Data as of .
GDX vs SMH: which is really different?
GDX and SMH hold 0% of their weight in the same names, and SMH returned more over the year.
ETFIQ Off-Index Score: GDX scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 349 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
0% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, GDX and SMH hold 0% of their money in the same securities at the same weight.
| Only in GDX | Only in SMH |
|---|---|
| Agnico Eagle Mines Ltd 10.67% | Nvidia Corp 22.45% |
| Newmont Corp 10.42% | Taiwan Semiconductor Manufacturing Co L 9.78% |
| Barrick Mining Corp 7.95% | Broadcom Inc 5.91% |
| Wheaton Precious Metals Corp 5.61% | Advanced Micro Devices Inc 5.74% |
| Anglogold Ashanti Plc 5.04% | Micron Technology Inc 5.65% |
| Franco-Nevada Corp 4.89% | Asml Holding Nv 5.02% |
| Kinross Gold Corp 4.40% | Intel Corp 4.34% |
| Gold Fields Ltd 4.07% | Lam Research Corp 4.29% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and Sep 10, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| GDX | SMH | GDX | SMH | GDX | SMH | |
| 3 months | +21.3% | −8.3% | +18.0 pts | −11.6 pts | +22.1 pts | −7.5 pts |
| 6 months | +4.1% | +46.8% | −11.9 pts | +30.8 pts | −16.6 pts | +26.1 pts |
| 1 year | +40.2% | +87.6% | +22.7 pts | +70.1 pts | +17.2 pts | +64.7 pts |
| 3 years | +249.2% | +285.8% | +171.3 pts | +207.9 pts | +154.1 pts | +190.7 pts |
| Since launch | +137.2% | +5026.7% | −667.2 pts | +4222.3 pts | −1536.8 pts | +3352.8 pts |
| GDX VanEck Gold Miners ETF Holds 59 stocks in miners and metals, 11% of its weight in S&P 500 companies | SMH VanEck Semiconductor ETF Holds 25 stocks in semiconductors, 82% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | VanEck | VanEck |
| Theme | Miners and metals | Semiconductors |
| In the S&P 500 | 11.0% | 82.3% |
| Active share vs the S&P 500 | 99.8% | 80.6% |
| In the Nasdaq-100 | 0.0% | 80.2% |
| Holdings | 59 | 25 |
| Top ten, share of the fund | 58.2% | 71.7% |
| Expense ratio | 0.51% | 0.35% |
| Fee for the differing part | 0.51% | 0.43% |
| Total return, 1 year | +40.2% | +87.6% |
| vs the S&P 500 | +22.7 pts | +70.1 pts |
| vs the Nasdaq-100 | +17.2 pts | +64.7 pts |
| Below its high | −16.2% | −15.0% |
GDX in plain words
By weight, 11% of GDX's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 58% of the fund across 59 positions, as published by its issuer for Sep 10, 2026. Over the year to Sep 11, 2026 the fund returned +40.2% with distributions reinvested against +17.5% for the S&P 500, so a holder was ahead by 22.7 pts. It sits 16.2% below its all-time high of Feb 27, 2026.
SMH in plain words
By weight, 82% 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 72% of the fund across 25 positions, as published by its issuer for Sep 10, 2026. Over the year to Sep 11, 2026 the fund returned +87.6% with distributions reinvested against +17.5% for the S&P 500, so a holder was ahead by 70.1 pts. It sits 15.0% below its all-time high of Jun 22, 2026.
Questions people ask
- Do GDX and SMH hold the same stocks?
- By their latest filings, 0% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, GDX or SMH?
- GDX has 11% of its weight in S&P 500 names and SMH has 82%, so GDX differs more from the index.
- Which is cheaper, GDX or SMH?
- GDX charges 0.51% a year and SMH charges 0.35%, so SMH is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, GDX against SMH, data as of Sep 11, 2026. https://etfiq.com/compare/themes/GDX-SMH Free to use with attribution; the underlying files are at Open data.