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ETF Comparison

SMH vs SPMO: A Chip Sleeve, or Broad Momentum?

A head-to-head of VanEck's Semiconductor ETF and Invesco's S&P 500 Momentum ETF covering concentration, overlap, cost, and role.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • SMHInvestors who want broad equity exposure.
  • SPMOInvestors 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.

SMH has outpaced SPMO over the trailing twelve months, posting a 89.33% total return against 26.63%. The lead holds up over 10 years too: SMH has compounded at 34.62% a year, against 20.41% for SPMO. SPMO has been the steadier holding, though — annualized volatility of 22.0% against 37.1% 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.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Oct 2015Volatility Sharpe Sortino Max drawdown
SMH63.14%89.33%61.74%37.36%34.62%34.64%37.1%1.181.68-35.7%
SPMO27.42%26.63%39.39%21.26%20.41%19.21%22.0%1.311.92-20.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 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 Oct 2015” measures every fund from October 12, 2015 — 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricSMHSPMO
Full nameVanEck Semiconductor ETFInvesco S&P 500 Momentum ETF
IssuerVanEckInvesco
Underlying indexMVIS US Listed Semiconductor 25 IndexS&P 500 Momentum Index
Last Close$609.00 as of September 30, 2026$151.58 as of September 30, 2026
Distribution rate0.18%0.64%
Trailing 12-month yield0.18%0.73%
Distribution Safety Score™ 7972
Safety-Adjusted Yield 0.14%0.46%
Expense ratio0.35%0.13%
AUM$74.6B$23.2B
Distribution frequencyAnnualQuarterly
ObjectiveTrack the MVIS US Listed Semiconductor 25 Index.Track the S&P 500 Momentum Index, providing factor exposure to the highest momentum names within the S&P 500.
Asset classEquityEquity
Inception date12/20/201110/09/2015
Beta2.061.35
Last dividend$1.105$0.243
Ex-dividend date12/22/202509/21/2026

Bottom lineSMH and SPMO are both for investors who want broad equity exposure — so strategy isn't the deciding factor here. Cost is: SPMO charges 0.13% against 0.35% for SMH, and between two funds this similar that gap comes straight out of your return every year you hold.

SMH vs SPMO: chips or broad momentum?

SMH is an industry bet. SPMO is a factor sleeve across the S&P 500. They can overlap on mega-cap semis and still not be substitutes.

SMHSPMO
What it ownsMVIS US Listed Semiconductor 25 IndexS&P 500 Momentum Index
Expense ratio0.35%0.13%
Fund size$74.6B$23.2B
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See how much monthly income a hypothetical investment would generate in each ETF at current yields.

VanEck
ETFs85
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 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.

See our curated list of related YouTube videos on SMH.

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Invesco
ETFs246
Total AUM$1013B

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

Invesco is a major ETF provider known for offering a comprehensive lineup spanning multiple asset classes and investment strategies. The company specializes in income-focused products including dividend, covered call, and bond strategies, while also maintaining broad exposure across equity, factor-based, thematic, and ESG investing themes. Invesco's portfolio ranges from index-tracking funds to alternatives and specialized offerings like digital assets and BulletShares, making it one of the more expansive ETF families available to investors.

See our curated list of related YouTube videos on SPMO.

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Quick verdict

SMH (VanEck Semiconductor ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both dividend ETFs, but they take different approaches.

SPMO offers the higher yield at 0.64% vs 0.18% for SMH. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPMO is cheaper with an expense ratio of 0.13% compared to 0.35%.

They have different reference exposures: SMH is linked to MVIS US Listed Semiconductor 25 Index while SPMO is linked to S&P 500 Momentum Index, which means their performance drivers differ.

SMH is the larger fund by assets ($74.6B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, SMH would generate roughly $18.00 cash per distribution, while SPMO would produce $16.00 cash per distribution, at current distribution rates.

SMH yield0.18%
SPMO yield0.64%
Cash diff on $10K$2.00

Cost & efficiency

Over 10 years on $10,000, SMH would cost approximately $350 in fees vs $130 for SPMO (simplified, not compounded). The $220.00 difference may be offset by yield or performance.

SMH ER0.35%
SPMO ER0.13%

Strategy & risk

SMH tracks MVIS US Listed Semiconductor 25 Index with a technology approach, while SPMO tracks S&P 500 Momentum Index with an index approach. Beta is 2.06 for SMH and 1.35 for SPMO, making SPMO the less volatile of the two by this measure.

SMH beta2.06
SPMO beta1.35

Fund details

SMH is managed by VanEck (launched 12/20/2011) with $74.6B in assets. SPMO is managed by Invesco (launched 10/09/2015) with $23.2B in assets.

SMH AUM$74.6B
SPMO AUM$23.2B
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Frequently asked questions

What is the difference between SMH and SPMO?

SMH (VanEck Semiconductor ETF) concentrates in MVIS US Listed Semiconductor 25 Index. SPMO (Invesco S&P 500 Momentum ETF) tracks S&P 500 Momentum Index across the S&P 500. They can share mega-cap chip names and still be different bets. Cost is 0.35% versus 0.13%; size is $74.6B versus $23.2B. Distributions are 0.18% and 0.64% as of September 2026. Yield is noise.

What is the current distribution rate for SMH and SPMO?

SMH currently distributes 0.18% and SPMO 0.64%, 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 SPMO better for dividend income?

It depends on your goals. SPMO 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 SPMO?

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 SPMO 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 79, SPMO scores 72, so SMH's payout currently looks the more resilient of the two. SPMO has also shown lower price volatility (beta 1.35 vs 2.06 for SMH). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, SMH or SPMO?

SMH has an expense ratio of 0.35% while SPMO charges 0.13%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in SMH would generate roughly $18.00 cash per distribution ($18.00 annually). The same in SPMO would produce about $16.00 cash per distribution ($64.00 annually).

Which has performed better historically, SMH or SPMO?

SMH has outpaced SPMO over the trailing twelve months, posting a 89.33% total return against 26.63%. The lead holds up over 10 years too: SMH has compounded at 34.62% a year, against 20.41% for SPMO. SPMO has been the steadier holding, though — annualized volatility of 22.0% against 37.1% for SMH. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SMH vs SPMO — at a glance

Generated September 26, 2026.

Overview

SMH tracks semiconductor manufacturers globally, capturing pure-play exposure to chip design and fabrication across the MVIS US Listed Semiconductor 25 Index. SPMO filters the S&P 500 for momentum—the highest-performing large-cap stocks by relative price strength—offering broad market exposure with a tilted lens. They differ fundamentally in industry focus (semiconductors vs. broad large-cap momentum) and risk profile: SMH is a concentrated single-sector bet, while SPMO maintains diversification across the index with a factor overlay.

How they differ

The single biggest difference is scope: SMH isolates semiconductor exposure in 25 companies; SPMO applies momentum screening to all 500 S&P constituents. This explains the gap in volatility—SMH's beta is 2.06 versus 1.35 for SPMO, putting semiconductors roughly 50% more volatile than broad-market momentum. SPMO also costs less to own: its 0.13% expense ratio undercuts SMH's 0.35% by a full 22 basis points, a meaningful drag over time on a single-sector fund.

Who each is best for

  • SMH: Investors who believe semiconductor demand will outpace the broad market and can tolerate sector-specific downturns. Fits those with conviction in chip cycles and a longer holding horizon to absorb volatility.
  • SPMO: Investors seeking exposure to market leaders with recent momentum while staying diversified across sectors. Suits those who want broad S&P 500 participation with a tilt toward relative strength, not concentrated sector risk.

Key risks to know

  • Sector concentration in SMH: A downturn in chip demand, supply-chain disruption, or trade restrictions on semiconductor exports would hit all 25 holdings simultaneously, with no cushion from other industries. This makes SMH far riskier during semiconductor cycles than broad-market exposure.
  • Factor crowding in SPMO: Momentum strategies can reverse sharply when market regimes shift from trend-following to mean-reversion. High performers underperform rapidly once their run ends, and widespread adoption of momentum screening can amplify drawdowns.
  • Cyclical earnings in semiconductors: SMH's very low 0.18% yield means total return depends almost entirely on capital appreciation and capex-driven earnings growth. If the chip cycle turns, valuations can compress without the income cushion a dividend-paying fund provides.
  • Beta divergence in market stress: SMH's 2.06 makes it roughly 50% more volatile than SPMO during market swings. This can create outsized losses if growth or rate expectations deteriorate.

Bottom line

If you want concentrated upside from semiconductor demand and can stomach double the broad-market volatility, SMH's pure-sector exposure stands out. If you prefer diversification across large caps while tilting toward recent strength, SPMO offers lower cost and lower beta. The choice hinges on risk tolerance and conviction in the semiconductor cycle—neither is a hedge against the other, and both can underperform during periods unfavorable to their respective drivers.

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

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The metrics behind this comparison, explained in the Academy.

Dividend growth vs. high yield Yield on cost, explained How expense ratios eat returns

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These comparisons follow the Dividend Vision methodology.