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.

Data updated September 18, 2026

Best for

SMHInvestors who want broad equity exposure.
SMHXInvestors who want broad equity exposure.

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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.

SMH has outpaced SMHX over the trailing twelve months, posting a 88.30% total return against 52.81%. Measured from Aug 2024 — the start of shared available history — SMH has compounded at 52.98% a year versus 49.83% for SMHX. 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	1Y	Since Aug 2024	Volatility	Sharpe	Sortino	Max drawdown
SMH	53.50%	88.30%	52.98%	39.9%	1.47	2.10	-24.6%
SMHX	45.97%	52.81%	49.83%	41.6%	0.92	1.27	-24.9%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
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	$573.00 as of September 18, 2026	$57.05 as of September 18, 2026
Distribution rate	0.19%	0.02%
Distribution Safety Score™	93	50
Safety-Adjusted Yield	0.18%	—
Expense ratio	0.35%	0.35%
AUM	$66.8B	$272M
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	2.06	2.2504
Last dividend	$1.105	$0.009
Ex-dividend date	12/22/2025	12/22/2025

Bottom lineSMH and SMHX are both for investors who want broad equity exposure — 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	0.19%	0.02%

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VanEck

ETFs85

Total AUM$167B

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 diverse asset classes, including commodities, digital assets, and sector-specific investments. The firm's 22-fund lineup spans income-generating options, covered call strategies, and growth-focused equity funds, with popular tickers including GDX (gold miners), SMH (semiconductors), MOAT (competitive advantage stocks), and HODL (bitcoin). VanEck distinguishes itself through niche exposure areas such as digital assets, commodities, and thematic investing strategies, complemented by traditional bond and municipal bond offerings.

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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 0.19% 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 ($66.8B), but assets alone do not establish trading costs or liquidity.

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Deep dive

Yield & income

On a $10,000 investment, SMH would generate roughly $1.58/month, while SMHX would produce $0.17/month, at current distribution rates. Both pay annual distributions.

SMH yield0.19%

SMHX yield0.02%

Monthly diff on $10K$1.42

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 2.06 for SMH and 2.2504 for SMHX, making SMH the less volatile of the two by this measure.

SMH beta2.06

SMHX beta2.2504

Fund details

SMH is managed by VanEck (launched 12/20/2011) with $66.8B in assets. SMHX is managed by VanEck (launched 08/27/2024) with $272M in assets.

SMH AUM$66.8B

SMHX AUM$272M

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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 $66.8B versus $272M. Figures as of September 2026.

What is the current distribution rate for SMH and SMHX?

SMH currently distributes 0.19% and SMHX 0.02%, based on fund data updated September 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 — 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 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 93, SMHX scores 50, so SMH's payout currently looks the more resilient of the two. SMH has also shown lower price volatility (beta 2.06 vs 2.25 for SMHX). 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 rates, $10,000 in SMH would generate roughly $1.58 per month ($19.00 annually). The same in SMHX would produce about $0.17 per month ($2.00 annually).

Which has performed better historically, SMH or SMHX?

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SMH vs SMHX — at a glance

Generated September 19, 2026.

Overview

SMH and SMHX are both semiconductor-focused ETFs from VanEck, but they track different slices of the chip industry. SMH holds a broad portfolio of 25 semiconductor companies—manufacturers, designers, and memory makers. SMHX, launched in August 2024, narrows the lens to fabless semiconductor firms that design chips but outsource manufacturing. The key distinction: SMH captures the entire semiconductor supply chain; SMHX isolates the design-only segment.

How they differ

The biggest difference is their underlying index composition. SMH tracks an established 25-stock index of general semiconductor companies, while SMHX focuses exclusively on fabless designers—a narrower, higher-growth subsegment that excludes capital-intensive manufacturers. That narrowing shows up in the funds' risk profiles: SMHX has a beta of 2.25 versus SMH's 2.06, suggesting greater volatility for the design-only group.

SMH is vastly larger, with $66.8B in AUM compared to SMHX's $272M, reflecting SMH's long track record since inception in December 2011. SMHX is brand-new, having launched in August 2024. Both charge identical 0.35% expense ratios, but SMH pays a modestly higher 0.19% distribution yield versus SMHX's 0.02%, though both are minimal for growth-focused semiconductor funds.

Who each is best for

SMH: Fits investors seeking broad semiconductor exposure with a proven, diversified index covering the full industry ecosystem—manufacturers, memory players, and design firms—backed by over a decade of trading history and substantial liquidity.

SMHX: Designed for investors who believe fabless designers (firms that avoid the expense of building fabs) will outpace capital-intensive manufacturers, and who are comfortable with a newer, smaller fund tracking a specialized subsegment of the chip industry.

Key risks to know

Concentration in a high-beta industry. Both funds carry a beta above 2, meaning they amplify broad market swings. Semiconductor cycles are notoriously volatile, and these funds will exaggerate downturns and upswings in the sector. New fund risk is real: lack of track record makes it harder to evaluate performance consistency or strategy resilience.

Fabless concentration in SMHX overlaps with major SMH holdings. The largest fabless designers are likely already weighted heavily in SMH. Holding both risks doubling down on the same names without achieving true diversification; verify holdings overlap before pairing them.

Supply-chain and geopolitical sensitivity. Both funds depend on a semiconductor ecosystem tied to Taiwan, South Korea, and U.S. fabs. Trade restrictions, export controls, or geopolitical friction can disrupt the entire industry overnight. If you're convinced fabless designers will outpace the broader chip cycle and can tolerate a newer, smaller fund with higher beta, SMHX offers a narrower bet—but verify that its holdings don't simply duplicate SMH's top positions. Past performance doesn't predict future results, and both funds will move sharply with semiconductor cycle swings.

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

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