VanEck Fabless Semiconductor ETF (SMHX) Valuation
SMHX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 51.5 trailing earnings
- Forward P/E
- 29.0 analyst estimates
- Price / sales
- 12.72
- Price / book
- 11.10
- EV / EBITDA
- 35.7
- Earnings yield
- 1.94% inverse of P/E
- Dividend yield
- 0.36% of the holdings
- Return on equity
- 21.5% combined
- Net margin
- 24.7% combined
- Beta
- 2.10 weighted, vs S&P 500
SMHX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SMHX | 51.5 | 29.0 | 12.72 | 11.10 | 0.36% | 21.5% | 24.7% | 5.0% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
SMHX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 101.1% | 51.5 | 29.0 | 12.72 | 11.10 | 0.36% | 21.5% |
SMHX earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How SMHX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SMHX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 20.77% | 27.1 | 24.9 | 17.1 | 0.47% | 39.11% |
| AVGO | Broadcom Inc. | 12.82% | 43.3 | 19.4 | 17.6 | 0.79% | 15.09% |
| AMD | Advanced Micro Devices, Inc. | 7.59% | 134.9 | 39.5 | 20.9 | — | 2.87% |
| SNPS | Synopsys, Inc. | 5.41% | 80.3 | 23.3 | 9.3 | — | 3.43% |
| MRVL | Marvell Technology, Inc. | 5.37% | 72.3 | 62.1 | 21.7 | 0.11% | 3.79% |
| CDNS | Cadence Design Systems, Inc. | 5.22% | 63.5 | 31.5 | 15.1 | — | 4.19% |
| QCOM | QUALCOMM Incorporated | 5.03% | 19.9 | 19.6 | 4.2 | 2.14% | 12.86% |
| CRDO | Credo Technology Group Holding Ltd | 4.92% | 60.2 | 30.9 | 20.0 | — | 4.17% |
| MPWR | Monolithic Power Systems, Inc. | 4.82% | 73.7 | 38.8 | 18.2 | 0.66% | 3.33% |
| ALAB | Astera Labs, Inc. | 4.21% | 140.8 | 55.6 | 41.3 | — | 1.53% |
| ARM | Arm Holdings plc | 3.80% | 234.8 | 151.5 | 47.2 | — | 0.82% |
| LSCC | Lattice Semiconductor Corporation | 3.25% | 414.6 | 38.8 | 22.6 | — | 0.40% |
| SITM | SiTime Corporation | 3.23% | 843.1 | 44.4 | 30.2 | — | 0.20% |
| SMTC | Semtech Corporation | 2.87% | 90.5 | 53.2 | 10.9 | — | 1.61% |
| SIMO | Silicon Motion Technology Corporation | 2.20% | 27.3 | 19.6 | 5.5 | 1.09% | 4.12% |
| SLAB | Silicon Laboratories Inc. | 2.08% | — | 51.0 | 8.6 | — | −0.56% |
| RMBS | Rambus Inc. | 2.05% | 40.0 | 24.2 | 12.5 | — | 2.61% |
| CRUS | Cirrus Logic, Inc. | 1.74% | 13.1 | 13.8 | 2.6 | — | 6.76% |
| PI | Impinj, Inc. | 1.13% | — | 60.2 | 14.4 | — | −0.30% |
| SYNA | Synaptics Incorporated | 0.94% | — | 18.3 | 3.9 | — | −5.14% |
| AMBA | Ambarella, Inc. | 0.89% | — | 84.7 | 6.5 | — | −0.95% |
| ALGM | Allegro MicroSystems, Inc. | 0.75% | 527.0 | 35.8 | 6.2 | — | 0.07% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About SMHX valuation
Adding up its 22 holdings with company data, SMHX trades at 51.5 times trailing earnings and 29.0 times analysts' forward estimates, with a price-to-book ratio of 11.10 and a dividend yield of 0.36%. Its earnings yield of 1.94% is 3.39 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 76.2% of the fund and earn 90.4% of its combined profit. Companies that lost money over the past year are 5.0% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SMHX chart, SMHX performance, SMHX holdings, SMHX dividends.
SMHX valuation FAQ
What is the P/E ratio of SMHX?
Based on its holdings, SMHX has a trailing P/E of 51.5 and a forward P/E of 29.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SMHX?
The trailing earnings yield is 1.94% (1 ÷ P/E) and the forward earnings yield 3.45%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SMHX more expensive than the S&P 500?
SMHX trades at 51.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 29.0 and 19.9.
What is the price-to-book ratio of SMHX?
The holdings of SMHX trade at 11.10 times book value, with a combined return on equity of 21.5%.