Data as of Oct 28, 2026.
SMH vs SPMO: Differences, Returns & Fees
Over the year to Oct 28, 2026, SMH returned +56.8% to SPMO's +18.4%, and SPMO charges 0.13% to SMH's 0.35%.
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Net assets on Oct 27, 2026: $71.1bn for VanEck Semiconductor ETF and $22.3bn for Invesco S&P 500 Momentum ETF.
Pair scorecard
SPMO costs 0.22 points a year less; their one-year returns differ by 38.4 points; SMH is 3.2 times larger.
| Measure | SMH | SPMO |
|---|---|---|
| Return | ||
| Total return, 1 year | +56.8% | +18.4% |
| Drawdown | ||
| Below its all-time high | 15.1%, high on Jun 22, 2026 | |
| Below its high | 10.2%, high on Jun 22, 2026 | |
| Against its benchmark | ||
| What it tracks | Semiconductors | S&P 500 Momentum Index |
| Against its benchmark, 1 year | ahead by 43.4 pts | |
| Cost and size | ||
| Expense ratio | 0.35% | 0.13% |
| Net assets, as of Oct 27, 2026 | $71.1bn | $22.3bn |
| Active share vs the S&P 500 | 81% | |
| Holdings | ||
| Holdings in common | 23% | |
| Top ten holdings, share of the fund | 69% | 50.7% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Oct 23, 2015 to Oct 23, 2026 · 574 weekly returnsEach against its own benchmark: SMH against ACWI, Dec 30, 2011 to Oct 23, 2026; SPMO against VOO, Oct 23, 2015 to Oct 23, 2026.
SMH returned more: +2,005.5% to +519.8%. SPMO swung less: 19.0% to 29.4%. SPMO fell less at its worst: −28.3% to −44.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SMH | SPMO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +2,005.5% | +519.8% | SMH | Price change plus distributions, reinvested. |
| Annualized | +31.8% | +18.0% | SMH | Total return as a yearly rate. |
| Price return | +1,778.5% | +442.9% | SMH | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 29.4% | 19.0% | SPMO | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 19.2% | 12.6% | SPMO | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −44.2% | −28.3% | SPMO | Deepest fall from a high to the low after it. |
| Upside capture | 197.3% | 98.9% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 117.1% | 93.8% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.40 | 0.98 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.63 | 0.74 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 1.01 | 0.84 | SMH | Return above Treasury bills per unit of volatility. |
| Sortino | 1.55 | 1.27 | SMH | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.192 | 0.164 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.72 | 0.63 | SMH | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | ACWI | VOO | The ETF each fund is measured against. | |
| Alpha | +12.6% a year | +3.8% a year | SPMO not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 2.95 | 1.28 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | +4.2% to +20.9% | −2.0% to +9.5% | SPMO includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.96 | 0.36 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 17.4% | 9.7% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 574 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SMH and SPMO hold 23% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
23% in common
Only in one fund ↓
Side by side
SMH and SPMO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SMH and SPMO do different jobs. What does each one do in a portfolio?
- What each follows. SMH follows Semiconductors and SPMO follows S&P 500 Momentum Index.
- Holdings in common. 23% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 SMH returned +56.8% and SPMO +18.4% with distributions reinvested, a gap of 38.4 points.
Data as of Oct 28, 2026.
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SMH
By weight, 79% of SMH's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 81%. The top ten holdings are 69% of the fund across 25 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned +56.8% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 43.4 pts. It sits 15.1% below its all-time high of Jun 22, 2026.
SPMO
SPMO tracks the S&P 500 Momentum. Over the year to Oct 28, 2026 it returned +18.4% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.13% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 101 positions, with the top ten at 50.7%. It sat 10.2% below its high of Jun 22, 2026 on Oct 28, 2026.
Questions people ask
- Are SMH and SPMO in the same category?
- SMH is a thematic ETF and SPMO is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, SMH or SPMO?
- In the year to Oct 28, 2026, with distributions reinvested, SMH returned +56.8% and SPMO +18.4%.
- Which is cheaper, SMH or SPMO?
- SPMO is cheaper, by 0.22 percentage points a year. That is about $22 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, SMH against SPMO, data as of Oct 28, 2026. https://etfiq.com/compare/any/smh-vs-spmo
ETFIQ. (Oct 28, 2026). SMH against SPMO. Retrieved from https://etfiq.com/compare/any/smh-vs-spmo
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