SMHX vs SPY
VanEck Fabless Semiconductor ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SMHX delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SMHX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $232M | $821.1B | |
| Dividend Yield | 0.02% | 1.01% | |
| Holdings | 24 | 505 | |
| YTD Return | +41.75% | +12.68% | |
| 1Y Return | +61.02% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 38.0% | 15.3% | |
| Max Drawdown | -38.5% | -56.5% | |
| Fund Family | VanEck | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Aug 27, 2024 | Jan 22, 1993 |
SMHX vs SPY Performance
VanEck Fabless Semiconductor ETF (SMHX) is a ETF from VanEck and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SMHX returned +61.02% while SPY returned +21.82%. Year to date, SMHX is up 41.75% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
SMHX has been the more volatile fund, with annualized monthly volatility of 38.0% compared with 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.80. 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 0.02% against 1.01% for SPY.
Holdings Overlap
SMHX and SPY share 8 holdings out of 518 unique holdings combined, representing a 12.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $26 per year of difference.
Which performed better, SMHX or SPY?
Over the past year SMHX returned +61.02% vs +21.82% for SPY, so SMHX leads on 1-year performance. Over the longest common window we track (2 years), SMHX annualized +49.98% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, SMHX or SPY?
SMHX has been the more volatile fund at 38.0% annualized versus 15.3% for SPY. Worst drawdown: SMHX -38.5% vs SPY -56.5%.
Should I hold both SMHX and SPY?
SMHX and SPY have a monthly-return correlation of 0.80, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SMHX and SPY?
SMHX and SPY share 8 common holdings with a 12.9% weight overlap. Combined, they hold 518 unique securities.
Which pays a higher dividend, SMHX or SPY?
SMHX yields 0.02% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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