VanEck Semiconductor ETF (SMH) Performance
SMH total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +46.4% since Dec 31, 2025
- 1 year
- +53.4% total return
- 5 years
- +32.4% a year
- 10 years
- +33.3% a year
- Since first price
- +12.2% a year since 2000
SMH trailing returns vs SPY, QQQ, AGG
| Period | SMH total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −12.3% | −12.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −9.1% | −9.1% | +3.2% | +1.9% | −0.4% |
| 6 months | +9.4% | +9.4% | +7.8% | +8.4% | −1.5% |
| YTD | +46.4% | +46.4% | +12.3% | +15.1% | −1.0% |
| 1 year | +53.4% | +52.9% | +14.4% | +15.9% | −1.1% |
| 3 years | +274.7%+55.3%/yr | +269.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +306.8%+32.4%/yr | +294.7% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +1,677.5%+33.3%/yr | +1,452.9% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +4,625.7%+29.3%/yr | +3,340.1% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +5,469.9%+22.3%/yr | +3,267.9% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionMay 5, 2000 | +1,997.5%+12.2%/yr | +1,131.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SMH vs SPY
From May 5, 2000: SMH grew to $209,755, SPY to $84,498.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SMH returns by calendar year
17 of 25 full years positive. Best 2003 (+87.7%), worst 2002 (−47.0%). 2026 is year to date.
SMH annual returns table
| Year | SMH | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +46.4% | −24.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +49.2% | −32.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +39.1% | −24.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +73.4% | −14.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −33.5% | −45.1% | −18.2% | −32.6% | −13.0% |
| 2021 | +42.1% | −15.6% | +28.7% | +27.4% | −1.8% |
| 2020 | +55.5% | −33.6% | +18.3% | +48.6% | +7.5% |
| 2019 | +64.5% | −18.0% | +31.2% | +39.0% | +8.5% |
| 2018 | −7.3% | −25.6% | −4.6% | −0.1% | +0.1% |
| 2017 | +40.5% | −9.1% | +21.7% | +32.7% | +3.6% |
| 2016 | +36.6% | −13.4% | +12.0% | +7.1% | +2.4% |
| 2015 | +1.9% | −23.7% | +1.2% | +9.4% | +0.5% |
| 2014 | +31.8% | −14.5% | +13.5% | +19.2% | +6.0% |
| 2013 | +35.5% | −7.1% | +32.3% | +36.6% | −2.0% |
| 2012 | +14.3% | −16.2% | +16.0% | +18.1% | +3.8% |
| 2011 | −2.7% | −25.0% | +1.9% | +3.4% | +7.7% |
| 2010 | +21.1% | −18.7% | +15.1% | +19.9% | +6.4% |
| 2009 | +67.5% | −17.2% | +26.4% | +54.7% | +3.0% |
| 2008 | −43.8% | −55.0% | −36.8% | −41.7% | +7.9% |
| 2007 | +6.6% | −17.1% | +5.1% | +19.0% | +6.6% |
| 2006 | −6.7% | −26.9% | +15.8% | +7.1% | +3.9% |
| 2005 | +11.0% | −14.0% | +4.8% | +1.6% | +2.3% |
| 2004 | −19.3% | −38.7% | +10.7% | +10.5% | +3.8% |
| 2003 | +87.7% | −19.1% | +28.2% | +49.7% | — |
| 2002 | −47.0% | −64.5% | −21.6% | −37.4% | — |
| 2001 | −14.5% | −52.8% | −11.8% | −33.3% | — |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SMH largest drawdowns
Now 21.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 21, 2000 | −83.3% | Nov 20, 2008 | Aug 15, 2016 | 8.4 years | 16.2 years |
| Dec 27, 2021 | −45.3% | Oct 14, 2022 | Jul 13, 2023 | 10 months | 1.5 years |
| Jul 10, 2024 | −35.7% | Apr 8, 2025 | Jul 2, 2025 | 9 months | 12 months |
| Feb 19, 2020 | −33.6% | Mar 20, 2020 | Jun 5, 2020 | 30 days | 4 months |
| Mar 12, 2018 | −25.6% | Dec 24, 2018 | Mar 21, 2019 | 9 months | 1.0 years |
| Jun 22, 2026 | −24.6% | Jul 29, 2026 | not yet | 37 days | 4 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SMH risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2000 |
|---|---|---|---|---|
| Annualized return | +62.1% | +37.4% | +35.0% | +13.1% |
| Volatility (annualized) | 32.5% | 34.7% | 28.8% | 31.2% |
| Sharpe ratio | 1.53 | 0.99 | 1.12 | — |
| Sortino ratio | 3.61 | 1.87 | 2.06 | — |
| Best month | +32.2% | +32.2% | +32.2% | +32.2% |
| Worst month | −17.6% | −17.6% | −17.6% | −32.5% |
| Best 12 months | +150.6% | +150.6% | +150.6% | +150.6% |
| Worst 12 months | −5.6% | −33.5% | −33.5% | −58.4% |
| Positive months | 69% | 65% | 68% | 60% |
| Beta vs S&P 500 | 1.98 | 1.72 | 1.45 | — |
| Correlation with S&P 500 | 0.76 | 0.78 | 0.77 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SMH rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 306 | −58.4% | +17.4% | +150.6% | 69% |
| 3-year (a year) | 282 | −32.9% | +19.2% | +63.4% | 79% |
| 5-year (a year) | 258 | −18.4% | +19.9% | +39.6% | 83% |
| 10-year (a year) | 198 | −10.8% | +18.6% | +38.7% | 92% |
Every holding period starting at a month-end since 2000. Returns for 3 years and longer are annualized.
SMH performance overview
VanEck Semiconductor ETF (SMH) returned +53.4% over the past year and +33.3% a year over ten years, with distributions reinvested. Since its first recorded price in 2000 it has returned +12.2% a year, turning $10,000 into about $209,755. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −83.3%, from Jun 21, 2000 to Nov 20, 2008, and it took 7.7 years to get back to the old high. SMH finished 17 of its 25 full calendar years with a gain; the best year was 2003 (+87.7%) and the worst 2002 (−47.0%). Volatility has been 31.2% a year.
Related: SMH chart, SMH holdings, SMH dividends, SMH valuation. See the SMH overview for the latest quote and fund facts.
SMH performance FAQ
What is the SMH return over the past year?
SMH returned +53.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 52.9%.
What is the average annual return of SMH?
SMH has returned +32.4% a year over 5 years, +33.3% a year over 10 years, +12.2% a year since May 5, 2000 (total return, distributions reinvested).
How much would $10,000 invested in SMH be worth?
$10,000 invested in SMH at its first recorded close on May 5, 2000 would be worth about $209,755 on October 23, 2026 with distributions reinvested.
What was the worst year for SMH?
The worst calendar year was 2002, with a total return of −47.0%. The best was 2003 at +87.7%.
What is the biggest drawdown of SMH?
The largest peak-to-trough decline was −83.3% between June 21, 2000 and November 20, 2008. It recovered to the old high on August 15, 2016, 7.7 years after the bottom.
How volatile is SMH?
Over the past 3 years SMH had an annualized volatility of 32.5% and a Sharpe ratio of 1.53 (excess return over 1–3 month T-bills per unit of risk).