Data as of Oct 28, 2026.
SMH vs USD: Differences, Returns & Fees
Over the year to Oct 28, 2026, SMH returned +56.8% to USD's +38.1%, and SMH charges 0.35% to USD's 0.94%.
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Net assets: $71.1bn on Oct 27, 2026 for VanEck Semiconductor ETF, and $2.6bn on Oct 28, 2026 for ProShares Ultra Semiconductors.
Pair scorecard
SMH costs 0.59 points a year less; their one-year returns differ by 18.7 points; SMH is far larger, $71.1bn against $2.5bn.
| Measure | SMH | USD |
|---|---|---|
| Return | ||
| Total return, 1 year | +56.8% | +38.1% |
| What the underlying did, 3 months | USD 20.2% | |
| What the underlying did, 3 months | USD 20.2% | |
| Drawdown | ||
| Below its all-time high | 15.1%, high on Jun 22, 2026 | |
| Against its benchmark | ||
| What it tracks | Semiconductors | Dow Jones U.S. Semiconductors Index |
| Against its benchmark, 1 year | ahead by 43.4 pts | |
| Cost and size | ||
| Expense ratio | 0.35% | 0.94% |
| Net assets, as of Oct 27, 2026 | $71.1bn | $2.5bn |
| Active share vs the S&P 500 | 81% | |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 79% | |
| Top ten holdings, share of the fund | 69% | |
| Risk | ||
| Volatility, annualized | 71% | |
Risk and return
Dec 30, 2011 to Oct 23, 2026 · 773 weekly returnsUSD returned more: +22,184.3% to +3,977.0%. SMH swung less: 26.9% to 57.2%. SMH fell less at its worst: −44.2% to −77.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | SMH | USD | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +3,977.0% | +22,184.3% | USD | Price change plus distributions, reinvested. |
| Annualized | +28.3% | +43.9% | USD | Total return as a yearly rate. |
| Price return | +3,365.0% | +20,632.1% | USD | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 26.9% | 57.2% | SMH | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 17.5% | 36.7% | SMH | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −44.2% | −77.6% | SMH | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 1.00 | 0.89 | SMH | Return above Treasury bills per unit of volatility. |
| Sortino | 1.53 | 1.39 | SMH (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.64 | 0.57 | SMH | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 773 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
SMH and USD on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SMH and USD do different jobs. What does each one do in a portfolio?
- What each follows. SMH follows Semiconductors and USD follows Dow Jones U.S. Semiconductors Index.
- One-year total return. Over 1 year to Oct 28, 2026 SMH returned +56.8% and USD +38.1% with distributions reinvested, a gap of 18.7 points.
- Cost. SMH charges 0.35% of assets a year and USD 0.94%, a gap of 0.59 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.
USD
Over the three months to Oct 28, 2026, USD returned 20.2%. USD aims to return +2 times Dow Jones U.S. Semiconductors Index's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not +2 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. USD itself moved at 71% annualized over that window. No listed fund tracks this index, so ETFIQ has no daily series to measure the fund against. Its own return is shown and no achieved multiple is computed: in this category the difference from the label is meant to be the fund’s own cost, and a nearly right benchmark would put the gap between two indexes into that number.
Questions people ask
- Are SMH and USD in the same category?
- SMH is a thematic ETF and USD is a leveraged 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 USD?
- In the year to Oct 28, 2026, with distributions reinvested, SMH returned +56.8% and USD +38.1%.
- Which is cheaper, SMH or USD?
- SMH is cheaper, by 0.59 percentage points a year. That is about $59 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, SMH against USD, data as of Oct 28, 2026. https://etfiq.com/compare/any/smh-vs-usd
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