SMH vs SOXX: returns, risk and drawdowns compared
VanEck Semiconductor ETF against iShares Semiconductor ETF, over the same 20 years (November 2006 to October 2026) with dividends reinvested.
Data updated October 2026
From November 2006 to October 2026, SMH returned 21.3% a year and SOXX 17.8% a year on average, so SMH came out ahead by 3.5% a year. SOXX was the more volatile of the two (27.8% against 26.0% a year), and the deepest falls from a month-end high were 52.0% for SMH and 59.8% for SOXX.
The correlation of monthly returns was 0.98: they moved almost in lockstep. Over 205 rolling 3-year periods, SMH did better in 87% and SOXX in 13%.
Side by side
| SMH | SOXX | |
|---|---|---|
| Annual return (CAGR) | +21.3% | +17.8% |
| Total return | +4672% | +2560% |
| Annual volatility | 26.0% | 27.8% |
| Maximum drawdown (month-end) | −52.0% | −59.8% |
| Worst month | −19.5% | −21.2% |
| Best month | +32.2% | +40.4% |
| Positive months | 64% | 61% |
| Best year | 2023: +73.4% | 2009: +74.0% |
| Worst year | 2008: −44.8% | 2008: −52.1% |
| 1-year return | +57.8% | +71.1% |
| 5 years, a year | +33.2% | +27.1% |
| 10 years, a year | +33.0% | +30.3% |
| Trading currency | USD | USD |
First nine rows: the same 240 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: SMH vs SOXX
Returns by calendar year
| Year | SMH | SOXX |
|---|---|---|
| 2025 | +49.2% | +40.7% |
| 2024 | +39.1% | +12.9% |
| 2023 | +73.4% | +66.1% |
| 2022 | −33.9% | −35.6% |
| 2021 | +41.8% | +43.4% |
| 2020 | +55.0% | +51.6% |
| 2019 | +63.2% | +60.8% |
| 2018 | −9.0% | −7.2% |
| 2017 | +38.5% | +38.8% |
| 2016 | +35.5% | +37.2% |
| 2015 | −0.3% | −2.9% |
| 2014 | +30.2% | +28.4% |
| 2013 | +33.3% | +40.3% |
| 2012 | +10.2% | +5.8% |
| 2011 | +0.9% | −11.1% |
| 2010 | +18.8% | +13.5% |
| 2009 | +63.4% | +74.0% |
| 2008 | −44.8% | −52.1% |
| 2007 | +5.7% | −2.5% |
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.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, SMH or SOXX?
From November 2006 to October 2026, SMH returned +21.3% a year and SOXX +17.8% a year, with dividends reinvested. Over rolling 3-year periods SMH did better in 87% of cases. Past returns do not predict future returns.
Which is riskier, SMH or SOXX?
Over the same months annual volatility was 26.0% for SMH and 27.8% for SOXX; the deepest fall from a month-end high was 52.0% and 59.8%, and the worst single month −19.5% and −21.2%.
How correlated are SMH and SOXX?
The correlation of their monthly returns was 0.98: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
More comparisons
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.