SMH: VanEck Semiconductor ETF returns, drawdowns and risk
Funds on technology, software, internet and semiconductor companies.
Data updated October 2026
SMH · US exchange · USDCategory: Technology and semiconductor ETFsData from October 2006
From October 2006 to October 2026 SMH returned 21.4% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $479,571.
Its deepest fall was 60.3%, from July 2007 to November 2008, and it took about 43 months to get back to the previous high. Annual volatility was 30.6%; at the last close it was 18.3% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 240 months both have data, the correlation of monthly returns was 0.78: they usually moved together. Beta was 1.33. In months when SPY rose, SMH moved 149% as much on average; in months when SPY fell, 112% as much.
Key figures
- Annual return (CAGR)
- +21.4%
- 1-year return
- +57.8%
- 5 years, a year
- +33.2%
- 10 years, a year
- +33.0%
- Annual volatility
- 30.6%
- Maximum drawdown
- −60.3%
- Sharpe ratio
- 0.73
- Worst year
- 2008: −44.8%
Trailing returns
| Period | SMH | SPY |
|---|---|---|
| 1 year | +57.8% | +16.6% |
| 3 years, a year | +57.4% | +23.1% |
| 5 years, a year | +33.2% | +12.7% |
| 10 years, a year | +33.0% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: SMH vs SPY
Month-end values from November 2006, the first month both funds have data.
SMH drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | SMH | SPY |
|---|---|---|
| 2026(partial) | +51.7% | +13.3% |
| 2025 | +49.2% | +17.7% |
| 2024 | +39.1% | +24.9% |
| 2023 | +73.4% | +26.2% |
| 2022 | −33.9% | −18.2% |
| 2021 | +41.8% | +28.7% |
| 2020 | +55.0% | +18.3% |
| 2019 | +63.2% | +31.2% |
| 2018 | −9.0% | −4.6% |
| 2017 | +38.5% | +21.7% |
| 2016 | +35.5% | +12.0% |
| 2015 | −0.3% | +1.2% |
| 2014 | +30.2% | +13.5% |
| 2013 | +33.3% | +32.3% |
| 2012 | +10.2% | +16.0% |
| 2011 | +0.9% | +1.9% |
| 2010 | +18.8% | +15.1% |
| 2009 | +63.4% | +26.4% |
| 2008 | −44.8% | −36.8% |
| 2007 | +5.7% | +5.1% |
| 2006(partial) | −0.3% | — |
SMH compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of SMH?
From October 2006 to October 2026 SMH returned 21.4% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +33.2% a year. Over the last 12 months: +57.8%.
What was the worst drawdown of SMH?
60.3%, from July 2007 to November 2008; it took about 43 months from the previous high to get back to it.
How volatile is SMH?
Annual volatility was 30.6% over the period. Its worst month was −19.5% and 64% of months were positive. Worst calendar year: 2008 (−44.8%).
How closely does SMH follow SPY?
Over 240 months the correlation of monthly returns was 0.78, so they usually moved together, with a beta of 1.33.
Use SMH in a free tool
Other Technology and semiconductor ETFs
- All Technology and semiconductor ETFsReturns and risk side by side
- SOXX — iShares Semiconductor ETFCAGR +17.9%
- IGV — iShares Expanded Tech-Software Sector ETFCAGR +13.2%
- FDN — First Trust Dow Jones Internet Index FundCAGR +13.8%
- QDVE — iShares S&P 500 Information Technology Sector UCITS ETFCAGR +23.5%
- VVSM — VanEck Semiconductor UCITS ETFCAGR +33.7%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.