Data as of Oct 28, 2026.
AIRR vs SMH: Holdings Overlap & Returns
Over the year to Oct 28, 2026, AIRR returned −0.2% to SMH's +56.8%; 0% of their weight is in the same names.
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Net assets on Oct 27, 2026: $8.4bn for First Trust RBA American Industrial Renaissance ETF and $71.1bn for VanEck Semiconductor ETF.
15% of AIRR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Oct 27, 2026.
79% of SMH's weight is in S&P 500 companies and 21% is outside the index. Holdings as of Oct 22, 2026.
Pair scorecard
SMH costs 0.34 points a year less; their one-year returns differ by 57.0 points; SMH is 8.5 times larger.
Points (pts) are percentage points.
| Measure | AIRR | SMH |
|---|---|---|
| Return | ||
| Total return, 1 year | −0.2% | +56.8% |
| Drawdown | ||
| Below its all-time high | 25.5%, high on Jun 22, 2026 | 15.1%, high on Jun 22, 2026 |
| Against its benchmark | ||
| What it tracks | Reshoring and manufacturing | Semiconductors |
| Against the S&P 500, 1 year | behind by 13.9 pts | |
| Its benchmark, total return, 1 year | +13.7% | +13.4% |
| Against its benchmark, 1 year | behind by 13.9 pts | ahead by 43.4 pts |
| Cost and size | ||
| Expense ratio | 0.69% | 0.35% |
| Net assets, as of Oct 27, 2026 | $8.4bn | $71.1bn |
| Holdings | ||
| Holdings in common | 0% | |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Mar 21, 2014 to Oct 23, 2026 · 657 weekly returnsEach against its own benchmark: AIRR against VOO, Mar 21, 2014 to Oct 23, 2026; SMH against ACWI, Dec 30, 2011 to Oct 23, 2026.
SMH returned more: +2,562.8% to +394.7%. AIRR swung less: 25.2% to 28.4%. AIRR fell slightly less at its worst: −40.6% to −44.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | AIRR | SMH | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +394.7% | +2,562.8% | SMH | Price change plus distributions, reinvested. |
| Annualized | +13.5% | +29.7% | SMH | Total return as a yearly rate. |
| Price return | +380.7% | +2,248.9% | SMH | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 25.2% | 28.4% | AIRR | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 16.7% | 18.6% | AIRR (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −40.6% | −44.2% | AIRR (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 125.3% | 197.3% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 112.9% | 117.1% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.20 | 1.40 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.60 | 0.63 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.55 | 0.99 | SMH | Return above Treasury bills per unit of volatility. |
| Sortino | 0.83 | 1.51 | SMH | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.115 | 0.192 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.33 | 0.67 | SMH | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | ACWI | The ETF each fund is measured against. | |
| Alpha | −0.8% a year | +12.6% a year | AIRR not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.19 | 2.95 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −9.7% to +8.0% | +4.2% to +20.9% | AIRR includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.10 | 0.96 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 16.2% | 17.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 657 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, AIRR and SMH hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | AIRR | SMH | AIRR | SMH |
| 3 months | −10.0% | +12.6% | −16.1 pts vs VOO | +8.2 pts vs ACWI |
| 6 months | −18.4% | +13.6% | −27.5 pts vs VOO | +6.2 pts vs ACWI |
| 1 year | −0.2% | +56.8% | −13.9 pts vs VOO | +43.4 pts vs ACWI |
| 3 years | +112.5% | +316.0% | +17.0 pts vs VOO | +227.1 pts vs ACWI |
| Since launchNot the same days: AIRR Mar 2014 · SMH Dec 2011 | +418.8% | +4,348.4% | +4.1 pts vs VOO | +3,938.6 pts vs ACWI |
Side by side
As of Oct 28, 2026. Source: ETFIQ.
0% of the two portfolios are the same securities at the same weight.
AIRR and SMH are built for the same job. How do they differ in cost, holdings and results?
- Theme. AIRR covers Reshoring and manufacturing and SMH covers Semiconductors.
- Concentration. The top ten holdings are 33.2% of AIRR and 69.0% of SMH, a gap of 35.8 points.
- What each follows. AIRR follows Reshoring and manufacturing and SMH follows Semiconductors.
Data as of Oct 28, 2026.
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By weight, 15% of AIRR's portfolio is stocks that are also in the S&P 500, from its filing for Jun 30, 2026; its active share against the S&P 500 is 100%.
The top ten holdings are 33% of the fund across 55 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −0.2% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 13.9 pts. It sits 25.5% below its all-time high of Jun 22, 2026.
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.
Questions people ask
- Do AIRR and SMH hold the same stocks?
- By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
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.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, AIRR against SMH, data as of Oct 28, 2026. https://etfiq.com/compare/themes/airr-vs-smh
ETFIQ. (Oct 28, 2026). AIRR against SMH. Retrieved from https://etfiq.com/compare/themes/airr-vs-smh
[AIRR against SMH (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/themes/airr-vs-smh)
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