SMH is managed by VanEck (launched 12/20/2011) with $65.8B in assets. SMHX is managed by VanEck (launched 08/27/2024) with $242M in assets.
SMH AUM$65.8B
SMHX AUM$242M
Frequently asked questions
What is the difference between SMH and SMHX?
Same issuer, different semi slice. SMH (VanEck Semiconductor ETF) tracks MVIS US Listed Semiconductor 25 Index. SMHX (VanEck Fabless Semiconductor ETF) tracks MarketVector US Listed Fabless Semiconductor Index — fabless designers, not the full manufacturing chain. Cost is 0.35% versus 0.35%; size is $65.8B versus $242M. Figures as of November 2026.
What is the current distribution rate for SMH and SMHX?
SMH currently distributes 0.24% and SMHX 0.02%, based on fund data updated November 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is SMH or SMHX better for dividend income?
It depends on your goals. SMH 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 SMH and SMHX?
Yes. Their disclosed top-10 holdings share only 3 positions, so combining both adds mostly distinct underlying names — see the holdings-overlap section above. Overlap outside the disclosed top 10 can still exist.
Is SMH or SMHX safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SMH scores 86, SMHX scores 50, so SMH's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
Which has lower fees, SMH or SMHX?
SMH and SMHX both charge the same expense ratio of 0.35%, so neither is cheaper on fees — pick based on yield, strategy, or underlying index instead.
How much income does $10,000 in SMH vs SMHX generate?
At current distribution rates, $10,000 in SMH would pay about $24.00 a year. $10,000 in SMHX would pay about $2.00 a year.
Which has performed better historically, SMH or SMHX?
SMH has outpaced SMHX over the trailing twelve months, posting a 24.93% total return against 11.78%. Measured from Aug 2024 — the start of shared available history — SMH has compounded at 33.22% a year versus 30.90% for SMHX. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
More comparisons to explore
People also compare SMH with
People also compare SMHX with
Popular comparisons
Dividend dates and history
SMH vs SMHX — at a glance
Generated October 31, 2026.
Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
Overview
SMH and SMHX are both VanEck semiconductor-focused equity ETFs with identical expense ratios, but they track different segments of the semiconductor industry. SMH holds the 25 largest U.S.-listed semiconductor companies—an established broad-based index fund 14 years old with $65.8B in assets. The distinction shapes their holdings, concentration, and volatility considerably.
How they differ
The core difference is scope: SMH includes vertically integrated chip makers (Intel, NVIDIA, Broadcom, Qualcomm) alongside fabless companies, while SMHX holds only fabless designers. This makes SMHX a narrower bet on design-focused innovation without capital-intensive fabs—likely excluding large players like Intel and AMD that own manufacturing capacity. SMH's 0.24% yield dwarfs SMHX's 0.02%, a sign that integrated chipmakers tend to return more capital to shareholders through dividends than fabless peers, which often reinvest free cash into R&D. Both charge 0.35%, so cost is equal.
The volatility profiles diverge: SMH has a beta of 2.12, while SMHX's beta of 2.2504 indicates SMHX's moves are noticeably steeper relative to the broader market. SMHX's recent inception date means no long-term performance history; investors are backing a concentrated fabless exposure with 14 years of track record.
Who each is best for
- SMH: Fits investors seeking broad-based semiconductor exposure with meaningful dividend contribution, lower turnover risk from its larger index, and a decade of operating history to evaluate.
- SMHX: Designed for investors who believe fabless designers offer superior long-term growth and are comfortable accepting concentrated holdings, higher volatility, and minimal dividend yield in exchange for design-focused upside.
Key risks to know
- Concentration within the subclass: SMHX's focus on fabless companies alone introduces sector concentration risk—a downturn in fabless valuations or design-cycle weakness hits the fund harder than SMH's broader weighting across integrated and fabless players.
- Nascent fund history: SMHX's inception in August 2024 means it has survived no full market cycle, no earnings recession, and no competitive shakeout in the fabless space. Past performance is absent; the fund's resilience in stress is untested.
- Higher sensitivity to market swings: SMHX's beta of 2.2504 versus SMH's 2.12 means SMHX is likely to fall harder in a market pullback and climb faster in rallies. For investors with modest risk tolerance or shorter time horizons, this magnified move can be a liability. Smaller funds can have wider bid-ask spreads and lower trading volume, especially during market stress.
- Overlapping semiconductor risks: Both track the same industry, so exposure to chip-cycle downturns, geopolitical supply-chain disruption, and cyclical earnings pressure affects both. Their difference is granularity, not diversification from semiconductor risk itself.
Bottom line
If you want a liquid, dividend-supporting semiconductor holding with proven track record and broad industry representation, SMH's size and age stand out. If you're betting specifically on fabless design innovation and can tolerate higher volatility and minimal income, SMHX offers a narrower lens—though its minimal asset base and recent launch mean you're investing without a long operating history to reference. Past performance doesn't predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.